Turkey's President Recep Tayyip Erdogan poses for photos with children in commando uniforms as he addresses the members of his ruling party at the parliament in Ankara, Turkey, Tuesday, Feb. 20, 2018. Burhan Ozbilici /AP
Turkey's President Recep Tayyip Erdogan poses for photos with children in commando uniforms as he addresses the members of his ruling party at the parliament in Ankara, Turkey, Tuesday, Feb. 20, 2018.Show more

Erdogan says Turkey will 'lay siege' to Afrin



Turkish President Recep Tayyip Erdogan on Tuesday said his forces would soon besiege the Syrian town of Afrin as a cross-border offensive targeting a Kurdish militia enters its second month.

On January 20, Turkey launched an air and ground operation supporting Syrian rebels against the People's Protection Units (YPG) in the Afrin region of northern Syria.

Mr Erdogan's government views the YPG as a Syrian offshoot of the outlawed Kurdistan Workers' Party (PKK), which has been waging an insurgency against the Turkish state since 1984.

"In the coming days, swiftly, we will lay siege to the centre of the town of Afrin," he told parliament.

But the operation is likely to be further complicated by reports from the Syrian state news agency SANA that pro-government forces are expected to enter Afrin to counter the Turkish offensive.

While some analysts say Turkey and pro-Ankara Syrian rebels have made slow advances, Mr Erdogan defended the operation's progress, saying it was to avoid putting the lives of both its troops and civilians needlessly at risk.

"We did not go there to burn it down," he said, insisting the operation's aim was to "create a safe and livable area" for Syrian refugees inside Turkey, who fled across the border after the conflict began in 2011 and who now number more than three million.

The Turkish army says 32 of its troops have been killed.

According to the Syrian Observatory for Human Rights monitor, Syrian rebels and Turkish forces have taken 35 villages since the start of the operation, most of them bordering Afrin.

And Turkish security expert Abdullah Agar said troops involved in operation "Olive Branch" had captured around 300 square kilometres (120 square miles) of territory.

Over the past month, 238 Olive Branch fighters - among them both Turkish soldiers and Syrian rebels - have been killed, along with 197 YPG fighters and 94 civilians, Observatory figures show.

Ankara strongly denies there have been any civilian casualties.

Jana Jabbour, a political science professor at Sciences Po university in Paris, said the Turks were "struggling to move forward" because of the "organisation of the Kurdish YPG forces and their combativeness".

She said it was important to distinguish between political rhetoric, "even political propaganda", and the reality on the ground.

On the ground, Turkish fighting was now focused around the area of Arab Wiran in northeast Afrin, the Observatory said.

If captured, pro-Ankara forces would control 50 continuous kilometres of Afrin's northern border with Turkey.

In what appeared to be a thinly-veiled threat to Damascus, Erdogan on Tuesday warned Turkey would brook no interference from outside forces.

"We will block the way of those who come to help from outside the city or the region," he said.

The Turkish operation has strained already-difficult ties with Washington which has given weaponry to the YPG as part of its fight against ISIL jihadists in Syria.

The US has called on Turkey to show restraint, warning that the offensive risked diluting the fight against the jihadists.

Mr Erdogan has also threatened to expand the offensive to the YPG-held town of Manbij.

When US Secretary of State Rex Tillerson visited Ankara last week, the two sides agreed to work together in Syria and set up working groups on issues like Manbij where American troops are operating and which the US diplomat described as a "priority".

In addition to its disagreements with the US, Turkey must take into account the interests of Russia, a key Damascus ally, which controls northern Syrian airspace.

Moscow may have consented to the offensive, but it has previously closed the airspace to Turkish jets after a Russian plane was shot down in an area of north Syria where Turkish military observers were expected to enforce a de-escalation zone.

The offensive is broadly supported in Turkey where political parties, media and clerics speak in unison, against a backdrop of nationalist rhetoric led by Erdogan.

Only the pro-Kurdish Peoples' Democratic Party (HDP) does not back the operation.

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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UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

All about the Sevens

Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales

HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia

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Rating: 4.5/5

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

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AT4 Ultimate, as tested

Engine: 6.2-litre V8

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Key facilities
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Dust storm

  • Particle size: Much finer, lightweight particles
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  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

UAE currency: the story behind the money in your pockets
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The UAE FTA requires following to be kept:

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  • Alternative documents related to receiving goods or services
  • All tax invoices and tax credit notes
  • Alternative documents issued
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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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