BEIRUT // Fighting between rebels and government troops was reported in parts of Damascus for a third day yesterday as the Muslim Brotherhood called on the Syrian people to back the opposition.
The Islamist group urged Syrians to support rebel fighters in the capital and to hold demonstrations against the regime of Bashar Al Assad.
"Prepare to become soldiers in the decisive battle. You will secure victory with your own two hands," said the Brotherhood, which is banned in Syria.
"Our battle is now in Damascus … and this requires that we mobilise all the forces and all our efforts to secure victory."
Sustained fighting has been reported since Sunday in parts of the capital including the neighbourhoods of Midan, Kfar Souseh and Qadam. Before this week there had only been sporadic clashes in Damascus since the uprising began 16 months ago.
Some anti-government activists said the intensifying violence in Damascus marked a turning point in the revolt.
Yesterday, Sana, the Syrian state news agency, referred to the clashes, saying that authorities "confronted an armed terrorist group" in the neighbourhood of Naher Aisha and another near Midan.
Residents in some of the hardest hit areas, including Midan, were reported to have fled to safer parts of the city, but one Damascus resident said that nowhere in the capital feels safe at the moment.
A mother-of-two who lives in the Mezeh area of the capital said the sound of helicopters, shelling and explosions could be heard throughout yesterday. "People are very scared and are cursing the regime and the revolution," she said.
One rebel solider said they were continuing to fight because they had no way to retreat to safer areas. "If they could leave, they would," he said.
The rebel Free Syrian Army said yesterday it shot down helicopter gunship in the Damascus area of Qaboon. The Syrian Observatory for Human Rights said that "according to several witnesses, a helicopter fell after being hit by several rebel shots".
The Local Coordination Committees (LCC), an opposition group, yesterday reported that residents in Qaboon were sending out SOS messages and calling for medical help.
Violence was also reported in other parts of the country including Idlib, Deraa and Zabadani, a town outside Damascus that the LCC said was under its heaviest bombardment since the start of the uprising.
The LCC reported at least 45 people killed yesterday across Syria, including 14 in Damascus.
General Manaf Tlass, a key defector from the Al Assad regime, said in a statement yesterday that he was in Paris and called for a "constructive transition" in the country. He said he wanted Syria "to emerge from the crisis through a phase of constructive transition" and expressed his "anger and pain at seeing the army pushed to carry out a fight that is against its principles".
The United Nations-Arab League special envoy Kofi Annan met the Russian president Vladimir Putin yesterday amid efforts to broker a united international plan to end the crisis.
"From the very start, from the first steps, we supported and continue to support your efforts aimed at restoring civil peace," Mr Putin told Mr Annan at the start of the talks.
"We will do everything that depends on us to support your efforts."
Mr Annan's visit to Russia comes ahead of a key UN Security Council vote, due to be held today, on a western-backed draft resolution that calls for harsher sanctions against the Syrian regime.
The draft invokes Chapter Seven of the UN Charter, which opens the possibility for measures including military force.
Russia and China have previously blocked tougher actions against Syria, but have said they support Mr Annan's peace plan, which has failed to stop the violence.
Ban Ki-moon, the UN secretary general, yesterday called for unified Security Council action on Syria as he arrived for a visit to Beijing.
"The UN Security Council needs to be united and take action," said Mr Ban, who is expected to hold talks with the Chinese president. Hu Jintao, today.
China's official People's Daily newspaper ran a commentary yesterday voicing strong opposition to the use of force against Syria - an indication that China may again veto the latest Security Council resolution.
"A political solution is the only way out of the Syrian problem," the commentary said.
Yesterday, a spokesman for Iran's foreign ministry, Ramin Mehmanparast also warned against foreign intervention in Syria. Iran - which along with China and Russia remains one of Syria's main allies - has offered to host a meeting between the Al Assad regime and the opposition.
"Iran is prepared to use all its capacities to resolve the crisis in Syria," Mr Mehmanparast said.
Just days after the International Committee of the Red Cross said that it now considers Syria to be in a state of civil war, the Iraqi government has urged its citizens in the country to return home.
Ali Al Dabbagh, a government spokesman, said there had been an increase in killings and assaults on Iraqis in Syria, a country to which thousands of Iraqis fled during the height of that country's recent conflict.
zconstantine@thenational.ae
* With additional reporting by the Associated Press, Reuters and Agence France-Presse
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
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
RESULTS
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COMPANY%20PROFILE
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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.”
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
COMPANY%20PROFILE%20
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final