Syrians given no respite on New Year's Day



DAMASCUS // Syrians woke up on New Year's Day to air strikes near Damascus, while Aleppo airport was closed after repeated rebel attacks, casting doubts on the hopes of diplomatic drives to end the 21-month conflict.

The violence came a day after activists reported finding the corpses of dozens of people who had been tortured, another sign of the gruesome nature of the conflict, and as the regime said it welcomed any initiative for talks to end it.

Warplanes bombed the northeastern and southwestern suburbs of Damascus in a fresh bid to push rebels further from the capital, and troops attacked insurgent strongholds on the road to Damascus airport.

"Three air strikes by MiG planes have targeted Daraya since the morning, and the shelling is continuing," said Abu Kinan, an activist from the town south-west of Damascus.

The Britain-based Syrian Observatory for Human Rights said the raids came amid fierce clashes near the towns of Bait Saham and Aqraba along the airport road, and that the shelling killed three civilians in nearby Ziabiyeh.

Battles have raged for weeks outside Damascus, where insurgents have set up rear bases.

Analysts said the army was set on taking total control of Damascus and its immediate surroundings to create conditions necessary for future dialogue.

In northern Syria, where insurgents hold huge swathes of territory, authorities announced the temporary closure of Aleppo international airport after rebel attacks in recent days.

"There have been continued attempts by opposition militants to target civilian aircraft, which could cause a humanitarian disaster," an airport official said.

But he added that the airport would be closed only for a "very short period of time" while the army tried to regain control of rebel-held areas around it.

The Observatory reported that the closure came after a blast, probably due to rebel shelling, hit a civilian aircraft as it took off on Saturday.

2012 ended in Syria with the gruesome discovery on Monday of what activists said were dozens of corpses in a neighbourhood of Damascus.

"Thirty bodies were found in the Barzeh district. They bore signs of torture and have so far not been identified," the Observatory said.

The Syrian Revolution General Commission gave a higher estimate of 50 bodies, saying "their heads were cut and disfigured to the point that it was no longer possible to identify" them. A video posted online by activists showed the bodies of three young boys with their hands tied behind their backs and their throats slit.

Their bodies were discovered in Jubar. The authenticity of the footage could not be verified.

On the diplomatic front, the Syrian prime minister, Wael Al Halaqi, said on Monday that the government was open to talks aimed at resolving the conflict that monitors say has now killed more than 46,000 people.

"The government is working to support the national reconciliation project and will respond to any regional or international initiative that would solve the current crisis through dialogue and peaceful means and prevent foreign intervention in Syria's internal affairs," Mr Halaqi told parliament.

The UN-Arab League envoy, Lakhdar Brahimi, said on Sunday that he had crafted a ceasefire plan "that could be adopted by the international community".

The proposal involved a ceasefire, the formation of a government and an election plan, and was based on an agreement that world powers had reached in Geneva in June.

The premier said the revolt must be resolved only by the Syrian people, adding that the country was on track to "declare victory over its enemies".

The opposition has already rejected the Geneva accord, insisting that Assad must go before any dialogue can take place.

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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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Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.