UN Special Envoy of the Secretary-General for Syria Staffan de Mistura at the European headquarters of the United Nations in Geneva, Switzerland, 18 April 2016.  EPA/SALVATORE DI NOLFI
UN Special Envoy of the Secretary-General for Syria Staffan de Mistura at the European headquarters of the United Nations in Geneva, Switzerland, 18 April 2016. EPA/SALVATORE DI NOLFI

Opposition walks out of Syrian peace talks



BEIRUT // Syria’s opposition on Monday walked out of peace talks in protest over increased violence and a growing humanitarian crisis.

UN Syria mediator Staffan de Mistura said the opposition was postponing “formal participation” in the peace talks. However, negotiators will remain in Geneva and may continue “to pursue technical discussions”, including on political transition in Syria, Mr de Mistura added.

The walk-out came as some of Syria’s most powerful rebel groups launched a new offensive against regime forces in Bashar Al Assad’s heartland.

Ten rebel factions declared they were launching the “Battle of the Response to Grievances” in retaliation for regime violations of a tenuous truce that has been in place countrywide since late February. Among the signatories to the statement were Jaish Al Islam and Ahrar Al Sham, two groups seen as the rebels’ strongest and most influential.

The opposition forces launched offensives in Latakia province in north-west Syria. Photographs and videos online showed fighters using tanks, anti-aircraft guns, mortars and rockets against regime forces in the rural Jabal Turkmen and Jabal Akrad areas in the mountains of Latakia.

The creation of the new rebel alliance and the resumption of hostilities is the most serious threat yet to the overall ceasefire. While a number of rebel factions – including members of the alliance – continued to be involved in bouts of fighting throughout the truce, levels of violence between rebel and regime forces has plummeted since February 27.

Russia and the United States - which designed the ceasefire - would work to strengthen the now failing truce Moscow said in a statement Monday.

The fresh fighting came as representatives of the Syrian opposition made true on their threats to walk out of the UN-sponsored peace talks if no progress was made.

Abdulhakim Bashar, a member of the opposition’s delegation in Geneva, warned on Sunday that a withdrawal was likely. “We might suspend the talks if things carry on this way, and then there will be no prospect for any political solution,” he said.

“The humanitarian situation is continually deteriorating, the issue of the detainees has not seen any progress, the ceasefire has almost collapsed, and now there is an attack on Aleppo from three sides.”

Indirect peace talks between the High Negotiations Committee – the body representing the Syrian opposition – and the regime resumed last week.

But the two sides disagree on Mr Al Assad’s political future, with the opposition saying he cannot play any role in Syria’s future or in a transitional government.

There was cautious optimism in earlier rounds of peace talks this year due to a ceasefire that was still largely holding and a partial withdrawal of Russian military forces. But the latest round came after an increase in violence had frayed the truce and on the heels of parliamentary elections in government-held territory.

With the Geneva talks aimed at following a political road map that would involve new parliamentary and presidential elections under a transitional government, the opposition took the government’s insistence on holding elections last week as a sign that they were not serious about negotiating.

As doubts grew over the talks in Geneva on Sunday, the opposition’s chief negotiator and Jaish Al Islam leader Mohammed Alloush took to Twitter to call for renewed attacks on regime forces.

“Don’t trust the regime and don’t wait for their pity,” he wrote. “Strike them at their necks. Strike them everywhere.”

The formation of the new rebel coalition and the announcement of the new offensive once again highlighted the weighty influence the hardline Salafi Ahrar Al Sham and Jaish Al Islam groups have in shaping the fate of the opposition.

The groups are of huge military and political importance to the rebels, but they are also highly controversial.

Ahrar Al Sham is an ally of Syria’s Al Qaeda branch, Jabhat Al Nusra, which along with ISIL is excluded from the ceasefire and any political settlement.

Jaish Al Islam’s late founder Zahran Alloush called for cleansing Alawites and Shiites in Syria. The group also used caged Alawite prisoners – including civilians – as human shields last year.

For Ahrar Al Sham and Jaish Al Islam, the announcement that they are resuming hostilities is a formality: both factions continued fighting on a number of fronts throughout the truce, because the government did not stop its attacks. Throughout the negotiations, the groups remained pessimistic that diplomacy would end the five years of war.

In making the declaration official, launching an offensive, and doing so with a coalition of like-minded rebel units, these powerful groups seemed to be casting their vote to give up on talks for now. Given their gravity, it is a move that could see more rebel groups do the same.

jwood@thenational.ae

* Additional reporting by Agence France-Presse

Results

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi

9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi

 

CHINESE GRAND PRIX STARTING GRID

1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)

3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)

4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)

5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)

6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)

7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)

8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)

9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)

10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

RESULTS

1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.

COMPANY PROFILE

Company name: Co Chocolat

Started: 2017

Founders: Iman and Luchie Suguitan

Based: Dubai, UAE

Industry: Food

Funding: $1 million-plus

Investors: Fahad bin Juma, self-funding, family and friends

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k

EXPATS

Director: Lulu Wang

Stars: Nicole Kidman, Sarayu Blue, Ji-young Yoo, Brian Tee, Jack Huston

Rating: 4/5

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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  • Never click on links provided via app or SMS, even if they seem to come from authorised senders at first glance
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T20 World Cup Qualifier, Muscat

UAE FIXTURES

Friday February 18: v Ireland

Saturday February 19: v Germany

Monday February 21: v Philippines

Tuesday February 22: semi-finals

Thursday February 24: final 

RACECARD

5pm: Al Shamkha – Maiden (PA) Dh80,000 (Turf) 1,400m
5.30pm: Khalifa City – Handicap (PA) Dh80,000 (T) 1,400m
6pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,600m
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
7pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m
7.30pm: Shakbout City – Handicap (TB) Dh80,000 (T) 2,400m

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

Manchester United v Club America

When: Thursday, 9pm Arizona time (Friday UAE, 8am)

RIDE ON

Director: Larry Yang

Stars: Jackie Chan, Liu Haocun, Kevin Guo

Rating: 2/5

Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash