Russia on Tuesday said there were no plans for a major assault on Idlib, despite Syrian President Bashar Al Assad earlier saying it was a priority to retake the province.
“There’s currently no question and can be no question of an operation, of a major assault on Idlib,” Russia’s Syria envoy Alexander Lavrentiev said in remarks reported by Russian agencies.
The comments came after talks in the southern Russian city of Sochi, backed by Iran and Turkey and with representatives of Damascus and the Syrian rebels.
“We still hope that the moderate opposition and our Turkish partners, who took responsibility for stabilising this region, will manage it,” Mr Lavrentiev said.
“The threat coming from this zone is still significant,” he said.
Mr Assad last week said retaking Idlib, currently dominated by rebels and jihadists, was among the priorities of the Syrian military, which is backed by Moscow.
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Read more:
ISIS fighters offered safe passage out of Deraa in Syria
White Helmets escaped Syria after being called 'vermin' by Russians
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Syrian regime envoy Bashar Jaafari said following the talks in Sochi that there could be “no compromises or middle-way solutions regarding Syrian territory returning to the control of the Syrian government”.
Mr Jaafari said the army would be within its rights to return the province to government control by force if a settlement could not be reached, in comments translated into Russian by news agencies.
For his part, opposition representative Ahmad Tohme demanded Idlib should move from “a de-escalation zone to a complete ceasefire zone”.
Regime-backers Moscow and Tehran, along with rebel-supporter Ankara, agreed to create four “de-escalation zones” under the Astana peace process launched last year as part of a move towards a nationwide ceasefire.
Idlib is part of one such zone. It borders Turkey to the north-west but is otherwise almost surrounded by regime territory, prompting fears the government would eventually attack it.
Idlib has received many rebels and families moved from other regions under Russian-brokered “reconciliation deals” that resulted in regime forces moving in to take rebel-held areas.
Lavrentiev on Tuesday also called on the United States to join the Astana peace process.
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
COMPANY%20PROFILE
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About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Small%20Things%20Like%20These
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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 specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
LOVE%20AGAIN
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Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg
COMPANY%20PROFILE%20
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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The%20specs
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Godzilla%20x%20Kong%3A%20The%20New%20Empire
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SPECS
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Company%20Profile
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Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
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The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UAE%20ILT20
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