Russia has recently made a “multiple-front assault” on Syria, observed Syrian columnist Ghazi Dahman in an opinion article in the pan-Arab daily Al Hayat.
The Russian government has already supplied the regime of Bashar Al Assad with state-of-the-art weapons and is currently waging a diplomatic and political assault in the hope of tipping the scales to its benefit, the writer said.
“The direct motive behind this new diplomatic scheme lies in Russia’s urge to run away from the threat-infested Ukrainian quagmire, where it has run out of manoeuvres and where, according to European and American warnings, any further actions could very well spark a new world war.
“Meanwhile, the world’s all-powerful economies have decided to shun Russia and refuse even to negotiate its reintegration in the world community at a time when its own economy and growth have reached the verge of collapse,” the writer said.
Moscow is consolidating its presence in Syria in an attempt to reopen the door to negotiations. The Syrian situation, which has been strategically disregarded at the international level, allows greater room for manoeuvring and risk-free political tactics than the situation in Ukraine.
Moscow is taking advantage of the United States’ weakness in terms of Syria and the Obama administration’s generally confused politics, the writer observed. The Syrian opposition’s lack of organisation also presents Russia with an opportunity for manipulation.
“What’s threatening in this scenario is that Moscow’s actions and plans don’t take into consideration the interests of the Syrian people, nor do they serve Syria’s future,” the writer observed.
“These actions are based on careful strategic planning that guarantees Russia’s continued presence in the Mediterranean and keeps Syria under its control lest it becomes a passageway for Gulf gas and oil pipelines to Europe.”
For these purposes, Moscow is pushing for a solution that guarantees that Mr Al Assad remains in power, putting an end to the Syrian revolution.
Russia is wagering on the world’s weariness of the Syrian war, already in its fourth year. The international community would be more open to accept any solution for the time being. As for those elements in the opposition who can’t be tamed, they can be listed as terrorists to be targeted by the international coalition, the writer concluded.
For his part, Syrian opposition member Louai Hussein wrote, also in Al Hayat, that the Syrian crisis is no longer at the forefront of the international political scene.
As soon as the Geneva II convention ended and the fruitless talks between the regime and the opposition came to a halt, ISIL’s geographic expansion and the international coalition formed to fight it became the new headline. But this didn’t stop Russia from venturing to revisit scenarios for a possible solution in Syria.
“The new Russian move reflects Moscow’s dire need to regain a central role in the Syrian scene now that its finds itself – thanks to the United States – completely excluded from the global US-led battle on ISIL in Syria and Iraq,” he said.
“Moscow needs to alleviate the burdens of its war in Ukraine and the effects of the asphyxiating international isolation. Not too many options are at its disposal and it seems compelled to throw itself into a big adventure in Syria.”
The writer continued that “Moscow’s plan is to publicly forego Washington and disregard any of its positions on the issue” of Syria.
For its plan to work, Russia would need to come up with alluring proposals that would bring to the table opposition leaderships and certain regional countries.
“But, lest the new Russian initiative proposes major and serious change in the structure of the regime, it would be highly unlikely that Moscow would be able to convince the opposition to take part in it,” the writer claimed.
“Such a change would mean that Moscow would be confronting the Assad regime for the first time in four years and this is what makes the initiative highly risky for Russia.”
Translated by Racha Makarem
@rmakarem@thenational.ae
WIDE%20VIEW
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The Written World: How Literature Shaped History
Martin Puchner
Granta
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.”
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Match info
Uefa Champions League Group H
Manchester United v Young Boys, Tuesday, midnight (UAE)