A picture taken on July 9, 2017 shows Syrian regime forces standing at the entrance of the Rasafa oil pumping station, situated southwest of the city of Raqqa. AFP / George Ourfalian
A picture taken on July 9, 2017 shows Syrian regime forces standing at the entrance of the Rasafa oil pumping station, situated southwest of the city of Raqqa. AFP / George Ourfalian

Syrian army takes more oilfields from ISIL in Raqqa and eastern desert



The Syrian army backed by heavy Russian air strikes seized a string of oil wells in Raqqa province, as retreating ISIL militants battle to defend their remaining territory in the country.

State-owned Ikhbariyah television quoted a military source on Saturday as saying the army had taken control of Wahab, Al Fahd, Dbaysan, Al Qseer, Abu Al Qatat and Abu Qatash oilfields and several other villages in the desert area that lies in the south-west of Raqqa province.

The seized oilfields lie south of the town of Rasafa and its oil wells, which the army took last month from the militants in their first major territorial gains inside the province.

In the past few months the army and Iran-backed militias have been advancing east of Aleppo city and seizing swathes of territory west of the Euphrates River that militants have pulled out of to defend their self-declared capital of Raqqa, where they are now battling US-backed troops inside the city.

The latest gains tighten the army's grip on a bulge of territory stretching from eastern Hama province to eastern Homs and the edge of Raqqa and Deir Ezzor provinces, the Syrian Observatory for Human Rights said.

The Russian air force has intensified strikes on several targets and towns held by ISIL in the area, according to the Britain-based monitor, which tracks the Syrian conflict through activists in the country.

The Observatory said on Sunday that the civil war, now in its seventh year, has killed about 475,000 people including 99,617 civilians in addition to tens of thousands of troops, opposition fighters and extremists, as well as pro-government gunmen. It said it had identified 331,765 of the dead.

The Observatory said the army's next goal is to retake the town of Sukhna, a gateway to the eastern province of Deir Ezzor that borders Iraq and is likely to be the militants' last major bastion in Syria if Raqqa falls.

The army and its Iran-backed allies have also announced steady gains in the desert north-east of the ancient city of Palmyra in recent days, with the capture of the Hail gas field bringing them to within almost 18 kilometres south of Sukhna.

Heavy fighting has however continued in the last 48 hours near Hail and the nearby Arak gas field that the army took last month, both the Observatory and extremist websites said.

The army and Iran-backed militias have pressed a campaign since May to fill the void left by the retreat of militants in areas they once controlled in the vast eastern Syrian desert that stretches all the way from central Syria to the south-eastern border with Iraq and Jordan.

The military and allied forces have also been engaged in heavy fighting with western-backed Free Syrian Army (FSA) rebels in the rugged eastern countryside Sweida province in southern Syria.

The army said it had captured most of these areas that are also near the border with Jordan, while the rebels said they had inflicted losses on Lebanon's powerful Hizbollah group and Iraqi Shiite militias.

Syria's civil war began in 2011 as an uprising against president Bashar Al Assad but has been complicated by the emergence of ISIL and other extremist groups as well as the involvement of western and regional countries backing rebels groups, and Russia and Iran on the side of the government.

Shelling by rebels on the outskirts of Damascus damaged the Russian embassy compound and a nearby area on Sunday, and wounded seven people in other parts of the city. Government forces have been pounding rebel-held areas near the capital for days.

The shelling came hours after a bomb exploded near a hospital in the rebel-held north-western city of Idlib, wounding five people.

Elsewhere in Syria, state media said three people were killed by two mines planted by ISIL near the central village of Um Harteen, and seven people were wounded when a blast hit a bus in Sweida province.

A “terrorist explosion” in Ras Shamta, a town about 12km north of the government-held coastal city of Latakia resulted in casualties, state television said. It gave no further details.

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

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.”

The years Ramadan fell in May

1987

1954

1921

1888

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs