A guard at a Syrian Democratic Forces-run prison in Hassakeh, which houses men accused of being ISIS fighters. The presence of extremist prisoners held in camps in north-east Syria is a security challenge for the new government in Damascus. AP
A guard at a Syrian Democratic Forces-run prison in Hassakeh, which houses men accused of being ISIS fighters. The presence of extremist prisoners held in camps in north-east Syria is a security challenge for the new government in Damascus. AP
A guard at a Syrian Democratic Forces-run prison in Hassakeh, which houses men accused of being ISIS fighters. The presence of extremist prisoners held in camps in north-east Syria is a security challenge for the new government in Damascus. AP
A guard at a Syrian Democratic Forces-run prison in Hassakeh, which houses men accused of being ISIS fighters. The presence of extremist prisoners held in camps in north-east Syria is a security chall


Indecision plays into the hands of ISIS


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February 07, 2025

“A profound moment of resilience, unity and hope” is how Unesco chief Audrey Azoulay described the upcoming reopening of historic religious sites in the Iraqi city of Mosul. Speaking to The National as she began a visit to the city on Wednesday, Ms Azoulay recounted how work to rebuild the landmark 12th century Al Nuri Mosque and its Al Hadba minaret after they were blown up by ISIS in 2017 was accompanied by restoration work on Al Safa and Al Tahera, two historic churches of Mosul.

It is an important moment of symbolism that stands in stark contrast to the cruelty and fanaticism that blighted so many lives in Iraq and neighbouring Syria under ISIS’s so-called caliphate. In contrast to the wanton destruction carried out by ISIS fighters during their 29-month occupation of Mosul, the international community, donors – led by the UAE organising stakeholders and a generous $50 million in funding – as well as local engineers, architects and workers came together to restore Mosul’s tolerant and communal spirit.

Nevertheless, it should be remembered that many Moslawis – as well as people across Iraq, Syria and other countries blighted by ISIS – still carry the physical and psychological scars of those difficult years. Many also remain displaced from their homes. Their suffering should be a warning that allowing ISIS or groups like it to regain a toehold in the Middle East would be a catastrophe.

ISIS is not finished. The terrorist network remains a threat in remote areas of Iraq, poses a risk of resurgence in Syria and a rapidly changing region presents the extremists with opportunities to regroup. The presence of thousands of battle-hardened ISIS prisoners held in camps in north-east Syria is a particular security problem, especially for the Kurdish-led forces that run these jails, and the new Syrian government.

This is a situation that must not be mishandled. Yet there is a worrying lack of urgency about co-operating to find solutions. This week, The National reported that the US wants radical elements in Syria to be sidelined by the new government in Damascus. But if anything has characterised the Trump administration’s ISIS policy so far it is incoherence.

Although one of its first acts was to target ISIS sites in Somalia, there have been threats to withdraw US troops from Syria, a move that would leave local forces exposed to attack even as they as they struggle to maintain security at detention sites such as Al Hol and Al Roj. Washington’s recent foreign aid freeze temporarily hit the salaries of security and humanitarian staff working at these facilities.

ISIS remains a threat in remote areas of Iraq, poses a risk of resurgence in Syria and a rapidly changing region presents it with opportunities to regroup

However, that such camps still exist years after ISIS’s reign of terror collapsed is a collective international failure. As foreign governments re-engage with Damascus, it is time for more accountability – that means repatriating more fighters to the countries where their radicalisation took place, and avoiding tactics such as stripping citizenship from suspects, thereby leaving them to be Syria’s problem.

There are signs of a more collaborative approach taking shape, with reports this week that Syria's new leaders are in talks with the Kurdish-led Syrian Democratic Forces who have "expressed willingness" to put their weapons under state control, according to President Ahmad Al Shara. Efforts that increase Syria’s cohesion and stability ought to be supported.

The ISIS issue is too dangerous to allow room for complacency. The years it took to rebuild Mosul’s historic religious sites, and the continuing difficulties of the displaced and those who suffered under ISIS all show the lasting damage that allowing extremism to develop can do. Fumbling the response to ISIS amid this time of regional volatility risks opening the door to a repeat of past crimes.

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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.”

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

Updated: February 09, 2025, 9:54 PM