BEIRUT // Not long after rebel forces punched through Syrian government lines in south-western Aleppo, ending a three-week siege, the coalition leading the push announced a new campaign to retake the rest of the city.
The opening of a supply route on August 6 into the east of Aleppo and promises of future action has left rebel forces and their supporters euphoric in a way rarely seen since the war started.
Rebels in Aleppo in particular have until now had little to celebrate, with the a city locked in a bloody stalemate for years before the government siege made an opposition defeat increasingly likely.
But despite the enthusiasm over the breaking of the siege and promises of an offensive to liberate western Aleppo from government forces, the conflict in the city seems set to drag on rather than end.
What the rebels were able to do was quite impressive: They quickly broke a siege that the government and its allies had been carefully preparing for most of this year and saved eastern Aleppo from starvation.
However, the significance of their gains is also prone to exaggeration. Right now, rebel forces have opened a narrow gap in government lines in the south-west of the city. Narrow passages like this are susceptible to attack, shelling, aerial bombardment and potential recapture. Even if the route is open, it does not necessarily guarantee the free movement of food, aid, weapons and reinforcements.
The breaking of the siege appears to have come as a shock to regime forces, who were confidently poised to retake eastern Aleppo. Now, government forces are recalculating, sending reinforcements to the city. Larger numbers of Hizbollah fighters – and reportedly even members of Iraqi Shiite militias – are being deployed to Aleppo.
Militarily, the Syrian government retains the upper hand in the fight against the rebels. With its own air force and the backing of Russian war planes, they have powerful capabilities that the rebels cannot counter. They can also move troops around the country more easily, call upon legions of foreign fighters and quickly and easily receive resupplies of weapons and ammunition. Defeating the government in the city that was Syria’s largest before the war is a much bigger challenge than breaking through the siege.
Yet despite the government holding these military advantages for years, the front line in central Aleppo has remained static for much of the war. Crowded city blocks make for difficult terrain in which to capture territory. This has resulted in rebel and government forces focusing more on cutting supply routes rather than launching direct military assaults along the east-west divide in Aleppo. If rebel forces do attempt a frontal attack on western Aleppo, they are likely to get bogged down.
For now, both regime and rebel forces seem committed to continuing the strategy of cutting off supply routes. In breaking the siege, rebel forces also cut off the primary government supply route in south-west Aleppo. And despite opening a corridor to rebel forces, the rebels are still without their primary supply route in the city’s north-west, which was captured by government forces last month when the siege was implemented. The resulting situation is one where both sides are partly under siege. In addition, the recent fighting has knocked Aleppo’s water supply offline, leaving two million people without running water according to the United Nations. There are increased warnings of outbreaks of waterborne diseases as residents may turn to unsafe water sources in the summer heat.
Any push for western Aleppo might also come at a time when rebels are forced to have a reckoning over their future.
While rebel forces have been eager to project an image of unity after the breaking of the siege, this may not last. The battle to re-enter Aleppo was carried out by Jaish Al Fatah, a coalition of Islamist rebel units dominated by Jabhat Fatah Al Sham – the group that was Al Qaeda’s Syria affiliate Jabhat Al Nusra until late last month. Their vision for Syria is starkly at odds with that of more moderate rebel factions in and around the city, some of which have long voiced their disapproval of Al Nusra and groups that work with them.
As Al Nusra’s dominance becomes more pronounced, these groups will have to wrestle with what their role is and whether they are willing to work alongside ideological enemies in an effort to take down the Syrian government.
jwood@thenational.ae
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.”
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
SPECS
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What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Sri Lanka-India Test series schedule
1st Test July 26-30 in Galle
2nd Test August 3-7 in Colombo
3rd Test August 12-16 in Pallekele
Prophets of Rage
(Fantasy Records)
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The%20specs
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa