BEIRUT // Foreign powers including Britain and France yesterday expressed growing concern about a looming battle in the Syrian city of Aleppo, as more government troops poured into the city and opposition fighters braced for an onslaught.
Rebels and security forces have been fighting in Syria's largest city for a week, but with reports of more government reinforcements being drafted into the area, there are fears of an imminent offensive on Aleppo.
"The special forces were deployed on Wednesday and Thursday on the edges of the city, and more troops have arrived to take part in a generalised counter-offensive on Friday or Saturday," a government security official told Agence France-Presse.
Yesterday, government troops continued to hit rebel-held areas in and around Aleppo, which is home to 2.5 million people. Opposition activists reported that the city was struck from the east and the west, including with attack helicopters and mortar rounds.
"We expect a major offensive at any time," said Colonel Abdel Jabbar Al Okaidi, a spokesman for the rebel Free Syrian Army.
A dawn attack by government forces yesterday on the neighbourhood of Fardous reportedly left 17 people dead, including five children, according to Avaaz, the global campaigning organisation.
The neighbourhood in the southern parts of central Aleppo was reportedly pounded by tanks and helicopters from the early hours of yesterday until 10am. These reports could not be independently verified.
Video posted online purportedly shot yesterday in Fardous showed men converging on a bloodstained street, where bodies were seen lying on the ground alongside debris, in what appeared to be the aftermath of an attack.
As the bloodshed continues and the prospect of a wider battle looms, William Hague, the UK's foreign secretary, yesterday said the assault on Aleppo was an "utterly unacceptable escalation" that could lead to further loss of civilian life.
French foreign ministry spokesman Bernard Valero said that "with the build-up of heavy weapons around Aleppo, Assad is preparing to carry out a fresh slaughter of his own people."
Navi Pillay, the United Nations High Commissioner for Human Rights, voiced concern for an "imminent major confrontation" in Aleppo, as well as "deep alarm" about the threat to civilians across the country.
"And it goes without saying that the increasing use of heavy weapons, tanks, attack helicopters and - reportedly - even jet fighters in urban areas has already caused many civilian casualties and is putting many more at grave risk," she said in a statement, calling on "all parties, including the government and opposition forces" to distinguish between civilian and military targets.
Opposition activists reported more violence across the country including in Latakia, Homs and Deir Ezzor. At least 70 people were reportedly killed, according to the Local Coordination Committees (LCC), including 21 in Deraa and 15 in the Damascus area.
General Robert Mood, the former head of the UN's observer mission to Syria, said it was now not a matter of if, but when President Bashar Al Assad falls.
"In my opinion it is only a matter of time before a regime that is using such heavy military power and disproportional violence against the civilian population is going to fall," the Norwegian general, said.
"Every time there are 15 people killed in a village, 500 additional sympathisers are mobilised, roughly 100 of whom are fighters."
Gen Mood, however, said the regime's military might means that Mr Al Assad may yet cling on to power for months or even years.
Ikhlas Al Badawi, a member of Syria's parliament from Aleppo province, became the latest official to announce her defection.
"I have crossed to Turkey and defected from this tyrannical regime," she told Sky News Arabia.
As the situation in Aleppo continued to deteriorate, the Syrian Arab Red Crescent has had to suspend some of its aid operations in the city. The International Committee of the Red Cross also said it has been forced to temporarily evacuate some aid workers from Syria because of the escalating violence.
zconstantine@thenational.ae
* With additional reporting by Reuters, Agence France-Presse and the Associated Press
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.”
Company%20Profile
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
FIGHT%20CARD
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Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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.