Istanbul // Rebel commanders yesterday called for urgent supplies of sophisticated anti-tank and anti-aircraft weapons to save Syria's largest city from regime forces after the United States announced it would supply arms to the opposition.
Troops loyal to President Bashar Al Assad, backed by Hizbollah militants, have been massing near the northern city of Aleppo, Syria's commercial capital, after taking control of Qusayr last week.
A major assault on the city, dubbed "northern storm" by pro-regime media, has been widely anticipated. Regime troops attacked rebel held suburbs of Aleppo and Homs yesterday, as they seek to capitalise on recent military gains.
Those advances appear to have played a major role in prompting the US decision to directly arm rebels. Washington announced late on Thursday that it would supply weapons to the rebels after it concluded that the Assad regime has used chemical weapons, including the nerve agent sarin, on a small scale against the opposition. But it remains unclear exactly what munitions the US would supply to the rebels.
"Now we are looking for the next step, we wait now for weapons and ammunition, we are now in most need for quality weapons especially anti-tank and anti-aircraft missiles," General Salim Idriss, head of the rebel Supreme Military Council, told the BBC World Service yesterday.
"After what happened in Qusayr the regime is preparing for a very big offensive in Aleppo and suburbs, we are in most need for anti-tank and anti-aircraft missiles and in addition we are in need of a huge amount of weapons and ammunition to be able to stop the offensive of the regime," he said.
With the Syrian uprising now into its third year, and with more than 93,000 people killed according to the latest UN count, Gen Idriss rejected suggestions putting more weapons into Syria would worsen the bloodshed, saying rebels needed "effective tools" to defend civilians from regime assaults.
"If we have to wait the situation on the ground will be very dangerous, now the fighters on the ground can't wait because they don't have enough weapons and ammunition to fight against the regime, and maybe what happened in Qusayr can be repeated in Aleppo and we don't like to see that happening again," he said.
With the right weapons, rebels would defeat regime forces, Gen Idriss said.
Unconfirmed reports yesterday suggested some heavy weapons were already en route to rebels, while Gen Idriss was reportedly due to travel to Washington soon for talks with US officials.
UN leader Ban Ki-moon said yesterday that arming either side in the Syria conflict "would not be helpful". Mr Ban told reporters he has been "consistently clear that providing arms to either side would not address this current situation. There is no such military solution."
US President Barack Obama is to meet leaders of leading industrial nations, including Russia, France and the UK at this week's G8 summit, with Syria expected to be on the agenda. Paris and London have both said they are considering arming rebel groups.
"We want anti-tank and anti-aircraft weapons," George Sabra, acting leader of the opposition Syrian National Coalition, told Al Arabiya television.
"We expect to see positive results and genuine military support," he said.
The Syrian authorities issued a sharp rebuke to the US decision, and the assessment by US intelligence agencies that regime forces had used nerve gas, saying it was looking for a pretext to intervene in the conflict.
In a statement yesterday, the Syrian foreign ministry said US claims about chemical weapons use were "full of lies" and "based on fabricated information".
Syria's main backers, Tehran and Moscow also criticised the decision.
Yuri Ushakov, a foreign affairs adviser to Russian president Vladimir Putin, sad the information provided by US officials "didn't look convincing."
Alexey Pushkov, chairman of Russia's parliamentary foreign affairs committee, was more blunt.
"The data on Assad's use of chemical weapons were faked in the same place as the lie about (Saddam) Hussein's weapons of mass destruction," he wrote on his Twitter account, referring to American intelligence claims about weapons of mass destruction in Iraq - later proved to be false.
Iran's ambassador to Syria, Mohammad Sheibani, said the US decision to arm rebels would undermine any hopes for peace, ahead of the proposed 'Geneva 2' negotiations
"Does the opposition need weapons that it already has? These weapons have destroyed the country, there is no use for armaments it is a destruction of Syria and causes pain for Syrian people," he said.
Russia has openly supplied weapons to Mr Al Assad's forces, including advanced anti-ship cruise missiles. Iran has trained pro-regime militia fighters, and supplied weapons and cash to prop up the Assad regime, much of it shipped by air over neighbouring Iraq, according to US intelligence assessments.
Hizbollah, the Lebanese Shiite militant group, which follow's Iranian supreme leader Ali Khamanei, has also been heavily involved in combat against rebels in Syria, with its presence apparently playing a decisive role in recent regime victories, most notably in the town of Qusayr.
"Before Qusayr is the same as after Qusayr. Nothing has changed," Hizbollah leader Hassan Nasrallah said in a televised speech yesterday. "Where we need to be, we will be ... We will continue to assume our responsibilities."
psands@thenational.ae
With additional reporting by Agence France-Presse
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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.”