Members of the Free Syrian Army carry their wounded comrade in Idlib December 26, 2012. Picture taken December 26, 2012. REUTERS/Abdalghne Karoof (SYRIA - Tags: CONFLICT CIVIL UNREST) *** Local Caption *** SYR09_SYRIA-CRISIS-_1227_11.JPG
Members of the Free Syrian Army carry their wounded comrade in Idlib December 26, 2012. Picture taken December 26, 2012. REUTERS/Abdalghne Karoof (SYRIA - Tags: CONFLICT CIVIL UNREST) *** Local Caption *** SYR09_SYRIA-CRISIS-_1227_11.JPG
Members of the Free Syrian Army carry their wounded comrade in Idlib December 26, 2012. Picture taken December 26, 2012. REUTERS/Abdalghne Karoof (SYRIA - Tags: CONFLICT CIVIL UNREST) *** Local Caption *** SYR09_SYRIA-CRISIS-_1227_11.JPG
Members of the Free Syrian Army carry their wounded comrade in Idlib December 26, 2012. Picture taken December 26, 2012. REUTERS/Abdalghne Karoof (SYRIA - Tags: CONFLICT CIVIL UNREST) *** Local Captio

Syria: no plan, no timetable, no peace


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DAMASCUS // The UN special envoy yesterday repeated calls for political change in Syria but left Damascus with no sign that a stillborn peace deal struck in Geneva this summer had been revived.

Lakhdar Brahimi said a transitional government wielding the full powers now solely in the hands of Bashar Al Assad must be in place before elections.

But after five days of talks, including a meeting with the president, he said nothing to suggest his mission was any nearer success. He specifically said he was not yet proposing a "complete plan" to end the civil war.

"Change should not be cosmetic: the Syrian people need and require real change, and everyone understands what that means," the envoy said.

"We need to form a government with all powers … which assumes power during a period of transition. That transition period will end with elections."

But Mr Brahimi gave no indication a timetable for political transition had been agreed upon or that Mr Al Assad had consented, even in principle, to hand over his authority to an interim government. The envoy is due for talks in Moscow tomorrow with the Russian foreign minister Sergei Lavrov,

Meanwhile on the ground the war continued with fighting across much of the country. Damascus suburbs experienced the usual shelling, skirmishes and car bombings, and there were street battles in Aleppo and military operations by regime and rebel forces in Idlib, Homs, Hama, Deir Ezzor and Deraa.

At least 67 people had been killed by early evening yesterday, according to the Local Coordination Committees, a network of activists.

The need for a transitional administration, as well as genuine democratic reforms, an end to violence, freedom for thousands of political prisoners and greater access for aid agencies, were all formally spelt out in June's Geneva communique, which was backed by the international community and endorsed by Syria.

None of the deal's clauses have since been implemented and the conflict has only worsened. More than 23,000 people have been killed since Geneva, according to rights monitors - more than half the total death toll since the uprising began in March 2011.

Mr Lavrov said yesterday that the implementation of a peace deal was crucial.

"The alternative to a peaceful solution is bloody chaos," he said. "The longer it continues, the greater its scale — and the worse things get for all,"

The Syrian Observatory for Human Rights, one of the few groups attempting to monitor casualties in Syria, has documented at least 45,000 deaths, and says the real number could be as high as 100,000.

Despite Mr Brahimi's assertion of there being consensus over what "change" in Syria means, the enormous divide between the regime and opposition factions, and their backers, appears as wide as ever.

Opposition groups have said there can be no place for Mr Al Assad in any transition, but supporters of the president insist he is still popular and could win an election in 2014 - when the next presidential election is due under the existing constitution.

In fact, there is still no clear consensus as to what the Geneva communique entails. As soon as it was signed, Russia and the US gave differing interpretations of the deal: Washington insisted it meant Mr Al Assad must stand aside, Moscow was equally adamant it said no such thing.

Recent talks between the US and Russia, mediated by Mr Brahimi, a flurry of diplomatic activity and comments from Russian officials implying their support for Mr Al Assad may be waning have led to growing speculation that the two big powers are closer to agreeing a pact on Syria.

Rebel advances have only added to hopes among Mr Al Assad's opponents that he is weakening and may now be ready to negotiate a peace deal.

Both Mr Brahimi and Russia yesterday appeared to be tamping down speculation that some kind of breakthrough might be near, however.

The UN envoy and the Russian foreign ministry specifically said no behind-the-scenes deal over the transition of power in Syria, or Mr Al Assad's fate, has been done.

Mr Brahimi also said he was still seeking wide agreement on a peace deal and, if that should fail, that the issue would be referred to the UN Security Council - which has repeatedly been unable to agree on how to tackle the crisis.

"What is preferred is that we don't present such a plan until we feel that all sides have agreed to it. That way, implementing it is easy. If that doesn't happen, the other solution could be to go to the Security Council to issue a binding resolution for everyone," Mr Brahimi said.

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Results:

6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)

7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar

7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash

8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe

8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson

9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar

10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

UAE currency: the story behind the money in your pockets

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.”

Top 10 most polluted cities
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  3. Hotan, China
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The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Scoreline:

Manchester City 1

Jesus 4'

Brighton 0