BEIRUT// Washington’s warnings to the Syrian government against launching a fresh chemical weapons attack appear to have worked, the US secretary of defence Jim Mattis said on Wednesday.
No chemical attack has been launched, he said, leading him to conclude that, "It appears that they took the warning seriously. They didn't do it.”
On Monday, the White House said the Syrian government was possibly preparing to launch a fresh chemical weapons attack, and warned that if that were the case, Syrian president Bashar Al Assad and his military forces would pay " a heavy price."
Later, the US said it had observed Syrian forces preparing for a chemical weapons attack at Shayrat air base, the same base that was hit by a US Tomahawk missile strike in April.
Syria and its ally Russia denied any chemical attack was being planned.
The civilian toll of the war continues to climb. On Wednesday, the UK-based war monitor, the Syrian Observatory for Human Rights, said at least 30 civilians were killed in air strikes on territory held by ISIL in Deir Ezzor province, eastern Syria, but could not ascertain whether Russian, Syrian or US-led anti-ISIL coalition jets were responsible..
On Monday, 57 people, including 42 civilians, were killed in an air raid on an ISIL prison in the town of Mayadeen, which is believed to have been conducted by the US-led coalition.
As ISIL begins to weaken inRaqqa, its last major stronghold, and the Kurdish-led Syrian Democratic Forces fighters gain more territory, civilians are increasingly at risk of getting caught up in the fighting. As US-backed forces press on into Raqqa, the United Nations human rights chief Zeid Ra’ad Al Hussein On Wednesday warned that up to 100,000 civilians remained trapped in the city.
“The intense bombardment of Al Raqqa over the past three weeks has reportedly left civilians terrified and confused about where they can seek refuge,” he said. “Up to 100,000 civilians are effectively trapped as the air and ground offensive intensifies.”
Residents who have succeeded in escaping relate that ISIL prevents civilians leaving by either shooting at them or escorting them back to their homes.
“We couldn’t get out…they wouldn’t let us,” said Shaabu,a resident of Raqqa until he managed to escape on Tuesday. “If we stepped outside we were targeted by snipers. They shot at me once when my friends and I went out to fetch water.”
He had escaped with his family only when Syrian Democratic Forces troops approached his area and made contact.
Elsewhere in Syria, the Turkish army and the Kurdish YPG militia - the main component of the US-backed Syrian Democratic Forces group - clashed along the Syria-Turkey border on Tuesday.
Ankara, which considers the YPG and Syrian Democratic Forces to be terrorist groups, said the YPG attacked pro-Turkey Syrian rebels near the town of Azaz. Turkey used artillery against the YPG in retaliation.
The YPG has been America's best ally on the ground in Syria, causing tensions between Washington and Ankara. But rather than drop the YPG, as Turkey frequently urges them to do, the Americans have increased support for both the YPG and the broader Syrian Democratic Forces alliance. Ankara also made a play for the lead role in the battle for Raqqa, only to see that job go to the Syrian Democratic Forces.
The US special envoy to the coalition against ISIL, Brett McGurk, was in northern Syria on Wednesday for a meeting with a council created by the Syrian Democratic Forces that aims to run Raqqa after ISIL is forced out of the city.
A member of the Raqqa Civil Council, Omar Alloush, said Mr McGurk and other US officials promised to help with infrastructure needs in the city, but did not discuss how much money Washington could provide.
“They did not specify any sum, but they decided we will support first removing mines, lifting rubble, maintenance of schools, then electricity stations and water,” he said.
jwood@thenational.ae
*with additional reporting from Reuters and Agence France-Presse
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Company profile
Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m
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It provided services to around 200 ports across 50 countries.
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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.”
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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COMPANY PROFILE:
Name: Envision
Started: 2017
Founders: Karthik Mahadevan and Karthik Kannan
Based: The Netherlands
Sector: Technology/Assistive Technology
Initial investment: $1.5 million
Current number of staff: 20
Investment stage: Seed
Investors: 4impact, ABN Amro, Impact Ventures and group of angels
