Syria has unveiled a new national emblem which reflects the country’s “united, indivisible” identity, according to Syrian President Ahmad Al Shara.
Mr Al Shara launched the new emblem at the People’s Palace in Damascus on Thursday, with Syrians taking to the streets in the capital and in provinces to celebrate.
The design features the golden eagle, which symbolises “strength, determination, speed, mastery, and innovation in performance”, Mr Al Shara said. Three gold stars above the bird of prey represent the “liberation of the people”.
The eagle’s tail has five feathers that represent the country's main geographic regions − north, east, west, south and central − symbolising Syrian unity.
Its wings are made of 14 feathers, representing Syria’s governorates. The “symbolic, symmetrical arrangement” of the wings aims to show “the importance of each Syrian governorate and its role in the stability of the state”, reported state-run news agency Sana.
“Syrian people … History tells us that the era of your decline has passed, the time of your rise has come, your blood was not shed in vain, your suffering was heard, your migration has ended, your prisons have been dissolved and patience has brought you victory,” Mr Al Shara said at the unveiling ceremony.
“We cannot celebrate this occasion without extending a sincere and grateful salute to all the Syrian youth who contributed to building this identity, to all those who participated in it inside and outside the country, taking the initiative, being creative, defying circumstances and believing that beloved Syria deserves more.”
Mr Al Shara, a former militant with Al Qaeda in Iraq, came to power last December, after his Hayat Tahrir Al Sham rebel group led a lightning offensive that ended former president Bashar Al Assad’s 24-year rule.
The government, which is dominated by HTS figures, is trying to unify and rebuild the country after more than 13 years of civil war.
Mr Al Shara said the new national emblem aims to restore “confidence and dignity” among Syrians, both at home and abroad, and signifies a state “that does not accept division” and where cultural and ethnic diversity is a factor of enrichment, not conflict.
However, attacks on minorities in the past six months underline the challenges it faces in creating such a state.
A suicide bombing that killed at least 25 people at a church in Damascus last month was claimed by a HTS splinter group that is said to operate like ISIS and is highly critical of Mr Al Shara.
The group also claims to have taken part in a retaliatory killing spree against members of the Alawite minority in March, in which more than 800 people, mostly civilians, were killed, according to an estimate by the UK-based Syrian Network for Human Rights.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.”
UAE currency: the story behind the money in your pockets
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
