Activists report 'terrifying massacre' in flashpoint Syrian city


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BEIRUT // A "terrifying massacre" in the restive Syrian city of Homs has killed more than 30 people, including small children, in a barrage of mortar fire and attacks by armed forces loyal to President Bashar Assad, activists said Friday.

Details were emerging from an array of residents and activists on Friday, a day after the bloodshed. Residents told The Associated Press they were still gathering information but that the city was rocked by sectarian killings, gunfire and explosions.

"There has been a terrifying massacre," Rami Abdul-Rahman, director of the British-based Syrian Observatory for Human Rights, told the AP on Friday, calling for an independent investigation of the killings.

Syria tightly controls access to trouble spots and generally allows journalists to report only on escorted trips, which slows the flow of information.

Videos posted online from activists showed the bodies of children wrapped in plastic bags lined up next to each other.

Another video shows women and children with bloodied faces and clothes and in a house, with the narrator saying an entire family with its children had been "slaughtered."

The videos could not be independently verified.

The Observatory and the Local Coordination Committees, an umbrella group of activists, said the death toll in Homs was at least 35, but the reports could not be confirmed. Both groups cite a network of activists on the ground in Syria.

The Syrian uprising began last March with largely peaceful anti-government protests, but it has grown increasingly militarized in recent months as frustrated regime opponents and army defectors arm themselves and fight back against government forces.

The Observatory said 29 people were killed in the religiously mixed Karm el-Zaytoun neighborhood of Homs on Thursday, including eight children, most of them when a building came under heavy mortar and machine gun fire.

Residents spoke of another massacre that took place when shabiha - armed regime loyalists - stormed the district, slaughtering residents in an apartment, including children.

"It's racial cleansing," said one resident of Karm el-Zaytoun, speaking on condition of anonymity for fear of reprisal. "They are killing people because of their sect," he said.

Syria has a volatile sectarian divide, making civil unrest one of the most dire scenarios. The Assad regime is dominated by the Alawite minority, an offshoot of Shiite Islam, but the country is overwhelmingly Sunni Muslim.

Also Friday, Iran's official IRNA news agency said gunmen in Syria have kidnapped 11 Iranian pilgrims traveling by road from Turkey to Damascus.

Iranian pilgrims routinely visit Syria - Iran's closest ally in the Arab world - to pay homage to Shiite holy shrines.

The government crackdown has killed more than 5,400 people since March, according to estimates from the United Nations.

Assad's regime claims terrorists acting out a foreign conspiracy are behind the uprising, not protesters seeking change, and that thousands of security forces have been killed.

International pressure on Damascus to end the bloodshed so far has produced few results.

In a Twitter message, France's U.N. mission said the Security Council will discuss Syria on Friday during closed consultations.

The Arab League has sent observers to the country as part of a plan to the end the crisis, but the mission has been widely criticized for failing to stop the violence. Gulf states led by Saudi Arabia pulled out of the mission Tuesday, asking the Security Council to intervene because the Syrian government has not halted its crackdown.

In Cairo, Arab League chief Nabil Elaraby told reporters that he and the prime minister of Qatar would leave for New York on Saturday to brief the U.N. Security Council on the latest Arab plan to end the crisis in Syria. He said their talks, to start Monday, are designed to enlist the support of the council for the Arab peace plan.

The plan is a two-month transition to a unity government and includes Assad handing over his powers. Syria has rejected it as intervention in its internal affairs.

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Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

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Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

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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.”