People celebrate in Damascus's Omeyyad square US President Donald Trump's decision to lift sanctions in Syria, on May 13. AFP
People celebrate in Damascus's Omeyyad square US President Donald Trump's decision to lift sanctions in Syria, on May 13. AFP

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Syria's new dawn as US sanctions removed

The National
Our readers have their say on the stories of the week

May 16, 2025

With regard to Danny Makki, Nada Maucourant Atallah and Nada Homsi's report Make Syria Great Again: Syrians celebrate lifting of US sanctions (May 14): What a beautiful day for Syria. A new era is beginning for our people.

Sam Rahmoun, Beirut, Lebanon

This should really help Syria progress and grow in international relations. Thanks, Mr President. All love and respect from Damascus.

Rima Alhabash, Damascus

Trump's historic visit to the Gulf

With regard to Raghida Dergham's op-ed Trump’s trip to the Gulf marks a strategic leap for the Arab world – and an invitation to Iran (May 11): This was an insightful piece on the visit of US President Donald Trump to Gulf countries. Her detailed analysis of the visit, with expectations of significant changes in the Middle East regarding future development and economic policies, was laudable. She highlights the strategic partnerships and ambitious visions that may shape the region's future. However, while the intentions are promising, such transformations cannot occur overnight. Meaningful change will require sustained effort, long-term commitment, and co-operative regional engagement to realise the potential outlined during the visit.

K Ragavan, Bengaluru, India

Two cricket greats call it a day

In reference to the article 'It feels right': Virat Kohli retires from Test cricket (May 12): It is sad time for Indian cricket when two of its most competent cricketers, Rohit Sharma and Virat Kohli, retire from test format.

Rohit Sharma, Virat Kohli and MS Dhoni, were the three reasons, why many people of my generation, watched cricket. All were great cricketers, who knew the game and understood the technicalities. Whenever the Indian team was in trouble in any competition, if any of these three players were yet to play, we felt reassured.

These cricketers always had the audience cheering. Their fans followed them, even if they changed their IPL teams. They enjoyed cult-like status. Whenever Dhoni walks to the field to bat in an IPL match, the roar of the crowds is louder than that of a sixer being hit. The mere mention of his name or seeing his face on the big screen, is enough to create a roar in the stadium. This hero-worship is fully justified.

All three of them have led non-controversial, professional, dignified lives off the field. Their bats have done the talking.

Rohit Sharma and Virat Kohli will be missed on the cricket field, just like Dhoni is. All three could have played for some more years. Alas, no.

Rajendra Aneja, Dubai

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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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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Updated: May 16, 2025, 3:00 AM