France said on Wednesday that "all indications" suggest the Syrian regime is using chlorine weapons in its nearly seven-year civil war against rebel forces.
"All indications...tell us today that chlorine is being used by the regime at present in Syria," Foreign Minister Jean-Yves Le Drian told BFM television.
"I'm weighing my words because as long as we haven't completely documented this we have to stay prudent," he said.
UN war crimes investigators said on Tuesday that they were studying "multiple" reports that chemical weapons have been used in the rebel-held zones of Eastern Ghouta, near Damascus, and in the northwestern Idlib Province in recent weeks.
The United States said this week there was "obvious evidence" of recent chlorine gas attacks, including in Eastern Ghouta.
Mr Le Drian pointed to the "partnership against impunity" agreed by two dozen countries in January to ensure that perpetrators of chemical attacks in Syria are held accountable. But he did not allude to any other response, including military retaliation, that France might take against the regime of President Bashar Al Assad if the attacks are confirmed.
Shortly after taking office last year, French President Emmanuel Macron said the chemical attacks in Syria would be a "red line" for France.
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Read more:
UN probing suspected use of chlorine gas by Syrian regime
Incubators for newborns shut down after airstrikes hit Idlib hospitals
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Asked whether he wanted Turkish armed forces to withdraw from Syria, Mr Le Drian replied that he wanted "the withdrawal of all of those who ought not to be in Syria, including Iranian militia, including Hezbollah."
While not specifically calling for Turkey to pull back from its offensive against Kurdish militias in northern Syria, he said that Ankara should not worsen the conflict.
"Ensuring the security of its borders does not mean killing civilians and that should be condemned. In a dangerous situation in Syria, (Turkey) should not add war to war."
International law "is being violated by Turkey, by the Damascus regime, by Iran and those who are attacking eastern Ghouta and Idlib", he said. His remarks amount to France's toughest line yet on Turkey's involvement in the Syrian conflict.
France has backed the Syrian opposition during the seven-year war and is part of the US-led coalition fighting ISIL.
Mr Le Drian is due in Tehran on March 5 for talks over its ballistic missile programme, the nuclear deal agreed with world powers in 2015 and the role of Iran in the region at a time when the United States has put pressure on its European allies to toughen their stance on Tehran.
Iran is a key ally of the Syrian government and it says it has no intention of withdrawing unless Syria requested it do so.
Mr Le Drian also said Kurdish forces fighting ISIL in northeast Syria had detained "about 100" French jihadists.
"We're being told that about 100 have been arrested by the Kurds in Syria," he said.
French officials have shown little inclination to repatriate any of these captured fighters, as well as those facing potential death penalties in Iraq, saying they should face local courts.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
INDIA%20SQUAD
%3Cp%3ERohit%20Sharma%20(capt)%2C%20Shubman%20Gill%2C%20Cheteshwar%20Pujara%2C%20Virat%20Kohli%2C%20Ajinkya%20Rahane%2C%20KL%20Rahul%2C%20KS%20Bharat%20(wk)%2C%20Ravichandran%20Ashwin%2C%20Ravindra%20Jadeja%2C%20Axar%20Patel%2C%20Shardul%20Thakur%2C%20Mohammed%20Shami%2C%20Mohammed%20Siraj%2C%20Umesh%20Yadav%2C%20Jaydev%20Unadkat%3C%2Fp%3E%0A
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.”
