UN Special Envoy to Syria Staffan de Mistura during the seventh round of UN-mediated talks on Syria conflict resolution in Geneva, Switzerland on July 10, 2017. Salvatore di Nolfi/EPA
UN Special Envoy to Syria Staffan de Mistura during the seventh round of UN-mediated talks on Syria conflict resolution in Geneva, Switzerland on July 10, 2017. Salvatore di Nolfi/EPA

Syria war has cost $226 billion to its economy: World Bank



Syria's six-year conflict has caused losses of $226 billion (Dh830bn) to its economy, according to estimates published by the World Bank on Monday.

The report came as the UN envoy to Syria Staffan de Mistura opened the seventh round of indirect talks in Geneva between Syrian government representatives and opposition leaders to try to wind down the civil war.

The war has killed over 320,000 people and displaced more than half the country's population since it began in March 2011, but the destruction ran much deeper than death tolls or infrastructure damage, the World Bank said.

"The number of casualties is devastating, but the war is also destroying the institutions and systems that societies need to function, and repairing them will be a greater challenge than rebuilding infrastructures," World Bank vice president for the Middle East and North Africa Hafez Ghanem said.

The World Bank report found that cumulative GDP losses since Syria's conflict erupted "have been estimated at $226bn, about four times the Syrian GDP in 2010."

It estimated that the conflict had damaged or destroyed 27 per cent of Syria's housing stock and about half the country's medical and educational facilities.

Those calculations were based on cross-checked satellite imagery of certain cities and areas and extrapolated based on a conflict intensity model.

The World Bank also found an average of 538,000 jobs had been lost annually between 2010 and 2015. It said more than three in four Syrians of working age — or about nine million people — were neither employed nor enrolled in any form of school or training.

"The long-term consequences of this inactivity will be a collective loss of human capital leading to a shortage of skills in Syria," it said.

During talks in Geneva, Mr de Mistura said agreements to de-escalate the fighting in Syria could simplify the conflict and lead to a phase of stabilising the country, but such deals must be an interim measure and avoid partition.

The start of the talks in Geneva coincided with the first full day of a ceasefire for southern Syria that was brokered last week by the US, Russia and Jordan.

Speaking at the start of five days of peace talks, Mr de Mistura said there were discussions in Amman to monitor the implementation of a US-Russian brokered ceasefire for south-west Syria.

"The agreement is basically broadly holding, quite well. In all agreements there is a period of adjustment, we are watching very carefully," Mr de Mistura said. "But we can say we believe it has fairly good chances of working out."

The Geneva talks are expected to last through the week.

The UN envoy will be shuttling between the two sides, which have so far only faced each other in ceremonial meetings that have been short on substance. Mr de Mistura was first to meet with representatives from Syrian president Bashar Al Assad's government on Monday, before a meeting later with opposition representatives.

The UN-led diplomatic efforts seek partly to ensure humanitarian aid deliveries to Syria and plan for the day after the war is over.

The Syrian opposition is determined to achieve a political transition in Damascus, while Mr Al Assad's government insists the talks should prioritise "the war on terror".

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

COMPANY PROFILE

Name: Dooda Solutions
Based: Lebanon
Founder: Nada Ghanem
Sector: AgriTech
Total funding: $300,000 in equity-free funding
Number of employees: 11

Results:

6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).

7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.

7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.

8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.

8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.

9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.

The specs: Audi e-tron

Price, base: From Dh325,000 (estimate)

Engine: Twin electric motors and 95kWh battery pack

Transmission: Single-speed auto

Power: 408hp

Torque: 664Nm

Range: 400 kilometres

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

MATCH INFO

Sheffield United 3

Fleck 19, Mousset 52, McBurnie 90

Manchester United 3

Williams 72, Greenwood 77, Rashford 79

Nick's journey in numbers

Countries so far: 85

Flights: 149

Steps: 3.78 million

Calories: 220,000

Floors climbed: 2,000

Donations: GPB37,300

Prostate checks: 5

Blisters: 15

Bumps on the head: 2

Dog bites: 1

Six tips to secure your smart home

Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.

Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.

Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.

Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.

Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.

Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

Racecard

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

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.”

Squads

Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.

India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.

Aldar Properties Abu Dhabi T10

*November 15 to November 24

*Venue: Zayed Cricket Stadium, Abu Dhabi

*Tickets: Start at Dh10, from ttensports.com

*TV: Ten Sports

*Streaming: Jio Live

*2017 winners: Kerala Kings

*2018 winners: Northern Warriors

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh359,000

On sale: now

RACECARD

6pm: Abu Dhabi Land Forces - Maiden (TB) Dh82,500 (Dirt) 1,200m
6.35pm: Dubai Naval Forces - Maiden (TB) Dh82,500 (D) 1,400m
7.10pm: Sharjah Air Force - Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: Ajman Presidential Guard - Handicap (TB) Dh95,000 (D) 1,200m
8.20pm: Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m
8.55pm: Umm Al Quwain and Ras Al Khaimah Joint Aviation - Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Fujairah National Service and Reserve - Handicap (TB) Dh82,500 (D) 1,400m

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

RESULTS

5pm: Sheikh Mansour bin Zayed Racing Festival – Handicap (PA) Dh100,000 (Turf) 2,200m
Winner: Suny Du Loup, Pat Dobbs (jockey), Hamad Al Marar (trainer)
5.30pm: Sheikh Mansour bin Zayed Racing Festival Cup – Conditions (PA) Dh150,000 (T) 1,600m
Winner: Nadia Du Loup, Antonio Fresu, Sulaiman Al Ghunaimi
6pm: Sheikha Fatima bint Mubarak Cup – Conditions (PA) Dh150,000 (T) 1,600m
Winner: Dareen, Dane O’Neill, Jean de Roualle
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup – Group 3 (PA) Dh500,000
Winner: AF Alwajel, Pat Dobbs, Ernst Oertel
7.15pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown – Group 1 (PA) Dh5,000,000 (T) 2,200m
Winner: First Classs, Ronan Thomas, Jean De Mieulle
8pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup – Listed (TB) Dh380,000 (T) 1,600m
Winner: San Donato, Pat Dobbs, Doug Watson
8.30pm: Wathba Stallions Cup – Handicap (PA) Dh100,000 (T) 1,600m
Winner: AF Rasam, Fernando Jara, Ernst Oertel

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

PULITZER PRIZE 2020 WINNERS

JOURNALISM 

Public Service
Anchorage Daily News in collaboration with ProPublica

Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.

Investigative Reporting
Brian M. Rosenthal of The New York Times

Explanatory Reporting
Staff of The Washington Post

Local Reporting  
Staff of The Baltimore Sun

National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica

and    

Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times

International Reporting
Staff of The New York Times

Feature Writing
Ben Taub of The New Yorker

Commentary
Nikole Hannah-Jones of The New York Times

Criticism
Christopher Knight of the Los Angeles Times

Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press

Editorial Cartooning
Barry Blitt, contributor, The New Yorker

Breaking News Photography
Photography Staff of Reuters

Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press

Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”

LETTERS AND DRAMA

Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)

Drama
"A Strange Loop" by Michael R. Jackson

History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)

Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)

Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)

General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)

and

"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)

Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019

Special Citation
Ida B. Wells

 

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures