Smoke billows following Syrian government bombardment on the rebel-held besieged town of Harasta, in the Eastern Ghouta region, on the outskirts of Damascus on March 12, 2018. AFP
Smoke billows following Syrian government bombardment on the rebel-held besieged town of Harasta, in the Eastern Ghouta region, on the outskirts of Damascus on March 12, 2018. AFP
Smoke billows following Syrian government bombardment on the rebel-held besieged town of Harasta, in the Eastern Ghouta region, on the outskirts of Damascus on March 12, 2018. AFP
Smoke billows following Syrian government bombardment on the rebel-held besieged town of Harasta, in the Eastern Ghouta region, on the outskirts of Damascus on March 12, 2018. AFP

At least 43 killed in one of the deadliest attacks in Damascus


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One of the deadliest attacks in Damascus since the start of Syria's seven-year war killed at least 43 people on Wednesday, while fighting continued elsewhere in the country.

The mortar assault targeted a busy market on the eve of Mother's Day, witnesses told state-run TV. Eleven pro-regime fighters were reportedly among the dead.

President Bashar Al Assad's government blamed the attack on rebels in Eastern Ghouta, where Syrian troops and Russian war planes have been waging a month-long air and ground offensive, killing thousands of civilians, including children.

Videos of the aftermath posted online showed scenes of chaos, with people screaming and bodies and mannequins strewn across the ground.

Hospital director Mohammed Haitham al-Husseini told Al Ikhbariya TV that 35 were wounded, with six in intensive care. He said most of the casualties were women and children.

The attack comes just days after a lightning assault by ISIL to seize the Damascus neighbourhood of Qadam left 62 regime fighters dead.

ISIL fighters have maintained a presence in parts of Damascus, including in the Palestinian camp of Yarmuk and the neighbourhoods of Hajar Al Aswad and Tadamun.

The district is smaller than and not connected to Eastern Ghouta, where the Syrian army and allied forces have recaptured 70 per cent of the territory that was under insurgent control, causing thousands of residents to flee.

A Russian-brokered deal was reached on Wednesday to evacuate one of Ghouta's rebel groups, offering them a corridor to opposition-held northwestern Syria.

Fighters from the Ahrar Al Sham rebel group in control of the besieged town of Harasta had agreed to lay down their arms in return for safe passage to insurgent-controlled areas.

The rebels were also offered to be pardoned under local reconciliation terms, two opposition sources said.

There was however no indication when the deal would be implemented and one source familiar with the talks said obstacles may delay it.

The evacuation deals come after years of siege and bombardment - a major strategy by the Syrian army to force rebels to surrender.

"The deal has been finalised and it could come into effect soon after a ceasefire is announced as early as Wednesday," said one official familiar with the talks that have been going on for several days.

It would begin with an evacuation of injured civilians, he added, saying the remaining civilians in the town were "facing untold suffering".

A local official in the opposition-run Harasta council was quoted by opposition news outlets that a deal had been reached but did not say when it was expected to be implemented.

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Read more:

Russia blame for Syria air strike that killed 15 children

ISIL takes control of Damascus area after rebels pull out

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Last year, rebels launched a major offensive on army barracks on the edge of Harasta that led to retaliatory attacks. The battles were among the fiercest in Eastern Ghouta in recent years.

Mr Assad has vowed to end what he portrays as a terrorist threat in proximity to his seat of power.

On Tuesday, a rocket fell on a popular residential area across the rebel-held enclave killing at least 40 people, according to medics in government controlled areas.

The Syrian authorities accused rebels of firing the rockets in revenge attacks which rebels deny.

More than 100 civilians were killed in the last two days of air strikes in Eastern Ghouta with most of the raids on Douma city, the largest population centre with more than 150,000 people still living there.

Rebels and residents say napalm and incendiary weapons were dropped on several civilian areas to force rebels to surrender.

The predicament of hundreds of rebels trapped in Harasta, one of the main towns in Eastern Ghouta, worsened after the army succeeded earlier this month in splintering Ghouta into three besieged zones, cutting off Harasta from other areas.

Last Sunday, the Syrian army had given the rebels of Harasta an ultimatum to withdraw, state media said.

Residents and rescuers say the Russian air force stepped up its bombing of Harasta town as talks were going on to broker the deal.

The Harasta deal will pile pressure on the two main rebel groups — Failaq Al Rahman in the southern pocket and Jaish Al Islam in the northern enclave — to also reach understandings.

They have however publicly said they reject Russia's offer to leave the enclave.

The most likely option was however the transfer of Failaq Al Rahman and Jaish Al Islam fighters to opposition-held areas in northern and southern Syria respectively, a rebel official familiar with the situation on the ground said.

The defeat in Eastern Ghouta would mark the worst setback for the anti-Assad rebellion since the opposition was driven from eastern Aleppo in late 2016 after a similar campaign of siege, bombing, ground assaults and the promise of safe passage out.

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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.”

ITU Abu Dhabi World Triathlon

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE