Russian Foreign Minister Sergei Lavrov holds his annual press conference, this year held via video link, in Moscow on January 18, 2021. AFP / Russian Foreign Ministry
Russian Foreign Minister Sergei Lavrov holds his annual press conference, this year held via video link, in Moscow on January 18, 2021. AFP / Russian Foreign Ministry
Russian Foreign Minister Sergei Lavrov holds his annual press conference, this year held via video link, in Moscow on January 18, 2021. AFP / Russian Foreign Ministry
Russian Foreign Minister Sergei Lavrov holds his annual press conference, this year held via video link, in Moscow on January 18, 2021. AFP / Russian Foreign Ministry

Russian FM to Israel: We can help neutralise Iran-linked sites in Syria


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Russian foreign minister Sergey Lavrov criticised Israeli air strikes against Iran-linked sites in Syria, saying Israel should instead provide his country with intelligence about such threats so that it can “neutralise” them.

Mr Lavrov said Russia would take action so Israeli Defence Forces wouldn’t have to.

“If Israel is really forced to respond to threats to the Israeli security coming from the Syrian territory, we have told our

Israeli colleagues many times: if you see such threats please give us the information,” Mr Lavrov said, according to the Kremlin’s Sputnik news site.

Mr Lavrov stressed that Russia does not want Syrian territory to be used either against Israel or "as a platform for the Iranian-Israeli strife."

His statement comes days after Israeli warplanes carried out intense air strikes in eastern Syria, apparently targeting positions and arms depots of Iran-backed forces.

At least 57 fighters were killed and dozens wounded, according to a Syrian opposition war monitoring group.

A senior US intelligence official with knowledge of the attack told The Associated Press that the air strikes were carried out with intelligence provided by the United States – a rare incidence of publicised co-operation between the two countries over choosing targets in Syria.

On the US presence in the region, and Russia's interaction with Washington, Mr Lavrov said: “We have contacts with the US through military channels, not because we recognise the legitimacy of its presence in Syria, but simply because it must act in a certain framework.”

"We have more than once expressed our assessments of what is happening in Syria," Mr Lavrov said

UN Security Council Resolution requires respect for Syria's sovereignty.

"Equally, Washington's line of blocking by all possible means the delivery of humanitarian aid to Syria is also in breach of this resolution," Mr Lavrov said.

“We cannot expel them from there, we will not engage in armed clashes with them of course.

"But due to their presence there, we are conducting a dialogue with them about the so-called non-conflict, and among other things, we strongly demand that force is not used against the sites of the Syrian state.”

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New Zealand 57-0 South Africa

Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett

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

A Prayer Before Dawn

Director: Jean-Stephane Sauvaire

Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai

Three stars

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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.”

MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory