CAIRO // A pan-Arab body yesterday called for the immediate withdrawal of the Arab League monitors from Syria because President Bashar Al Assad's regime has continued with the killing of government opponents, despite the presence of the observers.
The 88-member Arab Parliament said Arabs are angered by the Syrian regime's ongoing killings while the almost 100 monitors were in the country.
The monitors are supposed to be ensuring Syria complies with terms of the League's plan to end the nine-month crackdown on dissent. The UN says more than 5,000 people have been killed.
But the Kuwaiti head of the Arab Parliament, Ali Salem Al Deqbasi, said the presence of the monitors was distracting from the "flagrant violations" committed by the regime.
"The killing of children and the violation of human-rights law is happening in the presence of Arab League monitors, raising the fury of Arab people," he said.
"The mission of the Arab League team has missed its aim of stopping the killing of children and ensuring the withdrawal of troops from the Syrian streets, giving the Syrian regime a cover to commit inhumane acts under the noses of the Arab League observers," Mr Al Deqbasi said in a statement.
"This is giving the Syrian regime an Arab cover for continuing its inhumane actions under the eyes and ears of the Arab League."
Activists say more than 150 people have been killed across the country since the observers began their one-month mission last Tuesday.
The Arab League plan demands the government remove its security forces and heavy weapons from cities, start talks with the opposition, free political prisoners and allow human-rights workers and journalists into the country.
The Arab League created the Arab Parliament, which is made up of lawmakers and advisers from states around the Middle East. Its recommendations are non-binding.
While the Arab Parliament has little sway on Damascus or the Arab League, Mr Al Deqbasi's remarks about the observer mission represent growing concern about the monitors' ability to deter Mr Al Assad's regime from killing protesters.
The ongoing violence in Syria and questions about the human-rights record of the head of the Arab League monitors, Sudanese Lt Gen Mohamed Ahmed Mustafa Al Dabi, are reinforcing the opposition's view that Syria's limited co-operation with the observers is merely a ploy by the government to buy time and forestall more international condemnation and sanctions.
The Syrian opposition has called for the removal of Gen Al Dabi, a long-time loyalist of the Sudanese president, Omar Al Bashir, who is wanted on an international arrest warrant on charges of genocide in the Darfur region.
Gen Al Dabi has infuriated some observers by suggesting he was reassured by first impressions of Homs, one of the main centres of unrest.
An Arab League official, commenting on the parliament's statement, said it was too early to judge the mission's success, saying it was scheduled to remain in Syria for a month and that more monitors were on their way.
The parliament called on the League's secretary-general, Nabil Elaraby, to convene a meeting of Arab foreign ministers to adopt a resolution to withdraw the mission immediately.
The continued abuse and killing of innocent Syrian civilians was a "blatant violation to the Arab League's protocol", Mr Deqbasi said.
Syria's state news agency, Sana, said there had been "massive demonstrations" throughout Syria on Friday in support of Mr Al Assad, and denouncing "the plot which Syria is exposed to".
It said demonstrators had denounced "the pressure and biased campaigns targeting Syria's security and stability" and the "lies and fabrications of the misleading media channels".
Syrian authorities have accused foreign powers of arming and funding "terrorists" in the country and say 2,000 of the government's soldiers and police have been killed.
Hundreds of soldiers have deserted and joined the uprising against Mr Al Assad, taking what began as a peaceful protest movement close to civil war.
The violence has forced thousands of people from their homes, some fleeing to neighbouring Lebanon.
The Arab League has imposed economic sanctions on Syria, stopping trade, dealings with its central bank and halting government-funded projects in the country.
The Swiss supreme court has rejected a demand by a cousin of Mr Al Assad to visit his lawyer in Switzerland.
Hafez Makhlouf had petitioned Switzerland's Federal Tribunal to grant him a visa so he could discuss with his lawyer how to overturn international sanctions imposed against him.
The verdict published on Thursday was reported yesterday by Switzerland's NZZ am Sonntag newspaper.
The 40-year-old army colonel heads the Damascus branch of Syria's General Intelligence Directorate.
European Union sanctions against Col Makhlouf say he is close to Mr Al Assad's younger brother Maher, believed to be leading the crackdown against regime opponents.
Last week, Switzerland said it had frozen 50 million Swiss francs (Dh194.5m) linked to senior regime officials.
* Associated Press and Reuters
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
The five pillars of Islam
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
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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Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5