ISIL advances towards ancient Syrian city of Palmyra



BEIRUT // ISIL militants advanced towards Palmyra on Wednesday, threatening to besiege the ancient Syrian city several weeks after losing it to government forces.

The offensive came as a temporary ceasefire in the northern city of Aleppo ticked down to its final hours, threatening to plunge the divided city back into violence. A rocket attack on a government-held neighbourhood late in the afternoon killed at least two people.

Media allied with ISIL said the militants had seized a strategically located but deserted rocket-launching site, close to an air base less than 60 kilometres from Palmyra.

For president Bashar Al Assad’s forces, ISIL’s capture of this site effectively severs a main road linking Palmyra to the regime-controlled T-4 air base and the provincial capital of Homs, threatening government supply routes.

The Syrian Observatory for Human Rights, an opposition monitoring group, and other activists confirmed the ISIL advance. It comes after intense clashes with government troops near the T-4 air base, and a week after the extremist group advanced towards natural gasfields to the north.

ISIL-linked Al Bayan radio reported that ISIL militants also seized two government checkpoints guarding the air base and downed a military helicopter to the north of the base. The Britain-based Observatory also reported the downing of the aircraft, saying the fate of its crew remains unclear.

Syrian state media denied reports that the road between Homs and Palmyra had been cut, however.

Syrian troops, with the help of Russian airstrikes, regained control of the world-famous ancient city in March after ISIL had controlled it for nearly 10 months. During its rule, ISIL destroyed many of Palmyra’s relics and displaced its residents.

Meanwhile, an airstrike on a medical centre in ISIL-held territory north of the eastern city of Deir Ezzour killed at least seven people, among them a child, the Observatory said. US, Russian, Syrian, and other air forces are known to conduct raids on ISIL in the area, but it was unclear who was behind the attack on the village of Shaheil.

ISIL’s advance on Palmyra comes despite a partial ceasefire with Syria’s mainstream opposition militias that was intended to allow the government and its international allies to focus their efforts on the extremist group and its rival, Al Qaeda affiliate Jabhat Al Nusrat. That truce, brokered by the United States and Russia, broke down in the northern city of Aleppo.

Nearly 300 people were killed in less than two weeks in Aleppo, in strikes that also targeted hospitals and civilian areas. Human Rights Watch quoted rescue workers as saying that in one airstrike on a hospital in a rebel-held area of the city, 58 civilians were killed, including medical staff and many patients. On the other side, a government-area hospital was hit and at least 20 people were killed in shelling blamed on the rebels.

Last week, airstrikes hit a displaced people’s camp in northern Idlib province, along the border with Turkey, and killed 28 people. The Russian and Syrian governments denied any role.

A partial ceasefire was restored in Aleppo and has been extended twice. The latest truce expires at midnight on Wednesday.

But Syrian state media accused “terrorists” of breaching the truce earlier in the day when a rocket landed on the government-held Seif Al Dawleh neighbourhood, killing two people. The Observatory said three people had died and at least 10 were injured. Government media refers to all armed opposition groups in Syria as terrorists.

In Geneva, the Commission of Inquiry on Syria, a four-person UN team of investigators that aims to identify possible war crimes and other violations, decried strikes on medical facilities in Aleppo and at the Idlib refugee camp.

The commission noted that the truce has “increasingly deteriorated” and said international humanitarian law requires combatants to distinguish between “lawful and unlawful targets”.

It urged parties to the conflict and states seeking a peaceful resolution to “demand civilian protection measures be taken”.

* Associated Press

Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens

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Price, base / as tested Dh460,000

Engine 8.4L V10

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Power 645hp @ 6,200rpm

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Fuel economy, combined 16.8L / 100km

Sonchiriya

Director: Abhishek Chaubey

Producer: RSVP Movies, Azure Entertainment

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Rating: 3/5

UAE currency: the story behind the money in your pockets
Company profile

Name: Yabi by Souqalmal 

Started: May 2022, launched June 2023

Founder: Ambareen Musa

Based: Dubai 

Sector: FinTech 

Initial investment: undisclosed but soon to be announced 

Number of staff: 12 

Investment stage: seed  

Investors: Shuaa Capital

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

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The years Ramadan fell in May

1987

1954

1921

1888

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.”

COMPANY PROFILE

Date started: 2020
Founders: Khaldoon Bushnaq and Tariq Seksek
Based: Abu Dhabi Global Market
Sector: HealthTech
Number of staff: 100
Funding to date: $15 million

WHAT ARE THE PRODUCTS WITHIN THE THREE MAJOR CATEGORIES?

Advanced materials: specifically engineered to exhibit novel or enhanced properties, that confer superior performance relative to conventional materials

Advanced components: includes semiconductor components, such as microprocessors and other computer chips, and computer vision components such as lenses and image sensors

Advanced products: includes personal electronics, smart home devices and space technologies, along with industry-enabling products such as robots, 3D printing equipment and exoskeletons

Source: Strategy&