RAMALLAH // Rebels battled government troops yesterday for control of a crossing between Syria and the Israeli-occupied Golan Heights, threatening further spillover from the Syrian civil war.
Forces loyal to President Bashar Al Assad retook the crossing in the demilitarised zone between Syria and Israeli-held territory after rebels seized it yesterday morning, Israeli sources said.
The incident marked the first time since the Syrian uprising began in 2011 that insurgents captured parts of the area, which had been kept relatively tranquil by Israel and Syria after the 1973 Arab-Israeli war.
Two UN peacekeepers were injured during shelling in the area, a UN peacekeeping spokesman said. As a result of the fighting, Austria said it would withdraw its 380 peacekeepers from the 1,000-strong UN monitoring force.
The fighting took place a day after Syria's military, backed by Shiite fighters from the Lebanese Hizbollah group, routed the country's largely Sunni rebels fighters in the Syrian city of Qusair.
Israel worries its boundary with Syria could become a haven for Islamic radicals to mount attacks on the part of the Golan Heights it captured from Syrian forces during the 1967 Middle East war.
Israeli warplanes also have carried out several air strikes inside Syria since the beginning of the year, reportedly targeting sophisticated Russian and Iranian weaponry that was being transferred to Hizbollah fighters.
Early yesterday, Rami Abdelrahman, who heads the Syrian Observatory for Human rights, a watchdog based in Britain, said rebels had "seized the crossing near the old city of Quneitra in the occupied Golan Heights".
He said there had been "heavy explosions and fierce clashing ongoing in the area".
The crossing is named after the nearby city of Quneitra, where there were also reports of intense fighting.
Witnesses on the Israeli side of the boundary said they heard exploding shells and the staccato crackle of automatic weapons fire in the area, and plumes of smoke could be seen rising overhead.
The Israeli military, which also reported the rebel capture of the Quneitra crossing on Army Radio, ordered farmers not to approach the crossing. It is used for transiting agricultural produce and residents of the local Druze population between Israel and Syria.
The Quneitra area is located only about 60 kilometres from Damascus. Though Syria's government has lost control over other crossings along the borders of Turkey and Iraq, it appears to be shoring up its western border areas and securing a corridor to the Mediterranean coast from Damascus that runs through Qusayr.
Members of the roughly 1,000-strong UN team, known as the Disengagement Observer Force (UNDOF), had retreated back to their barracks in Syrian-controlled territory because of the fighting, a spokesperson for the Austrian defence ministry said.
During a visit to Paris, Herve Ladsous, the head of UN peacekeeping operations, said there had been "shooting" near Quneitra and called the last year of UN operations in the area "extremely confrontational".
"We are doing everything we can to reduce risks. We have closed posts that were too exposed, reinforced our equipment and vehicles, and our activities are more static," he said.
hnaylor@thenational.ae
*With additional reporting by Reuters and Agence France-Presse
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
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Number of staff: 22
Investment raised: $4 million
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
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A MINECRAFT MOVIE
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Rating: 3/5
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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Director: S Sashikanth
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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