Snow falls as Syrian soldiers carry coffins of their colleagues during a funeral ceremony in Damascus Saturday.
Snow falls as Syrian soldiers carry coffins of their colleagues during a funeral ceremony in Damascus Saturday.

Violent protest in Syria moves closer to those in power



Damascus // Security forces killed at least two people walking in a funeral procession in an upmarket neighbourhood of Damascus yesterday, a sign, some activists say, of the uprising edging ever closer to those in power.
On the diplomatic front, a Chinese envoy met president Bashar Al Assad yesterday in the Syrian capital and called for a halt to violence but also underlined Beijing would not support forced regime change in Damascus.
The shootings happened about a kilometre away from the presidential palace where Mr Al Assad typically receives foreign dignitaries, and is a similar distance from Omayyad Square, where the ministry of defence and the heavily fortified state-run television building are headquartered.
Activists said thousands of residents turned out for the funerals yesterday of four demonstrators killed on Friday, also in the upscale Mezzeh area, close to the neighbourhoods in which foreign diplomatic missions are located and many wealthy and upper-middle class families live.
"This is the biggest protest to be held in the heart of Damascus since the start of the uprising 11 months ago," said a Syrian political analyst, on condition of anonymity. "If there was any doubt the uprising had reached the capital city, this makes it very clear it has now arrived. It is an important moment."
As the revolt has spread across Syria, many in Damascus, especially regime supporters and those in the monied classes, have portrayed it as something small in scale and happening far away in inconsequential villages and towns, a narrative very much pushed by state media.
Protests have been regular in the capital for many months, but while Syria's elite might never have set foot in working-class neighbourhoods where demonstrations are typically held, Mezzeh is very much their backyard.
State-run media had made no mention of the protests or funerals there by yesterday afternoon.
In recent days, Damascus residents have spoken of intensifying security operations in the city by bolstered checkpoints separating it from outlying rural areas, and sweeping arrests in protest neighbourhoods.
Dozens of people were detained in Mezzeh yesterday, human-rights groups said, while the Local Coordination Committees activists network reported at least 12 people killed nationwide.
A number of leading regime critics, including Mazen Darwish, Razan Ghazzawi, and Yara Badr were also recently arrested in a raid on an office in the very heart of Damascus.
Mr Darwish and Ms Badr are both advocates of a peaceful uprising and Alawites, the sect Mr Al Assad and his inner circle belong to. The two activists have been prominent in efforts to prove the uprising has broad support among all Syrians, not just the Sunni majority.
Regime officials insist they are fighting a militant Islamic uprising, backed by foreign powers, and Mr Al Assad repeated that message during talks with Chinese vice foreign minister Zhai Jun yesterday.
"What Syria is facing is fundamentally an effort to divide it and affect its geopolitical place and historic role in the region," Mr Al Assad was quoted as saying by state media.
Mr Zhai said China called on "the government, the opposition and the rebels to halt acts of violence immediately" and went on to endorse a reform programme announced by the Syrian president, including a referendum on a new constitution scheduled for February 26.
"China supports the reforms under way in Syria and the significant measures taken by the country in this field," he said.
Opposition groups say Mr Al Assad's reforms are empty and continue to demand an immediate halt to security operations against protesters, for political prisoners to be freed and for the president to stand down.
A similar plan, drawn up by the Arab League, was overwhelmingly endorsed by the United Nations General Assembly last week but was earlier vetoed at the more powerful Security Council by Russia and China. Both of those countries have stood firmly by Mr Al Assad.
More than 7,000 people have been killed by regime security units since the uprising began in March, according to human rights groups, with the UN reporting systematic torture and use of lethal force against unarmed protesters. The Syrian government denies those charges and says more than 2,000 security personnel have been killed by armed insurgents.
Anti-regime groups have increasingly taken up weapons to fight Mr Al Assad's regime, fuelling fears Syria may already have slipped into civil war that could spread across the region.
US television network NBC News reported Friday that Washington had deployed unmanned intelligence drones over Syria to monitor attacks by regime forces against the opposition. It cited official sources, who said the operation was not part of a plan for greater military involvement.
Opposition activists say Syria has been using its own Russian-supplied drones to help artillery units hit rebel fighters.
Also Friday, Swiss media reported customs officials had seized mobile phone surveillance equipment en route to Syria and Iran without the proper export licences.
 
psands@thenational.ae

THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

COMPANY%20PROFILE
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Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

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.”

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900