TOPSHOT - A Syrian rebel-fighter from the National Liberation Front (NLF) walks in a street in the rebel-held al-Rashidin district of western Aleppo's countryside near Idlib province, on October 15, 2018. Jihadists in Syria's Idlib failed to meet a deadline to leave a planned buffer zone ringing the country's last rebel bastion, casting fresh doubt over a deal to avert bloodshed.  / AFP / Aaref WATAD
A Syrian fighter walks in the rebel-held Al Rashidin district of western Aleppo's countryside near Idlib province. AFP

Syrian army shells demilitarised zone in Idlib, undermining Russian-Turkish deal



The Syrian government on Saturday attacked a demilitarized zone in the country’s last rebel-held province, undermining an agreement reached in September between regime ally Russia and rebel backer Turkey in an attempt to spare the populous region a full-out military assault.

Syria’s northern Idlib province, home to around 3.5 million people, including more than one million internally displaced persons, has been under the threat of a full-scale military assault by pro-government forces since at least September, after sweeping government victories saw loyalists of President Bashar Assad retaking a string of territories formerly held by either militants or opposition forces.

The Syrian government is estimated to be in control of sixty per cent of Syria. The rest of the country is held by US-backed Kurdish forces, with the exception of Syria’s north, which is the main bastion of rival opposition forces, including Al Qaeda-linked groups and Ankara-backed rebels, who command a buffer-zone along Turkey’s border.

The Syrian army on Saturday shelled parts of southern and eastern Idlib, according to the Edlib Media Center (EMC), an activist-run war monitor.

The UK-based Syrian Observatory for Human Rights (SOHR) says that government attacks also targeted adjacent territory in northern Hama province.

At least one woman and one child were killed and at least two children were wounded in Saturday’s shelling on Idlib and Hama, the SOHR said. Saturday’s casualties bring the total number of people killed by government shelling on the demilitarized zone to 102 since October, the monitoring group says.

Omar Khattab, a military spokesman for the Ahrar Al Sham rebel group says that regions adjacent to government-held territory in Hama have seen the most shelling.

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EMC head, Obeida Fadel, told The National that government violations have mainly targeted Idlib’s southeast. He described violations as “sporadic” and added that shelling was accompanied by small infiltration attempts by government forces in areas adjacent to southern Idlib. The government, however, has not resumed airstrikes.

Mr Fadel says that attacks intend to undermine the Russian-Turkish agreement, which the Syrian government has criticised repeatedly in recent weeks.

The Syrian government last month said Turkey was not meeting its obligations under the deal, brokered in the Russian resort city of Sochi in September. Foreign Minister Walid Al Moualem said that the fact that militants continued to operate within the demilitarized zone, despite the expiry of a deadline for them to withdraw, is an indication that Turkey has failed to uphold its end of the agreement.

Hay’at Tahrir Al Sham, an alliance of radical militants, that includes Al Qaida’s former affiliate in Syria, is still believed to be operating in the area.

Meanwhile, Syria’s state-run SANA news agency says that Saturday’s shelling came in response to attempts by “terrorists” to attack military posts in Hama’s northwestern countryside.

Citing an unidentified military source, SANA said that a number of Syrian soldiers were killed and others were wounded in clashes with militants, who were trying to cross into government-controlled territory, on the edges of the demilitarised zone.

Results

2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.

3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.

3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.

4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.

4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.

The results of the first round are as follows:

Qais Saied (Independent): 18.4 per cent

Nabil Karoui (Qalb Tounes): 15.58 per cent

Abdelfattah Mourou (Ennahdha party): 12.88 per cent

Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent

Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

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.”

COMPANY PROFILE

Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded

TOP 10 MOST POLLUTED CITIES

1. Bhiwadi, India
2. Ghaziabad, India
3. Hotan, China
4. Delhi, India
5. Jaunpur, India
6. Faisalabad, Pakistan
7. Noida, India
8. Bahawalpur, Pakistan
9. Peshawar, Pakistan
10. Bagpat, India

Source: IQAir

MOTHER OF STRANGERS

Author: Suad Amiry
Publisher: Pantheon

Pages: 304
Available: Now

PROFILE BOX:

Company/date started: 2015

Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia

Based: Dubai, UAE

Sector: Technology, Sales, Voice, Artificial Intelligence

Size: (employees/revenue) 10/ 100,000 downloads

Stage: 1 ($800,000)

Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC