WASHINGTON // US president Donald Trump on Wednesday called on Russia to rein in Syrian president Bashar Al Assad and his key ally Iran, as Washington and Moscow sought to boost their fragile ties with high-profile White House talks.
Russian foreign minister Sergey Lavrov, the highest-ranking Russian official to visit Washington since Mr Trump came to power in January, earned a rare invitation to the Oval Office for a head-to-head with the Republican president.
Before visiting the White House, Mr Lavrov met with US secretary of state Rex Tillerson to discuss the crises in Syria and Ukraine – talks qualified by the Russian foreign minister as “constructive”.
The meetings were partly overshadowed by the uproar in Washington over Mr Trump’s firing of FBI chief James Comey, the man who was leading an investigation into Russia’s alleged meddling in the US presidential election.
“We had a very, very good meeting” Mr Trump said shortly after meeting the Russian foreign minister. “We’re going to stop the killing and the death [in Syria].”
The US president nevertheless told Mr Lavrov that Moscow should “rein in the Assad regime, Iran and Iranian proxies”, the White House said.
Mr Lavrov, who came to Washington seeking US support for a Russian plan to create safe zones in Syria, said “concrete mechanisms that we can manage together” were discussed.
“Today, we have a common understanding that, as active players in the diplomatic process regarding Syria, we are going to pursue these contacts together and with other key countries, especially those in the region,” he said.
Mr Trump’s critics cried foul over the White House invitation to Mr Lavrov, whose government stands accused by US intelligence agencies of interfering in the November election, which the president won over his Democratic rival, Hillary Clinton.
Democrats have seen Mr Comey’s shock dismissal as an assault on an investigation that could have sweeping repercussions for Mr Trump’s administration.
Mr Lavrov, who last set foot in Washington in August 2013, dismissed all claims of election meddling as “fabrications”, preferring in his press conference to focus on the substance of his meetings.
“President Trump clearly confirmed his interest in building mutually beneficial, business-like pragmatic relations,” he said.
Earlier in the day, when Mr Lavrov arrived at the state department to meet Mr Tillerson, he cracked a joke about Mr Comey’s firing, answering shouted questions from reporters by saying: “Was he fired? ... You’re kidding, you’re kidding!”
In Moscow, Russian president Vladimir Putin met with his security council on Wednesday to discuss US-Russian relations in the context of Mr Lavrov’s meeting with Mr Trump, Kremlin spokesman Dmitry Peskov told the Ria Novosti news agency.
In an interview with CBS News, Mr Putin said the firing of Mr Comey would not impact relations between the two nations.
“There will be no effect,” he said. “Your question looks very funny for me. Don’t be angry with me. We have nothing to do with that.”
Relations between the two former Cold War foes soured under former US president Barack Obama over Russia’s annexation of Crimea in 2014 and its unyielding support for Mr Al Assad.
Neither Washington, which backs the Syrian opposition, nor Moscow, a longtime ally of the regime, have managed to find a solution to the conflict.
Since the end of Mr Obama’s presidency in January, the United States has gradually withdrawn from the diplomatic process, leaving Russia to take the lead.
The US was not part of a deal by Damascus backers Russia and Iran, and rebel supporter Turkey, that was signed on Thursday in the Kazakh capital on establishing safe zones in Syria.
The agreement calls for the creation of four “de-escalation zones” to shore up a ceasefire, ban flights and allow for humanitarian aid deliveries.
Washington has given the deal a sceptical welcome, citing concerns about Tehran’s role as a guarantor even as it expressed hope the agreement could set the stage for a later settlement.
“We will look at the proposal, see if it can work,” Pentagon chief Jim Mattis said on Monday.
Over the past six years, Moscow and Washington have sparred multiple times over the conflict in Syria, especially concerning Mr Al Assad’s fate.
Mr Trump’s arrival to power has not brought the two sides closer – and in early April, the US even launched direct military action against the Syrian regime in retaliation for an apparent chemical attack.
* Agence France-Presse, with additional reporting by Reuters
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The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
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.
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“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.”
The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
