New US sanctions imposed on the Syrian regime on Wednesday are set to deal a blow to President Bashar Al Assad’s bid for reconstruction funds after nine years of civil war.
The Caesar Act levies sanctions on those who deal with the Assad government or provide it with “significant financial, material, or technological support” and anyone who supports the regime’s military.
Under secondary sanctions introduced in the legislation, holders of any links to business aiding the regime would risk being penalised.
In the first action under the act, the American government on Wednesday announced the imposition of fresh sanction against Mr Assad, his wife and two surviving siblings, as well as 35 other individuals and entities.
Senior State Department official Brian Hook described the 39 names as "the first wave".
Mr Hook told an online debate organised by the Beirut Institute that people "who engage in transactions" with the 39 individuals "are at risk of being cut off from the global financial system and they find themselves on a backlist".
The act puts a solid halt on hopes Syrian officials had of international financial assistance for rebuilding the country to be channelled to the Assad government, despite the continuation of the conflict.
They even signalled that the priority of rebuilding projects would go to Alawite regions and areas inhabited by other minorities, the crux of President Bashar Al Assad’s support, hit by an ongoing collapse in the currency.
China has been the only business power that specifically committed to help the regime recover economically, citing transport and other infrastructure projects aligned with its “Belt and Road” politico-infrastructure plans on several continents.
But representatives of Chinese companies have made it clear to the regime in the last few years that they would need to balance Beijing's pro-Assad posture with the risk of running afoul of the Caesar Act, a Syrian businessman supportive of the president told The National.
Beijing’s position is in line with Russia, which intervened militarily in the country in 2015 to prop up the Alawite-dominated regime. Just a year after the intervention, the first draft of the Caesar Act was released.
“Syria is a very small market compared with what they could lose in the US,” said the businessman, who had met Chinese counterparts in Damascus.
He pointed to Huawei, already forced in late 2018 to curtail its operations in regime areas after complications linked to the aftershocks of renewed US sanctions on Iran and the arrest in Canada of Meng Wanzhou, the Chinese telecom conglomerate’s chief financial officer.
Regional bankers say actual Chinese cash flow to the regime in Damascus has been negligible in the four years since the Caesar Act was drafted. The bill is due to come into effect today.
Businesses across the region, particularly in Lebanon, where bankers say a significant proportion of the regime’s front men live, are waiting to see how the US executive branch will implement the bill.
A sectorial component of Caesar Act could also place most of the construction, oil and air transport components of the economy in regime areas under sanctions.
The Syrian authorities have been expecting reconstruction flows from China, and to a lesser degree from Russia, to help reverse a collapse in the currency that accelerated in the past few weeks.
Such a scenario has become even less likely after the Caesar Act, three Arab bankers The National spoke to said.
One banker said that he stopped his regular business trips to Damascus ahead of the law, officially named the Caesar Syria Civilian Protection Act.
“This regime has been pariah for decades, but this time even dealing with the Syrian central bank could entail a huge risk,” he said.
Data from currency monitor Syrian Pound Today shows the pound trading at 3,000 pounds to the dollar, compared with 1,400 pounds at the beginning of June.
The currency was 50 pounds to the dollar at the outbreak of the Syrian revolt against five decades of Assad family rule in March 2011.
Bankers say although sanctions by the EU and the US contributed to the collapse, the main factors behind the decline have been structural. Among them the Syrian pound money printing running loose and reliance in regime areas on Lebanon’s financial system, now in meltdown, for hard currency.
Deteriorating economic conditions in regime areas prompted demonstrations this month demanding the removal of Mr Al Assad by mainly young people in the Druze-majority province of Suweida.
The regime waited more than a week before using violence and arrests to break-up the sporadic demonstrations.
The timeframe indicates a possible quandary facing the iron-fisted regime on how to deal with resentment against the president from within communities the authorities consider loyalist.
The drafters of the Caesar Act said it is designed to lessen the level of impunity with which Russia and Iran support the regime’s military machine and security apparatus.
The bill refers specifically to the photographer Caesar, the codename for a defector from Mr Al Assad’s military.
Caesar’s photos, international human rights organisations say, documented the killing of thousands of political prisoners in Mr Al Assad’s jails. The photos were made public in 2014.
The crackdown on the 2011 revolt and lack of adherence in the aftermath to international rules of war, particularly by the regime, which overwhelmingly possesses the most firepower, killed and made disappear countless of civilians, Syrian rights advocates and international human rights organisations say.
Most of the civilians who perished were Sunnis, the backbone of Syria’s intelligentsia and professional classes, as well as the reservoir of the country’s skilled labour, needed for any reconstruction.
China and Russia both denounced the act this week, with UN ambassador Zhang Jun saying the new sanctions are “inhumane”.
While ordinary Syrians are expected to be further denied access to legitimate channels in the global financial system, the regime has relied for decades on a network of business enablers in neighbouring Lebanon.
A lawyer based in Damascus told The National that many of the regime's front men in Lebanon had developed sophisticated substructures around the world since the 1980s to hide money they store on behalf of the Assad family.
“The Lebanese have been playing this game for a long time, and Iran and Russia are both already subject to US sanctions,” the lawyer said.
“Chinese companies are more serious business players,” he said. “From what I can see from their presence here, they do not relish a challenge with the US.”
CREW
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
More coverage from the Future Forum
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
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
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Results
5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).
6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.
6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.
7.15pm: Handicap Dh170,000 (D) 2,200m; Winner: Immortalised, Tadhg O’Shea, Satish Seemar.
7.50pm: Handicap Dh185,000 (T) 2,000m; Winner: Franz Kafka, James Doyle, Simon Crisford.
8.25pm: Handicap Dh185,000 (D) 1,200m; Winner: Mayadeen, Connor Beasley, Doug Watson.
9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer
UAE currency: the story behind the money in your pockets
PAKISTAN v SRI LANKA
Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore
Tickets are available at www.q-tickets.com
RESULTS
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
KILLING OF QASSEM SULEIMANI
