European weapons 'bluff' failed to deter Assad



LONDON // It was as much plea as question.

What exactly, General Salim Idris, the commander of the rebel Free Syrian Army, told England's Daily Telegraph last week, "are our friends in the West waiting for?"

He was talking about the lack of any sign of officially sanctioned weapons shipments from Europe and the United States to Syrian rebels who are looking increasingly fractious and whose forces have suffered a number of setbacks in recent weeks.

It is a question that goes to the heart of western policy on Syria, or, as analysts increasingly describe it, the absence of policy.

No decision has yet been made to supply weapons, William Hague, the British foreign secretary told parliamentarians on Tuesday. But he was responding to mounting suspicions that Britain has quietly dropped the idea.

Senior military advisers have reportedly advised David Cameron, the British prime minister, that Bashar Al Assad, the Syrian president, could survive in power for years even if rebels received some arms from the West.

It leaves Britain's and France's vociferous opposition to extending the European Union's arms embargo on Syria in late May looking like a bluff, said Christopher Phillips, a Syria specialist at Queen Mary, University of London - one, he said, whose logic was "flawed".

"Britain and France seemed, naively, to believe that by simply threatening to arm the rebels, that would alter Assad's behaviour," Mr Phillips said.

What happened was the opposite. Buoyed after retaking the western town of Qusayr early last month, Syrian government forces backed by fighters from the Lebanese Shiite Hizbollah movement have been pressing an offensive ever since.

Russia and Iran, meanwhile, both staunch supporters of Mr Assad, have doubled down and the flow of weapons to Syria's military continues undiminished.

It should not have been a surprise, said Mr Phillips, that at the first sign of western weapons deliveries, Syria's backers would step in.

"It was quite obvious, long before the decision to lift the arms embargo, that the supporters of Assad were willing to commit a lot more resources to this fight then the opponents of Assad, in the West at least."

In fact, European leaders were candid at the time that the end of the arms embargo was not meant to result in an instant arming of Syrian rebels, said Nadim Shehadeh, an analyst at Chatham House, a think tank in London. That was partly why it failed as a political manoeuvre.

"You cannot bluff and show your cards at the same time."

Mr Shehadeh argued that only direct military intervention by western countries led by the US could succeed in dislodging Mr Assad from power.

But there is little public appetite for this in Europe. And Washington has "learnt the wrong lessons" from its occupation of Iraq, said Mr Shehadeh.

"This administration has trapped itself in a narrative of anti-interventionism," Mr Shehadeh said. An "important part" of Washington's inability to formulate a coherent policy on Syria, he argued, is the opinion that Iraq was a disaster and Barack Obama's determination to distance his administration clearly from the previous one under George W Bush.

That has resulted in the present policy vacuum, creating a situation similar to Iraq in 1991, Mr Shehadeh said, when a western-encouraged but not directly supported uprising against Saddam Hussein failed.

It is a policy vacuum that is unlikely to be filled by any European initiative, and it is not going to be filled fast. The only question is, Mr Phillips said, how far Syria's army can push its advantage on the battlefield in the meantime.

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The 12 Syrian entities delisted by UK 

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Army Supply Bureau
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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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Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

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