Syria’s new rulers have appointed Maysaa Sabrine as the governor of the Central Bank of Syria, making her the first woman to hold this position in the bank’s history. Photo: Supplied
Syria’s new rulers have appointed Maysaa Sabrine as the governor of the Central Bank of Syria, making her the first woman to hold this position in the bank’s history. Photo: Supplied

Syria's new leaders appoint first woman head of central bank



Syria's interim government has appointed Maysaa Sabrine as the first woman to head the country's central bank, a spokesman said.

Ms Sabrine, a long-serving official at the bank who was previously its deputy governor, replaces Mohammed Issam Hazime.

Mr Hazime was appointed central bank governor in 2021 by former president Bashar Al Assad and continued in his post after Mr Al Assad was overthrown by rebels on December 8.

The bank has taken steps to liberalise the economy under the new government, removing controls imposed under Mr Al Assad such as the need for pre-approvals for imports and exports and restrictions on the use of foreign currency.

Diana Rayes, a non-resident fellow for the Syria Project at the Atlantic Council think tank, said Ms Sabrine's appointment was "a positive step toward more inclusive governance and shows the authorities are giving priority to macroeconomic stabilisation and recovery".

"Her appointment underscores the significance of technocratic expertise and knowledge of how the state functions and has been functioning, including part corruptive practices that Sabrine can potentially shed light on and offer insights into how to rectify," she wrote on X.

The central bank has taken stock of the country's assets after Mr Al Assad's fall and a brief spate of looting that saw Syrian currency stolen but the main vaults left unbreached, Reuters reported.

The vault holds nearly 26 tonnes of gold, the same amount it had at the start of its civil war in 2011, sources told Reuters, but foreign currency reserves had dwindled from about $18 billion before the war to about $200 million, they said.

Syria and its central bank remain under strict US sanctions imposed over the government's violent suppression of protests against Mr Al Assad in 2011 and the subsequent civil war.

Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
 
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
 
Don’t be afraid to negotiate

It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
 
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
 
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The five pillars of Islam
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City's slump

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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.”

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Updated: December 31, 2024, 9:32 AM