Opposition fighters celebrate the fall of the Syrian government in Damascus. If the rebels can work constructively with the country’s remaining institutions, then a better Syria may be possible. AP
Opposition fighters celebrate the fall of the Syrian government in Damascus. If the rebels can work constructively with the country’s remaining institutions, then a better Syria may be possible. AP
Opposition fighters celebrate the fall of the Syrian government in Damascus. If the rebels can work constructively with the country’s remaining institutions, then a better Syria may be possible. AP
Opposition fighters celebrate the fall of the Syrian government in Damascus. If the rebels can work constructively with the country’s remaining institutions, then a better Syria may be possible. AP


Syria's new reality must be reckoned with


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  • Arabic

December 08, 2024

The new reality taking shape in Syria may be in its infancy but one thing is clear – this is a moment of extreme uncertainty for the country’s people and the wider Middle East. The collapse of six decades of Baath Party rule injects further volatility into a part of the region already destabilised by continuing conflicts.

Syrians are processing this historic moment while some are considering the many questions thrown up by this turning point. The end of the government led by president Bashar Al Assad has been met by a great wave of emotion that is sweeping families in Syria itself and refugee and migrant communities around the world. This is understandable; too many Syrians were treated unjustly by the security apparatus of that government, with thousands forced into exile or imprisoned amid myriad reports of inhumane treatment.

Many others in Syria are apprehensive about the future, and they are right to be so. From Lebanon to Iraq and Yemen to Libya, time and again armed militias have proven that they can secure military victories. They have also proven that they often govern poorly. Speaking about Syria at the IISS Manama Dialogue earlier today Dr Anwar Gargash, diplomatic adviser to the UAE President, was right when he said: "When problems get left unresolved, they get worse ... past events have shown us how important it is to support the national state."

The national state in Syria is changing rapidly and there are new centres of power in this fractured country. The main rebel group that forced Mr Al Assad’s departure – Hayat Tahrir Al Sham – now faces an acid test. It claims to be fighting for a just Syria but its roots in political and religious extremism will reassure few people, especially civilians already wary of the fearsome reputation attached to certain armed factions in the opposition coalition.

The National has argued that the Syrian state must be humane, unitary and robust. The nation cannot continue as a collection of cantons under the sway of various militias and their foreign backers. Given that reality, it is incumbent upon those now on the cusp of power to be the change they claim to be – that means going beyond a mere “rebranding” and proving that they can be responsible administrators. There are signs that this may be possible.

Video has emerged of Syrian Prime Minister Mohammad Al Jalali leaving his home in Damascus with rebel fighters for what could be the first meeting between the insurgency’s leaders and what remains of the government. The rebels have said that Mr Al Jalali, who is regarded as a technocrat, could play a temporary supervisory role.

The end of the government led by President Bashar Al Assad has been met by a great wave of emotion

If the rebels can work constructively with the country’s remaining institutions, thereby avoiding the mistakes seen after the 2003 US-led invasion of Iraq – when the entire state and military were dismantled, leaving behind a dangerous political vacuum – then a better Syria is, perhaps, possible. But there is a formidable list of problems and potential threats to be addressed.

Decades-old wounds in Syrian society need healing. Syria’s economy is broken, its currency devalued and unemployment is rife. The trade in illegal drugs has flourished for many years. Many Syrians rely on aid to survive and thousands are fleeing across the border into Lebanon, a country that has been attacked and invaded by neighbouring Israel. Potential Israeli moves into Syria would be disastrous. In addition, the UN Security Council heard three days ago that Syria’s reported destruction or conversion of chemical warfare agents remains unverified.

Sudden change in Syria is here and must be reckoned with. A renewed war between opposition factions and the Kurdish-led forces in north-eastern Syria, an extremist quasi-administration in Damascus or indiscriminate revenge carried out against government loyalists would all be catastrophic for Syria. Although it is Syria’s people who must decide their future, the international community must rethink its policy of disengagement and be ready to support peace and reconstruction efforts.

There must be hope that Syrians are able to take their fate into their own hands again. Now may be a moment of uncertainty, but very quickly the time will come for the serious business of restoring Syria to its rightful place as a peaceful, stable and indispensable part of the Arab world.

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Joe Root's Test record

Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27

RESULTS

5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m

Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)

5.30pm Handicap (PA) Dh70,000 (D) 1,600m

Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami

6pm Maiden (PA) Dh70,000 (D) 1,800m

Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash

6.30pm Handicap (PA) Dh70,000 (D) 1,800m

Winner Rajee, Fernando Jara, Majed Al Jahouri

7pm Conditions (PA) Dh80,000 (D) 1,800m

Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi

7.30pm Handicap (TB) Dh70,000 (D) 2,000m

Winner Pharoah King, Pat Dobbs, Doug Watson

8pm Conditions (PA) Dh85,000 (D) 2,000m

Winner Sauternes Al Maury, Dane O’Neill, Doug Watson

11 cabbie-recommended restaurants and dishes to try in Abu Dhabi

Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)

Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)

Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)

Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).

Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)

Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)

Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)

Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)

Pinky Food Restaurant in Tanker Mai for tilapia

Tasty Zone for Nepalese-style noodles (Dh15)

Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)

Results

ATP Dubai Championships on Monday (x indicates seed):

First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

FIXTURES

UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
 

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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Updated: December 09, 2024, 8:18 AM