“Stand with Laila” and “Fight racism” are two popular hashtags among Syrians and Turks from the past week, in support of a 70-year-old Syrian refugee who was hit by a Turkish man in what has been described as a racist attack.
Turkey has hosted around 3 million Syrian refugees for nearly a decade, who live and work in the country. In recent years, there has been a rising sense of frustration and anger among many Turks demanding the return of these refugees to Syria. This is also one of the main issues in opposition parties’ election campaigns.
The 39-year-old who attacked the elderly woman was arrested by police. But many fear that this is becoming a chronic issue in Turkish society. This incident also coincided with President Recep Tayyip Erdogan’s announcement of a new offensive in northern Syria.
Last week, Mr Erdogan said the incursion is being prepared for two reasons: first, to fight the Syrian-Kurdish People’s Protection Unit (YPG) forces, which Ankara considers a terrorist group, and second, to establish a 30km safe zone on Turkey’s southern border.
Turkey has launched four military operations in northern Syria since 2016, all against militant groups that Ankara says are linked to the PKK, a Turkey-based separatist militant group designated as a terrorist organisation by Turkey, the US and EU.
In 2019, there was a ceasefire and an agreement with Russia, another participant in Syria’s complex war, that would help push the Kurds away from Turkish borders. The two countries agreed that Russian military police and Syrian border guards would patrol the border areas to control the Kurdish presence there.
Although the US warned against any escalation on the border that could undermine regional security, Turkey made it clear it is adamant to protect its own national security.
But the timing of this most recent announcement also coincides with important development brought about by Russia’s war in Ukraine. Both Finland and Sweden requested to join Nato, as the war on Ukraine is just on their doorstep.
Turkey, a Nato member, opposed the request and threatened to veto this. It claims that both Nordic countries support and house Kurdish groups with terrorist links. Turkish officials made it clear that unless there is substantial action taken against PKK-aligned groups and individuals in both Finland and Sweden, it will maintain its opposition to Swedish and Finnish membership.
It is debatable whether it is yet safe to force Syrians who are in Turkey to go back to Syria, where there is no one party in control
One could argue that Mr Erdogan is seizing the opportunity to put pressure on Europe to get its help in cracking down on Kurdish dissidents, but it also suits Turkey well enough to launch its Syrian offensive now that the West and Russia are busy with Ukraine. Turkish-supported Syrian armed groups have said they are ready to help Ankara.
The attack is expected to target two cities, in particular: Tal Rifat and Manbij, to the west of the Euphrates River. Kurdish forces say this offensive will undermine their battle against ISIS militants that they are fighting in those areas.
Although the targeted areas were originally home to a majority-Arab population, they are now under control of the YPG. Syrian opposition groups have accused Kurdish parties of discrimination against Arabs, corruption and indiscriminate military attacks on the Arab population, along with other human rights violations.
On the other hand, under the rule of both the late Syrian president Hafez Al Assad and now his son Bashar Al Assad, Kurds have been denied basic rights in Syria. Although the Kurds make up between around 7 per cent of the Syrian population, they are seeking to establish a self-controlled area in northern Syria similar to the one they already have in Iraq’s Kurdistan region. With support from the US and later from Russia, they are now in de-facto control of a large swathe of Syrian territories, including oil rich areas.
The complexity and ethnic dimension to the conflict in this region raises the question of whether Turkey’s aim to expand what it describes as “safe zone” that could potentially be used to resettle Syrian refugees is viable.
The offensive itself could well create a new wave of refugees and spur further displacement. This happened before, when at least 100,000 Syrians were displaced to other parts of the country from Afrin during a previous Turkish offensive.
Furthermore, civilians in northern Syria already face a difficult enough situation, in terms of security and the economy, so it is debatable whether it is yet safe to force Syrians who are in Turkey to go back to Syria, where there is no one party in control and government forces continue to target by shelling.
The anger among Turks towards Syrian presence in Turkey is, in many ways, understandable, given their country’s own economic crisis and the fact that what was initially sold to them as a humanitarian effort to house a temporary population has turned into long-term demographic change. But pushing civilians back into the unknown and into unsafe areas would only make Syrians’ humanitarian situation worse.
Many Syrians in Turkey are wary of the wave of anger against them and the spectre of more racism to come. But they are alsofearful of being forced back into more danger. The events of the past week will only reinforce a popular perception within their community that they are merely another card being used in regional and geopolitical brinkmanship, with little concern for their welfare.
RESULTS
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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.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Persuasion
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
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Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
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