Assad's forces kill 55 protesters in Syria, including 32 in Deraa



DAMASCUS // Syrian security forces killed at least 55 protesters across the country yesterday, activists said, as an emergency UN Human Rights Council session met to condemn Damascus for using deadly force against peaceful civilian demonstrators.

In the day's single bloodiest incident, at least 32 unarmed villagers were shot dead while trying to break the military blockade of Deraa, the city that has been the epicentre of the rebellion, the London-based Syrian Observatory for Human Rights told Agence France-Presse.

In response to the continued violence, US President Barack Obama last night ordered new sanctions against Syria's intelligence agency and two relatives of President Bashar al Assad, US officials said.

Yesterday's killings came as thousands of anti-government protesters once again took to the streets in defiance of a military crackdown and a ban on public demonstrations. Members of Syria's security forces were also killed yesterday, according to the government.

Three officers died in Homs, the country's third-largest city and four soldiers were killed in Deraa, where another two were captured, according to state media. AFP reported that at least 15 civilians were killed in Homs.

Syrian authorities insist they are now fighting a militant Islamic insurrection, an assertion that was met with scepticism at an emergency meeting of the UN Human Rights Council yesterday in Geneva.

The 47-member council condemned Damascus for its use of disproportionate force against protesters.

The UN right council also voted to launch its own investigation into killings by the authorities, as well as probing other allegations of human rights abuses.

Since an anti-government uprising began last month, more than 500 civilians have been killed in crackdowns by the government, human rights monitors say, with the UN yesterday putting the number of wounded at more than 1,800.

Deraa, 100 kilometres south of Damascus, yesterday remained the focal point of the uprising.

Thousands of people from villages surrounding the besieged city tried to march through a military cordon of heavily armed infantry and tanks. Although they failed to enter the city itself, the symbolism of the attempt was powerful.

"The authorities wanted to end this opposition through force, but the people marched which means Deraa isn't defeated and this is not over," said a supporter of the protesters in Damascus.

As the rallies and bloodshed continued, however, there were signs of protest fatigue. Some of those in favour of the demonstrations said they are starting to fear that opposition activists have become too reckless in pushing their agenda for sweeping political change.

"We've seen enough blood," said a 50-year-old Syrian who, until now, has been cheering on the protesters. "Now there must be a pause in the demonstrations for two weeks, to test if the president really is going to make reforms.

"If things keep going as they are, it will be a civil war. Most of the people do not want that, it will benefit no one," he said.

In the face of an unprecedented challenge to his 11-year rule - and the very structure of Syria's one-party state - Mr Assad has vowed to undertake a raft of reforms but has simultaneously tried to stop protests through tightened security measures.

Mr Assad was not among those targeted by the new US sanctions, which will include asset freezes and bans on US business dealings, but he could be named later if violence by government forces against pro-democracy protesters continues, Obama administration officials said.

The security clampdown escalated this week when a powerful military force swept into Deraa, sealing the area off. Residents and human rights groups say soldiers have since used artillery and snipers to indiscriminately kill civilians there, preventing them from access to medical treatment, food and water.

The siege conditions, however, failed to break Friday's now routinely observed show of dissent. According to activists, protesters

demonstrated yesterday in key areas, including 10,000 people in Banias, and thousands more in Idleb, Latakia, Homs, Hama and Raqqa.

There was also a protest in Midan, in the heart of Damascus, which was broken up by security forces using tear gas, witnesses said. Dozens of plain clothes security officers, armed with sticks, were policing the area, backed by snipers on the roofs of surrounding tower blocks.

In addition, combat troops were deployed on the streets of the Syrian capital yesterday for the first time since the uprising started. Soldiers in full combat gear were positioned on Abbaseen square, with bus loads of plainclothes security forces lining the roads nearby, ready for quick deployment.

Abbaseen square is seen as a strategic location, both by the authorities and protesters. For weeks, demonstrators from rebelling northern Damascus suburbs have tried to march to the square to gain a permanent foothold in the capital. The authorities have, so far, stopped them.

In Hajar Aswad, a tough, working class suburb in southern Damascus where at least seven civilians were killed last week, according to residents, all was quiet yesterday. Plainclothes security officers in more than a dozen buses - usually used for public transport - were waiting in the centre of the neighbourhood to face off with any demonstrators.

"People probably looked at that force and decided not to go out," said one Syrian who, like many residents of Hajar Aswad, is a refugee from the occupied Golan Heights. "The people don't want to fight in the streets and anyway, there always tomorrow. The government can't leave the security in those buses all week. When they go, the protesters will come back."

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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.”