Russian President Vladimir Putin speaks with Syrian President Bashar al-Assad at the Kremlin. Photo: Reuters
Russian President Vladimir Putin speaks with Syrian President Bashar al-Assad at the Kremlin. Photo: Reuters
Russian President Vladimir Putin speaks with Syrian President Bashar al-Assad at the Kremlin. Photo: Reuters
Russian President Vladimir Putin speaks with Syrian President Bashar al-Assad at the Kremlin. Photo: Reuters

Putin condemns foreign troops in Syria at impromptu meeting with Assad


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Vladimir Putin condemned the presence of foreign troops in Syria as the Russian president held unannounced talks in Moscow with his counterpart, Bashar Al Assad.

Moscow has been a key ally of the Assad regime throughout the Syrian conflict that erupted in 2011 with the repression of anti-government protests.

Russia's military intervention in 2015 helped turn the tide of the war in the regime's favour and Moscow maintains military bases in the country.

“The main problem, in my view, is that foreign armed forces remain in certain regions of the country without the approval of the United Nations and without your permission,” Mr Putin told Mr Al Assad during their meeting, according to a Kremlin statement.

  • A Russian soldier uses binoculars during a patrol in the Syrian district of Deraa Al Balad in the southern province of Deraa. AFP
    A Russian soldier uses binoculars during a patrol in the Syrian district of Deraa Al Balad in the southern province of Deraa. AFP
  • Russian troops in the Syrian district of Deraa Al Balad. AFP
    Russian troops in the Syrian district of Deraa Al Balad. AFP
  • Three years after Syria's government retook control of the flashpoint southern province of Deraa, regime forces have clashed with rebels again, trapping thousands of civilians in the crossfire. AFP
    Three years after Syria's government retook control of the flashpoint southern province of Deraa, regime forces have clashed with rebels again, trapping thousands of civilians in the crossfire. AFP
  • Nearly half of the population of the rebel-held Deraa Al Balad district have fled heavy shelling and ground battles. AFP
    Nearly half of the population of the rebel-held Deraa Al Balad district have fled heavy shelling and ground battles. AFP
  • The United Nations warns that remaining civilians are cut off with dwindling supplies. AFP
    The United Nations warns that remaining civilians are cut off with dwindling supplies. AFP
  • A Russian flag on a Russian military vehicle in the Syrian district of Deraa Al Balad. AFP
    A Russian flag on a Russian military vehicle in the Syrian district of Deraa Al Balad. AFP

Mr Putin hailed Russia and Syria's “joint efforts” in the conflict, saying their militaries had returned the vast majority of territory to government control.

“Terrorists have suffered very serious significant damage, and the Syrian government, headed by you, controls 90 per cent of the country's territory,” Mr Putin told Mr Al Assad, the Kremlin said.

The Syrian leader told Mr Putin it was a “great honour” to meet him in Moscow and praised the “significant results” of their two militaries, including work on “the return of refugees who were forced to leave their homes and leave their homeland.”

The Syrian presidency said the two leaders were joined in their talks by Syria's Foreign Minister Faisal Al Meqdad and Russia's Defence Minister Sergei Shoigu.

The two sides discussed the importance of reaching political agreements “between Syrians and without any foreign interference.”

Mr Putin and Mr Al Assad had also discussed “economic co-operation,” the statement said, without elaborating.

Russia's political and military support for Syria has been a particular sticking point in Moscow's relations with the West, which has imposed sanctions on Moscow for bolstering the Assad regime.

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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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Updated: September 14, 2021, 9:05 AM