The head of the Senate's foreign policy committee outlined demands on Thursday for US sanctions relief for Syria, including eliminating Russian and Iranian influence inside the country, as the new government in Damascus increases engagement with Moscow.
Republican Jim Risch, who leads the powerful foreign relations committee that has oversight of the State Department, laid out a four-point list of expectations for Syria's transitional government under President Ahmad Al Shara.
The list also includes providing evidence that the interim government will not allow Syria to become a launch pad for terrorist attacks against the US and its partners, the destruction of the Assad regime's Captagon stockpile, and an account of American citizens detained by former president Bashar Al Assad's regime, including journalist Austin Tice.
Mr Risch urged President Donald Trump's administration to “take this up as soon as possible” and work the demands into its burgeoning Syria policy.
“Time is of the essence … Let's see how the new interim government acts, and if that happens, we will continue in a stream of lifting those sanctions,” Mr Risch said at a committee hearing on post-Assad Syria.
The list clarifies a bipartisan consensus that there should be targeted, phased sanctions relief for the new Syrian government.
But the removal of Russia from Syria, which has a long-standing and entrenched relationship with Damascus, will be difficult. Since the fall of the Assad regime, there have been signals that Moscow’s role in Syria may be pivoting rather than outright vanishing.
The policy demands come the same week that the new government in Damascus had its first engagement with Russian President Vladimir Putin since the downfall of Mr Al Assad.
The Kremlin announced on Wednesday that Mr Putin held a phone call with Mr Al Shara, as Moscow attempts to retain the use of its naval and airbases in the country.
Sameer Saboungi, staff attorney and policy officer at the American Coalition for Syria group of humanitarian organisations, argued that relief should come at a faster pace.
“What I noticed was missing from the hearing was the fact that the first benchmark, the first milestone, is the removal of the Assad regime. That has been achieved,” he told The National, adding that Europe is “outpacing” the US in relief efforts.
And amid the Trump administration's freeze on US aid, Damascus is “going to have to turn east, inevitably”.
“When we say that … we want to see Russia and Iran permanently outside, are we ready to come in their place? If we are keeping Syria at an arm's distance, we're really not giving Syria any other option,” Mr Saboungi said.
US aid funds have been going to humanitarian projects that could help Damascus achieve some of Mr Risch's demands – groups working for accountability, such as the Syrian Justice and Accountability Centre, are among the groups affected by the aid freeze.
Already, the aid freeze impeded security efforts at ISIS holding camps and prisons in Syria's north-east, where guards refused to work until US Secretary of State Marco Rubio issued an emergency waiver that released their salaries.
The foreign relations committee's top Democrat, Senator Jeanne Shaheen, confirmed on Thursday that she has spoken with Mr Rubio about expediting more waivers for Syria.
Based on those discussions, it is her understanding that the administration has “an appreciation for the importance of getting waivers, particularly in certain areas, like the detention camps”, Ms Shaheen told The National.
Michael Singh, a senior fellow at the Washington Institute for Middle East Policy think tank, argued in testimony to the committee that even with the resumption of aid, sanctions relief is “the most powerful tool” Washington has in boosting a struggling Syrian economy.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
