Syrian rebels hunt for snipers after attacking the municipality building in the city centre of Selehattin, near Aleppo. They ‘liberated’ several districts of Aleppo yesterday, a Free Syrian Army spokesman said.
Syrian rebels hunt for snipers after attacking the municipality building in the city centre of Selehattin, near Aleppo. They ‘liberated’ several districts of Aleppo yesterday, a Free Syrian Army spokesman said.
Syrian rebels hunt for snipers after attacking the municipality building in the city centre of Selehattin, near Aleppo. They ‘liberated’ several districts of Aleppo yesterday, a Free Syrian Army spokesman said.
Syrian rebels hunt for snipers after attacking the municipality building in the city centre of Selehattin, near Aleppo. They ‘liberated’ several districts of Aleppo yesterday, a Free Syrian Army spoke

Syrian army bombards Aleppo as rebels attempt to 'liberate' Old City


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BEIRUT // Rebels fought regime forces at the gates of Aleppo's ancient Old City yesterday in a battle for control of Syria's commercial hub.

Residents and opposition activists said the army was bombarding several quarters of Aleppo with artillery and mortars as helicopter gunships flew overhead.

Troops and rebels clashed in Bab Al Hadeed and Bab Al Nasr, two of several gates to the walled old quarter, a United Nations World Heritage site.

Majed Al Nour, an opposition activist, said the rebels had "moved to try to liberate" the city centre after taking over several neighbourhoods.

Mustapha Abdullah, commander of a rebel unit called the Martyrs of Aleppo, said a lack of ammunition was becoming a problem. "Rebels are coming from the countryside but they are running out of ammunition and arms," he said.

Forces loyal to Bashar Al Assad were shelling the countryside north of Aleppo to disrupt rebel advances, he said. "We are attacking in small groups in hit-and-run operations."

As the battle for Syria's second city intensified, there was confusion over the opposition Syrian National Council's view on who ought to lead a transitional government if the regime in Damascus should fall.

Hours after the SNC said it would accept a regime figure provided Mr Al Assad stepped down as president, the group said only "a national consensus figure from the opposition" would be charged with leading the country in a transition phase, and such a figure would "not be part of the regime".

The regime itself also backpedalled on its admission that it held stockpiles of chemical and biological weapons, and its threat to use them if it were attacked by a foreign power.

Jihad Makdissi, a foreign ministry spokesman, said on Monday that no chemical or biological weapons would be used on the domestic uprising, but "all of these types of weapons are in storage and under security and the direct supervision of the Syrian armed forces and will never be used unless Syria is exposed to external aggression".

The Syrian information minister Omran Al Zoubi said yesterday that Mr Makdissi's comments had been misconstrued and taken out of context.

When Mr Makdissi said Syria would not use non-conventional weapons against its own people, it did not mean the country was in possession of such arms, Mr Al Zoubi said.

Syria's stockpile of non-conventional weapons is believed to be among the largest in the region and to include nerve agents and mustard gas.

The US Secretary of State Hillary Clinton insisted yesterday there was still time for Mr Al Assad to hand over power.

"We do believe that it is not too late for the Assad regime to commence with planning for a transition to find a way that ends the violence," she said, and matters were "accelerating inside Syria".

Recep Tayyip Erdogan, Turkey's prime minister, said he believed the uprising against the Assad regime was "closer than ever to victory". Nabil Elaraby, the head of the Arab League, said there was no more talk of political reform in Syria, but of a "transfer of power".

However, a senior member of Iran's Revolutionary Guards warned against foreign intervention in the conflict, specifically cautioning against Arab involvement.

General Masoud Jazayeri said the Assad regime had allies in the region who would "strike out", particularly at the "hated Arabs", without naming any countries.

The Local Coordination Committees said yesterday that about 10 people, including children, were killed when the building where they had sought shelter from government shelling in the town of Herak in Deraa was hit. The group said the shelter had been targeted.

Video footage posted online showed the bloodied bodies of six young children said to have been killed in the bombing.

"The world is watching. Where are the Arabs and Muslims when these children are killed during Ramadan?" a voiceover says.

These reports could not be verified.

The LCC said at least 91 people were killed across Syria yesterday, including 20 in Aleppo. Opposition activists also said between 10 and 15 prisoners were killed in a jail close to Aleppo after Syrian forces suppressed a riot.

Violence also continued to rock the Syrian capital, with explosions in the central neighbourhood of Barzeh, which was raided by government troops.

* With additional reporting by Agence France-Presse, Associated Press and Reuters

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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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Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

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1921

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Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic