ISTANBUL // Clashes between Syrian-Arab insurgents and Kurds in northern Syria and threats by a major Kurdish rebel force to send its fighters to the region have raised the spectre of further escalation and intervention by Turkey.
The fighting in the northern city of Aleppo last Friday was the first known case of Syrian-Arab rebels exchanging fire with Syrian Kurds, who number around two million people - about 10 per cent of the country's population.
The Kurds have largely stayed out of the conflict between the opposition and the regime of Bashar Al Assad in which an estimated 30,000 people have been killed since the uprising began in March last year.
After the Aleppo clashes, the Kurdistan Workers' Party (PKK), a rebel group that has been fighting for Kurdish self rule in Turkey since 1984 and has several thousand armed fighters, said it might intervene militarily in that part of Syria.
Speaking about the Aleppo clashes yesterday, Bassam Imadi, a leading member of the Syrian opposition in exile, said: "This is a very dangerous development."
He said there was a danger of a new front opening up in Syria. "It will create a diversion that will hurt everyone," he said. "It diverts attention from the fight against the regime."
The Syrian Observatory for Human Rights, a watchdog group, said 30 people were killed in the violence in Aleppo.
"Clashes took place between fighters from the Arab rebel groups and members of the Kurdish popular defence units, which are under the control of the Democratic Union Party (PYD)", the group said in a statement on its Facebook page. It also reported that Arab fighters released about 120 Kurds they had taken prisoner during the fighting.
The PYD is the Syrian branch of the PKK. Turkey accuses the PKK of trying to gain a foothold in Kurdish areas of northern Syria and has warned it will not tolerate a strong PKK presence on the other side of its border with Syria.
There are deep tensions between the PYD, which has been seen as doing the regime's bidding, and the rebels, seen by the Kurds as being influenced by an Islamist agenda.
In a statement carried on Sunday by the Firat News Agency, a PKK mouthpiece, a Kurdish umbrella group led by the PKK said the Arab groups involved in the fighting in Aleppo had launched attacks "trusting the Turkish state".
"If they are insistent in these attacks, they should know that we, as the Kurdistan Freedom Movement, may be obliged to make a stand for our people in West Kurdistan and send military support," said the statement by the Union of Communities in Kurdistan (KCK), in reference to northern Syria.
The KCK, which was founded by the PKK leader, Abdullah Ocalan, and is chaired by leading PKK commander Murat Karayilan, accused Turkey of being behind the recent escalation.
"No one should enter into the game of the Turkish state and fight against the Kurdish people," the statement said. "The whole Kurdish people is behind the people of West Kurdistan."
Turkey and the Syrian opposition in exile say the PKK had used the chaos produced by the fighting in much of Syria to build up its presence in the country's northern parts and had sometimes acted in coordination with the Assad government.
"The Kurdish PKK and its sister party, the PYD, have been with the regime and against the revolution," said Mr Imadi, a member of the foreign relations committee of the Syrian National Council (SNC), an opposition umbrella group.
Neighbouring Turkey, a foe of Mr Al Assad and supporter of the opposition, was unlikely to remain passive if the escalation continued, Mr Imadi said. "I don't think that Turkey will remain silent if the PKK tries to control areas inhabited by Kurds" in Syria, he said.
The Turkish daily Milliyet reported yesterday that PKK units had taken over several border posts near Turkey from the Syrian military. There was no official confirmation. Recep Tayyip Erdogan, the Turkish prime minister, said in July his country was prepared to attack PKK fighters inside Syria.
Mr Imadi said local mediation efforts in Aleppo were continuing. He said he hoped for a speedy resolution of tensions there, which he characterised as "some individual matters", as opposed to a more deep-running conflict.
"Things have quieted down now," he said.
tseibert@thenational.ae
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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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
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Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
TALE OF THE TAPE
Floyd Mayweather
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Conor McGregor
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
