DAMASCUS // Syrian authorities have yet to comment officially on Washington's decision to renew economic sanctions, but Barack Obama's tough choice of words has been carefully noted.
In his statement the US president referred to Syria as posing a "continuing unusual and extraordinary threat to the national security, foreign policy and economy of the United States".
With recent accusations that Damascus has been supplying more modern and powerful weapons to Hizbollah in Lebanon, there has been a growing concern here that Israel and its powerful American ally are preparing for a summer war.
The unequivocal phrasing of the sanctions renewal, in addition to its coming at such a sensitive time, has done nothing to ease those fears.
"The extension of sanctions isn't a surprise, it's the new language that is unexpected," said Mazen Bilal, a Syrian journalist and independent political commentator. "It appears as though Obama has put Syria together with Iran and North Korea as posing a high threat to America. That is hard language to be using."
Another Syrian political analyst, who spoke on condition of anonymity, said the wording appeared to be a prelude to war. "When the Americans attacked Iraq, they did so after saying that Saddam Hussein posed a threat to US national security. Now they are saying the same thing about Syria.
"Those words 'threat to national security' are very important, it means the Americans are preparing to strike or that they will give the green light to Israel to strike."
Economically the sanctions are of limited importance. Since their imposition under the Bush administration in 2004, Syria has managed to shepherd its fragile economy through a period of strong growth and market reforms. It is the political implications of the sanctions that concern Damascus.
"We know the economy can cope under US sanctions, it is the political meaning that matters," Mr Bilal said. "There is a significance to this. The US has been unable to shift any of the fundamental Syrian positions regarding Lebanon or Palestine, so this is probably a result of Obama feeling they have not achieved as much as he wanted with his policy of dialogue."
Syria is a major supporter of Hizbollah, the Lebanese resistance movement and Hamas, the Palestinian Islamic group, as well as other hardline Palestinian organisations. While widely considered in the Middle East as more or less legitimate outfits resisting Israeli occupation, Washington calls them terrorist groups and, as a result, calls Syria a state sponsor of terrorism.
While there is concern here about Mr Obama's firm language - even a feeling that it might have put yet another nail in the coffin of any incipient peace process - Tharbet Salim, an independent Syrian political commentator said it might, perversely, be a positive development.
"I see this as part of Obama's balancing act with Israel," he said. "Obama is trying to be hard on the Israelis over settlement expansion and by renewing these sanctions in this way, he can say to his critics, 'Look, I've not gone soft on Syria, I'm not just hard on you.' This gives him some cover to keep up the pressure on Israel."
Mr Obama has come in for heavy criticism on Capitol Hill for his policy of engagement with Damascus, including his decision to appoint an ambassador to Syria after five years in which the post was left vacant. The ambassador has been named but, pointedly, not yet confirmed or dispatched. Instead there has been increased rhetoric of late about the Damascus-Hizbollah connection.
Mr Salem said Hizbollah's retention of a powerful military capability remained a sticking point hindering further US-Syrian rapprochement but that Washington did not believe the group posed any threat to the United States.
"Syria isn't a threat to the US and in fact there are continued discussions about co-operation in helping to secure Iraq [when US forces pull back in August]," Mr Salim said. "For that reason, I'm not worried about Obama's words. They are just words, I don't believe he has abandoned his personal desire to see peace in the region."
@Email:psands@thenational.ae
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
The%20specs
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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.”
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5