Saudi Arabia’s foreign minister Adel Al Jubeir said on Tuesday that regional tensions would not affect talks aimed at ending Syria’s war, in an apparent reference to Riyadh’s severing of ties with Iran. Faisal Al Nasser / Reuters
Saudi Arabia’s foreign minister Adel Al Jubeir said on Tuesday that regional tensions would not affect talks aimed at ending Syria’s war, in an apparent reference to Riyadh’s severing of ties with Iran. Faisal Al Nasser / Reuters
Saudi Arabia’s foreign minister Adel Al Jubeir said on Tuesday that regional tensions would not affect talks aimed at ending Syria’s war, in an apparent reference to Riyadh’s severing of ties with Iran. Faisal Al Nasser / Reuters
Saudi Arabia’s foreign minister Adel Al Jubeir said on Tuesday that regional tensions would not affect talks aimed at ending Syria’s war, in an apparent reference to Riyadh’s severing of ties with Ira

Could diplomatic rift between Saudi Arabia and Iran derail Syria peace talks?


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BEIRUT // The diplomatic rift between Saudi Arabia and Iran threatens to derail the already fragile Syria peace process as some of the key international players in the conflict harden their opposition to one another.

Saudi Arabia cut diplomatic ties with Iran on Monday after protesters torched the Saudi embassy in Tehran and a consulate in the city of Mashhad. The protesters were gathered to condemn the execution of Sheikh Nimr Al Nimr, a prominent Shiite opposition figure in Saudi Arabia who was convicted on terrorism charges. Several Saudi allies in the region followed suit and cut or downgraded ties with Tehran.

Both Saudi Arabia and Iran are major players in the Syrian conflict, providing weapons, money and – in the case of Iran – troops. As a result, they are seen as the linchpins to securing the future of talks aimed at resolving the five-year-long war.

Saudi foreign minister Adel Al Jubeir said on Tuesday that regional tensions would not affect talks aimed at ending Syria’s war, the official Saudi Press Agency (SPA) reported, in an apparent reference to Riyadh’s severing of ties with Iran.

“The recent tensions that impacted the region negatively will not affect ... the operations that United Nations carries out alongside the international community to achieve a political solution in Geneva soon,” Mr Al Jubeir was quoted as saying after talks with UN special envoy for Syria Staffan de Mistura.

But with Syria a proxy battleground for Riyadh and Tehan, where each side backs powerful opposing combatants, Saudi Arabia’s latest moves have been seen as an attempt to leverage its power in negotiations. This comes after other countries opposed to Bashar Al Assad made major concessions to Russia, an ally of the Syrian president.

“These moves are meant to restack and reshuffle the negotiations on Syria and whether or not that is successful – that is, isolating Saudi [Arabia] or giving Saudi [Arabia] a stronger hand – remains to be seen,” said Theodore Karasik, a UAE-based security analyst with Gulf State Analytics.

White House spokesman Josh Earnest said on Monday that Iran and Saudi Arabia each have a “vested interest in trying to bring about an end to some of the chaos inside of Syria”. He expressed hope that the two countries could continue to work together on the peace plan, which envisaged talks beginning in Geneva later this month.

But Mr Karasik said Saudi Arabia was showing it will take a hard, unmoving stance on negotiations.

“The Saudis are saying one thing and their actions are speaking another language. And that’s the language of non-compromise,” he said.

Michael Hanna, a senior fellow at the New York-based Century Foundation think tank, said it was difficult to gauge how much of an impact the Saudi-Iranian spat will have on Syria’s peace talks given that there were already many factors stacked against their success.

“It’s hard to imagine what major difference it makes to Syria diplomacy which is really in its infancy in any event,” he said. “It makes it more difficult – I don’t want to suggest it makes no impact – but it’s not as if this is a fully fledged process that has great prospects.”

“[The conflicts in Syria and Yemen] are on the trajectory of escalation regardless,” he said.

The cutting of ties between Saudi Arabia and Iran is only the latest obstacle faced by Syria’s peace talks after a period of relative optimism that followed intense diplomatic efforts to push the government and opposition to negotiate and shows of goodwill by both government forces and rebels in recent weeks.

Ahead of UN-backed peace talks between representatives of the Syrian government and the opposition, a number of UN-brokered ceasefires and troop withdrawals were negotiated across the country, seemingly reflecting a mood of compromise among at least some of the combatants.

But that mood of compromise and potential reconciliation began eroding even before Al Nimr’s execution sparked diplomatic upheaval among Syria’s key international stakeholders.

On December 25, Zahran Alloush, one of the most powerful militia leaders in Syria whose Jaish Al Islam group was involved in the opposition’s preliminary talks in Riyadh, was killed in an air strike claimed by the Syrian government. The elimination of such a strong opposition player ahead of peace talks was viewed as an attempt by the Assad regime to gain an upper hand in negotiations with the rebels.

foreign.desk@thenational.ae

* With agencies

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

UAE currency: the story behind the money in your pockets
COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

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.”

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

The biog

Favourite hobby: taking his rescue dog, Sally, for long walks.

Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books

Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella

Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

'Gehraiyaan'
Director:Shakun Batra

Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

COMPANY PROFILE

Company name: SimpliFi

Started: August 2021

Founder: Ali Sattar

Based: UAE

Industry: Finance, technology

Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.