MURSITPINAR, Turkey // US-led coalition jets pounded suspected ISIL targets at least six times in the besieged Syrian town of Kobani yesterday after the fiercest shelling in days by the insurgents shook the town’s centre and hit border areas within Turkey.
Shelling continued after the strikes hit the centre of Kobani and several mortars fell inside Turkey near the border gate, called Mursitpinar, according to witnesses.
ISIL militants have battled Kurdish fighters for a month to take control of Kobani and consolidate a 95km stretch of land they control along the Turkish border, but stepped-up airstrikes in recent days have helped Kurds fend off the advance.
The coalition has been bombing ISIL targets in Iraq since August and extended the campaign to Syria last month after the militant group, which espouses a rigid interpretation of Islam and initially focused on fighting Syrian president Bashar Al Assad’s forces, made huge territorial gains.
Nato member Turkey is a somewhat reluctant member of the coalition, insisting it must also confront Mr Al Assad to end a civil war that has killed about 200,000 civilians since March 2011.
Yesterday, the Britain-based Syrian Observatory for Human Rights said US-led forces bombing ISIL in Syria killed 10 civilians in two separate airstrikes.
But US central command said there was no evidence to back up the report. Its forces use mitigation measures to reduce the potential for civilian casualties, a spokesman said.
In Kobani, a commander for the YPG, the Syrian Kurdish militia defending Kobani, who would only give her code name Dicle, said ISIL’s renewed attacks were aimed at severing the town’s last link with Turkey.
“They want to cut off Kobani’s connection with the rest of the world,” she said by telephone. “Turkey is not allowing in fighters or weapons, but they send aid at Mursitpinar. [ISIL] wants to destroy this gate so that we will be completely trapped here.”
Turkey has refused to rearm beleaguered Kurdish fighters, who complain they are at a huge disadvantage in the face of ISIL’s weaponry, many of it seized from the Iraqi military when it took the city of Mosul in June.
Turkey views the YPG with suspicion for its long-standing links with the Kurdistan Workers Party (PKK), which has waged a 30-year armed campaign for self-rule in Turkey.
Turkish president Recep Tayyip Erdogan said earlier this month the PKK was no better than ISIL in his view.
This stance sparked outrage among Turkey’s own Kurds, who make up about 20 per cent of the population. Riots in several cities earlier this month killed more than 35 people.
The Observatory said ISIL had launched at least 21 mortar attacks yesterday close to the border.
Abdulrahman Gok, a journalist in Kobani, said that the fighting was the worst in two days.
“In the past hour, the shelling has intensified. They are firing almost one every two minutes,” he said.
Gok noted that the insurgents were aiming at the east side of town towards the Mursitpinar gate.
A cloud of black smoke towered over the centre of Kobani following the latest airstrike as the roar of fighter jets could be heard from a blue sky. Gunfire popped in the west and centre of town.
Elsewhere in Syria, government forces shelled neighbourhoods in Damascus, the southern province of Deraa and the central province of Homs, opposition activists said.
Army helicopters were dropping improvised barrel bombs on the town of Khan Sheikhoun, in north-west Idlib province, which also borders Turkey, they said.
ISIL supporters circulated what they said was a nine-second video clip of a fighter jet being flown by ISIL militants.
The Observatory reported that Iraqi pilots who have joined ISIL in Syria were training members of the group to fly in three captured fighter jets over the captured Al Jarrah military airport east of Aleppo.
US central command said on Friday that it was not aware of ISIL flying jets in Syria.
Amid the escalated fighting, Turkish lorries could be seen carrying about two dozen Kurdish refugees away from the border.
Several hundred people are still sheltering in a minefield to the west of Kobani to stay with their vehicles and farm animals, which are not allowed in Turkey.
Turkey hosts about 1.5 million Syrian refugees, including almost 200,000 Syrian Kurds from Kobani.
In Britain, the families of two aid workers killed by ISIL in Syria yesterday urged people of all faiths to unite against the militants’ “hateful acts”.
In a letter published in The Guardian newspaper, Barbara Henning and Michael Haines urged everyone “to find a single act of unity – one simple gesture, one act, one moment – that draws people together”.
They said that “we will not allow the actions of a few people to undermine the unity of people of all faiths in our society. Together we have the power to defeat the most hateful acts”.
Barbara Henning’s husband Alan and Michael Haines brother David were two of the western hostages beheaded on ISIL propaganda videos.
* Reuters
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
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.”
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
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Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
SHALASH THE IRAQI
Author: Shalash
Translator: Luke Leafgren
Pages: 352
Publisher: And Other Stories
The five pillars of Islam
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
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Company profile
Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
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UAE currency: the story behind the money in your pockets
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Kaala
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Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
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Manikarnika: The Queen of Jhansi
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