Saad Hariri, the Lebanese prime minister-designate, has begun to tone down his criticism of Syria.
Saad Hariri, the Lebanese prime minister-designate, has begun to tone down his criticism of Syria.

Syria softens stance on hosting Hariri



DAMASCUS // Syria is ready to host Saad Hariri, the Lebanese prime minister-designate, a man not long ago considered persona non grata in Damascus and viewed as one of Syria's central opponents in the Middle East. "The doors to Damascus are open to all Lebanese and if Saad al Hariri becomes prime minister he is welcome here," said Umran al Zaubie, a Syrian lawyer and political analyst with close ties to the government. "Syria will never close the door, despite all of the lies that were told and all of the allegations that were made against her. "The Syrians are not personal or emotional when it comes to matters of international politics, so the past will not be an obstacle." No visit has yet been confirmed, although speculation is rife that it is only a matter of time before Mr Hariri makes the short trip from Beirut to Damascus. If it does happen, it would be a remarkable turn around, underlining a series of recent changes in the political map of the Middle East. "If Saad al Hariri wants to work in Lebanon's interests, if he wants to be Lebanon's leader then he surely must come to Syria," Mr Zaubie said. "If he does come here and meets with [Syrian] President Bashar al Assad, it will [symbolise] a big shift." When Rafik Hariri, a former Lebanese prime minister, was assassinated in February 2005, Syria was widely accused of orchestrating the murder, not least by Mr Hariri's son and political heir, Saad. He quickly became one of the leading anti-Syrian figures in Lebanon, heading the protest movement that forced Damascus to end a 29-year-long military presence in its smaller neighbour. The troop pull-out was seen as a major political setback for Syria and the Hariri killing hung like a black cloud over Damascus for years, ushering in a long period of international isolation. The United States severed diplomatic ties with Syria and the warm relationship between Paris and Damascus froze. Syria also fell out with regional heavyweight Saudi Arabia. The Hariri crisis posed a severe test for the leadership of Mr Assad, who was effectively blamed for the murder by Saad Hariri and his backers, including the United States, France and Saudi Arabia. A series of political crises, including the Lebanon war of 2006, raised tensions further, pushing Lebanon to the brink of a new civil conflict in 2008 when pro-Syrian groups, including Hizbollah - also backed by Iran - fought gun battles with Hariri supporters on the streets of Beirut. The dispute was eventually diffused by the Doha agreement, with Arab states coming together to prevent Lebanon from plunging into a new sectarian war. The deal marked a turning point in Syria's international standing, with Damascus using its influence to prevent a war. The French president, Nicolas Sarkozy, resumed Paris's relationship with Damascus, saying it had begun to play a more constructive regional role, a move promptly followed by other European nations. Damascus agreed for the first time to open formal diplomatic ties with Beirut and, with the election of Barack Obama to the White House, a Syrian-US rapprochement also began. The successful Lebanon elections last month, which saw Mr Hariri's bloc win despite predictions of a pro-Syria Hizbollah victory, came as a further step forward. Syria, long a dominant player in Lebanese politics, pointedly did not interfere in the ballot. Damascus has always denied any role in the death of Rafik Hariri, insisting it was the victim of a political vendetta, and in recent months the case against Syria has weakened significantly. A UN special prosecutor investigating the assassination once claimed that the inner circle of the Syrian regime appeared to be involved in the killing, an assertion that was undermined after a UN court ordered the release of four main suspects in April for lack of evidence. Other suspects have had their testimony discredited. As Syria has grown increasingly confident that the Hariri tribunal will not find against it, Saad Hariri has also begun to tone down criticism of Damascus, and has said that he will stand by the outcome of the investigation into his father's death, whatever the findings. It is a far cry from 2005. "Traditionally the first visit by a new Lebanese prime minister or president is to Syria," said Mazen Bilal, a Syrian journalist and political commentator. "There is no longer any political problem preventing Saad Hariri coming to Damascus, now that he says the assassination of his father is in the hands of the UN tribunal and it has found nothing against Syria. "If Saad Hariri does come to Syria, it will show there has been a real political settlement in Lebanon. If he doesn't come then it will show there has not been a real settlement." psands@thenational.ae

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Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

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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Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
How to improve Arabic reading in early years

One 45-minute class per week in Standard Arabic is not sufficient

The goal should be for grade 1 and 2 students to become fluent readers

Subjects like technology, social studies, science can be taught in later grades

Grade 1 curricula should include oral instruction in Standard Arabic

First graders must regularly practice individual letters and combinations

Time should be slotted in class to read longer passages in early grades

Improve the appearance of textbooks

Revision of curriculum should be undertaken as per research findings

Conjugations of most common verb forms should be taught

Systematic learning of Standard Arabic grammar

Disposing of non-recycleable masks
    Use your ‘black bag’ bin at home Do not put them in a recycling bin Take them home with you if there is no litter bin
  • No need to bag the mask
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now