Syrian rebels seize airbase as they progress towards Damascus


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AMMAN // Syrian rebels say they have captured a helicopter base east of Damascus after an overnight assault, their latest gain in a costly battle to unseat President Bashar Al Assad that is drawing nearer to his seat of power.

The Marj Al Sultan base, 15 kilomestres from the capital, is the second military facility on the outskirts of the city reported to have fallen to Mr Al Assad's opponents this month.

Activists said rebels had destroyed two helicopters and taken 15 prisoners.

"We are coming for you, Bashar," a rebel shouted in an internet video of what activists said was Marj Al Sultan. Restrictions on non-state media meant it could not be verified.

The rebels have been firming their hold on farmland and urban centres to the east and north-east of Damascus while a major battle has been underway for a week in the suburb of Daraya near the main highway south.

"We are seeing the starting signs of a rebel siege of Damascus," veteran opposition campaigner Fawaz Tello said from Berlin. "Marj Al Sultan is very near to the Damascus Airport road and to the airport itself. The rebels appear to be heading toward cutting this as well as the main northern artery to Aleppo."

Mr Al Assad's core forces, drawn mainly from his minority Alawite sect, an offshoot of Shiite Islam that has dominated power in Syria for nearly five decades, are entrenched in the capital.

They also have devastating air superiority although they have failed to prevent rebels increasing their presence on the edge of the capital and in neighbourhoods on the periphery.

A western diplomat following the fighting said Mr Al Assad still had the upper hand. "The army will allow positions to fall here and there, but it can still easily muster the strength to drive back the rebels where it sees a danger," the diplomat said.

"The rebels are very short of international support and they do not have the supplies to keep up a sustained fight, especially in Damascus."

Iran said Turkey's request to Nato to deploy Patriot defensive missiles near its border with Syria would add to problems in the region, where Iran is pitted against mostly Sunni Turkey and Gulf Sunni powers.

Syria has called the missile request "provocative", seeing it as a first step toward a no-fly zone over Syrian airspace which the opposition is seeking to help them hold territory against an enemy with overwhelming firepower from the air.

Nato has said the possible deployment of the missiles was purely defensive.

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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.

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“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.”

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