Syrian President Bashar Al Assad, right, receives a delegation representing various Arab governments in Damascus in February this year. AP
Syrian President Bashar Al Assad, right, receives a delegation representing various Arab governments in Damascus in February this year. AP
Syrian President Bashar Al Assad, right, receives a delegation representing various Arab governments in Damascus in February this year. AP
Syrian President Bashar Al Assad, right, receives a delegation representing various Arab governments in Damascus in February this year. AP

Congress introduces Assad Anti-Normalisation Act following Arab League's Syria decision


Ellie Sennett
  • English
  • Arabic

A bipartisan group in the US House of Representatives on Thursday introduced a bill that would codify Washington's opposition to normalising relations with the regime of Syrian President Bashar Al Assad.

The legislation was introduced on the heels of the Arab League's decision to reintegrate Syria into the bloc.

The Assad Anti-Normalisation Act would prohibit the US from “recognising or normalising relations with any government of Syria that is led by Bashar Al Assad”.

Joe Wilson, the Republican chairman of the House Foreign Affairs Subcommittee on the Middle East, North Africa and Central Asia, spearheaded the bill after the Arab League formally readmitted Syria to the body, in a further sign of the region's softening stance towards Damascus.

“The Assad regime is illegitimate and poses a threat to peace and prosperity in the region,” Mr Wilson said in a statement announcing the bill.

“Support for a free and democratic Syria remains strong and I am grateful to introduce this bipartisan legislation to hold the Assad regime accountable for its crimes.”

Aboul Gheit, Secretary General of the Arab League, told The National this week that Syria's readmission was a “step in a process” of normalising ties and “not the end of the journey”.

The bill moves to expand the Caesar Act, which issued a tough round of sanctions on the Assad regime, to include those providing support to the Syrian People’s Assembly and the Baath Party.

Mohammed Alaa Ghanem — policy chief at the Syria American Council, an organisation that has endorsed the bill — told The National this development is particularly significant.

“Usually [the Syrians facing sanctions] are fat cats, businessmen or security officials who change hats, put on a suit and tie, and become members,” he told The National.

“So this sends a very chilling message — if you're working for Bashar Al Assad, aiding and abetting the crimes in Syria, you're going to be targeted.”

The proposed Caesar Act expansion would also block Washington's approval of the US-backed Arab Gas Pipeline through a provision that expands sanctions to include “significant transactions” involving natural gas, electricity or other energy-related transactions.

It would also require an inter-agency strategy and annual report to Congress to counter the normalisation of relations with the Assad regime.

Mr Ghanem added that he is excited about a provision that “would protect the housing and property rights of refugees, because it would target anyone that engages in the seizure and misappropriation of assets … of Syrians, including real estate”.

“As someone who owns, or owned property in Syria, the regime seized my properties … so that's something very, very good,” Mr Ghanem said.

“This bill will pressure the Assad regime to account for its mass murder and other war crimes including chemical weapons,” former ambassador and special representative to Syria James Jeffrey said in a statement.

It will also “advance the fight against ISIS, support the return of refugees and internally displaced people, and block a geostrategic triumph by Assad, [Russian President Vladimir] Putin and the IRGC [Iran's Islamic Revolutionary Guard Corps],” he added.

President Joe Biden's administration has maintained a broad policy against normalising relations with the regime.

Following the Arab League's decision, Mr Biden on Monday announced the continuation of an executive order that declared a US national emergency with respect to Syria.

“The regime's brutality and repression of the Syrian people, who have called for freedom and a representative government, not only endangers the Syrian people themselves, but also generates instability throughout the region,” Mr Biden wrote in a letter to Congress.

But after Jordan-hosted talks with Arab foreign ministers in anticipation of Syria's return to the Arab League, the White House told The National it was “encouraged to see the joint communique mention many priorities that we and our partners share”.

That comment followed senior administration official Barbara Leaf taking a softer tone on normalisation as well.

“Our approach on that score is that make sure to get something for that engagement,” she said in late March.

Mr Ghanem acknowledged that getting the sweeping new bill through Congress and signed into law is “not going to be a walk in the park”, but he expressed cautious optimism.

“There were moments in time when we thought that [the Caesar Act] wasn't going to pass, and then it passed. So we're hopeful,” he said.

  • Foreign ministers from Iraq, Jordan, Egypt and GCC countries meet in Jeddah on April 14 to discuss Syria's return to the Arab League. EPA
    Foreign ministers from Iraq, Jordan, Egypt and GCC countries meet in Jeddah on April 14 to discuss Syria's return to the Arab League. EPA
  • Saudi Deputy Foreign Minister Walid Al Khuraiji, right, with Dr Anwar Gargash, diplomatic adviser to the UAE President. EPA
    Saudi Deputy Foreign Minister Walid Al Khuraiji, right, with Dr Anwar Gargash, diplomatic adviser to the UAE President. EPA
  • Mr Al Khuraiji welcomes Jordan's Foreign Minister Ayman Safadi. EPA
    Mr Al Khuraiji welcomes Jordan's Foreign Minister Ayman Safadi. EPA
  • Mr Al Khuraiji welcomes Egyptian Foreign Minister Sameh Shoukry. AFP
    Mr Al Khuraiji welcomes Egyptian Foreign Minister Sameh Shoukry. AFP
  • Mr Al Khuraiji meets with Iraq's Foreign Minister Fuad Hussein. AFP
    Mr Al Khuraiji meets with Iraq's Foreign Minister Fuad Hussein. AFP
  • Mr Al Khuraiji welcomes Bahrain's Foreign Minister Abdullatif bin Rashid Al Zayani. AFP
    Mr Al Khuraiji welcomes Bahrain's Foreign Minister Abdullatif bin Rashid Al Zayani. AFP
  • Mr Al Khuraiji with Kuwait's Foreign Minister Sheikh Salem Abdullah Al Jaber Al Sabah. AFP
    Mr Al Khuraiji with Kuwait's Foreign Minister Sheikh Salem Abdullah Al Jaber Al Sabah. AFP
  • Mr Al Khuraiji with Oman's Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi. AFP
    Mr Al Khuraiji with Oman's Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi. AFP
  • Mr Al Khuraiji welcomes Qatar's Foreign Minister Mohammed Bin Abdulrahman Al Thani. AFP
    Mr Al Khuraiji welcomes Qatar's Foreign Minister Mohammed Bin Abdulrahman Al Thani. AFP
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Always use only regulated platforms

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Courtesy: Crystal Intelligence

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  • Individuals must register on UAE Drone app or website using their UAE Pass
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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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Updated: May 11, 2023, 5:19 PM