The UN's special envoy to Syria Kofi Anan, left, meeting with Syrian President Bashar Al Assad in Damascus today.
The UN's special envoy to Syria Kofi Anan, left, meeting with Syrian President Bashar Al Assad in Damascus today.
The UN's special envoy to Syria Kofi Anan, left, meeting with Syrian President Bashar Al Assad in Damascus today.
The UN's special envoy to Syria Kofi Anan, left, meeting with Syrian President Bashar Al Assad in Damascus today.

Annan to put new 'approach' to rebels after Assad talks


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DAMASCUS // International envoy Kofi Annan said he agreed with President Bashar Al Assad today on a new "approach" to end Syria's 16-month-old conflict that he would put to the rebels.

Stepping up political efforts to halt the carnage which monitors say has cost more than 17,000 lives, the UN-Arab League envoy was reportedly to travel on to Iran, Syria's close ally.

"We discussed the need to end the violence and ways and means of doing so. We agreed an approach which I will share with the armed opposition," Mr Annan said after meeting President Assad in Damascus.

The former UN chief said he had a "constructive" meeting with Mr Assad, on his third such mission for talks on his six-point peace plan for Syria since he was appointed in February.

"I had constructive and candid talks with President Assad," he told reporters at a Damascus hotel, echoing Syrian foreign ministry spokesman Jihad Makdissi who termed the meeting "constructive and good".

The meeting came a day after nearly 100 people were reportedly killed in Syria and at a time of apparently uncompromising anger from the opposition.

The opposition Syrian National Council (SNC) slammed Annan's decision to meet Assad, saying thousands have been killed in the country despite an April ceasefire that is a key point of the envoy's plan.

Ahead of his trip to Damascus, Mr Annan admitted his peace blueprint has so far failed to stem the bloodshed in Syria, in remarks published by French newspaper Le Monde.

He also expressed frustration that while Moscow and Iran are mentioned by some as stumbling blocks to peace, "little is said about other countries which send arms, money, and have a presence on the ground."

And, in an defiant interview late on yesterday, President Assad told German public broadcaster ARD that many countries were undermining Annan's initiative.

The United States is "part of the conflict. They offer the umbrella and political support to those gangs to... destabilise Syria," said the embattled Syrian leader.

Mr Assad said the Annan plan had failed because "many countries don't want it to succeed."

His decision to travel to Damascus and hold talks with Assad was criticised by the SNC, the main opposition group in exile which cited the high death toll since they agreed an April 12 ceasefire.

The Syrian Observatory for Human Rights, a monitoring group based in Britain, estimates that 5,898 people have been killed since the truce was announc ed.

"In this context, Annan chose to meet with the symbols of the Syrian regime, while abstaining from the Friends of Syria conference in Paris," the SNC said, asserting that Syrians "cannot justify these steps".

It also questioned Annan's support for Iran to play a diplomatic role, saying that "Tehran's support for its allies in the Syrian regime makes them partners in the aggression on the Syrian people."

Iranian President Mahmoud Ahmadinejad, for his part, has accused the United States and its allies of opposing Assad's regime with the goal of dominating the Middle East and propping up Israel.

US Secretary of State Hillary Clinton's on Sunday warned time was running out to save Syria from a "catastrophic assault".

"The sooner there can be an end to the violence and a begetting of a political transition process, not only will fewer people die, but there's a chance to save the Syrian state from a catastrophic assault," she said in Tokyo.

"It should be abundantly clear to those who support the Assad regime their days are numbered," Secretary Clinton said.

Meanwhile, the Syrian navy staged live fire exercises at the weekend to "simulate the scenario of repelling a sudden attack from the sea," state news agency SANA reported.

Republican US Senator John McCain on Sunday took President Barack Obama's administration to task for what he called its "shameful and disgraceful" response to the bloodshed in Syria.

"The fact is that the United States has played no leadership role," Mr McCain told CBS television, referring to efforts to halt Syria's crackdown.

On the ground Monday, the Syrian army clashes with rebels in several main cities across the country, including the capital Damascus, Deir Ezzor in the east and Homs in central Syria, the Observatory said.

The Khaldiyeh neighbourhood of Homs came under fierce shelling by regime forces attempting to storm the rebel stronghold.

In the northern city of Aleppo, battles between the two took place in several neighbourhoods, while a roadside bomb targeting a security patrol killed two members of the security forces.

Regime forces also bombarded areas in rural Damascus and the southern province of Daraa, where clashes broke out near the Jordanian border, the watchdog said.

The biog

Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

MATCH INFO

England 2
Cahill (3'), Kane (39')

Nigeria 1
Iwobi (47')

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

Men's football draw

Group A: UAE, Spain, South Africa, Jamaica

Group B: Bangladesh, Serbia, Korea

Group C: Bharat, Denmark, Kenya, USA

Group D: Oman, Austria, Rwanda

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.”

World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88

Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883

Profile

Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years