Pity the civilians of Idlib. Three million people, including many who sought refuge from violence in the last province under rebel control in Syria, are beset by government forces keen to launch a destructive final assault, one that would complete its military victory after eight years of war.
And in their midst, surrounding their towns, live militants once aligned with Al Qaeda.
Idlib’s people were given a brief respite by a deal negotiated by Turkey and Russia to postpone the offensive but as the fighting subsided, winter set in, bringing with it freezing temperatures and torrential rains that swept away many refugee tents just before the new year. One little girl, Myriam Al Hussain, died a month ago today from the cold.
Now, major advances by terrorists threaten to upend the fragile peace.
The recent victories on the battlefield by Hayat Tahrir Al Sham (HTS), the former affiliate of the global terror network Al Qaeda, were as swift as they were dramatic. Besieging and taking control of dozens of towns and villages, HTS routed rival rebel groups in a major show of force that prompted some to disband or flee to areas controlled by Turkish proxy forces.
The latest round of clashes erupted earlier this month and prompted Ankara to reinforce its borders with Idlib. But Turkey did not signal it intended to intervene in rebel infighting.
HTS was supposed to be reined in by Turkey, which controls the supply routes out of Syria from Idlib. It was part of the Sochi agreement in September that prevented an assault by the forces of Bashar Al Assad on the province.
Instead, HTS has continued to gain power. In addition to uprooting other rebel forces, it has used a civilian body called the Salvation Government that is nothing but a puppet of the group to exert its will on residents who oppose its hardline ideology and to act as a facade of civilian authority as a counterpart to its military arm.
The militant group is the latest iteration in the evolution of Jabhat Al Nusra, Al Qaeda’s wing in Syria, founded in 2012. HTS has now severed ties with the network that was founded by Osama bin Laden and its more hardline members have set up their own militant outfit. It remains one of the most powerful rebel actors and now seeks to unite opposition groups in Idlib under its banner.
The group's latest gains pose the risk of renewed fighting in the province. Russia, Mr Al Assad's main backer, has not indicated an assault is imminent but it now has a casus belli because it can point to the extremists' gains and argue that a campaign to reclaim Idlib is a battle against terrorism.
But these developments also point to a greater reality of the war. Mr Al Assad has won and the status quo in Idlib is unsustainable.
Turkey does not appear intent on challenging HTS’s dominance in Idlib for the time being, as it is focused on a threat that it sees as more crucial to its national security interests – Kurdish militias near its border. Ankara trained, paid for and commands some 30,000 Syrian rebel fighters on the borders of Idlib but it intends to use them to dislodge Kurdish militias allied with the US and affiliated to the Kurdistan Workers Party (PKK), a designated terrorist group behind insurgency against the Turkish state.
Washington is in the early stages of a withdrawal from Syria that was announced by a tweet from president Donald Trump. Turkey will require Russia’s consent to launch another ground assault in Syria against the Kurdish militias, a point that Moscow might use as leverage in negotiations over Idlib. Alternatively, Turkey might attack the Kurds, then turn its attention to Idlib and HTS, launching a campaign to eliminate the group.
All options are bitter pills to swallow for Idlib’s civilians, many of whom continue to oppose both Mr Al Assad and the extremists. They fear a widespread campaign of retribution by Mr Al Assad’s security forces if they retake the province and are in despair from the corruption and mismanagement of local rebels, as well as the hardline rules imposed by HTS. By default, Ankara offers the least unpalatable solution for many but its tutelage would itself be a bitter defeat for those who wish for Syria to remain unified and do not want foreign control.
The sad reality is that the fate of Idlib is in the hands of Russia, Turkey and Iran, acting without the accountability or oversight of an international peace process. Opaque deal-making has only postponed an inevitable slaughter, privileging the interests of regional powers over those of Syrians.
The only solution out of that quagmire is a revived Geneva peace process. Moscow remains keen to shift the economic burden of Syria’s reconstruction and maintaining the peace to more affluent western powers, including the European Union. The EU has no leverage other than reconstruction funds, which it has tied to progress on peace negotiations.
Europe should hold Russia to account, setting deadlines for reforms under the auspices of a UN-led process. France and Germany have already been working behind the scenes with Moscow but those negotiations have been dormant in recent months.
They must be revived in the interests of a broader process that includes Syrians everywhere, to try to find a lasting resolution to the crisis, rather than planting the seeds for the next conflict. The grand bargain-style realpolitik reminiscent of the colonial powers of the 20th century must end and in its place, Syrians must be empowered to decide on their own destiny.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
CREW
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Napoleon
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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.”
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
POWERWASH%20SIMULATOR
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The%20US%20Congress%20explained
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Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Company%20profile
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ALRAWABI%20SCHOOL%20FOR%20GIRLS
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