UNITED NATIONS // The Arab League secretary-general, Nabil El Araby, will try to convince Russia today to endorse a league plan to peacefully resolve the Syrian crisis.
The plan calls for President Bashar Al Assad to temporarily step aside to allow a deputy to run the country in a national unity government until general elections can be held.
Russia, which holds a Security Council veto, has already dismissed a draft of the plan, which gives Damascus 15 days to agree to it or face further council "measures".
Russian officials have said that the plan's language implies the eventual possibility of military intervention. Russia instead has invited the Syrian government and opposition to informal talks in Moscow, an invitation so far rejected by Mr Al Assad's opponents.
"If the [Syrian] opposition refuses to sit at the negotiating table with the regime, what is the alternative - to bomb? We've been through that before," the Russia's foreign minister, Sergei Lavrov, said in Australia on Tuesday, according to the Russian Itar-Tass news agency.
"The Security Council will never approve that, I guarantee you," Mr Lavrov was quoted as saying.
"The western draft Security Council resolution on Syria will not lead to a search for compromise," added Russia's deputy foreign minister, Gennady Gatilov, according to Interfax news service.
"Pushing it is a path to civil war."
The UN has said more than 5,400 Syrians have died during 11 months of protests. The government said more than 2,000 security personnel have also been killed.
Moscow also said the Arab League plan promotes regime change, a stinging charge against the West following Russia's support last spring for Security Council action against the Libyan leader, Muammar Qaddafi, who was eventually overthrown and killed by rebels in October.
Mr Lavrov has called the resolution's stipulation that Mr Al Assad step down "absolutely unforgivable" and "a rather irresponsible statement, because it attempts to undermine the chance to calm the situation".
Western diplomats have grown exasperated with Russian intransigence on Syria.
Some see it as a last grasp at the embers of Soviet-era influence in the Middle East.
"Russia does not want to lose its last ally in the region," one diplomat, speaking on condition of anonymity, said. "Syria is like the last and hidden member of the Warsaw Pact."
Russian officials at the UN decline to discuss in detail Russia's interests in Syria.
But Moscow's fierce opposition to a proposed arms embargo against Syria is telling. In 2010, Russia sold Syria US$700 million (Dh2.5bn) in weapons, about seven per cent of all Russian foreign arms sales, according to the Centre for Analysis of Strategies and Technologies, a Moscow-based defence think tank.
Russian warships also dock at the Syrian Mediterranean port of Tartus.
"It is legendary that Russia has sought a warm water port since the days of Peter the Great," a diplomat said.
One question facing diplomats is whether Russia might be willing to cut off Mr Al Assad if it could maintain its arms contracts and other arrangements with a successor government.
While the US has taken a back seat to the Arab League and the European Union in drafting the resolution it has stepped up its rhetoric against Russia on he issue.
"We have seen the consequences of neglect and inaction by this council over the course of the last 10 months, not because the majority of the council isn't eager to act - it has been - but there have been a couple of very powerful members who have not been willing to see that action take place. That may yet still be the case," said Susan Rice, the US ambassador to the UN.
Ms Rice was referring to a double veto by Russia and China on a Security Council resolution in October that would have condemned Syrian state violence against protesters.
Diplomats have said China was only playing a supporting role to Russia on Syria.
"We think that what is contained in this resolution is quite straight forward," said Ms Rice.
"There are no sanctions, there is no use of force or the threat of use of force as some have alleged, it is primarily a straightforward condemnation of what has transpired and a call upon the government of Syria to adhere to the commitments it made to the Arab League."
She said an endorsement of the Arab League plan "is vitally important and the minimum that the council should do".
foreign.desk@thenational.ae
AS IT STANDS IN POOL A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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.”
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
