WASHINGTON // Trump administration officials on Sunday blamed Russian inaction for enabling last week’s chemical attack in Syria as US secretary of state Rex Tillerson prepared to explain Washington’s retaliatory missile strikes to Moscow.
Mr Tillerson said Syria was able to execute the attack, which killed scores of people, because Moscow had failed to carry out a 2013 agreement to secure and destroy chemical weapons in Syria.
“I think the real failure here has been Russia’s failure to live up to its commitments under the chemical weapons agreements that were entered into in 2013,” he said.
“The failure related to the recent strike and the recent terrible chemical weapons attack in large measure is a failure on Russia’s part to achieve its commitment to the international community.”
Meanwhile, White House national security adviser HR McMaster said Syria’s “sponsors”, Russia and Iran, were enabling Syrian president Bashar Al Assad’s “campaign of mass murder against his own civilians”.
The remarks came as allies of Damascus threatened reprisals against any party that carries out “aggression” against Syria.
“The aggression against Syria oversteps all red lines. We will react firmly to any aggression against Syria and to any infringement of red lines, whoever carries them out,” said a statement from the Syria-based joint operations room for Russia, Iran and allied forces, including Hizbollah.
“The United States knows very well our ability to react,” added the statement published on the website of Al-Watan, a daily newspaper close to the regime.
On Friday, the US carried out missile strikes on a Syrian airbase in what was Washington’s first military action against Mr Al Assad’s government since the start of Syria’s six-year war.
It came after a chemical attack on the rebel-held Syrian town of Khan Sheikhoun on Tuesday killed at least 87 people, including many children. The Syrian government has denied it was behind the attack.
“We condemn any attack targeting civilians and also condemn what happened in Khan Sheikhoun, even if we are convinced it was a premeditated act by certain countries and organisations to serve as a pretext to attack Syria,” said the statement.
Mr Tillerson, who is expected to visit Moscow on Wednesday for talks with Russian officials, said on Sunday there was “no change” to the US military posture towards Syria.
But Mr McMaster said the US would take further action in Syria if necessary.
“We’re prepared to do more. In fact, we were prepared to do more two days ago,” he said. “The president will make whatever decision he thinks is in the best interests of the American people.”
He added that Russian leaders were supporting “a murderous regime” and their actions would dictate the future of US-Russian relations.
“Do they want it to be a relationship of competition and potential conflict,” he said. “Or do they want it to be a relationship in which we can find areas of cooperation that are in our mutual interest?”
Mr Tillerson stopped short of accusing Russia of direct involvement in planning or carrying out the attack, saying he had not seen “any hard evidence” to suggest Moscow was an accomplice to Mr Al Assad.
But he said the US expected Russia to take a tougher stance by rethinking its alliance with Mr Al Assad because “every time one of these horrific attacks occurs, it draws Russia closer into some level of responsibility”.
Russian president Vladimir Putin and Iranian president Hassan Rouhani said in a phone call, meanwhile, that aggressive US actions against Syria were not permissible and violated international law, according to the Kremlin.
And in a phone call with Mr Al Assad, Mr Rouhani called the US strikes a “blatant violation” of Damascus’s sovereignty, Syrian state media reported. In the same call, Mr Al Assad accused Washington of trying to boost the morale of “terror groups” in Syria. The government refers to all those fighting against it as terrorists.
Also on Sunday, Iran’s state Irna news agency reported that the country’s supreme leader, Ayatollah Ali Khamenei, had said the US made a “strategic mistake” by attacking Syria.
“The Islamic Republic of Iran will not leave the field ... in the face of threats,” he was reported as saying, alluding to suspicions that the US intended the attack as a sign it was willing to attack other countries, including Iran.
“Former American officials created Daesh and the current leaders are reinforcing it,” he added.
On the ground in Syria, ISIL militants launched two suicide attacks on US-backed Syrian rebels near the border with Iraq, killing at least 12 people and wounding many more, rebels sources said on Sunday.
The toll included eight ISIL fighters and four of their own men.
An attack at midnight on a heavily defended base near the Al Tanf border crossing involved at least one explosive-laden vehicle that rammed an entrance. At least two US-backed rebels were killed and scores wounded, a rebel source said.
The militants also staged a suicide attack on a convoy of rebel fighters from the Western-backed Osoud Al Sharqiya rebel group, who had sent reinforcements from their outpost near the Rukban refugee camp further south-west. Two of the fighters in the convoy were killed in the ambush.
* Reuters, Agence France-Presse
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
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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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About 57.5 million people
51.1 million received a jab
6.4 million have not
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com