When I suggested a few months ago that the fighting in Syria might be tapering off, subsequent events proved me not just wildly over-optimistic but utterly wrong. I should have known better than to tempt fate.
And yet, the US-Russian agreement on a partial ceasefire, due to come into effect yesterday, might, at least, lead to a significant reduction of conflict, except where it relates to the continuing battle against ISIL and other fundamentalist groups. That will depend, of course, on the extent to which key parties are obliged or persuaded to adhere to the agreement. It will not be an easy process. There will be many stumbles along the way.
When, or if, the level of conflict does reduce and a pathway to peace is delineated, there will be an urgent need for active engagement by those who can help Syria's reconstruction. In that process, I believe, the UAE could have a considerable role to play.
The UAE has consistently criticised the policies and brutalities of the Assad regime. We have joined the fight against ISIL. We have also taken pains to ensure the blocking of any support from the UAE for extremist groups. At the same time, through the Emirates Red Crescent and other organisations, very considerable amounts of humanitarian relief have been provided both to Syrian refugees and to those who have been internally displaced. We are committed to help rebuild Syria's infrastructure.
Moreover, through bodies such as the Sawab Centre and Hedayah, both based in Abu Dhabi, we have proven our commitment to countering violent extremism in a variety of other ways. The Sawab Centre counters the siren voices of the extremists, providing a platform for moderate and tolerant views throughout the region. Hedayah is working with others to devise effective ways to counter what its executive director calls “the complexity of the phenomena of violent extremism”.
The struggle is not simply one to be fought on the ground. It requires also – as Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has noted – an intellectual struggle too, one that pits the values of tolerance against the darkness exemplified by extremism and terror.
Here, perhaps, if Syria's conflict does indeed wind down, we could have something to offer. The UAE, rightly, has obtained recognition for its commitment to religious tolerance and interfaith dialogue.
Here at home, freedom of worship is guaranteed by the Constitution, with over 40 churches, as well as a Hindu temple and a Sikh gurdwara, serving our expatriate communities and offering testimony to the reality of our commitment.
In Syria, there is an urgent need for the restoration of that sort of tolerance. Since the conflict began, the multi-ethnic, multi-faith tapestry of Syrian society has been rent asunder.
Repairing it, if, indeed, it can be repaired, will be a long and challenging task.
In offering support for that, we will not be alone. Within Syria, there are those, in all communities, who would welcome our assistance. Internationally, too, there are powerful voices with whom we can work to help Syria heal its wounds.
One such voice is Pope Francis, in whose clarion calls for an end to the fighting there is much with which we can agree, such as his recent comment that it is “unacceptable that so many innocent people must pay the price for this conflict, the price for the closed hearts of the powerful and their lack of will for peace”.
As he also noted: “Any violence which seeks religious justification warrants the strongest condemnation … owing mainly to an extremist and fundamentalist group, entire communities continue to suffer barbaric violence simply because of their ethnic and religious identity.”
Those of goodwill of all faiths, here and elsewhere, have a duty to endorse his condemnation and to work together to end the atavistic horrors that have descended upon our region. Only thus can the healing begin.
Peter Hellyer is a consultant specialising in the UAE’s history and culture
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
