President Bashar Al Assad has told a Kuwaiti newspaper that Syria has reached a "major understanding" with other Arab states after years of hostility over the country's civil war.
The interview in the Al Shahed newspaper, published Wednesday, was Al Assad's first with a Gulf newspaper since the war began in 2011.
He does not name the Arab countries, but says Arab and Western delegations have begun visiting Syria to prepare for the reopening of diplomatic and other missions.
The ostracised Assad regime and its backers in Moscow and Tehran have been calling for the international community to re-engage with Damascus, drop sanctions and re-establish links. Largely they are looking for Western assistance in rebuilding the shattered country after years of war – a task Iran and Russia do not have the financial capacity to do alone.
However, a reluctant EU and US say they are unwilling to offer money for rebuilding without meaningful political transition – in effect their call for Al Assad to step down from the presidency remains unchanged.
"Assad won the war, we have to state this. But he hasn't won the peace," France's Foreign Minister Jean-Yves Le Drian said in early September.
Without this reform, it’s unlikely many states will reopen substantial diplomatic operations in Damascus.
In the Middle East, Al Assad’s relations are more contentious.
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Read more:
Iran agrees $460 million power plant deal with Damascus
Idlib deal a step forward but Syria quagmire far from resolved
September saw lowest civilian casualty of Syrian war
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Syria's membership in the 22-member Arab League was suspended in the early days of the war, and Arab countries later imposed economic sanctions.
Numerous states backed opposition groups fighting against the regime and concerns about Damascus’ cosy relationship with Tehran is of great concern, especially in the Gulf.
However, at last week’s United Nations General Assembly, Bahraini foreign minister Sheikh Khalid bin Ahmed bin Mohammed Al Khalifa met his Syrian counterpart Walid Muallem for the first time in years.
Pictures of the pair’s warm embrace hit social media and a few days later he went on Al Arabiya to explain the meeting.
"The meeting was unplanned and it wasn't the first time we meet since the outbreak of the Syrian war," Sheikh Khalid insisted.
The minister stressed that it comes "at a time where a serious Arab movement is aiming to reclaim the Arab role in the Syrian crisis.
“The Syrian government is the government of Syria, it is the rule in Syria. We work with states, even if we disagree with them and we don’t work with those that bring down those states," Sheikh Khalifa said.
Long before the UN meeting, UAE Minister of State for Gulf Affairs Anwar Gargash told The National in June that he regretted Syria's suspension from the Arab League as it had shut off a major conduit for regional voices in pushing for peace talks and a negotiated settlement to the conflict.
He said that Arab states had been left with the stalled UN talks in Geneva as their only seat at the table while Russia, Iran and now Turkey negotiated the future of Syria.
Dr Gargash said that given the state of affairs it wasn’t politically possible to readmit Syria to the Arab League.
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Engine: 77.4kW all-wheel-drive dual motor
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Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
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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.”
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia