BEIRUT // The Syrian regime and an increasingly organised rebel force are carrying out illegal killings and torturing their opponents - but government forces are still responsible for most of the violence stemming from the country's uprising, a UN panel said yesterday.
The findings were released in Geneva by the Independent International Commission of Inquiry on Syria, which said the conflict has become "increasingly militarised."
The report is based on hundreds of interviews since March with victims and witnesses who fled the country.
"Fighters in anti-government armed groups were killed after being captured or wounded," the report said. "In some particularly grave instances, entire families were executed in their homes - usually the family members of those opposing the government."
Children, including boys as young as 10, have said they were "tortured to admit that older male members of their family are Free Syrian Army soldiers or supporters," the report said. The Free Syrian Army is the rebel force trying to topple the government.
The UN panel also said that there is a growing list of abuses being committed by anti-government armed groups, including executions of military forces and suspected informers.
Anti-government armed groups have increasingly resorted to roadside bombs, according to the report, and have abducted civilians and government forces, apparently for prisoner exchanges or ransom.
Despite the country's spiralling violence, President Bashar Al Assad said yesterday that Syria would emerge from the crisis "thanks to the steadfastness of its people".
The Syrian government denies that the 15-month-old revolt is being driven by a popular uprising, instead blaming terrorists for the violence.
The opposition denies that, saying they were forced to take up arms after government forces fired on peaceful protesters.
A string of suicide attacks this year has raised fears among some observers that extremists are trying to exploit the chaos in Syria.
More than 250 UN observers are now based in cities around the country to monitor a peace plan brokered by international envoy Kofi Annan - but the ceasefire is violated every day by both sides.
Opposition groups said that government forces shelled the rebel-held town of Rastan yesterday, killing at least three people.
Also yesterday, the state-run news agency said an armed group assassinated a lieutenant, shooting him and his 13-year-old son outside Damascus.
The violence in Syria has also spilled over into Lebanon, where deadly clashes linked to the conflict have killed at least 10 people in the past two weeks.
Lebanese and Syrian officials have said armed gunmen in Syria kidnapped 11 Lebanese Shiite pilgrims on Tuesday, setting off protests in Beirut's Shiite-dominated southern suburbs. The US Embassy in Beirut yesterday condemned the kidnapping and called for the men's immediate release.
Syria's main opposition council, meanwhile, said it has accepted the resignation of its Paris-based president, who earlier offered to step down amid mounting criticism of his leadership.
The executive committee of the Syrian National Council asked Burhan Ghalioun to pursue his duties until a new president is elected during a meeting on June 9 and 10.
The SNC has been plagued by infighting and divisions since its inception in September, complicating western efforts to bolster the opposition.
Meanwhile, Syria's oil minister has blamed international sanctions for shortages of gas and other basic goods, saying the measures have bled US$4 billion (Dh14.6bn) from the nation's economy.
Sufian Allaw said on Wednesday that the measures were to blame for the shortages that have left Syrians across the country standing in long lines to pay inflated prices for gas, fuel, sugar and other staples.
The US ambassador to Damascus, Robert Ford, denied that the sanctions are to blame. "Our sanctions purposefully do not target oil and diesel imports, because we know that the Syrian people need both for their day-to-day lives," he wrote on the embassy's Facebook page.
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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.”
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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