Turkey's Foreign Minister Ahmet Davutoglu, R, leaves a meeting on Saturday where Turkish leaders discussed how to respond after Syria shot down a Turkish fighter jet.
Turkey's Foreign Minister Ahmet Davutoglu, R, leaves a meeting on Saturday where Turkish leaders discussed how to respond after Syria shot down a Turkish fighter jet.

Turkey: our jet may have violated Syria airspace



ISTANBUL // Turkey's president said yesterday a Turkish military jet shot down by Syria over the Mediterranean Sea may have violated Syria's airspace.

"Given the speed with which jets fly over the sea, it is routine for them to cross over a border for a short distance," Abdullah Gul said in televised remarks. A flight path like that did not mean "hostile intent", he said.

Analysts said a full-blown military confrontation between the countries was unlikely, even though the incident may have been intended as a warning to Ankara and may have killed the two Turkish pilots.

Turkey's opposition called on Ankara to explain what a military surveillance plane was doing so close to Syria. One analyst pointed to speculation that the aircraft may have been on a mission to gather intelligence about military activities by Russia in the region.

In the second emergency meeting within 24 hours, Recep Tayyip Erdogan, the prime minister, gathered government ministers, military officers and intelligence officials in Ankara yesterday to discuss the search for the two missing pilots and an appropriate response.

The Turkish jet, a Phantom F-4, took off at 10.30am local time (11.30am UAE) on Friday from an airbase in Malatya in eastern Anatolia, the general staff in Ankara said. About one and a half hours later, as the jet was flying over the sea to the south-east of the Turkish province of Hatay, which borders Syria, controllers lost radio contact with the aircraft.

"It has been understood that our aircraft was brought down by Syria," said a statement posted on the prime ministry's website.

"Turkey will make its final position clear and take the necessary steps with determination once the incident is completely clarified," the statement said. According to Turkish media reports, the aircraft was an unarmed reconnaissance jet. Bulent Arinc, a deputy prime minister, told Turkish media yesterday that the jet was "not a war plane, but used for training and reconnaissance".

A Syrian spokesman told the country's official news agency Sana that the military had opened fire on an "unidentified target" that had entered its airspace, according to Agence France-Presse.

The aircraft was "coming from the west at a very low altitude and at high speed over territorial waters", the spokesman said. Fire from anti-aircraft batteries hit the plane as it was one kilometre away from land. The jet crashed about 10 kilometres off the coast of Latakia province, in Syrian waters, he said. It was only at that point that Syria realised the jet was Turkish.

A video on the website of the Turkish newspaper Hurriyet showed what the newspaper described as Syrians on a beach near the area where the jet came down. In the clip, sudden gunfire is heard and people point to an object on the horizon.

Following an incident in April, when Syrian troops fired across the border, killing two Syrian refugees and injuring two Turkish citizens, Mr Erdogan suggested that Turkey could ask its Nato allies for help. There was no indication yesterday that Turkey wants to get the alliance involved this time. Turkey, a former ally of Syria, has turned away from Damascus because of the government's repression of an uprising against Bashar Al Assad, the Syrian president.

Oytun Orhan, an analyst at the Center for Middle Eastern Strategic Studies (Orsam), a think tank in Ankara, said he did not expect Turkey to launch a broad military attack against Syria. "I don't think there will be a big revenge operation," Mr Orhan said. "Maybe a very limited show of strength."

Seda Altug, an expert on Syria at Istanbul's Bosphorus University, agreed. "Turkey will not use this incident as a pretext to go to war in Syria," she said. "I do not see this as the beginning of a war."

Mr Orhan said Turkey's response would depend on whether the Turkish jet had actually crossed into Syrian airspace, whether Syria would offer an apology and on how Turkey's western allies react. He said Ankara's stance would "become clear in the coming days".

Mr Orhan added he was surprised the Syrians shot down the Turkish jet without warning. "That is a hostile act," he said.

Syrian analysts said the decision to fire was intended as a warning for the international community, and to boost the morale of regime supporters domestically. Opposition groups have often speculated that Syria would not react to a no fly zone enforced by Nato, fearing it would trigger a strong military response.

That notion may now have been dispelled.

"This is a clear message from the Syrian regime to Nato and to Turkey that it is not afraid of them and that it has strong air defences and can and will use them if foreign air forces try to become involved," said a Syrian analyst.

In Turkey, Gultan Kisanak, a leader of the opposition Party for Peace and Democracy, Turkey's main Kurdish party, said the government had to tell the public why the aircraft was flying so close to Syria's border. "If it is unable to answer what the plane was doing there, what its mission was and why it violated the border, then we have a big problem," Ms Kisanak said, according to Turkish news reports.

Mr Orhan said the jet may have been on a spying mission. He said there had been reports in recent days saying that Russia had extended its military presence in the region where the jet went down. He also pointed to news reports, denied by Damascus, saying that Syria was planning joint war games with Iran, Russia and China that would include naval forces.

tseibert@thenational.ae

psands@thenational.ae

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Name: Almnssa
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Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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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.”

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

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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
Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

COMPANY%20PROFILE%20
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AS%20WE%20EXIST
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