Foreign ministers of the Arab Contact Group on Syria meet in Aqaba, Jordan. Reuters
Foreign ministers of the Arab Contact Group on Syria meet in Aqaba, Jordan. Reuters
Foreign ministers of the Arab Contact Group on Syria meet in Aqaba, Jordan. Reuters
Foreign ministers of the Arab Contact Group on Syria meet in Aqaba, Jordan. Reuters


Syria's rebels have much to gain by endorsing Aqaba principles


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December 16, 2024

Amid the dizzying pace of events in Syria, a high-level gathering of Arab ministers and international organisations on Saturday in Aqaba demonstrates clearly how critical the country’s future is to the Middle East and further afield.

The Jordanian city has been the scene of many important regional summits in the past, and this time was no exception. The gathering of senior officials from eight Arab countries, followed by meetings with ministers and representatives from Turkey, the US, Britain, Germany and France – as well as the EU's foreign policy chief and the UN Special Envoy for Syria – represents one of the most comprehensive international engagements on the Syrian crisis in years.

Equally notable, however, was who was not in the room. The absence of Syrian representatives leaves a question mark hanging over the many positive positions put forward by those meeting in Aqaba. A communique released after the meeting made it clear that the Arab Ministerial Contact Committee – Jordan, Saudi Arabia, Iraq, Lebanon and Egypt – supported “a peaceful, inclusive Syrian political transitional process”.

The importance of “women, youth and civil society” to building a new Syria was highlighted and UN Security Council Resolution 2254 – a text adopted unanimously in 2015 that calls for a united and non-sectarian Syria, free elections and an end to violence – was endorsed as a template for progress. Owing to its absence, it is not clear that these laudable positions have the agreement of Hayat Tahrir Al Sham – the dominant section of the rebel militia coalition that is in the driving seat in Syria.

The rebels have so far insisted that they want to build a just and functioning state, and have gone to some lengths in seeking to present their credibility as an adept administration. On December 6, Chatham House said HTS had “learned from their rule in Idlib, building stable institutions and showing themselves to be savvy media and diplomatic operators”.

The gathering of senior figures in Jordan represents one of the most comprehensive international engagements on the Syrian crisis in years

This may be true, but many in Syria and abroad remain rightly uneasy at the rebels’ roots in political and religious extremism. Although the Syrian governorates under HTS rule may have experienced relative stability in recent years, this has not always been on the basis of the democratic and pluralist principles outlined in Aqaba and Resolution 2254. In 2019, for example, Human Rights Watch claimed that HTS arrested scores of dissidents in Idlib, Hama and Aleppo governorates. Six former detainees told HRW that they were tortured while in the rebels’ custody.

The bone fides of those who have emerged triumphant from Syria’s civil war have yet to be truly tested. A full-throated endorsement of the Aqaba principles would be an important step towards building confidence in the new dispensation in Syria. In the medium term, it remains to be seen if HTS and others regard the latest endorsement of Resolution 2254 and its non-sectarian principles merely as a train that takes them towards international recognition, one that can be disembarked from once the rebels reach their destination.

On the contrary, there is much HTS has to gain by working in concert with the principles put forward by many of Syria’s Arab neighbours in Jordan on Saturday. Plenty of diplomatic, political and practical support in building a new Syria is required. However, there would be no swifter way to squander that goodwill by pandering to the hardliners within the rebels’ ranks who want a radical Syria, one that is far removed from the country’s rich diversity.

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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.”

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The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer

The life cycle of a worker bee is from 40-60 days

A queen bee lives for 3-5 years

This allows her to lay millions of eggs and allows the continuity of the bee colony

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Pollen is their protein source, a super food that is nutritious, rich in amino acids

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Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive,  protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts

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As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.

“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”

 

 

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Updated: December 16, 2024, 4:49 AM