Syrian leader Al Shara expected to visit UAE

Syria's leader Ahmad Al Shara will visit the UAE on Sunday, sources have told The National, as the new government in Damascus looks to deepen ties with the Arab world amid rebuilding efforts after a 13-year civil war.

Syria's state news agency Sana confirmed the visit, saying Mr Al Shara and Foreign Minister Asaad Al Shibani were heading to the UAE, where they will "discuss several issues of common concern between the two countries".

Improving relations with Arab countries, especially in the Gulf, has been a major goal of Mr Al Shara since rebel groups allied with Hayat Tahrir Al Sham declared him President on January 30. Turkey, however, has been the main backer of HTS and is seeking more influence in the country.

Mr Al Shibani has been to the UAE at least twice since the downfall of the former Syrian regime but this is the first time Mr Al Shara will appear in the Emirates in an official capacity.

The Gulf is seen as having a crucial role in any international-backed drive for reconstruction and rehabilitation in Syria. Before the 2011 revolt against former Syrian president Bashar Al Assad, the bulk of foreign private investment in Syria came from the Gulf, particularly Qatar and Saudi Arabia, mainly in the real estate sector.

Mr Al Shara has been to three Arab countries since becoming President: Saudi Arabia, Jordan and Egypt. Qatar’s Emir Tamim became the first Arab leader to visit Syria after the fall of the Assad regime, on a trip to Damascus in January.

Mr Al Shara last week attended the Antalya Diplomacy Forum in Turkey amid tension between Ankara and Israel as the two regional powers jostle for influence in politically fragile Syria.

Israel has launched air strikes and ground incursions to keep Syrian forces from its border, sparking criticism from Ankara.

"Israel is turning into a problematic country that directly threatens the stability of the region, especially with its attacks on Lebanon and Syria," Turkish President Recep Tayyip Erdogan told the Antalya Diplomacy Forum.

He said the current Syrian "revolution" offered an opportunity to bring stability to the Middle East.

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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.”