The Syrian foreign minister Walid Moallem, right, meets the US acting assistant secretary of state Jeffrey Feltman in Damascus.
The Syrian foreign minister Walid Moallem, right, meets the US acting assistant secretary of state Jeffrey Feltman in Damascus.

The focus is on Syria, but the key is really Iran



DAMASCUS // After years of diplomatic drought, the Middle East and in particular Syria have recently been swamped by a deluge of activity, most noticeably the comings and goings of American emissaries. Once a rare sight in Damascus, hardly a week seems to pass of late without a US delegation of some kind turning up in the Syrian capital. On Saturday it was the turn of Jeffrey Feltman, the assistant secretary of state, and Dan Shapiro of the National Security Council, in town for talks with Syria's foreign minister, Walid Moallem. While the meetings have been taking place in Syria, the Americans have had more than half an eye on Iran. Its influence in the region and pursuit of nuclear technology are a - perhaps the - central foreign policy concern for the White House. Syria and Iran are key allies. Both are staunch opponents of Israel and support Hizbollah, the Lebanese political-military movement, as well as the Palestinian resistance groups Hamas and Islamic Jihad. Washington considers them to be terrorist organisations and a threat to its regional allies. Hillary Clinton, the US secretary of state, has described the recent diplomatic offensive as "testing the waters" and while no clear policy has yet emerged, one of Washington's clear targets seems to be Syria's close ties with Iran. Weakening the alliance, the logic goes, will help undermine Tehran and among other things make it more willing to negotiate on nuclear issues. Despite the rounds of talks, Damascus remains adamant it will not sacrifice its relationship with Iran in exchange for a more cordial atmosphere with the US. "Syria believes it can have good ties with Iran and America, that it does not have to choose between one or the other," said Marwan Kabalan, of the Centre for Strategic Studies at the University of Damascus. "That is the official position here and I can't see it changing significantly. "There might be certain amendments to the relationship but I am sure Syria will not abandon the Iranians altogether. I don't see what the Americans are providing as an alternative. "Why would the Syrians break a strong historical relationship now?" John Kerry, chairman of the Senate Foreign Relations Committee, met with Bashar Assad, the Syrian president, last month and reportedly told him the time was coming for Syria to choose between Washington and Tehran. He has since advocated an easing of US sanctions on Damascus as part of a strategy to reduce Iranian regional influence.

Syria's ability to avoid making a stark choice will depend on US willingness to compromise with Iran, said Joshua Landis, a Syria specialist and director at the Centre for Middle East Studies at the University of Oklahoma. "Traditionally, the US has sought to weaken both Iran and Syria, to lock them out of regional security discussions and deny their importance," he said. "If the US learns to offer them security - that is, stop threatening to overturn their regimes - and to compromise with them, then there is hope for an accommodation of interests in the region that could dramatically reduce tensions and radicalism. Of course Iran and Syria would have to meet the US half way and change some of their behaviour as well." If the Americans really wanted to undercut Iranian power in the Middle East, they needed to vigorously and even-handedly push the Israeli-Palestinian peace process forwards, said Mr Kabalan. "The answer is the peace process, and not just a deal between Syria and Israel over the Golan," he said. "If you want to undercut Iran, you don't need to ask Syria to move away from Iran, you just need a fair peace. Peace will automatically mean that Hamas and Hizbollah are playing a more political role." Israel captured the Golan Heights from Syria in the 1967 war and has illegally occupied most of the area since. The two countries remain in a state of conflict over the territories. Benjamin Netanyahu, prime minister designate of Israel, has made his disinterest in returning the Golan clear, although some within the Israeli establishment have advocated a peace deal with Syria as a way of weakening Iran, a country they see as the much more serious threat. Syria is also sceptical about US desires to really push for peace after years of failed initiatives and an evident unwillingness or inability to make Israel compromise on such matters as settlement expansion in occupied areas. Inaction over Israel's military offensive in Gaza and election campaign comments that Jerusalem should be the undivided capital of Israel have not boosted confidence that Barack Obama, the US president, is really the man to bring about positive change in the Middle East. "The peace process is the key to most of the region's problems, there is no way to bypass that fact," Mr Kabalan said. "The problem is that the Americans have never been serious about peace, they have always been pleased with conflict management rather than conflict resolution. "The Arab-Israeli conflict has been going on for the last 60 years and they seem satisfied to let it carry on for another 60 years." psands@thenational.ae

How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

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Stars: Basel Adra, Yuval Abraham

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Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

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
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UAE Rugby finals day

Games being played at The Sevens, Dubai

2pm, UAE Conference final

Dubai Tigers v Al Ain Amblers

4pm, UAE Premiership final

Abu Dhabi Harlequins v Jebel Ali Dragons

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.”

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10pm: Handicap (TB) Dh92,500 (D) 1,400m

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Name: Zinah Madi

Occupation: Co-founder of Dots and links

Nationality: Syrian

Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2

Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”

 

Name: Razan Nabulsi

Occupation: Co-founder of Dots and Links

Nationality: Jordanian

Family: Married, Mother of Yahya, 3.5

Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”

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