A Syrian man comforts a boy amid the rubble of buildings following a reported air strike on the rebel-held neighbourhood of Al Kalasa in the northern Syrian city of Aleppo on February 4, 2016. Thaer Mohammed/AFP
A Syrian man comforts a boy amid the rubble of buildings following a reported air strike on the rebel-held neighbourhood of Al Kalasa in the northern Syrian city of Aleppo on February 4, 2016. Thaer MShow more

Tens of thousands flee as Syrian regime advances near Aleppo



DAMASCUS // Tens of thousands of Syrians fled their homes on Thursday as regime troops pushed on with a major Russian-backed offensive around the city of Aleppo.

Turkey’s prime minister Ahmet Davutoglu, speaking at a donors conference in London, warned that up to 70,000 people were headed towards his country to escape the fighting.

More than US$10 billion (Dh36.7bn) was pledged at conference to help ease the plight of Syrians affected by the nearly five-year war, just hours after the collapse of UN-sponsored peace talks in Geneva.

Saudi foreign minister Adel Al Jubeir on Thursday blamed the Syrian government for the talks being suspended, saying it had refused to cooperate with UN envoy Staffan de Mistura.

He added that Russian military operations in Syria were aimed at provoking the Syrian opposition.

It came as Washington demanded that Russia halt its bombing campaign in support of president Bashar Al Assad’s government.

Also on Thursday, Moscow accused Turkey, a key backer of opposition to Mr Al Assad, of actively preparing to invade Syria, saying it had spotted troops and military equipment on the border.

The accusation came just hours after Mr Davutoglu accused Mr Al Assad’s supporters of “committing the same war crimes” as the regime.

The growing offensive around Aleppo this week overshadowed peace and aid efforts, as regime forces sought to build on a series of important gains since Russia launched air strikes in Syria in September.

The advance threatens to completely encircle rebels in Aleppo city, Syria’s former economic powerhouse which has been divided between opposition control in the east and regime control in the west since mid-2012.

The Aleppo rebels’ main supply line to Turkey was severed on Wednesday when regime troops broke an opposition siege of two Shiite towns, Nubol and Zahraa, on the route to the border.

Regime forces entered the two towns on Thursday to the cheers of residents, who chanted pro-government slogans and showered the fighters with rice.

But elsewhere in the region the advance prompted tens of thousands to flee for fear of being caught up in the fighting.

Mr Davutoglu said 60,000 to 70,000 people were “moving towards Turkey”, while 10,000 were “waiting at the door” on the border because of air strikes and attacks around Aleppo.

Meanwhile, the Syrian Observatory for Human Rights, a Britain-based monitor, said nearly 40,000 people in Aleppo province had fled their homes, with many massing at the border.

Observatory chief Rami Abdel Rahman said the regime was now likely to target the Aleppo rebels’ last remaining supply route, through the neighbouring opposition-held Idlib province.

The Aleppo offensive has been backed by a wave of Russian air raids, including strikes on Thursday that killed at least 21 civilians, including three children, according to the Observatory.

Opposition delegates cited continued regime attacks as the key obstacle to this week’s peace efforts, which struggled from the beginning.

The opposition arrived late and refused to begin even indirect talks without the implementation of UN Security Council resolutions on the lifting of sieges and protection of civilians.

UN envoy Staffan de Mistura said on Wednesday that the talks had been suspended but insisted the process had not failed, saying he hoped to resume on February 25.

The UN Security Council said it would meet on Friday for consultations with Mr De Mistura on the breakdown.

* Agence France-Presse with additional reporting by Reuters

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North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Scores

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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De De Pyaar De

Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars

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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Who are the Sacklers?

The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.

Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma. 

It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.

Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".

The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.

Members of the Sackler family are rarely seen in public.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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