RIYADH // Arab states of the Gulf yesterday urged the UN Security Council to hold an emergency meeting to prevent a "massacre" in Syria's central city of Homs, the target of a fierce offensive by regime troops.
In a statement, the six Gulf Cooperation Council (GCC) announced they are "following with deep concern ... the unjust siege Syrian regime forces are imposing on Homs ... with military support from the militias of the (Shiite) Lebanese Hizbollah movement and under the umbrella of Iran's Revolutionary Guards."
Rebel-held districts of Homs have been the target of a new army offensive since Saturday.
The six Gulf monarchies — Bahrain, Kuwait, Oman, Qatar, the United Arab Emirates and Saudi Arabia — urged the Security Council "to urgently meet to break the siege on Homs and prevent the Syrian regime and its allies from committing horrific massacres."
Dubbed the "capital of the revolution" by activists, Homs is important because it is on the road linking Damascus to the coast and its central location is also key as a supply route.
The third largest city in Syria was one of the first to join the uprising against President Bashar Al Assad's regime more than two years ago.
Syrian President Bashar Al Assad's troops pressed a fierce three-day assault against rebels in Homs yesterday but failed to make any new advances, a watchdog and activists said.
The Syrian Observatory for Human Rights said that members of Lebanon's Shiite Hizbollah militia were fighting alongside government forces on one of the city's main fronts.
Homs city is home to a patchwork of religious communities. Most of Syria's rebels — like the majority population — are Sunni Muslims, while Assad's clan belongs to the Alawite community.
Elsewhere, the army kept up its shelling of rebel areas in and near Damascus as it tried to secure the capital, said the Observatory.
Among the military's targets were Yarmuk Palestinian refugee camp in southern Damascus and Qaboon in the east, as well as rebel bastion Daraya south-west of the capital.
More than 100,000 people have been killed in Syria's war since March 2011, the Observatory estimates, and more than 1.7 million have fled to neighbouring countries.
But Syria's neighbours have closed or tightened restrictions at several border crossings, leaving tens of thousands of people stranded within Syria's dangerous frontier regions, US-based advocacy group Human Rights Watch warned on Monday. It said Iraq, Jordan and Turkey had all restricted the flow of people trying to flee.
Only Lebanon, which has limited control over its own borders and is now hosting over half a million refugees, had remained open to refugees. "Iraq, Jordan, and Turkey risk turning Syria into an open-air prison for tens of thousands of Syrians unable to escape the carnage in their country," said Gerry Simpson, senior refugee researcher at Human Rights Watch. "Neither the pressure those countries are under due to rising refugee numbers, nor giving aid inside Syria, can justify violating people's basic right to seek asylum from persecution and other abuse."
Officials in Iraq and Jordan could not immediately be reached for comment but a senior Turkish official who declined to be named said there had "been no changes in Turkey's open-door policy towards Syrian refugees."
*With additional reporting from Reuters
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
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Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
First Person
Richard Flanagan
Chatto & Windus
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Most sought after workplace benefits in the UAE
- Flexible work arrangements
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The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
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Results
6.30pm: Maiden Dh165,000 (Dirt) 1,600m
Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).
7.05pm: Conditions Dh240,000 (D) 1,600m
Winner: Commanding, Richard Mullen, Satish Seemar.
7.40pm: Handicap Dh190,000 (D) 2,000m
Winner: Grand Argentier, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh170,000 (D) 2,200m
Winner: Arch Gold, Sam Hitchcott, Doug Watson.
8.50pm: The Entisar Listed Dh265,000 (D) 2,000m
Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m
Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.
10pm: Handicap Dh185,000 (D) 1,400m
Winner: Midnight Sands, Pat Dobbs, Doug Watson.
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
Naga
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
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 specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Points about the fast fashion industry Celine Hajjar wants everyone to know
- Fast fashion is responsible for up to 10 per cent of global carbon emissions
- Fast fashion is responsible for 24 per cent of the world's insecticides
- Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
- Fast fashion labour workers make 80 per cent less than the required salary to live
- 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
- Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years