Russia has used a closely guarded communications channel with America’s top general to propose the two superpowers co-operate to rebuild Syria and repatriate refugees to the war-torn country, according to a US government memo.
The proposal was sent in a July 19 letter by Valery Gerasimov, the chief of the Russian military’s general staff, to US Marine General Joseph Dunford, chairman of the Joint Chiefs of Staff, according to the memo that was seen by Reuters.
The Russian plan, which had not been previously reported, has received an icy reception in Washington. The memo said the US policy was only to support such efforts if there were a political solution to end Syria’s seven-year-old civil war, including steps such as UN-supervised elections.
The proposal illustrates how Russia, having helped turn the tide of the war in favour of President Bashar Al Assad, is now pressing Washington and others to help the reconstruction of areas under his control. Such an effort would likely further cement Mr Al Assad’s hold on power.
“The proposal argues that the Syrian regime lacks the equipment, fuel, other material, and funding needed to rebuild the country in order to accept refugee returns,” according to the memo, which specified that the proposal related to Syrian government-held areas of the country.
In 2011, the US adopted a policy that Mr Al Assad must leave power but then watched as his forces, backed by Iran and then Russia, clawed back territory and secured his position.
__________
Read more
Russia’s covert mercenaries in Syria want Kremlin recognition
Syria's White Helmets: All we care about is saving lives
Patient diplomacy has enabled Russia to achieve its goals in Syria while managing the interests of regional powers
__________
The US has drawn a line on reconstruction assistance, saying it should be tied to a process that includes UN-monitored elections and a political transition in Syria. It blames Mr Al Assad for Syria’s devastation.
Gen Dunford’s office declined to comment on communications with Mr Gerasimov.
“In accordance with past practice, both generals have agreed to keep the details of their conversations private,” said spokeswoman Captain Paula Dunn.
The Kremlin and Russia’s defence ministry did not immediately respond to a request for comment.
The Syria conflict has killed an estimated half a million people, driven about 5.6 million people out of the country and displaced about 6.6 million within it.
Most of those who have fled are from the Sunni Muslim majority, and it is unclear whether Mr Al Assad’s Alawite-dominated government will allow all to return freely, or whether they would want to. Sunnis made up the bulk of the armed opposition to Mr Al Assad.
“The United States will only support refugee returns when they are safe, voluntary and dignified,” said the memo, which is specifically about the Russian plan for Syria.
Rebuilding Syria will also be a massive effort, costing at least $250 billion, according one UN estimate.
Some US officials believe Syria’s dependence on the international community for reconstruction, along with the presence of US and US-backed forces in part of Syria, gives Washington leverage as diplomats push for a negotiated end to the war.
The exchange offered a rare glimpse into the military communications channel between Moscow and Washington, one that Gen Dunford himself has sought to keep private.
The US general, who speaks periodically with his Russian counterpart, has stressed that the two militaries need to be able to have candid, private communications to avoid misunderstandings that could lead to armed confrontation.
But it was unclear how reconstruction and refugees fit into military-to-military communications. Gen Gerasimov’s letter suggests that channel is also being used by Moscow to broach non-military matters.
President Donald Trump and Russian President Vladimir Putin discussed Syria, and the issue of refugees, at their July 16 summit in Helsinki. US Secretary of State Mike Pompeo said the talks focused on “how we might get the refugees back”.
But US Defence Secretary Jim Mattis said last week no policy changes came out of the summit. The US government memo explicitly said the Russian proposal was not “an outcome” of the Trump-Putin talks but cautioned that Russian officials were trying to present it differently.
“Russian diplomats and other officials have also been engaging in an aggressive campaign to describe the initiative in other capitals and to insinuate that it is an outcome of the US-Russia meeting in Helsinki, which it is not, repeat not,” the memo read.
The Russian cover letter for the proposal sent to Gen Dunford recommended the US, Russia and Jordan repurpose a hub designed to monitor a 2017 ceasefire agreement “to form a joint committee to implement the reconstruction and refugee return plan”, the memo said. Jordan is hosting more than 650,000 Syrian refugees.
The Russian letter also suggests that America and Russia form a joint group to finance infrastructure renovation in Syria, the US memo says.
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.”
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
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
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
