Canada has announced plans to ease financial sanctions on Syria and to appoint an ambassador, as Damascus seeks international support for reconstruction following 13 years of civil war.
The Canadian government also said it is providing $58 million in new funding for humanitarian assistance.
Melanie Joly, Minister of Foreign Affairs, and Ahmed Hussen, Minister of International Development, said that sanctions would be relaxed for six months initially in what they called a “period of transition” for Syria.
The move aimed “to support democratisation, stabilisation and the delivery of aid”, the ministers said.
Many western nations, including Canada, imposed a range of sanctions on Syria under former president Bashar Al Assad, who was toppled in December by rebel troops led by Hayat Tahrir Al Sham. HTS now leads an interim government under new President Ahmad Al Shara.
“These sanctions had been used as a tool against the Assad regime and easing them will help to enable the stable and sustainable delivery of aid, support local redevelopment efforts, and contribute to a swift recovery for Syria,” the ministers said.
Ottawa also named an ambassador, Stefanie McCollum, who currently serves as Canada's envoy to Lebanon but will now act simultaneously as non-resident ambassador to Syria.
Canada said it would begin issuing permits valid for six months allowing Canadians to carry out financial transactions and services that are otherwise prohibited if they support democratisation, stabilisation and the delivery of humanitarian assistance.
It said it would allow funds to be sent through certain banks in the country, such as Syria’s Central Bank.
Easing sanctions displayed Ottawa's “commitment to deliver much-needed humanitarian assistance to the Syrian people and to support a transition to an inclusive and peaceful future”, the ministers said.
“This funding will support experienced humanitarian partners to deliver life-saving assistance, including food, protection services, water, sanitation and hygiene services, and health services. This brings Canada’s total humanitarian assistance to the Syria crisis this year to more than $100 million,” they said.
But the ministers also expressed concern over sectarian violence in Syria's coastal areas over the past week. More than 1,300 people have been killed, mostly members of the Alawite community to which Mr Al Assad belongs, according to the Syrian Observatory for Human Rights, a UK-based monitor that tracks fighting in Syria.
“We utterly condemn these atrocities and call on the interim authorities to take all necessary measures to end the violence,” the ministers said.
“Civilians must be protected, the dignity and human rights of all religious and ethnic groups must be upheld, and perpetrators must be held accountable.”
The new Syrian government has pledged to protect religious and ethnic minorities, with Mr Al Shara vowing on Sunday to hold anyone involved in the killing of civilians accountable.
“Canada reaffirms its commitment to support a peaceful and inclusive Syrian-led political transition that reflects the country’s ethnic and religious diversity,” the ministers said. “We call on all parties to prioritise the work toward de-escalation and national reconciliation and prevent the country from descending into fragmentation and violence.”
The biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”
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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.”
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
