Sheikh Saleh al Tahan al Nueimi, an advisor to the Quneitra governor, outside the old al Nueimi tribal meeting room, in the village of Hamreet, in the Golan.
Sheikh Saleh al Tahan al Nueimi, an advisor to the Quneitra governor, outside the old al Nueimi tribal meeting room, in the village of Hamreet, in the Golan.

Development boom in Syrian Golan Heights



HAMREET // For decades, the Nu'eim tribe has lived in the shadow of war, its main village of Hamreet lying just a few kilometres from the ceasefire line dividing the Syrian-controlled territory from the Israeli-occupied Golan Heights.

Heavily dependent on farming and sheep rearing, Nu'eim shepherds continue to fall victim to the decades-long conflict. One or two shepherds a year tread on forgotten, but still deadly, landmines or unexploded shells as they graze their flocks.

Some 20 villages, once home to members of the Nu'eim, remain out of bounds, lost on the other side of the de-facto border established after Israel's seizure of the land in 1967, and its subsequent illegal annexation after the 1973 war.

While the intractable conflict between Damascus and Tel Aviv has not ended, the Syrian-controlled Golan is beginning to shed its military hinterland persona, as a growing population, rich natural environment and new investment plans usher in prospects of modern development.

The Golan, about 60km south-east of Damascus, was once an area from which people emigrated in the face of violence or in search of job opportunities. According to local residents and officials, however, it is now attracting newcomers seeking to escape the urban sprawl of Syria's nearby capital.

"There is now immigration to the Golan from the cities. It used to be the other way round, but today more and more people want to live out here," said Omar Mohammad Tahan, the municipal leader of Qodana and Na'ema, an administrative district in the Golan.

Four years ago, construction work started on a new road, known as the Peace Highway, linking the Golan directly to Damascus. When complete, it will cut some 40km off the current serpentine network of bumpy minor streets that join the two places.

While the highway has not been finished, it has already begun to transform the area, fuelling a rise in land prices as developers anticipate increasing demand for properties, leisure facilities and infrastructure. A major military checkpoint has also been removed from the entrance to the Golan, substantially easing access for residents and visitors.

"We expect the road to encourage investment and to make it more attractive for people to live here - it's an important project, it will bring us closer to Damascus," Mr Tahan said.

The Syrian government is struggling to encourage modernisation in outlying regions as part of its anti-poverty strategy, and to prevent further uncontrolled growth of the country's major cities, principally Damascus and Aleppo, which continue to expand as migrants come in search of work.

The substantial rise in land prices has not deterred wealthier families from Damascus looking to build summer homes in the Golan region, and the opening of new colleges and governmental administration offices have meant the young are no longer forced to leave in order to further their education or find jobs.

Tax breaks on imports and the promise of streamlined bureaucracy are an added incentive for private firms to locate in the Golan, although the impact has so far been limited. Joblessness, in particular, remains a major problem.

"We still have a high rate of unemployment and there is really only work in farming or in government departments," said Saleh al Nu'eimi, a lawyer and leading member of the Nu'eim tribe. "There has been no big investment yet but we are beginning to see interest from Lebanon and Qatar, and Iranian businessmen were here recently and they want to establish a dairy produce factory."

Much of western Syria has been identified as prime renewable energy land and, with its strong and consistent prevailing winds, the Golan is no exception.

"There are plans to set up renewable wind power farms here," said Mr al Nu'eimi. "Wind power will be a big hope for the future."

Renewable energy will play an increasing role as Syria moves to plug a deficit in electricity production that already results in regular power cuts, although the Golan itself enjoys an uninterrupted supply as a matter of government policy. Even well-to-do areas of Damascus are not so fortunate.

Another arena in which the Golan enjoys natural advantages over the rest of the country is in water supply. While Syria's impoverished eastern Jazeera has endured four years of crippling drought, farmers in the Golan are more likely to suffer from rain damage to crops from the heavy winter downpours.

The various new developments have been broadly welcomed by residents with those owning land, in particular, content to see the value of their holdings soar. But that same inflation has had an adverse effect on some of the displaced Golanese who moved to Damascus after the 1967 or 1973 wars.

"In the past six or seven years, land prices have increased so much and I can't afford to buy anything here," said Mohammad al Rifaey, a resident of Blackstone, a working-class Damascus suburb. His family is from the occupied Golan Heights and had planned on moving back to the Syrian-controlled zone, until soaring land price rises made it impossible.

A plot that cost $1,500 (Dh5,500) less than a decade ago may now sell for more than $13,000, far out of reach of most ordinary Syrians.

"If you've benefited from the price rises, you're happy, but those too poor to own land are not," said Hussein Dubak, a school principal in the Golan's Ayn al Nouria district. "The poor who want to come back to live here, not who are from here, cannot always return."

And then there is the on-going problem of Syria's conflict with Israel. There have been peace talks, and hopes of peace, but never peace itself.

"Because of the Israeli occupation, because of living near the border, we live with instability. You can expect to lose everything at a moment's notice," said Mr Tahan, the municipal council chief. "When the media is full of news about a peace process, people want to come back here and investors are interested in coming. When there is talk of war, the opposite happens."

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
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Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
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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.”

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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UAE currency: the story behind the money in your pockets