BEIRUT // The Syrian president, Bashar Al Assad, has vowed to fight to the death and maintain his bloody crackdown on opposition forces fighting to end his rule.
The capital, Damascus, awoke to two loud explosions yesterday, which activists said was an attack on a major building belong to Mr Al Assad's Baath party.
Arab League foreign ministers battling to force concessions from Mr Al Assad's government will hold another crisis meeting on Thursday after they yesterday rejected Syrian efforts to amend a league-brokered peace deal.
"The conflict will continue and the pressure to subjugate Syria will continue," Mr Al Assad told Britain's The Sunday Times newspaper. "Syria will not bow down".
He said he was prepared to die, echoing the defiant stand of the Libyan dictator, Muammar Qaddafi, who was killed by revolutionary forces after they over-ran his last hold-out in October.
"This goes without saying and is an absolute," Mr Assad said.
The Arab League had given Syria until Saturday to comply with a peace plan that would entail a military pullout from around areas involved in the protests, and threatened sanctions if Mr Al Assad failed to end the violence.
The league, a group of Arab states, suspended Syria's membership in a surprise move last week. Yesterday, it rejected Syrian efforts to amend the peace plan's proposal for a 500-strong team to monitor the violence.
It did not detail what the amendments were.
The United Nations has said the crackdown on Syrian protesters has killed more than 3,500 people since March. Syrian authorities maintain more than 1,000 government forces have also died.
Dozens more people have been killed in clashes since Friday, activists said.
Syria's foreign minister, Qalid Al Muallem, yesterday said world powers were using the Arab League as a tool to force the Syrian issue to the United Nations Security Council. "There is no room for hasty decisions, but rational thinking is needed because there are some parts of the Arab world which are using the Arab League as a tool to reach the Security Council," he said during a news conference in Damascus yesterday.
Asked about Mr Al Assad's comments, Mr Muallem said: "If the battle is imposed on us, we will fight. "We hope it will not be imposed on us ... the problem in Syria can only be solved by the Syrians themselves."
Mr Muallem said the proposed monitoring mission gave excessive authority to the observers and violated Syria's sovereignty. He denied Damascus had sought to restrict the observers' movement in Syria. He did not give further details.
Non-Arab Turkey, once a close ally of Mr Al Assad's, is also taking an increasingly tough stance against Damascus.
Turkish newspapers reported on Saturday Ankara had contingency plans to create no-fly zones to protect civilians in neighbouring Syria if the bloodshed worsens.
"It's almost certain that Bashar Al Assad's regime is going down, all the assessments are made based on this assumption. Foreign ministry sources said that the sooner the regime goes down, the better for Turkey," one paper said. "It is out of the question that Turkey carries out a military intervention to change the regime. However, it takes a flexible stance on opposition groups running activities in Turkey."
The Turkish president, Abdullah Gul, told Britain's Telegraph newspaper: "With a strong and clear voice we are saying that the legitimate demands of the [Syrian] people are being supported by us."
The dissident Syrian colonel, Riad Al Asaad, organising defectors in Syria from his new base in southern Turkey, said in a television interview with Al Jazeera on Saturday that no foreign military intervention was needed other than enforcing a no-fly zone and supplying weapons.
He said more deserters would swell his Free Syrian Army's ranks if there were protected zones to which they could flee. "Soldiers and officers in the army are waiting for the right opportunity," he said.
In his interview with The Sunday Times, Mr Al Assad repeated his assertion any foreign military action against Syria would create an "earthquake" across the Middle East. "If they are logical, rational and realistic, they shouldn't do it because the repercussions are very dire. Military intervention will destabilise the region as a whole, and all countries will be affected," he said.
* Reuters with additional reporting by Associated Press
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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.”