Since December 8, Israel has regularly bombed Syria, sometimes striking what it has said are “strategic” weapons formerly possessed by the regime of Bashar Al Assad, which it claims could one day pose a threat.
The arms have either been abandoned or inherited by security forces of the new Syrian administration led by Ahmad Al Shara and his coalition of groups in Hayat Tahrir Al Sham, which includes several extremist factions.
Israel and Syria, bitter foes since the 1948 Arab-Israeli war, fought multiple conflicts during the Baathist rule of the Assad dynasty after 1971, including one of the largest modern air battles in 1982.
Mr Al Sharaa has said Syrians are war-weary and not seeking new conflicts, although he has been unable to stop massacres of Alawite civilians committed by allied factions.
Recent Israeli attacks hit port infrastructure in Latakia and Tiyas airbase, also known as T-4, one of Syria’s largest and previously home to Iranian advisers and equipment, including drones.
The second round of strikes on Tiyas on March 22 hit remaining SU-24s, outdated aircraft that had been flying for at least 30 years.
Syria has called the attacks a “flagrant” violation of the country’s sovereignty, also condemning an expanded Israeli occupation of a zone near the Golan Heights, which was meant to be demilitarised based on a 1974 ceasefire. Israeli forces, claiming to be protecting minorities, particularly the Druze community, have seized weapons caches and clashed with locals.
A once mighty army
From a military standpoint, the ground and air raids raise the question of how many arms were left in Syria after the fall of Bashar Al Assad’s regime, once one of the most heavily armed in the Middle East with powerful air defences and one of the largest tank forces in the world.
The answer, if recent strikes are anything to go by, is a substantial amount, even after devastating attacks on Syria’s navy at the start of the campaign, destroying 15 vessels previously unscathed from the country’s 14 year conflict. A key target of Israeli anti-naval operations would have been powerful Yakhont anti-ship missiles.
Two days into Israel’s operation Bashan Arrow to destroy the weapons stockpiles and abandoned aircraft, Israel said it had destroyed “most of the strategic weapons stockpiles in Syria."
An air strike a week later indicates how much material was left, when a blast near Tartus on December 16 registered as a magnitude 3 seismic event.
For comparison, the US Geological Survey said the 2020 Beirut port blast, which killed over 200 people and damaged thousands of buildings in the Lebanese capital, registered at magnitude 3.3. The poorly stored fertiliser which exploded at Beirut port – 2,494 tonnes of it – was the rough equivalent of about 1,000 tonnes of TNT, giving an idea of how much explosive detonated in the hills near Tartus.
An amount of TNT that size could fill approximately 1,000 Syrian Scud B missiles or many thousands more smaller rockets – although Assad is highly unlikely to have had that many of the huge 600 kilometre range missiles in storage.
According to the Federation of American Scientists, Syria likely had around 300 of the Soviet-era Scud missiles stockpiled in the mid-90s. Janes, a British defence consultancy, believes North Korea assisted Syria in domestic Scud B production after 2008. Even accounting for Scuds used in the civil war or bombed by Israel until Assad’s fall, there could be many left.
In the final year of the Assad regime, Israel also raided and heavily bombed underground missile production at Masyaf, said to have been built with Iranian help.
These weapons, according to Israeli intelligence in 2015, were among the 90 per cent of Syria’s total missile arsenal expended in the 2011-2024 civil war.
Missiles are still a top priority target for Israel, with the December 16 strike hitting the former Syrian Army’s 107th missile brigade. Exactly how much is left in storage is uncertain but a single shipment from Iran, intercepted in 2009, contained around 2,000 122mm rockets.
Depending on how many were sent to Hezbollah or have been bombed so far, remaining caches could be very large, like the one that hit in Tartus.
Air defences are still being targeted, although Assad’s forces failed to use the capability to shoot down an Israeli jet since 2018, when an F-16I was downed during a day-long exchange of strikes.
Israel had destroyed most air defence systems in a long air campaign against Iranian resupply of Hezbollah in Lebanon through Syria even before Assad fell.
According to local witnesses, an abandoned air defence battalion site was bombed near Tartus on March 3. Even with the help of former Assadist air defender support, it’s not clear how effective remaining systems would be in the hands of HTS, with many dating back decades – apart from some Russian Pantsir systems delivered in 2008.
A future crisis
Either way, it is obvious that Syria is being violently disarmed, with uncertain regional consequences.
“In some ways this campaign makes no sense, because we have to remember, if you want HTS to fight against ISIS, or against the Iranian presence in Syria, you need them to have capabilities, and adding to that, if they don't have the capabilities then of course, Turkey will be happy to supply these capabilities,” says Danny Citrinowicz, a former senior Israeli military intelligence officer and non-resident fellow at the Atlantic Council’s Middle East programme.
“Let's see if Israel is willing to bomb Turkish equipment that will arrive to HTS. It's not a smart move, but it's connected to the Israeli strategy now in Syria, weakening Ahmed Al Sharaa, making sure that he's not able to control Syria. Because we don't know whether he’s a violent jihadi or not.”
Israel’s foreign Minister Israel Katz said that the army had been ordered to "establish a sterile defence zone free of weapons and terrorist threats in southern Syria,” but now this has become an open-ended operation on Syrian soil.
“Of course, there is the operation preventing Al Sharaa from operating in the south near Golan, preserving Israel presence in Herman mount and in the buffer zone. So all of this activity is actually connected to the strategic logic of ‘we are not going to support Al Sharaa. On the contrary, we're going to weaken him.’ We will prevent Syria from being controlled again as a central regime by someone who you don't know his intention, because maybe in a few years’ time, he'll do A, B and C.
“This is, I think a counterproductive policy. It’s quite different to that of the US or the EU in that regard. They are saying that they're sceptical of Al Sharaa and his motives, but they want to give him some sort of benefit of the doubt.”
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Fulham 1
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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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