An image grab taken from footage uploaded on YouTube shows hundreds of thousands of Syrian anti-government protesters flooding the streets of Hama on July 1 to demand the fall of the regime of President Bashar Al Assad in what was described by activists as 'the biggest demonstration since the Syrian Revolution broke out'.
An image grab taken from footage uploaded on YouTube shows hundreds of thousands of Syrian anti-government protesters flooding the streets of Hama on July 1 to demand the fall of the regime of President Bashar Al Assad in what was described by activists as 'the biggest demonstration since the Syrian Revolution broke out'.
An image grab taken from footage uploaded on YouTube shows hundreds of thousands of Syrian anti-government protesters flooding the streets of Hama on July 1 to demand the fall of the regime of President Bashar Al Assad in what was described by activists as 'the biggest demonstration since the Syrian Revolution broke out'.
An image grab taken from footage uploaded on YouTube shows hundreds of thousands of Syrian anti-government protesters flooding the streets of Hama on July 1 to demand the fall of the regime of Preside

Protesters shot as Syrian security forces storm into Hama


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DAMASCUS //Syrian authorities sought to regain full control over Hama yesterday, as security forces swept into the city arresting suspected dissidents and shooting more than a dozen people, according to activists.

Video:Tanks deployed to protest site in Syria

Hama residents say tanks have been deployed to the area in response to a peaceful protest held a few days ago.

The move came just days after a peaceful anti-government rally in the city, 210 kilometres north of Damascus, which drew as many as 500,000 people on to the streets - the largest act of defiance in Syria since the uprising began in mid-March.

Security forces had been pulled out under an agreement with local leaders, giving demonstrators free rein. That policy was sharply reversed yesterday however, with government forces trying to re-establish their street-level authority.

Residents blocked roads with stones and debris in some neighbourhoods in an effort to keep security units from entering, according to activists, although with little effect.

"A large security force entered the city at dawn on Monday and has been making a wave of arrests since then," said one civil rights campaigner in Damascus. "They have a wanted list and are trying to detain all the people on it. At least 13 civilians have been wounded in shootings and are in the Hournai hospital."

The activist, who asked not to be named, said army units had not been dispatched into Hama, but said an "aggressive" security operation was under way.

"After last Friday's protest, I think the authorities will be much more forceful to try to take control of the city again," he said.

Some activists had recently begun referring to Hama as "liberated". That brought an immediate response, with President Bashar Al Assad sacking the provincial governor on Saturday, just months after he had been appointed.

Although no formal reason was given for the decision, the timing was seen by Syrian analysts as a signal Damascus felt local officials had been too soft in ceding the streets to protesters and trying to avoid confrontation.

Last month, more than 60 protesters were shot dead by security forces in Hama during Friday demonstrations, according to human rights groups. That incident led to government forces being pulled back in an attempt to defuse tensions.

Although the move prevented clashes or repeats of violence, it appears to have emboldened dissidents and significantly boosted the number of people taking part in public rallies demanding sweeping political changes to Syria's decades-old system of autocratic, one-party rule and dominance by security forces.

Hama, a focal point for anti-government protests, has long been synonymous with rebellion.

In 1982, the then president Hafez Al Assad, Bashar's father, sent military forces to smash a militant revolt there, killing between 10,000 and 20,000 people in the process, according to human rights monitors.

This time protesters insist the nature of the uprising is markedly different, with peaceful civilian demonstrators defying the authorities, rather than armed Islamic extremists.

The government insists it is, once again, combating a violent insurgency, a claim denied by activists, who point to Friday's peaceful march in the absence of security forces as evidence they are not involved in violence. No photographic evidence survived the destructive 1982 military operations, which included artillery attacks on Hama's old city.

Modern technologies have, however, enabled today's dissidents to film security operations and publicise government actions online.

Security forces have killed more than 1,400 civilians since March, according to human rights monitors, drawing sharp condemnation of the Syrian authorities from the international community.

The United Nations chief, Ban Ki-Moon, has called for an immediate halt to violent suppression of protests and urged Mr Al Assad to implement wide-reaching democratic reforms.

Syrian officials insist those reforms are now under way, promising freedom and democracy in the country by no later than the end of the year.

A National Dialogue initiative by the authorities is due to hold a meeting in Damascus on July 10.

Invitations have been sent to leading dissidents but they have made it clear they will not accept dialogue unless preconditions are met, including that thousands of political prisoners are freed and a security crackdown finished.

Opposition activists say that, despite government promises, no concrete steps towards democracy have yet been taken.

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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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