People attend the funeral processions for victims of the suicide bombings that hit Sweida province on 25 July and claimed the lives of dozens of people and injured scores others, al-Swaida. EPA
People attend the funeral processions for victims of the suicide bombings that hit Sweida province on 25 July and claimed the lives of dozens of people and injured scores others, al-Swaida. EPA

ISIS releases six of 27 Druze hostages in Syria



ISIS has released six of 27 Druze hostages it seized during a deadly attack in Syria's Sweida province in July in exchange for a prisoner swap and a $27 million ransom, a monitor said on Saturday.

The group abducted about 30 people - mostly women and children - from Sweidaduring the deadliest attack on Syria's Druze community of the seven-year civil war.

Families of the hostages led a series of protests outside government offices in Sweida this month to demand that more be done to secure their release.

"Two women and four children from the province of Sweida were released last night," said Rami Abdulrahman, director of the Syrian Observatory for Human Rights, a Britain-based monitoring group.

He said that the releases were the "first wave" and part of an agreement sealed with the Syrian government to exchange all of the hostages for "60 Islamic State prisoners held by the regime and a ransom of $27m."

Further hostage releases were expected "in the next few days or hours". he said.

During the co-ordinated assaults on July 25, ISIS carried out suicide bombings, shootings and stabbings that left more than 250 people dead across the south-western province, most of them civilians.

Sweida province is the heartland of the country's Druze minority, which made up about three per cent of Syria's prewar population - about 700,000 people.

ISIS executed a 19-year-old male student among the captives in August and then a 25-year-old female captive in early October. The group said a 65-year-old female captive also died after becoming ill.

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Read more:

Ferocious ISIS offensive leaves more than 200 dead in southern Syrian towns

More than 180 dead as ISIS hit south Syria's Sweida

Syria state media says Israel bombs military post in Aleppo

Syrian regime hoist flag over Deraa, cradle of 2011 revolt

_________

In Damascus on Friday Syrian President Bashar Al Assad met representatives of Russia's foreign and defence ministries, Russia's foreign ministry said.

During the meeting, they discussed development of situation in Syria and reaffirmed their commitment to the "destruction of terrorist presence" and advancement towards a long-term political settlement in the interest of all Syrians.

Russia's defence minister said that almost 88,000 rebels had been killed in Syria in the three years since Moscow's intervention to back government forces.

"Over the course of the operation, a total of more than 87,500 rebels have been eliminated, 1,411 settlements have been liberated and more than 95 per cent of Syria's territory," Mr Shoigu said according to a ministry statement. "Most of the rebels have been liquidated."

Russia launched strikes in support of President Assad's regime in September 2015. Since then Russian air forces have carried out more than 40,000 bombing missions, hitting about 120,000 targets of "terrorist" infrastructure, Mr Shoigu said.

Meanwhile in eastern Syria air strikes by the US-led coalition fighting ISIS have killed at least 32 civilians in less than 24 hours, the monitor said on Friday.

Strikes on the village of Sousa resulted in the deaths of 18 civilians, including seven children, late on Thursday and 14 more civilians on Friday.

Dozens were wounded and many remained under the rubble in the village in the eastern province of Deir Ezzor near the Iraqi border, the Observatory's Mr Abdelrahman said.

An estimated 35 militants were also killed during the offensive.

Twenty-eight ISIS members were killed in air strikes by the US-led coalition around the town of Hajin, the Observatory said.

Another seven militants were killed in ground fighting with the Syrian Democratic Forces, who launched a coalition-backed offensive against the ISIS-held pocket in the Euphrates Valley last month.

Fighting has killed 414 militants and 227 SDF fighters in total since the assault began on September 10, the Observatory said.

A coalition spokesman was not available for comment.

ISIS overran large parts of Syria and neighbouring Iraq in 2014, proclaiming a "caliphate" in land it controlled.

They have since lost most of it to various offensives in both countries. In Syria, the group has been reduced to parts of the vast Badia desert and a pocket in Deir Ezzor that includes Sousa.

Since 2014 the US-led coalition has acknowledged direct responsibility for more than 1,100 civilian deaths in Syria and Iraq, but rights groups have said the actual number is much higher.

The observatory has said that coalition strikes in Syria alone have killed more than 3,300 civilians.

Syria's war has killed more than 360,000 people since it erupted in 2011 with the brutal repression of anti-government protests.

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Name: Almnssa
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Based: Gaza
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Investments: Grants/private funding
How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

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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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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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