Syrian rebel fighters ride a tank in Daraa, southwestern Syria, on June 23, 2018. Mohamad Abazeed / AFP
Syrian rebel fighters ride a tank in Daraa, southwestern Syria, on June 23, 2018. Mohamad Abazeed / AFP

Syrian rebels say US tells them it won't intervene in south Syria



The United States has told Syrian rebel factions they should not expect military support to help them resist a Russian-backed government offensive to regain opposition-held parts of Syria bordering Jordan and the Israeli-occupied Golan Heights.

A copy of a message sent by Washington to heads of Free Syrian Army (FSA) groups said the US government wanted to make clear that "you should not base your decisions on the assumption or expectation of a military intervention by us".

The United States had earlier warned Syrian President Bashar Al Assad and his Russian allies that violations of a "de-escalation" zone agreed by the United States and Russia last year would have "serious repercussions" and pledged "firm and appropriate measures".

The toughly worded statements coming from the administration had raised the hopes of the Western-backed opposition of a possible American military intervention in the event the Syrian army's several days long bombing campaign broadens to an all-out offensive across the southwest.

The US message also told the rebels it was left to them alone to take the right decision on how to face the Syrian army's military campaign based on what they saw was best for themselves and their people.

"We in the United States government understand the difficult conditions you are facing and still advise the Russians and the Syrian regime not to undertake a military measure that violates the zone," the message also said.

The United States has supported the moderate mainstream FSA faction with millions of dollars worth of arms and paid monthly salaries to thousands of rebels in the course of the seven-year war under a military aid programme run by the Central Intelligence Agency.

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But analysts believe the aid has dropped after US President Donald Trump decided last year to shut down the programme.

Late on Saturday, Russian jets struck an opposition held town in southwest Syria, opposition sources said, in the first air cover provided by Moscow to an expanding Syrian army offensive.

Since the start of the offensive last week, the Syrian government had mostly deployed artillery and rockets. Russian warplanes that were critical to the recovery of other rebel-held areas were conspicuously absent.

Throwing in Russia's full military weight in the campaign to regain southern Syria will weaken the ability of mainstream rebel groups to withstand relentless bombing on civilian areas that forced their compatriots in other areas to submit to surrender deals.

The southwest is of strategic concern to US-allied Israel, which has this year stepped up attacks on Iran-backed militia allied to Mr Assad.

US ally Jordan, which has been worried by the escalation, said it was engaged in intensive diplomacy with Washington and Moscow to preserve the zone and prevent a wider confrontation.

The loss of opposition-held southern Syria would deal a major blow to the rebel cause.

The southwestern city of Daraa is seen by the opposition as the cradle of the 2011 uprising that began as a peaceful protest movement against Mr Assad's authoritarian rule but has spread across the country and degenerated into civil war.

Schedule:

Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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.”