Syrian Foreign Minister Asaad Al Shibani at UN headquarters in New York City on April 28. AFP
Syrian Foreign Minister Asaad Al Shibani at UN headquarters in New York City on April 28. AFP
Syrian Foreign Minister Asaad Al Shibani at UN headquarters in New York City on April 28. AFP
Syrian Foreign Minister Asaad Al Shibani at UN headquarters in New York City on April 28. AFP

Syria's Foreign Minister meets US officials in New York for first time


Adla Massoud
  • English
  • Arabic

Syria’s Foreign Minister Asaad Al Shibani met State Department officials in New York on Tuesday to discuss counter-terrorism priorities, a diplomat told The National.

The meeting marked the first time American officials and Mr Al Shibani have met in the US. It had to take place in New York as Mr Al Shibani and his team are not allowed to travel to Washington because of visa restrictions.

It was not immediately clear who Mr Shibani met with from the State Department.

Damascus’s new government has been seeking to mend ties with Washington, hoping for relief from debilitating sanctions imposed on the regime of former president Bashar Al Assad.

State Department spokeswoman Tammy Bruce said that “some representatives of the Syrian interim authorities are in New York for various UN meetings".

“You know that we continue to assess our Syria policy cautiously and will judge the interim authorities by their actions,” she added. “We are not normalising diplomatic relations with Syria.”

Damascus is seeking permanent sanctions relief from the US, saying the measures are deterring international organisations and companies from investing in Syria’s reconstruction. The European Union and UK have begun to lift Assad-era sanctions but the new US administration has kept them in place.

Mr Al Shibani has been in the US for meetings for several days and last week at the UN, he raised the three-star flag of Syria’s uprising as the official Syrian flag, 14 years after the war erupted.

The US last month set eight conditions for Damascus to fulfil if sanctions are to be lifted, including the destruction of remaining chemical weapons stockpiles and ensuring foreigners are not given senior governing roles.

The diplomat said talks with American officials would focus on counter-terrorism. The US this month said it would cut its anti-ISIS troop presence in Syria by about half.

US President Donald Trump's administration has not formally recognised Syria’s self-declared government, led by Ahmad Al Shara, a former insurgent who commanded the offensive that led to Mr Al Assad's removal.

Apart from providing limited sanctions relief, Washington has maintained most restrictions, complicating Damascus’s efforts to reintegrate into the global economy.

At a UN Security Council meeting on Syria last week, Mr Al Shibani said sanctions are undermining stability and blocking economic recovery.

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.”

Updated: April 30, 2025, 5:25 AM