Syria replaces controversial justice minister as it forms new government


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Mazhar Al Wais has been appointed Syria’s Justice Minister, replacing the controversial figure Shadi Al Waisi in the announcement of the country’s newly formed government late on Saturday.

Mr Al Waisi, who was a religious official in Al Nusra Front, is alleged to have condemned two women to death for prostitution and adultery in January 2015, in executions purportedly caught on footage shared on social media in early January.

It was reported that the women were killed in Idlib, which was controlled by Al Nusra Front at the time. Mr Al Waisi, formerly head of general intelligence, was a judge for the Al Qaeda affiliate in the northern Syrian province.

A still image from video footage purporting to show Shadi Al Waisi overseeing executions in Idlib in 2015
A still image from video footage purporting to show Shadi Al Waisi overseeing executions in Idlib in 2015

The development comes as the country announced a 23-member, religiously and ethnically mixed Cabinet to lead a five-year transitional period, replacing the interim government that was formed shortly after Bashar Al Assad was removed from power in early December.

Mr Al Wais pledged on Saturday to “consolidate the rule of law and the independence of the judiciary”. He added: “We will work to empower justice and work to reform the legislative structure and achieve transitional justice to bring justice to victims,” he said in a speech after his appointment.

He has a background in Islamic jurisprudence, having contributed to the establishment of the Ministry of Justice in northern Syria, and has been a member of the Supreme Judicial Council since 2017, reported Sana, the state news agency.

He was sentenced to six years in Syria's notorious Sednaya Prison in 2008 by the Assad regime, Sana said.

The new government was announced ahead of Eid Al Fitr, the feast that marks the end of the Ramadan, that starts in Syria on Monday.

The formation of the cabinet comes at a critical time for Syria, amid continuing Israeli raids and strikes, and in the aftermath of a brutal campaign against Assad loyalists marked by sectarian and revenge killings that claimed the lives of hundreds of civilians, many from minority communities.

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UAE currency: the story behind the money in your pockets

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: March 30, 2025, 10:52 AM`