A Syrian delegation is expected in Lebanon next week to discuss the fate of thousands of Syrian detainees held in overcrowded prisons, Lebanese Deputy Prime Minister Tarek Mitri told The National.
He rejected rumours that a trip by Syrian officials set for this week had been postponed. “There was never a specific appointment. We were discussing the date and they had not confirmed any date yet,” Mr Mitri said.
Mr Mitri heads a ministerial committee tasked with addressing issues related to displaced Syrians in Lebanon – including the potential repatriation of more than 2,000 Syrian detainees.
Damascus has informally demanded the handover of thousands of Syrian prisoners, sources previously told The National. Some of those prisoners were convicted on terrorism charges. Hundreds of those detained are Islamists and Lebanon fears attacks by extremist groups.
Syrians make up around 30 per cent of Lebanon’s prison population, according to Interior Minister Ahmed Al Hajjar. At least 190 were arrested for taking part in the uprising against deposed Syrian president Bashar Al Assad, the Syrian Network for Human Rights estimates.
“In our conversations, they referred to prisoners that they said are arrested in Lebanon on suspicion of being in opposition to the [Syrian] regime,” Mr Mitri said. “If this is the case and we have a list of people, we will look into that list.”
A judicial source told The National that Syrians are not arrested in Lebanon unless it is for crimes committed in the country.
Mr Mitri said any talks on repatriation would have to respect Lebanon’s legal framework. “We’re willing to discuss the [detainees], but in Lebanon there’s due process. It depends on whether they’ve been sentenced, are they awaiting trial, the kind of crimes committed. So we’re open to discussing the issue, but we have to abide by due process.”
He dismissed rumours of a general amnesty for Syrian detainees, saying authorities would instead review extraditions on a case-by-case basis.
“We have not received any formal request about anybody,” he said, although he suggested a framework could emerge after the meeting.
“We don't have a treaty between Syria and Lebanon regarding the exchange of prisoners, so we have to work on a treaty, which can happen in a week. It’s not difficult. There are many similar treaties in the works,” Mr Mitri said.
According to the Access Centre for Human Rights, which focuses on human rights violations related to Syrians, Syrian detainees in Lebanon's Roumieh prison face inadequate medical care.
The Syrian Foreign Relations office did not respond to a request for comment from The National regarding the upcoming visit and the issue of detainees in Lebanon.
Lebanon's prisons are notorious for their overcrowding and cramped conditions, with a population hovering around 8,500. Last year, about 80 per cent of detainees were yet to have their case go to trial.
Lebanese Justice Minister Adel Nassar last month told The National that Lebanon was seeking a treaty to allow Syrian prisoners to serve the rest of their sentence in their homeland.
“When the Prime Minister went to Syria I addressed this issue with him,” Mr Nassar said, referring to the April visit to Damascus by Nawaf Salam, himself a former judge who headed the International Court of Justice until the start of the year.
Mr Salam said during the visit that his government wanted to "open a new page" in relations with Syria, which occupied Lebanon until 2005. In December, Syrian President Ahmad Al Shara said his country would not negatively interfere in Lebanon and would respect its neighbour's sovereignty.
The Lebanese government estimates about 1.5 million Syrians are in the country in total, although figures are hard to verify.
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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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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
