DAMASCUS // Syrian officials have held a series of recent meetings with leading Iraqi political figures, in an apparent attempt to isolate Iraq's prime minister, Nouri al Maliki, and bypass allegations of involvement in Baghdad bombings.
Formal relations between Syria and Iraq have been growing steadily worse since August, when Mr al Maliki publicly accused Syrian-based militants of carrying out devastating attacks in the Iraqi capital.
He immediately recalled Iraq's ambassador in protest, a move that took Syria, Iraqi politicians and western diplomats by surprise. Just one day before the August 19 bombings, Mr al Maliki and Bashar al Assad, the Syrian president, had agreed to enter a strategic cooperation deal that was of significant long-term importance to Syria's economy.
The sudden turnaround in the relationship was followed by a rapid deterioration. Iraq's security forces claimed Syrian involvement in a series of subsequent attacks that cost hundreds of lives, and that left the proposed Syria-Iraq strategic partnership in tatters.
Although there has been no rapprochement between Mr al Maliki and Mr Assad, or formally between the two governments, Syria has been reinforcing its ties to powerful mainstream factions from across Iraq's political spectrum. These steps may give Damascus a chance to outmanoeuvre the Iraqi prime minister and resurrect its hopes for economic cooperation.
This month, Ammar al Hakim, head of the Islamic Supreme Council of Iraq (ISCI), visited Syria, ostensibly to give his condolences to Mr Assad after the death of his younger brother.
Rather than being an apolitical trip however, Mr al Hakim pointedly conveyed "deep appreciation" for Syria's role in supporting Iraq, a marked contrast to Mr al Maliki's insistence that Damascus was sheltering terrorists. ISCI and Mr al Maliki's Dawa Party have long enjoyed close relations, but are competing against each other in the forthcoming Iraqi elections.
Mr al Hakim's comments were taken as a signal that ISCI did not believe Syria was involved in the bombings and that the Iraqi prime minister's allegations were, in fact, politically motivated. Mr al Maliki has staked his reputation on improved security, a claim weakened by a rise in violence that threatens his re-election prospects.
The Iraqi prime minister's political opponents have accused him of blaming Syria in an effort to deflect criticism over his own failures. That ISCI, an ally of Mr al Maliki and Iran, seems to share that view has made the Iraqi leader's position look increasingly isolated.
That apparent isolation was further underlined a few days after Mr al Hakim's visit, when the former Iraqi prime minister, Ayad Allawi, arrived in Damascus for a meeting with the Syrian president. Mr Allawi, a leading Iraqi secular figure with close ties to the United States, is expected to be a major player in the upcoming elections. His Iraqiyya coalition includes Saleh al Mutlaq, a leading Sunni figure, and Tareq al Hashemi, one of two vice presidents.
The series of visits - Mr al Hashemi was in Damascus on Friday - mean Syria can boast of close links to pro-Iranian Shiite factions, in the form of ISCI, to pro-US secularists, in the form of Mr Allawi, and, in Mr al Hashemi, Sunni figureheads.
In fact, most Iraqi factions maintain political offices in Syria, including Shiite hardliners and, at the opposite extreme, Iraqi Baathists, who fled their country following the overthrow of Saddam Hussein's regime. It has been their presence that ostensibly angered Mr al Maliki.
Syria's current good relations with Iraq's various players - barring Mr al Maliki's own Dawa party - have not produced any immediate dividend in terms of renewing severed Baghdad-Damascus cooperation. But Syria appears to be betting on these relationships putting it in a strong position after the next elections in Iraq, whatever their outcome.
Mr al Maliki may win enough votes to retain his seat as prime minister. Iraq's complex political system, however, makes it almost certain that he will have to form a coalition government. And there is every likelihood that will require him entering into an alliance with one of the groups that Syria has been courting, including the Iraqiyya bloc or ISCI.
Under those circumstances, Syria does not have to depend on Mr al Maliki losing the March ballot to see relations with Baghdad improve. Damascus will already have sewn up deals with the various parties Mr al Maliki himself depends on and, therefore, will be well placed to exert pro-Syria pressure on the new prime minister's policy.
After years of insecurity and struggle following the US-led invasion - in which Damascus was widely accused of playing a spoiling role - Syria was eagerly anticipating closer ties with Baghdad. In particular it was hoping to conclude those lucrative gas and oil deals with its wealthier neighbour.
Those hopes were threatened by the sudden fallout with Mr al Maliki. Yet it appears that Syria, long renowned as a wily player on the regional political scene, has been quietly hedging its bets. Now, however the cards fall in Iraq's elections - and even if an anti-Syrian Mr al Maliki wins - Damascus feels it will have a better-than-even chance of manoeuvring Baghdad back onto its side.
Email:psands@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.”
BIRD%20BOX%20BARCELONA
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
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
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
2024%20Dubai%20Marathon%20Results
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How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Match info
Costa Rica 0
Serbia 1
Kolarov (56')
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
Results
5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m
Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)
6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m
Winner Bright Start, Pat Cosgrave, Saeed bin Suroor
6.40pm Handicap (TB) Dh92,500 (D) 2,000m
Winner Twelfthofneverland, Nathan Crosse, Satish Seemar
7.15pm Handicap (TB) Dh85,000 (T) 1,600m
Winner Imperial Empire, Tadhg O’Shea, Satish Seemar
7.50pm Handicap (TB) Dh92,500 (T) 2,000m
Winner Record Man, Tadhg O’Shea, Satish Seemar
8.25pm Handicap (TB) Dh92,500 (D) 1,600m
Winner Celtic Prince, Fabrice Veron, Rashed Bouresly
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
