DAMASCUS // Syrian troops pushed ISIL militants back from the ancient city of Palmyra yesterday.
Syrian opposition activists confirmed that militants withdrew from a government building they had seized in the northern part of the town on Saturday, as clashes between the two sides continued. Dozens of people were killed although fears for the world heritage site eased.
Palmyra is renowned for its Roman-era colonnades and 2,000-year-old ruins.
The militants had seized the northern part of the modern town, Tadmur, in a major assault on Saturday but were driven out by troops and militia.
“We have good news today,” Syrian antiquities chief Mamoun Abdulkarim said. “There was no damage to the ruins, but this does not mean we should not be afraid.”
Provincial governor Talal Barazi said that the army had recaptured northern districts of the town which the extremists had overrun.
“ISIL’s attack was foiled,” Mr Barazi said, adding that the army was “still combing the streets for bombs” but the “the situation in the city and its outskirts is good”.
The Britain-based Syrian Observatory for Human Rights said there were still sporadic skirmishes but the army had reasserted its control.
“There are still clashes – though not very fierce – in the northern suburbs of Al Amiriyah,” said Observatory director Rami Abdel Rahman.
He said the extremists were just a kilometre away from the Unesco-listed site and its adjacent museum which houses thousands of priceless artefacts.
“ISIL is still present outside the city, to the south and east,” Mr Abdel Rahman said.
The militants launched a lightning offensive across the desert last week from their stronghold in the Euphrates Valley to the east, triggering ferocious fighting with the army, which has a major base just outside the oasis town.
At least 23 regime loyalists and 29 extremists were killed as ISIL overran northern parts of the town on Saturday, the Observatory said.
Mr Barazi said the army had killed “more than 130 jihadists” but gave no figure for the army’s losses.
The governor said Tadmur’s peacetime population of 70,000 had been swamped by an influx of civilians fleeing the ISIL advance.
“We are taking all necessary precautions, and we are working on securing humanitarian aid quickly in fear of masses fleeing from the city,” Mr Barazi said.
Mr Abdulkarim said he remained concerned for Palmyra in light of the destruction wreaked by ISIL on pre-Islamic sites like Nimrud and Hatra in neighbouring Iraq.
The antiquities chief said he had been “living in a state of terror” that ISIL would destroy the 1st and 2nd century temples and colonnaded streets that are among Palmyra’s architectural treasures.
The ISIL group tightened its control of the countryside outside Tadmur, seizing two checkpoints in the Haql Al Hail oil field, the Observatory said.
Troops and militia were fighting back in a bid to prevent ISIL from capturing the field which could offer it a significant additional source of black market revenue.
A US raid late on Friday on one of Syria’s largest oil fields left 32 ISIL members dead, including four leading officials, Mr Abdel Rahman said.
“The US operation killed 32 members of ISIL, among them four officials, including ISIL oil chief Abu Sayyaf, the deputy ISIL defence minister, and an ISIL communications official,” he said.
US officials have said “about a dozen” people were killed in the operation, which was conducted by Iraq-based US commandos in a bid to capture Abu Sayyaf.
Mr Abdel Rahman said three of the four leading officials killed in the raid were from north Africa, but that the ISIL communications official was Syrian.
President Barack Obama personally approved the special forces operation, which was a rare use of “boots on the ground” in the US-led campaign against the extremists that has been waged almost entirely from the air.
* Agence France-Presse and Associated Press
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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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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Killing of Qassem Suleimani
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)