MOSCOW // The United Nations-Arab League special envoy Lakhdar Brahimi expressed his regret yesterday at the failure of the Eid truce in Syria as regime warplanes launched the most intense air raids since the uprising began 19 months ago.
Hostilities barely paused during the four-day holiday and activists said 60 air strikes hit rebel targets around the country yesterday, with the suburbs of the capital Damascus particularly hard hit.
Mr Brahimi said he was "terribly sorry" that the truce had "not been heard to the level we hoped it would".
"The government has made an announcement that they were going to stop fighting … and quite a few of the opposition groups did the same, so now each side is accusing the other of breaking the ceasefire," the envoy said after talks in Moscow with the Russian foreign minister, Sergei Lavrov.
Rami Abdul-Rahman, who heads the Britain-based Syrian Observatory for Human Rights, said the Syrian military was trying to compensate for recent losses on the ground with air strikes.
"Today has seen the most intense air raids across Syria since the start of the uprising," he said.
At least 420 people were killed over the four-day period, with the death toll yesterday reaching 80, according to the Observatory.
A government official said a car bomb killed 10 people on the outskirts of Damascus and TV footage showed firemen fighting the blaze amid wide destruction after parts of balconies fell on cars parked on a residential street. As smoke billowed, a woman was seen running away with children from the area of the blast and electricity cables dangled from poles. Activists said the air raids were launched both before and after the car bomb and were still under way.
"More than 100 buildings have been destroyed, some levelled to the ground," said opposition activist Moaz Al Shami, who said he had witnessed three air raids in the northeastern suburb of Harasta alone. "Whole neighbourhoods are deserted."
"Even electricity poles have been hit and they are lying among pools of water from burst pipes. There is no food, water, electricity or telephones."
Another car bomb later exploded in a Damascus neighbourhood where rebels are active, and state-run news agency said there were many casualties.
The Damascus air raids followed what residents said were failed attempts by troops to storm eastern parts of the city.
"Tanks are deployed around Harat Al Shwam but they haven't been able to go in. They tried a week ago," said an activist who lives near the area.
The Observatory also reported clashes and shelling in other parts of the country including the northwestern province of Idlib that borders Turkey, where it said warplanes carried out 11 air raids on several villages. Amateur videos showed warplanes in the skies, then giant mushroom clouds of smoke after the missiles hit.
Each side blamed the other for breaking the truce.
"I am deeply disappointed that the parties failed to respect the call to suspend fighting," UN chief Ban Ki-moon said in South Korea, where he received the Seoul Peace Prize.
"This crisis cannot be solved with more weapons and bloodshed … the guns must fall silent."
Mr Brahimi, who will visit Beijing after Moscow, said the renewed violence in Syria would not discourage him.
"We think this civil war must end … and the new Syria has to be built by all its sons," he said. "The support of Russia and other members of the Security Council is indispensable."
Russia and China have vetoed three western-backed UN draft resolutions condemning the regime of Bashar Al Assad's government for the violence.
Beijing, keen to show it does not take sides in Syria, has urged Damascus to talk to the opposition and meet demands for political change. It has advocated a transitional government.
Asked whether the United Nations might send peacekeepers to Syria, Mr Brahimi said: "There is no plan for the moment to send a peacekeeping mission, but just the contingency planning, because this may indeed become a possibility in the future."
Big-power rifts have paralysed UN action over Syria, but Mr Al Assad's political and armed opponents are also deeply divided, a problem their western allies say has complicated efforts to provide greater support.
Syrian opposition figures, including Free Syrian Army commanders, started three days of talks in Istanbul yesterday in the latest attempt to unite the disparate groups.
* Reporting by the Associated Press, Agence France-Presse and Reuters
UAE currency: the story behind the money in your pockets
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.”
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Apple%20Mac%20through%20the%20years
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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WRESTLING HIGHLIGHTS
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk