President Donald Trump speaks at a news conference with leaders of Baltic states in the East Room of the White House in Washington, Tuesday, April 3, 2018. Trump is pointing to a 50 percent job approval rating that may not fully comport with reality. (AP Photo/Andrew Harnik)
President Donald Trump speaks at a news conference with leaders of Baltic states in the East Room of the White House in Washington, Tuesday, April 3, 2018. Andrew Harnik / AP Photo

Trump to decide 'very quickly' on Syria exit



President Donald Trump spoke again on Tuesday of plans to withdraw US forces from Syria, pledging to make such a decision "very quickly", despite reports that American troop numbers might increase.

He said his aim was to reduce the bill for keeping the US in the Middle East, estimated at $7 trillion. Mr Trump used that sum as justification to nudge Saudi Arabia to contribute more, saying "if you want us to stay maybe you'll have to pay".

The Washington Post reported in mid-March that Mr Trump had asked Saudi Arabia's King Salman for $4 billion in stabilisation aid to hasten the US exit from Syria. It is unclear if such a deal was made.

"I want to pull out" of Syria, Mr Trump said at a press conference with leaders from three Baltic nations, five days after a rally in Ohio at which he said he intended to withdraw about 2,000 troops.

"I want to get out. I want to bring our troops home."

At the same time, Mr Trump left wiggle room over the US presence, by committing to the complete defeat of ISIL. "We will not rest until [they are] gone," he said.

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Even as Mr Trump was signalling a pull-out, the US military is considering the exact opposite, as it expands its presence. CNN reported on Tuesday "that the US military has been working on plans to send dozens of additional US troops to northern Syria".

Turkey’s Anadolu news agency also reported that the US is "setting up two bases in Syria’s northern Manbij region".

At a forum at the United States Institute for Peace, in Washington, US Central Command chief Gen Joseph Votel and the US envoy for the anti-ISIL coalition Brett McGurk set the goal of defeating ISIL as key  to the US presence in Syria.

"We are committed to finish the campaign against ISIL," Mr McGurk said, pointing at the Syrian-Iraqi border where the group still has some foothold. "Our presence is focused on that."

General Votel said that while 90 per cent of ISIL-held territory had been liberated, the situation had grown more complex, especially in Syria. He blamed Turkey's incursion in Afrin, northern Syria, for "slowing down the operations against ISIL".

"Our principal partner on the ground reacted to those situations and began to address that in their own way ... we have to keep looking at ways to keep pressure on ISIL."

The general mentioned that a robust dialogue between the US and Turkey could help to resolve some of the tension. “We have to have the mechanism to talk to people, to de-escalate” he said.

The dialogue with Turkey and increasing US presence in Manbij are some of the tactics Washington is using to address Ankara.

Aaron Stein, a resident senior fellow at the Atlantic Council’s Rafik Hariri Centre for the Middle East, said the US increased presence in Manbij is more of "a force protection, I assume, for US troops in the area, and to dissuade Ankara from getting any ideas".

"The US and the French want ISIL uprooted and forced from the last pocket they control. To do that, they have to manage a Turkey that has shown little interest in the last stages of the battle," he said.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Company profile

Name: GiftBag.ae

Based: Dubai

Founded: 2011

Number of employees: 4

Sector: E-commerce

Funding: Self-funded to date

The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

Dunki

Director: Rajkumar Hirani 

Starring: Shah Rukh Khan, Taapsee Pannu, Vikram Kochhar and Anil Grover

Rating: 4/5

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

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 Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

The specs: 2018 Dodge Durango SRT

Price, base / as tested: Dh259,000

Engine: 6.4-litre V8

Power: 475hp @ 6,000rpm

Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.