DAMASCUS // Supporters of the Syrian president hailed it as a masterful display, outlining a clear vision of the future for a crisis-hit land. But Bashar Al Assad's critics, and even the few remaining moderates, saw his fourth national address as a final nail in the coffin of hopes for a peaceful settlement.
In a speech on Tuesday, followed by a rare personal appearance alongside his wife and children at a mass rally of adoring loyalists in Damascus the next day, Mr Al Assad pledged to use an "iron fist" against his "terrorist" enemies and proclaimed victory was at hand.
Political reforms were under way, he said, but would not be hurried, and he made it clear there would be no "new" Syria.
No mention was made of a possible presidential election or any commitment to limits being placed on the absolute power with which his family has ruled for four decades.
"It has now been 10 months of this crisis and it seems they have learnt nothing, we've moved backwards, not forwards," said a veteran political dissident who has mediated between security forces and protesters to try to prevent bloodshed.
Until Mr Al Assad's latest speech he had been continuing - if forlornly - to try to broker a political compromise that would bring about peaceful reforms to Syria's autocratic system of governance.
"It's the same rhetoric - even harder than before - it is the same 'solutions' that have already failed," the dissident said. "We can be under no illusions now, there will be no change, we are stuck on this course."
The Arab League plan designed to halt the violence has instead only heightened that sense of despair. The league's observer mission is unravelling. Two monitors have already quit and more may follow suit.
Previous addresses by Mr Al Assad - in March, April and June - had all been accompanied by some degree of anticipation that a grand gesture of reform or step towards reconciliation might be about to take place and save the situation.
Although there had been some half-hearted media speculation that the Syrian president would use this latest speech to announce a national unity government, including opposition figures, when news broke late on Monday that Mr Al Assad would address the nation the following morning, it was greeted largely with indifference.
"With the previous speeches there was some lingering hope, despite all the facts, that real political decisions were going to be made," said one Syrian analyst. "But with this one, I had no hope, no expectation. It wasn't important, I knew there would be nothing new in it."
In a middle-class suburb on the southern edge of Damascus, a 35-year-old father of two who keeps a careful eye on domestic and international politics - and who had gone out of his way to watch previous speeches and interviews with Mr Al Assad - missed the address.
"There was a power cut so I couldn't watch," he said. "I saw some highlights afterwards and what can I say, it's nice to know the regime thinks the crisis is almost over but no one else seems to."
He cited a growing sense of insecurity amid spreading violence, the declining value of his fixed state salary and the experience of watching his extended family slide closer to poverty.
"If this is almost over, why is there no electricity, why can't I get gas to cook with, why is petrol so expensive, why are schools closed, why is it now too dangerous for me to travel around my own country?" he said. "The situation is bad and it will get worse, I'm afraid that's the truth."
Underlining the deep divisions in Syria between those with and those against the regime, a staunch supporter of Mr Al Assad living in the same middle-class Damascus neighbourhood professed his delight with the speech. "It was great," he said, sitting in his office, darkened and cold because of power cuts and fuel shortages. "The president is a good man and a clever man, the army is strong, there is nothing for us to fear."
Sana, the official news agency, carried stories in which ordinary Syrians and political analysts praised the address as historic, calm, accurate and self-confidence. "Citizens stressed that President Al Assad's speech was transparent and clear, reflected the will of the Syrian people and shaped the next phase of the future vision on Syria," one story said.
In central Damascus, a Syrian Kurd who wants to see real reforms but without violence or foreign military intervention, quietly and sadly said his country was sliding towards war.
"We wanted the regime to move from the security arena to the political arena and I had expected the president to have led that. He's young and could have made that change but he has decided on the security line and had not moved from it," he said. "This speech will push the opposition to be more radical and the loyalists to be more radical. We now have hard-line loyalists and hard-line opposition and there is no voice of reason any more."
psands@thenational.ae
How Beautiful this world is!
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.”
MATCH INFO
Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')
Man of the match: Theo Walcott (Everton)
Company%20profile
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Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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.
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Women%E2%80%99s%20Asia%20Cup
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Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
