Russian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan attend Russia-Turkey talks in an expanded format at the Kremlin in Moscow, Russia January 23, 2019. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
Russian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan attend Russia-Turkey talks in an expanded format at the Kremlin in Moscow. Reuters 

Recep Tayyip Erdogan and Vladimir Putin vow closer co-operation on Syria at Moscow talks



Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan vowed to co-ordinate their actions more closely in Syria.

"Co-operation between Russia and Turkey is a touchstone for Syrian peace and stability," Mr Erdogan said at a joint press conference after talks in Moscow on Wednesday.

"With our Russian friends we intend to strengthen our co-ordination even more."

"We agreed how we'll co-ordinate our work in the near future," Mr Putin said, calling the talks, which lasted about three hours and included the countries' defence ministers, "effective".

At the start of their meeting in the Kremlin, Mr Putin addressed Mr Erdogan as "dear friend", and said their countries "work on issues of regional security and actively co-operate on Syria".

Mr Erdogan used the same term for Mr Putin and said "our solidarity makes a weighty contribution to the security of the region".

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The two leaders are on opposite sides of the Syria conflict: Russia provides critical support to the Syrian government, while Turkey has backed rebel groups fighting President Bashar Al Assad's forces.

Despite this, they have worked closely to find a political solution to the seven-year conflict.

Russia and Turkey have agreed to co-ordinate ground operations in Syria following US President Donald Trump's shock announcement last month about pulling 2,000 American troops out of Syria.

Mr Putin said that if carried out, the withdrawal of US troops from north-eastern Syria "will be a positive step, it will help stabilise the situation in this restive area".

Turkey has also welcomed Washington's planned withdrawal, but the future of US-backed Kurdish militia forces considered terrorists by Ankara has upset ties between the Nato allies.

Mr Erdogan said on Monday that he would discuss with Mr Putin the creation of a Turkish-controlled "security zone" in northern Syria, suggested by Mr Trump.

The US-allied Kurds, who control much of the north, have rejected the idea, fearing a Turkish offensive against territory under their control.

Mr Putin said on Wednesday that Russia supported "establishing dialogue between Damascus officials and representatives of the Kurds".

Russian Foreign Minister Sergey Lavrov last week said that Damascus must take control of the north.

The north-western province of Idlib earlier this month fell under the full control of a group dominated by Syria's formerly Al Qaeda-linked organisation.

The Russian foreign ministry said earlier on Wednesday that the situation in the province remained of "serious concern".

Mr Putin said that the leaders discussed the situation in Idlib "in great detail today".

"We have a shared conviction that we must continue jointly fighting terrorists wherever they are, including in the Idlib zone," the Russian leader said.

Mr Erdogan said the countries would wage a "lengthy fight" in Syria.

Nearly eight years into Syria's conflict, the planned US pullout has led to another crucial step in Mr Assad's Russian-backed drive to reassert control.

Kurdish forces who were left exposed by Mr Trump's pledge to withdraw have asked the Syrian regime for help to face a threatened Turkish offensive.

The Kremlin hailed the entry by Syrian forces into the northern city of Manbij for the first time in six years after Kurds opened the gates.

Moscow plans to organise a three-way summit with Turkey and Iran early this year as part of the Astana peace process, launched by the three countries in 2017.

Mr Putin said on Wednesday the next summit would be held "in the near future" in Russia, saying the leaders still needed to agree the time and location with Iran.

The last meeting between Mr Putin, Mr Erdogan and Iran's Hassan Rouhani took place in Iran in September last year with the fate of Idlib province dominating the agenda.

Ties between Russia and Turkey plunged to their lowest level in years in November 2015 when Turkish forces shot down a Russian warplane over Syria.

But after a reconciliation deal in 2016, relations have recovered at a remarkable speed with the two leaders co-operating closely over Syria, Turkey buying Russian-made air defence systems and Russia building Turkey's first nuclear power plant.

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UAE currency: the story behind the money in your pockets
Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

4 Kimi Raikkonen (Ferrari)

5 Daniel Ricciardo (Red Bull)

6 Max Verstappen (Red Bull)

7 Romain Grosjean (Haas)

8 Charles Leclerc (Sauber)

9 Esteban Ocon (Force India)

10 Nico Hulkenberg (Renault)

11 Carlos Sainz (Renault)

12 Marcus Ericsson (Sauber)

13 Kevin Magnussen (Haas)

14 Sergio Perez (Force India)

15 Fernando Alonso (McLaren)

16 Brendon Hartley (Toro Rosso)

17 Pierre Gasly (Toro Rosso)

18 Stoffe Vandoorne (McLaren)

19 Sergey Sirotkin (Williams)

20 Lance Stroll (Williams)

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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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NEW ARRIVALS

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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

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Director: Sudha Kongara Prasad

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Fixtures

Saturday, May 28, United States v Scotland
Sunday, May 29, United States v Scotland
Tuesday, May 31, UAE v Scotland
Wednesday, June 1, UAE v United States
Friday, June 3, UAE v Scotland
Saturday, June 4, UAE v United States

UAE squad: Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, Vriitya Aravind, CP Rizwan, Basil Hameed, Rohan Mustafa, Kashif Daud, Karthik Meiyappan, Zahoor Khan, Junaid Siddique, Alishan Sharafu, Akif Raja, Rahul Bhatia

Table
1. Oman 32 19 11 40 +0.156
2. Scotland 16 11 3 24 +0.574
3. UAE 18 10 6 22 +0.22
4. Namibia 14 7 7 14 +0.096
5. United States 16 7 9 14 -0.229
6. Nepal 12 6 6 12 +0.113
7. Papua New Guinea 20 1 19 2 -0.856

Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

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Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Our legal consultant

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

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 + VAT and Dh166,464 + VAT 

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