International aid into north-west Syria has been limited by politics over how it can be delivered
International aid into north-west Syria has been limited by politics over how it can be delivered
International aid into north-west Syria has been limited by politics over how it can be delivered
International aid into north-west Syria has been limited by politics over how it can be delivered


Syria's earthquakes have dragged its warring sides even further from peace


Lina Khatib
Lina Khatib
  • English
  • Arabic

February 13, 2023

The earthquakes that have devastated northwest Syria are highly unlikely to reinvigorate the stalled Syrian peace process. Rather, they have already amplified existing political fault lines. The natural disaster has highlighted deepening divides between the Syrian regime of Bashar Al Assad and its allies on one side and the Syrian opposition and its international backers on the other side, as well as the impotence of the UN.

Damascus is trying to utilise the humanitarian catastrophe to get out of international isolation. Shortly after the earthquakes, the regime’s public reaction was not to express condolences for all Syrian people affected by the tragedy but to use its key figures to try to achieve de facto legitimacy on the international stage for Mr Al Assad. The Syrian ambassador to the UN, Bassam Sabbagh, told UN Secretary-General Antonio Guterres last Monday that any foreign assistance must be delivered through co-ordination with the Syrian government and sent through Syria, not Turkey. Government adviser Bouthaina Shaaban later claimed that international sanctions imposed on the regime by the US and Europe are hampering aid delivery. The US was fast to respond with public statements confirming that existing sanctions have always had a humanitarian exemption.

Despite this, the US Department of the Treasury proceeded on February 9 to announce a 180-day suspension of sanctions on transactions related to earthquake relief. This step by the US will facilitate the transfer of remittances to Syria, which will help earthquake survivors. It is also a way of holding the regime to account: If assistance for non-regime-controlled areas can be sent directly to Damascus, will the regime allow it to reach its intended recipients?

There have been allegations by activist groups, including the Syrian Observatory for Human Rights, that some food packages sent by Arab countries to regime-held areas are being sold on the black market instead of being delivered to earthquake victims. And despite the Syrian government’s agreement on February 9 to allow crossline aid, there has been no significant delivery of such aid to opposition-held areas to date.

The Syrian government has been accused of failing to deliver aid to Syrians in rebel-held parts of the country. Reuters
The Syrian government has been accused of failing to deliver aid to Syrians in rebel-held parts of the country. Reuters
The earthquakes have already amplified existing political fault lines

The Department of the Treasury’s announcement has caused a sharp division among US policymakers, with two senior members of the House Foreign Affairs Committee criticising it as allowing the regime to pilfer aid and pave the way for normalisation. Such disagreements within US policy circles can be only welcomed by Damascus as well as Moscow, as the lack of US policy consensus weakens the position of the US in its support of the UN-led peace process and the Syrian opposition, as well as vis-a-vis Russia.

Russia for its part is, unsurprisingly, repeating the same narrative as the Al Assad government, seeing in the earthquakes a political opportunity for normalisation. It has rejected calls for increasing the number of border crossings open between Turkey and Syria, saying that the sole open crossing – Bab Al Hawa, whose mandate was renewed until July in the latest UN Security Council Resolution last month – is enough, and that other aid should be delivered solely through Damascus.

Until his visit to Aleppo on February 10, Mr Al Assad had kept silent about the earthquakes except for public posts by the office of the presidency showing him leading an emergency meeting to respond to the crisis then listing the messages he received or phone calls he had with foreign leaders – of Russia, the UAE, Oman, Algeria, Bahrain, Jordan, China, Iran, Belarus, Palestine, Iraq, Egypt, Armenia, Lebanon and the Vatican as well as Abkhazia – who expressed condolences or offered humanitarian aid. The presidency’s prioritisation of highlighting this engagement by international and regional leaders is an indication of Mr Al Assad’s view of the aftermath of the earthquakes as an opportunity to present himself internationally and nationally as the legitimate leader of Syria.

The Syrian opposition have in turn also publicly highlighted their leaders’ engagement with international policymakers, including from the US, France and the UK, in the aftermath of the earthquakes, but they have framed this engagement as aiming to request aid for northwest Syria. The opposition have also expressed public criticism of the slow and inadequate response by the UN to the earthquake crisis, which echoes critiques of the UN by international and local aid agencies, Syria analysts and earthquake survivors. That the Syrian opposition has not been able to do more in this context highlights its longstanding lack of political leverage.

Had the UN-led peace process been more effective, the Syrian opposition would have been in a stronger position. The UN also would have been better able to respond to emergencies like the earthquakes more nimbly and equitably, without being stymied by Russia’s veto in the Security Council. The earthquakes have shown not only the extent of the politicisation of aid but also how, in the absence of a strong political challenge, the suffering of Syrians can be used as political currency.

SUZUME
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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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.”

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COMPANY%20PROFILE
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The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Updated: February 13, 2023, 1:03 PM