Syria's President Ahmad Al Shara speaks during the UN General Assembly on September 24 in New York City. AFP
Syria's President Ahmad Al Shara speaks during the UN General Assembly on September 24 in New York City. AFP
Syria's President Ahmad Al Shara speaks during the UN General Assembly on September 24 in New York City. AFP
Syria's President Ahmad Al Shara speaks during the UN General Assembly on September 24 in New York City. AFP

UN Security Council weighs sanctions relief for Syria's leaders in potential turning point for Damascus


Adla Massoud
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The UN Security Council is considering a draft resolution that would ease long-standing sanctions on Syrian officials and restore international dealings with its government, in the most significant shift in policy towards Damascus in more than a decade.

The US-drafted resolution was circulated among the Council’s 15 members on October 9. It would allow the flow of financial assets, funds and economic resources to Syria’s central government.

The text, seen by The National, underscores the tension at the heart of the international community’s Syria policy: how to re-engage a government once ostracised for its brutality while keeping pressure on armed groups still considered to be terrorist organisations.

The draft stresses that member states, including Syria, must continue to “prevent and suppress terrorist acts committed specifically by ISIS and all other individuals, groups, undertakings and entities associated with Al Qaeda or ISIS,” while ensuring that no Syrian actor provides support to such groups.

If adopted, the measure would also relax limits on arms transfers, allowing under UN supervision the provision of equipment and technical expertise for narrowly defined purposes, including chemical weapons disposal, nuclear protection and demining operations, which diplomats say are essential for rebuilding infrastructure and enabling displaced Syrians to return home.

People celebrate after US President Donald Trump said he would order the lifting of sanctions on Syria, in Damascus, on May 13. Reuters
People celebrate after US President Donald Trump said he would order the lifting of sanctions on Syria, in Damascus, on May 13. Reuters

It also calls for delisting President Ahmad Al Shara and his Interior Minister, Anas Khattab, from the UN’s sanctions list “effective as of the date" of the resolution.

According to a UN diplomat, China has indicated it is comfortable with the proposed delistings, in a rare moment of consensus among the five permanent members on the Security Council.

Even so, Hayat Tahrir Al Sham, the dissolved militant faction that forms the backbone of Mr Al Shara’s government, would remain under UN sanctions.

HTS traces its origins to Jabhat Al Nusra, Al Qaeda’s former Syrian affiliate that rebranded itself in 2017 in an effort to shed its extremist image.

Acting under Chapter 7 of the UN Charter, the draft “decides” that the asset freeze imposed under previous counter-terrorism resolutions would no longer apply to funds or economic resources provided to the Syrian government.

It urges states and institutions to take steps to ensure that any money or assets do not benefit people or entities still listed under the UN’s ISIS and Al Qaeda sanctions regime.

Maya Ungar, a UN analyst at the International Crisis Group, said the resolution contains two provisions that could be decisive for Syria’s recovery and reconstruction.

“The first is a clarification that asset freezes no longer apply to the Syrian government, even if sanctioned individuals are part of it,” Ms Ungar told The National.

“It’s meant to reassure risk-averse financial institutions and encourage investment. Still, many banks are likely to remain cautious, since sanctions on HTS as an organisation would remain in place even if Mr Al Shara and Mr Khattab are delisted.”

The second element, added Ms Ungar, involves a limited easing of the arms embargo to allow UN nuclear and chemical weapons agencies – as well as mine-action services – to operate more effectively in Syria. “This clarification is intended to make reconstruction and development a smoother process,” she said.

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Rating: 3/5

Where to buy art books in the UAE

There are a number of speciality art bookshops in the UAE.

In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show. 

In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.

In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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Price, base / as tested Dh274,000 (estimate)

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Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

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Always use only regulated platforms

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Courtesy: Crystal Intelligence

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.”

UAE currency: the story behind the money in your pockets
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