Still from video
Still from video
Still from video
Still from video

For residents of Qamishli, there is hope in the midst of Syria’s war


Willy Lowry
  • English
  • Arabic

Abu Abdo Layli nimbly moves around his small restaurant in the north-eastern Syrian city of Qamishli.

It is a carefully choreographed dance. His left arm stretches up to grab a plate from a low shelf, while his right hand readies a scoop of homemade buffalo cream.

Mr Layli runs a popular breakfast nook deep in the heart of Qamishli’s bustling souq. “I serve buffalo cream with honey,” he said, “and homemade Syrian porridge.”

A steady stream of customers flow in out of the closet-sized restaurant. Mr Layli greets each customer warmly and chats briefly before turning back to the task at hand, preparing the food.

It is a scene that feels far removed from the eight-year-long civil war that has ravaged Syria. While much of the country has been decimated by fighting, Qamishli has been left relatively unscathed.

The city lies in the north-eastern corner of Syria and borders the Turkish city of Nusaybin.

It has become the de facto capital of Rojava, a Kurdish controlled area that stretches across north-eastern Syria.

As the civil war raged, Syrian President Bashar Al Assad transferred his troops from north-east Syria to other part of the country. The Kurds filled the void and have created an autonomous region with robust civil services. “Life has changed a lot,” said Mr Layli. “At the start of the crisis the situation was bad, but now it is getting better.

Today, Qamishli’s streets are teeming with people. The narrow passageways that make up its souq are lined with busy shops that sell everything from spices to air guns. The smell of fresh cooked bread wafts through the air and people mingle, chatting in a mixture of Kurdish and Arabic.

Qamishli has always been a diverse city. Different ethnicities and religions live side by side. Arabs, Kurds, Armenians, Christians and Muslims. Under the Assad regime, minority groups suffered, but under the Kurdish leadership that diversity is celebrated.

But as the civil war nears an end and the Assad regime slowly consolidates its power in the rest of Syria, the future of Qamishli remains up in the air.

Eight hard years have left a mark on the city and its people, but they remain resilient and optimistic. “I hope that in five or 10 years Qamishli will be nicer and better Inshallah,” Mr Layli said. “I hope people will come back and businesses will continue to improve. We always want things to be better.”

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Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

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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.”

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Heidi: The Long Kiss Goodnight.

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Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.

"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.

Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.

The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.

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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.