Al Nusra bomber kills at least 16 at regime checkpoint near Damascus


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BEIRUT // At least 16 members of Syria’s security forces were killed by a car bomb and ensuing clashes with rebels at a checkpoint on the outskirts of Damascus on Saturday.

Elsewhere near the capital, Syrian forces tried to storm the suburb of Mouadamiya, which the army has blockaded for months, leading to a rising death toll from hunger and malnutrition.

The pro-opposition Syrian Observatory for Human Rights said that the checkpoint bomb, outside the suburb of Jaramana, was detonated by a suicide bomber from the Al Qaeda-linked Jabhat Al Nusra.

Syrian state television reported the blast, saying only that several people had been killed or wounded in a “terrorist bombing”.

The Britain-based observatory said Syrian fighter jets retaliated by striking nearby opposition-held areas nearby, when clashes erupted after the bombing. Video uploaded by activists showed a huge column of smoke billowing up from the scene and the sound of fighter jets streaking overhead could be heard.

Activists said rebel forces had captured the checkpoint hit by the car bomb and were battling to take a second one nearby.

Rebels also fired rockets into Jaramana, a suburb held by the government, according to the observatory. It said Bashar Al Assad’s forces launched four air raids on adjacent rebel-held districts.

More than 110,000 people have been killed in Syria’s conflict, which began with popular protests against Mr Al Assad before degenerating into civil war.

In Mouadamiya, activists said they were facing heavy bombardment from Mr Al Assad’s forces trying to storm the town.

“We’ve been doing our best to try to evacuate civilians from the western front of the town because they’re now exposed to shelling and tank fire,” said Qusai Zakariya, an activist in Mouadamiya.

Like most rebel enclaves in the suburbs that ring Damascus, Mouadamiya has been under an army-imposed siege for months, causing a particularly acute shortage of food and supplies.

Doctors in the town have reported an increasing number of deaths from malnutrition, especially among children.

The United States condemned the siege on Friday, saying the Assad government had only allowed a limited number of civilians to escape from Mouadamiya and that it must allow food, water and medicine to reach those still inside.

“We also warn the regime ... not to use limited evacuations of civilians as an excuse to attack those residents who remain behind,” it said. “The regime’s deliberate prevention of the delivery of life-saving humanitarian supplies to thousands of civilians is unconscionable.”

* Reuters

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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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Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

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Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

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1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
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Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4