This picture shows members of the Syrian Democratic Forces (SDF) in Hajin, in the Deir Ezzor province, eastern Syria, on December 15, 2018. Kurdish-led forces seized the Islamic State's main hub of Hajin on December 14, a milestone in a massive and costly US-backed operation to eradicate the jihadists from eastern Syria. The Syrian Democratic Forces secured Hajin, the largest settlement in what is the last pocket of territory controlled by IS, the Syrian Observatory for Human Rights said. / AFP / Delil SOULEIMAN
This picture shows members of the Syrian Democratic Forces (SDF) in Hajin, in the Deir Ezzor province, eastern Syria, on December 15, 2018. AFP

Syria's Kurds call Trump withdrawal a 'stab in the back'

US allies have been informed that troops will exit from areas east of the Euphrates

Hashem Osseiran

19 December, 2018

US allies in Syria view the latest decision to withdraw troops as a "stab in the back," a war monitor said on Wednesday, after the White House announced that it has started to pull its forces from the war-torn country.

The US has informed its Kurdish partners in Syria that it will withdraw troops from Kurdish-held territory in Syria in addition to areas where battles against ISIS are still ongoing,  the UK-based Syrian Observatory for Human Rights said, citing anonymous sources.

The Syrian Democratic Forces have been informed by Washington that US troops will be withdrawn from areas east of the Euphrates River, where Kurdish fighters, backed by the US-led coalition, have been fighting to clear militants from the region.

The region is also home to numerous oil fields, including the Al Omar and Al Tanak oil fields, which came under US and Kurdish control after ISIS was routed from the area in recent months.

The US has also said it will withdraw from the town of Manbij, in northeastern Syria, which Turkish President Recep Tayyip Erdogan has threatened to enter if Kurdish forces are not removed from the area.

The SOHR said that SDF command views Washington's decision as a "stab in the back" and a "betrayal" towards the thousands of Kurdish fighters who have lost their lives in battles against the militant group.

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Read more:

ISIS attack kills 12 US-backed fighters in east Syria

US-backed Syrian Kurdish fighters on alert for Turkish attack

[ US-backed Syria force suspends anti-ISIS attacks after Turkey shells Kurds ]

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White House spokesperson Sarah Sanders said in a statement that the “United States has defeated the territorial caliphate…we have started returning United States troops home as we transition to the next phase of this campaign”.

Later on Wednesday, the Pentagon released a statement saying it had started the process of withdrawing US troops from Syria, but appeared to oppose Mr Trump's assertion that the ISIS campaign is over.

"The Coalition has liberated the ISIS-held territory, but the campaign against ISIS is not over," Pentagon spokeswoman Dana White said in a statement.

Earlier on Wednesday, the Observatory reported clashes between ISIS and the SDF on the eastern flanks of the militant group's last toehold in Syria.

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9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

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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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There are several factors for landlords to consider when preparing to establish a holiday home:

  • Revenue potential of the unit: location, view and size
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  • Quality of the operator: guest reviews, customer experience management, application of technology, average utilisation, scope of services rendered

Source: Adam Nowak, managing director of Ultimate Stay Vacation Homes Rental

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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

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-      Don’t go under 700 calories on fasting days

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-      Ensure there is enough roughage (fibre) in the food on fasting days as well

-      Do not binge on processed or fatty foods on non-fasting days

-      Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates

-      Manage your sleep

-      People with existing gastric or mental health issues should avoid fasting

-      Do not fast for prolonged periods without supervision by a qualified expert

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”