TOPSHOT - Syrians comfort each other on November 19, 2016 following a reported air strike on Aleppo's rebel-held neighbourhood of Bab al-Nayrab. Intense government air strikes and artillery fire killed at least 27 people in rebel-held parts of Syria's Aleppo, where hospitals have been destroyed and schools forced to close. / AFP / AMEER ALHALBI
TOPSHOT - Syrians comfort each other on November 19, 2016 following a reported air strike on Aleppo's rebel-held neighbourhood of Bab al-Nayrab. Intense government air strikes and artillery fire killed at least 27 people in rebel-held parts of Syria's Aleppo, where hospitals have been destroyed and schools forced to close. / AFP / AMEER ALHALBI
TOPSHOT - Syrians comfort each other on November 19, 2016 following a reported air strike on Aleppo's rebel-held neighbourhood of Bab al-Nayrab. Intense government air strikes and artillery fire killed at least 27 people in rebel-held parts of Syria's Aleppo, where hospitals have been destroyed and schools forced to close. / AFP / AMEER ALHALBI
TOPSHOT - Syrians comfort each other on November 19, 2016 following a reported air strike on Aleppo's rebel-held neighbourhood of Bab al-Nayrab. Intense government air strikes and artillery fire kille

US slams 'heinous' attacks on rebel-held Aleppo


  • English
  • Arabic

Aleppo // At least 27 people were killed in eastern Aleppo on Saturday by Syrian government air strikes and artillery fire that have destroyed almost all medical facilities in the rebel-held area.

The attacks were condemned by the United Nations and the Unites States.

“There is no excuse for these heinous actions,” the US national security adviser Susan Rice said.

“The Syrian regime and its allies, Russia in particular, bears responsibly for the immediate and long-term consequences these actions have caused in Syria and beyond.”

UN officials said they were appalled by escalating violence and urged access to east Aleppo, where more than 250,000 people have been under siege for nearly four months.

Since it began on Tuesday, the assault on the rebel-held east of Aleppo has damaged hospitals, forced schools to close, and killed nearly 100 civilians, according to a monitor.

The bombardment on Saturday was relentless, witnesses said, with air strikes, mortar rounds and barrel bombs slamming into residential neighbourhoods where residents cowered at home.

“It is a catastrophic day in besieged Aleppo with unprecedented bombardment with every type of weapon,” a member of the White Helmets rescue group said in a video posted on the organisation’s Facebook page.

Russia says it is not involved in the current assault on Aleppo, concentrating its firepower on opposition and extremist forces in neighbouring Idlib province instead.

But Damascus and its allies have made clear they want rebels expelled from eastern Aleppo, which fell from regime control in mid-2012.

No aid has entered east Aleppo since government forces surrounded it in July, and residents report shortages of food and fuel, as well as lengthy power outages and water shortages.

Two top UN officials said they were “extremely saddened and appalled by the recent escalation in fighting in several parts of Syria”.

Humanitarian coordinator for Syria Ali Al Za’atari and regional humanitarian coordinator Kevin Kennedy also said they had put forward a plan to deliver aid and evacuate the sick and wounded from east Aleppo.

“It is imperative all parties agree to the plan and allow us to secure immediate, safe and unimpeded access to provide relief to those most in need,” they said.

The bombardment forced schools in east Aleppo, many of which already operate from basements because of government attacks, to close Saturday and Sunday.

Hospitals and rescue facilities have been particularly affected, with shelling destroying one of the last medical facilities in the east on Friday.

Staff were also forced to evacuate the east’s only children’s hospital because of repeated attacks, removing babies from incubators to transfer them.

“This is a dark day for east Aleppo,” said Teresa Sancristoval, emergency coordinator for the Doctors Without Borders charity.

“The severity of the bombing has inflicted huge damage on the few hospitals working around the clock to provide medical care.”

A White Helmets centre in the Bab Al Nayrab district was also destroyed in an air strike on Friday, and rescuers have struggled to cope with the pace with of the bombing.

“We have no more [body] bags,” said one rescue worker in another video posted by the group on Saturday.

The Syrian Observatory for Human Rights said at least 27 civilians were killed in east Aleppo on Saturday, with the toll likely to rise because of the number of seriously wounded.

The deaths brought the death toll since Tuesday to 92, with state media saying two people were also killed in rebel fire on the government-held west of Aleppo on Saturday.

The assault on rebel-held Aleppo has ended a period of relative respite after Russia halted its strikes and organised a series of brief truces to encourage residents and surrendering rebels to leave.

Syria expert Thomas Pierret said regime forces “intended to combine air strikes with famine resulting from the siege to get rebels to surrender”.

Elsewhere, an alliance of Kurdish and Arab fighters known as the Syrian Democratic Forces said they had seized the hilltop village of Tal Saman from ISIL group.

The village is 25 kilometres from ISIL’s de facto Syrian capital of Raqqa, which the SDF began an operation to capture earlier this month with support from the US-led coalition against ISIL.

The Observatory reported seven civilians were killed in an air strike believed to have been carried out by the coalition on the village of Buaas in northern Raqqa province.

* Agence France-Presse

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.”