An alliance of rebel factions dominated by a group with ties to Al Qaeda pressed an offensive in northern Syria on Wednesday after rejecting plans for a "de-escalation zone" to be imposed by Russia, Turkey and Iran in an area largely under rebel control.
There were conflicting reports as to whether Syrian rebel groups supported by the United States and Turkey were taking part in the attack launched on Tuesday on the border of Hama and Idlib provinces.
The offensive is led by Hayat Tahrir Al Sham, a coalition of rebel groups that controls much of Idlib and is dominated by Jabhat Fatah Al Sham, Al Qaeda’s affiliate in Syria before ostensibly breaking ties and changing its name from Jabhat Al Nusra.
Idlib is one of four Syrian de-escalation zones proposed by Russia and Iran, both backers of the government, and Turkey at peace talks in the Kazakh capital of Astana.
The latest round of talks last week resulted in an agreement between the three countries to jointly deploy 1,500 observers to monitor the Idlib zone, but they gave no formal statement on the fate of Hayat Tahrir Al Sham.
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Read more:
Turkey moves troops toward Syrian border after deal in Astana
Russia, Iran and Turkey to share monitoring of Idlib safe zone in Syria
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Syrian and Russian planes launched nearly 300 air strikes around Hama and Idlib in response to the offensive, the Syrian Observatory for Human Rights said.
The Observatory, which monitors Syria’s six-year-old civil war, also said groups that receive Turkish and US support had joined the rebel attack.
One of the groups denied the Observatory report but said it could launch its own attacks in co-ordination with Hayat Tahrir Al Sham if the aerial bombardment continued.
Capt Mahmoud Al Mahmoud, a spokesman for the Jaish Al Izza rebel group, said the Russian and Syrian strikes were targeting infrastructure and civilians in rebel-held villages where Hayat Tahrir Al Sham had no presence. The extent of the bombardment was putting pressure on other groups, including his, to join the fight, he said.
"If it happens, there could be some co-ordination with HTS about the timing," he told The National.
He accused the Syrian government of breaking previous ceasefire agreements in the area. “There was a ceasefire agreement signed in Ankara last year, but the regime forces in Hama countryside haven't complied with that agreement, nor with the many other agreements reached since then,” he said.
The latest fighting could damage the credibility of Turkey, which has provided support for rebel groups in Syria and has some influence over them.
“This battle in Hama embarrasses Turkey as a guarantor of rebel groups,” the Jaish Al Izza spokesmen said. “In the past, we sent many reports to the Turks on the regime violations in Hama countryside, but the Turkish side hasn't taken any deterring measure.
“This campaign could ignite the fire of a new battle in northern Hama.”
While the city of Hama has remained under Syrian government control throughout the conflict, towns and cities in Hama’s northern countryside were some of the first to fall to the rebels after the uprising against president Bashar Al Assad began in 2011. Rebel groups have maintained strong presence in the area since then, although the front lines have remained largely static.
Meanwhile, in eastern Syria, the Observatory reported that the Syrian Democratic Forces, a US-backed militia, had captured 90 per cent of Raqqa from ISIL, which has controlled the city for more than three years.
The SDF began its offensive to recapture Raqqa in early June, with the US providing military advisers and artillery and air support. The SDF controlled only about 65 per cent of the city last week but the remaining ISIL fighters there had pulled out in recent days because of heavy shelling and dwindling supplies of food and ammunition, the Observatory said.
The Observatory said it had documented the deaths of more than 1,000 civilians in Raqqa since the beginning of the battle as a result of air strikes and shelling by US-led coalition forces.
Nearly half a million combatants and civilians have been killed since the Syrian conflict began. The United Nations says that more than 5 million people have fled the country, and that more than 6 million are displaced inside it.
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.”
SPECS
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The%20specs
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Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Monday's results
- UAE beat Bahrain by 51 runs
- Qatar beat Maldives by 44 runs
- Saudi Arabia beat Kuwait by seven wickets
