Smoke rises from the village of Jubata Al Kashab on the Syrian side of the border with Israel, in the Golan Heights, during the fight between Syrian government forces and militants groups. Russian president Vladimir Putin is expected to explain to world leaders during the UN General Assembly in New York about his intentions in Syria as Moscow builds up its military presence in the country. Atef Safadi/EPA
Smoke rises from the village of Jubata Al Kashab on the Syrian side of the border with Israel, in the Golan Heights, during the fight between Syrian government forces and militants groups. Russian preShow more

Russia’s Putin says US-armed rebels defect to ISIL



MOSCOW // Russian president Vladimir Putin on Sunday called US support for rebels in Syria illegal and ineffective, and said American-trained rebels were defecting to join ISIL with arms supplied by Washington.

Ahead of his meeting with US president Barack Obama on Monday at the United Nations in New York, he said Syrian president Bashar Al Assad deserved international support for fighting terrorists.

British prime minister David Cameron yesterday conceded that Mr Al Assad could stay on as part of a transitional government but should not be part of Syria’s future in the long run.

Mr Putin also spoke to Saudi Arabia’s King Salman on Saturday about finding a solution to the Syrian crisis.

Meanwhile, Iranian president Hassan Rouhani said yesterday that he was ready to discuss a “plan of action” for Syria’s future after ISIL was defeated.

Iran, which along with Russia is allied to Mr Al Assad in the war, has until now been kept out of UN diplomatic efforts to find a political solution for the Syrian conflict.

“That is not a problem for us right now, to start holding discussions and dialogues so as to determine and reach the conclusion of the next plan of action after the terrorists are driven out that territory,” Mr Rouhani said.

“But we must all act in unison and have a formula that is required to drive out the terrorists, immediately.”

And Iraq yesterday announced it was increasing intelligence coordination with Russia, Syria and Iran to fight ISIL.

“It’s a committee coordinating between the four countries, with representatives of each country, in military intelligence and aimed at sharing and analysing information,” said Saad Al Hadithi, a spokesman for Iraqi prime minister Haider Al Abadi.

Mr Al Hadithi said the cell would focus on “monitoring the movements of terrorists and degrading their capacity”, but would not say whether it had already begun its work.

Iraq’s joint operations command said the deal with Russia came amid “growing concern over the presence of thousands of Russian terrorists engaged in criminal acts with ISIL”.

Russia has increased its military involvement in Syria this month, with US officials accusing Moscow of sending combat aircraft, tanks and other equipment to help the Syrian army.

The sudden military build-up in support of Mr Al Assad and a refugee crisis that has spilled into Europe have lent new urgency to resolving the Syria war.

The new US tack on Syria could bring together Russia, Saudi Arabia and countries such as Turkey and Qatar, which support Syrian opposition groups.

In Mr Putin’s conversation with King Salman, the men “exchanged views on regional security matters in the context of finding ways to settle the conflict in Syria”, the Kremlin said.

They also discussed “building more effective international cooperation in the fight against ISIL and other terrorist groups”, it said.

Saudi Arabia is part of a US-led coalition that began an air campaign against ISIL in Syria last September, and insists it will never cooperate with the Assad regime.

Mr Putin is expected to explain Russia’s motives in Syria when he addresses the UN General Assembly on Monday, just after Mr Obama takes the podium. Mr Rouhani is expected to follow.

The Russian president will be outlining his plan for Syria, which would include Mr Al Assad’s army in a larger anti-ISIL coalition – a proposal the US rejects.

Mr Putin will meet Mr Obama outside the UN meeting in their first formal talk in two years.

The US has a $500 million (Dh1.83 billion) programme to train and equip vetted moderates recruited from the rebels fighting Mr Al Assad, but it has faced repeated setbacks.

Mr Putin criticised Washington’s plans to train up to 5,400 Syrian rebels to fight the extremist group.

“It turns out that only 60 of these fighters have been properly trained, and as few as four or five people actually carry weapons,” he said. “The rest of them have deserted with the American weapons to join ISIL.”

Critics have urged Mr Obama to be more decisive in the Middle East and Syria, where the UN has said 250,000 people have died after four years of conflict. They say lack of a clear American policy has given ISIL opportunities to expand.

Mr Putin said Russia’s support for the Assad government was based on the UN Charter.

“We have been providing assistance to legitimate government entities only,” he said. “As of today it has taken the form of weapons supplies to the Syrian government, personnel training and humanitarian aid to the Syrian people.”

Last week, the Syrian army used Russian drones against ISIL for the first time.

Washington’s strategy in Iraq, built on an air campaign and sending several thousand military trainers and advisers, has also come under increasing fire for failing to reach the promised results.

Moscow has sold fighter jets and weaponry to Iraq but has taken the back seat as Iran and the US-led coalition often competed to be Baghdad’s top partner in the war against ISIL.

Western powers, who had categorically rejected a role for Mr Assad in any political solution to the conflict in Syria, have recently softened their stance.

* Reuters and Agence France-Presse

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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UAE currency: the story behind the money in your pockets

'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

The biog

Age: 30

Position: Senior lab superintendent at Emirates Global Aluminium

Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology

Favourite part of job: The challenge, because it is challenging

Favourite quote: “Be the change you wish to see in the world,” Gandi

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Company%20Profile
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The specs

Engine: Dual 180kW and 300kW front and rear motors

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COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Brief scores:

Barcelona 3

Pique 38', Messi 51 (pen), Suarez 82'

Rayo Vallecano 1

De Tomas Gomez 24'

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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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.”

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On sale: December
Price: From Dh330,000 (estimate)
TOURNAMENT INFO

Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia

UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri