Russia's foreign ministry said on Thursday that the "counter-terrorism operation" in the Damascus suburb of Eastern Ghouta was almost over, with rebels remaining in just one town after abandoning the rest of the enclave.
A hub of the 2011 uprising against President Bashar Al Assad, Eastern Ghouta was until last month the biggest and most populous remaining rebel stronghold near the capital. The regime so far has captured more than 90 per cent of the enclave, and are draining the last opposition pockets with negotiated withdrawals.
Russian Foreign Ministry spokeswoman Maria Zakharova said the "counter-terrorist operation" in Eastern Ghouta was nearly completed, without giving further details of negotiations with the rebels still holding out.
A senior official for Jaish Al Islam, the faction that controls the last Ghouta town still in insurgent hands, Douma, said the group was still engaged in negotiations with Russia over the town's fate, which began several days ago.
Russian Deputy Foreign Minister Mikhail Bogdanov said on Thursday that talks with Jaish Al Islam rebels about them leaving Eastern Ghouta were under way, according to RIA news agency.
Mr Bogdanov also said that there was a chance for progress on the issue.
Syrian state TV reported that the Syrian government had given the rebels 72-hour ultimatum to leave, starting Wednesday night.
Last week, thousands of rebels in other parts of Ghouta accepted a Russia-brokered deal for safe passage with their families to other rebel-held areas.
Russian Defence Sergei Shoigu said on Thursday that 130,000 civilians and 11,000 rebels had left Eastern Ghouta over the past two weeks since the evacuations began.
Speaking after talks with the UN Syria envoy Staffan de Mistura in Moscow, Mr Shoigu said rebels had attempted to put dozens of suicide bombers on buses evacuating residents from Ghouta.
Alerted by residents, the military found seven belts packed with explosives for suicide missions on Monday, another 32 on Tuesday and nine on Wednesday, he said.
"It's easy to imagine what would happen if those suicide attackers blew themselves up on the buses carrying women and children."
The capture of Ghouta would leave the north-western province of Idlib as the last major rebel-held territory seven years after an armed uprising against his regime began.
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Mr de Mistura also met Russian Foreign Minister Sergey Lavrov to discuss the establishment of a Syrian constitutional commission, the humanitarian situation in the country, as well as "the date and form of the next round of the intra-Syrian dialogue in Geneva", according to Mr Bogdanov.
Mr de Mistura had warned, earlier this month, that Syria is heading for a catastrophic partition and could see the return of ISIL if "there is no inclusive peace settlement".
“Without an inclusive political process, including those who are excluded, particularly the majority, the Sunnis, Daesh will come back,” he said.
Meanwhile, the US Central Command chief General Joseph Votel called on all parties involved in the Syrian peace process to comply with the UN's resolutions.
“We call on these parties to observe the UN ceasefire to pay strict attention to the humanitarian situation and to pursue solutions to these challenges through diplomatic changes as opposed to through the military chains,” Gen Votel said during a teleconference briefing.
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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.”
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri