The Syrian president Bashar Assad, left, meets, with France's foreign minister Bernard Kouchner, right, at the Syrian presidential palace in Damascus.
The Syrian president Bashar Assad, left, meets, with France's foreign minister Bernard Kouchner, right, at the Syrian presidential palace in Damascus.
The Syrian president Bashar Assad, left, meets, with France's foreign minister Bernard Kouchner, right, at the Syrian presidential palace in Damascus.
The Syrian president Bashar Assad, left, meets, with France's foreign minister Bernard Kouchner, right, at the Syrian presidential palace in Damascus.

Path to peace runs through Damascus


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DAMASCUS // The French and German foreign ministers, as well as the leading US senator John Kerry, have separately held talks with senior Syrian officials, as part of a flurry of diplomatic activity in Damascus aimed at tamping down regional tensions. Mr Kerry, chairman of the Senate foreign relations committee, met with the president, Bashar Assad, on Saturday, his second such meeting in as many months. No details were made public about the substance of their three-hour discussion and state-run newspapers carried no news of the visit, facts that Syrian analysts said indicated the seriousness of the talks.

"John Kerry is an important link between Washington and Damascus, and with US-Syrian relations under strain, his presence will help to keep that connection open," said Mazen Bilal, an independent Syrian journalist and political commentator. "Kerry has been a strong advocate of dialogue and is prepared to listen to Syria's point of view. His visit will help calm the situation." Tensions have been running high after Israel accused Syria of supplying Hizbollah with powerful Scud ballistic missiles. Although stopping short of supporting those claims, Washington says Damascus has been smuggling more advanced weaponry to the Lebanese militant movement, classified by the United States as a terrorist group.

Syria, technically at war with Israel over the latter's illegal occupation of the Golan Heights, denies the charges and considers Hizbollah, also backed by Iran, to be a legitimate national resistance movement. Under UN resolutions the Golan Heights should be returned to Syria and Hizbollah disarmed. The prospect of either event actually happening remains dim, despite what appears to have been a recent attempt by the Israeli president to cut some kind of a deal on the issue.

According to the Syrian president, a renewed peace offer was floated by Shimon Peres via Dmitry Medvedev, the Russian leader, who made a historic trip to Damascus this month. Mr Assad said the terms conveyed to him by his Russian counterpart proposed an Israeli withdrawal from the Golan in exchange for Syria's severing of its strategic relationship with Iran and ending of its support for Hizbollah and Palestinian militants, including Hamas.

Syria has rejected such a deal, insisting it will not abandon its links to Tehran or groups opposed to Israeli occupation to bring about the return of stolen land. Damascus also made it clear it believes Mr Peres's reported offer to be a diplomatic sleight of hand, noting that only the hard-line Israeli prime minister, Benjamin Netanyahu, could authorise an agreement. Israeli officials say that Mr Peres did give a message to Mr Medvedev to convey to the Syrians, but that it was not an offer over the Golan, rather an assurance that the country was committed to the principle of peace.

Mr Bilal, the Syrian political commentator, said he expected Mr Kerry was told during his visit that Damascus wants to avoid a summer war and is not trying to instigate a conflict. "Syria does not want a military escalation and it will be positive if that message is conveyed to Washington. If Senator Kerry's visit achieves that much, it will be a good thing. We are not talking about a fundamental change in US-Syrian relations, which remain difficult, but a diffusing of immediate problems."

The US president, Barack Obama, has sought to reopen diplomatic channels with Damascus that were severed during the Bush administration, with its policy of trying to isolate Syria. Nonetheless, Mr Obama again renewed economic sanctions this month, citing Damascus's support for terrorism and accusing it of trying to acquire weapons of mass destruction. The French foreign minister, Bernard Kouchner, held talks with Mr Assad yesterday. The meeting had been scheduled for earlier this month, but was postponed following critical comments by Mr Kouchner over Hizbollah's weapons, and a demand that Syria guarantee border security to stop materiel being smuggled across the frontier.

France has played a leading role in Syria's faltering rehabilitation with the West. Guido Westerwelle, the German foreign minister, also arrived in Damascus yesterday on the final leg of a regional tour for discussions on relaunching the long-stalled Middle East peace process. His visit comes in addition to recent trips to Syria by the Spanish foreign minister and delegations from Kuwait and Qatar.

The intense diplomatic activity has been welcomed by Syrian officials, who have called for broad international involvement in trying to bring about a resolution of the Arab-Israeli conflict. Damascus hopes that greater engagement by the European Union and Russia, two members of the so-called Quartet for Middle East peace, will help to offset US support for Israel. Washington, Israel's main ally, has taken a harder stance towards its policies of late, including criticisms of illegal settlement construction. Nevertheless, the United States continues to supply and fund the Israeli military to the tune of billions of dollars annually. psands@thenational.ae

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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How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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