ANKARA // Syria said it shot down a Turkish military plane that entered Syrian air space, and Turkey vowed to "determinedly take necessary steps" in response.
It was the most clear and dramatic escalation in tensions between the two countries, which used to be allies before the Syrian revolt began in March 2011. Turkey has become one of the strongest critics of the Syrian regime's brutal response to the country's uprising.
Late Friday, Syria's state-run news agency, SANA, said the military spotted an "unidentified aerial target" that was flying at a low altitude and at a high speed.
"The Syrian anti-air defenses counteracted with anti-aircraft artillery, hitting it directly," SANA said. "The target turned out to be a Turkish military plane that entered Syrian airspace and was dealt with according to laws observed in such cases."
Turkey issued a statement Friday night following a two-hour security meeting led by Turkish Prime Minister Recep Tayyip Erdogan, saying Syrian forces downed the plane and that the two Turkish pilots remain missing.
It said Turkey "will determinedly take necessary steps" in response, without saying what those actions would be.
"Following the evaluation of data provided by our related institutions and the findings of the joint search and rescue efforts with Syria, it is understood that our plane was downed by Syria," the statement said, without providing other details.
Relations between Turkey and Syria were already tense before the downing of the F4 plane on Friday.
Turkey has joined nations such as the US in saying that Syrian President Bashar Assad should step down because of the regime's brutal suppression of the uprising in his country. Turkey also has set up refugee camps on its border for more than 32,000 Syrians who have fled the fighting.
Syria and Turkey have expelled each other's ambassadors and Syria has accused Turkey of supporting Syrian opposition and even allowing Syrian rebels to operate out of Turkish soil. Turkey strongly denies the allegations.
After a cross-border shooting by Syrian forces in April, Turkey said it would not tolerate any action that it deemed violating its security. The firing had left two refugees dead at a camp near the town of Kilis just inside Turkey.
Foreign Ministry Spokesman Selcuk Unal earlier on Friday rejected allegations that Turkey was sending arms and other equipment to Syrian rebels as baseless. Unal said Turkey was not sending weapons to any of its neighbors, including Syria.
Turkey's military provided no details on the downed plane's mission Friday, but some Turkish TV reports said it was on a reconnaissance flight.
Syria claimed the jet violated its air space over territorial waters, penetrating about 1 kilometre, but that Syrian vessels joined the search for it, according to Turkey's NTV television. It said Syria forces realised that it was a Turkish jet after firing at it.
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”