BAGHDAD // Arab leaders yesterday formally endorsed the international envoy Kofi Annan's plan to end the bloodshed in Syria, and demanded that it be implemented "immediately and completely" - a sign of Arab League scepticism of the Syrian president Bashar Al Assad's commitment to the plan.
"The solution for the crisis is still in the hands of the Syrians as a government and opposition," the Arab League secretary general Nabil Elaraby told the summit gathering in the Iraqi capital, the first here in 20 years.
The six-point Annan plan calls for a ceasefire, the withdrawal of heavy weapons and troops from population centres, humanitarian assistance, release of prisoners and free movement and access for journalists.
Arab League leaders have dropped an earlier demand that Mr Al Assad give up the presidency. The Annan plan, endorsed by the United Nations Security Council, makes no such demand, unlike a previous plan that was vetoed by Russia and China.
Syria's opposition groups continue to demand that Mr Al Assad must go, and have not agreed to take part in any peace talks with his government.
The UN secretary general Ban Ki-moon also kept up the pressure on the Syrian president, and said he must turn his acceptance of the peace plan into action, to shift his country off a "dangerous trajectory" with risks for the entire region.
"It is essential that President Assad put those commitments into immediate effect. The world is waiting for commitments to be translated into action. The key here is implementation, there is no time to waste," Mr Ban told the summit.
In a draft copy of their communique, the league said: "We support the complete legitimate ambitions and demands for the Syrian people for freedom and democracy, and their right to draw their own future, and the peaceful transition to power, and curb violence, killings and bloodshed."
Fewer than half the leaders of the Arab world appeared at the summit. The only ruler from the Gulf to attend was the emir of Kuwait, Sheikh Sabah Al Ahmad Al Sabah, whose attendance was significant because Saddam Hussein invaded Kuwait in 1990 and occupied it for nearly seven months.
"We are not bothered, not concerned" as long as someone from each member country attended, said Hoshyar Zebari, Iraq's foreign minister.
The summit is the first since the Arab Spring revolts began sweeping through the region more than a year ago. The turmoil forced the cancellation of last year's summit. Since then, four perennials have been swept from the scene - Egypt's Hosni Mubarak, Yemen's Ali Abdullah Saleh, Tunisia's Zine El Abidine Ben Ali and Libya's Muammar Qaddafi.
The new leaders of Tunisia and Libya were among the 10 heads of state who attended, but Egypt and Yemen sent lower-level figures, a reflection of their own domestic turmoil.
The summit will also be remembered for an extraordinary precedent. The Iraqi president Jalal Talabani became the first non-Arab to chair an Arab League summit. Mr Talabani, a Kurd who speaks fluent Arabic and is well versed in Arab culture, has been a father figure to Iraqis since the removal of Saddam Hussein in 2003, often acting as a unifier between the nation's rival ethnic and religious factions.
Another Iraqi Kurd, Mr Zebari, chaired Wednesday's foreign ministers' meeting.
Security was tight. "An event of such importance and size deserves a special security plan and measures taken that will ensure the protection of officials, delegates and the press," said Colonel Dia Al Wakil, the spokesman for the defence ministry and the Baghdad Operations Command.
"We have taken these actions to be equipped to face any challenge or threat that could happen during the Arab League summit," he said.
Syria featured in addresses delivered by several leaders at the summit's open session, which lasted more than four hours.
The leader of Libya's National Transitional Council, Mustafa Abdul Jalil, spoke of the "scenes of torture and slaughter committed by the Syrian regime against our brothers and sisters in Syria".
Arab League chief Nabil Elaraby called on the Syrian regime to immediately implement the Annan plan and warned that the world was running out of patience with its failure to move toward a solution.
Mr Talabani said Iraq rejected violence and bloodshed in Syria and called for a peaceful solution to end the conflict there. Echoing the language in the draft communique, he said the Syrian people had a legitimate right to freedom and democracy.
Mr Al Assad said yesterday that Syria would spare no effort to ensure the success of Mr Annan's peace mission but warned it would not work without securing an end to foreign funding and arming of rebels opposing him.
in a letter to the leaders of the BRIC economic powers, which include his key ally Russia, he said "countries which support the armed groups with money and weapons must be persuaded to stop this immediately".
Britain said yesterday it was doubling non-military aid to opponents of Mr Al Assad and expanding its scope to equipment, possibly including secure telephones to help activists communicate more easily without fear of detection and attack.
The aid, worth US$800,000, "includes agreement in principle for practical non-lethal support to them inside Syria," the foreign secretary William Hague said.
halsayegh@thenational.ae
* With additional reporting by Reuters, the Associated Press and Agence France-Presse
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
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Carol Glynn, founder of Conscious Finance Coaching
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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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.”
Leading all-time NBA scorers
Kareem Abdul-Jabbar 38,387
Karl Malone 36,928
Kobe Bryant 33,643
Michael Jordan 32,292
LeBron James 31,425
Wilt Chamberlain 31,419
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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