Obama tells Turkey: 'US will not attack Assad alone'



Barack Obama has told Turkey that the US was looking at "diplomatic and military" options in Syria, but would not take unilateral action to end the civil war there.
After more than three hours of talks with the Turkish prime minister Recep Tayyip Erdogan at the White House, the US president said both countries would increase pressure on Syria's president, Bashar Al Assad, and offer more support to the opposition.
"We both agree that Assad needs to go," Mr Obama said.
He added the US was looking at a "whole range of options" and that he preserved the "option of additional steps, both diplomatic and military", because the possible use of chemical weapons would also touch US security interests.
But he insisted that the US would not step into Syria unilaterally.
"That is not something that the United States does by itself," Mr Obama said. He said there was "no magic formula for dealing with a extraordinary violent and difficult situation like Syria's".
The US would work to apply steady international pressure on Damascus and to strengthen the opposition, he said.
Mr Obama also mentioned the planned Syria peace conference the US and Russia want to organise.
The meeting will for the first time bring together representatives of the opposition and Mr Al Assad's government.
Last week, Mr Erdogan called for a US-controlled no-fly zone over Syria and said his nation had evidence that the Syrian government had used chemical weapons, evidence he would discuss with Mr Obama.
Mr Erdogan said he wanted to see "the sensitivity of the international community" in the Syria conflict and that it was crucial to have Russia and China join the peace efforts.
While Mr Obama and Mr Erdogan agreed Mr Al Assad must be toppled to end the slaughter, their approaches are different and there are signs of frustration in Ankara at Mr Obama's cautious approach towards the Syrian rebels.
Mr Obama has baulked at providing arms and ammunition to the rebels, fearing they could fall into the hands of extremist elements linked to Al Qaeda, and is now pinning hopes on the peace conference to be jointly organised with Russia.
Turkey, a Nato member an a close partner of the US, shares a border with Syria, where more than two years of fighting between regime forces and rebels has killed more than 70,000 people and displaced millions more, the UN says.
The Washington talks came a day before Russian president Vladimir Putin was to meet the UN secretary general Ban Ki-moon, and a day after UN members voted to condemn an escalation by Syrian government forces.
The meeting came days after 51 people were killed in a twin car bomb attack in the Turkish town of Reyhanli near the Syrian border that the Erdogan government blamed on Syria's intelligence service.
Hakan Fidan, the head of Turkey's national intelligence service MIT and a key figure for Turkish efforts to prove the use of chemical weapons in Syria, was part of Mr Erdogan's delegation to the Washington talks.
tseibert@thenational.ae
* With additional reporting from Agence France-Presse

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Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

UAE currency: the story behind the money in your pockets
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

8 traditional Jamaican dishes to try at Kingston 21

  1. Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
  2. Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
  3. Mento Oxtail: flavoured oxtail stewed for five hours with herbs
  4. Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
  5. Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
  6. Jamaican beef patty: a pastry with ground beef filling
  7. Hellshire Pon di Beach: Fresh fish with pickles
  8. Out of Many: traditional sweet potato pudding
GCC-UK%20Growth
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