The opposition coalition in Syria on Wednesday said it was considering a plan to dissolve its various military factions and merge them into “one military umbrella” to establish a governing administration in reclaimed territories.
Ali Hannoura, Deputy Commander of the Levant Front in Syria confirmed that the coalition, led by the internationally designated Hayat Tahrir Al Sham, is “mulling at the moment” over the plan.
He emphasised that the joint military administration would be a temporary solution with the ultimate goal of establishing a democratic process.
“Once we're in a better situation militarily and it's time for picking the new leaders of Syria, this should be done through the ballot box,” he told The National in a virtual briefing from the front lines.
Mr Hannoura is in active battle at the helm of the rebel faction Al Jabha Al Shamiyah, which he says is “very close” to the city of Hama and hopes to “liberate all of Syria".
Ubayda Arnaout, spokesman for the Salvation Government's political affairs department in the Hayat Tahrir Al Sham civilian structure, added that the "Syrian Salvation Government in its current form will not be responsible for managing newly liberated areas".
"A new administration is needed to govern, and the size and scope of this administration will depend on military achievements, he told The National.
Developments on the ground have again raised questions about what government in Syria without the autocratic Al Assad regime would resemble, especially with many international interests deeply seeping into the crevices of conflict.
Russia and Iran are the Syrian regime's most important backers but as both are tied up in their own geopolitical conflicts, it is uncertain whether Damascus will receive the forceful support it did in the past.
As the Council on Foreign Relations put it in an analysis report this week: “There is no question that Moscow will want to defend its position in Syria, but it is unclear yet whether that includes defending Assad.”
Turkey is also an important player and the CFR notes it seems likely Ankara is “reassessing” recent overtures to the Assad regime.
“If President Recep Tayyip Erdogan and his advisers believe that Assad is likely to fall, Turkey could renew its effort to be uniquely influential in a successor government in Damascus,” the think tank said.
Mr Hannoura on Wednesday emphasised, though, that the relaunch of the fight against the regime was “a purely Syrian decision", with “purely Syrian imperatives and priorities".
The speed with which rebel factions have recaptured areas of regime territory have left many fearful for minority factions.
As recently as last year, the US said Hayat Tahrir “committed abuse against members of religious and ethnic minority groups, including the seizure of properties belonging to displaced Christians”. The opposition has in recent days has sought to present itself as a coalition shedding itself of sectarianism.
Hayat Tahrir, the most prominent group emerging at the helm of the reinvigorated movement, addressed concerns from the Kurds, for example, saying: “In the future Syria, we believe that diversity is our strength, not our weakness.”
Mr Hannoura called on international organisations to “come and see things for themselves and monitor” future elections in opposition-held territories.
He said the opposition coalition has “absolutely no objection to any Syrian from any background” being a part of the future government.
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'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
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
More from Rashmee Roshan Lall
MATCH INFO
FA Cup fifth round
Chelsea v Manchester United, Monday, 11.30pm (UAE), BeIN Sports
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
UAE currency: the story behind the money in your pockets
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
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
RACE CARD
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
