The grounds of the International conference on Global Compact for Migration in Marrakech. Fethi Belaid / AFP
The grounds of the International conference on Global Compact for Migration in Marrakech. Fethi Belaid / AFP

The contribution of migrants built the world we live in



In ancient Greece, the word “xenos” denoted a stranger who should be welcomed into the home and treated with kindness and hospitality. It wasn’t until the 19th century, thousands of years later, that it became synonymous with xenophobia, or fear of strangers – a term that has, tragically, come to symbolise our modern-day treatment of those who look or behave differently. It is possible to tell a great deal about a country from the way it treats foreigners – whether it greets them with compassion and understanding or with hostility. The storm engulfing the United Nations Global Compact for Safe, Orderly and Regular Migration, which was formally adopted in Marrakech today, demonstrates how talk alone of our treatment of migrants can still bring tensions to boiling point.

The non-binding document should have been fairly innocuous, enshrining what should be considered basic principles of decency and fair treatment. Its 23 objectives lay out the importance of minimising the adverse factors that compel people to leave their homeland in the first place and call for greater international co-ordination to prevent people-smuggling and to manage borders. Yet discussions over the compact, which took 18 months to finalise, have become so heated, they have caused a government to crumble in Belgium, sparked the resignation of Slovakia’s foreign minister and prompted US president Donald Trump to pull out of negotiations last year. Ten countries have so far failed to ratify the agreement, including the US, Australia and Israel, all countries that exist today because of the hard work of migrant populations. Behind their protestations lie a wilful misreading of the agreement. It does not violate the sovereignty of states and refers not to refugees but the 258 million migrants who, in the overwhelming majority of cases, go on to work and contribute to the societies in which they settle.

Right-wing populists have been successful in stoking fears of migration with hate-filled rhetoric, often giving a distorted and false view of migrants being a drain on resources. They show disdain for the many benefits of global migration, which fills skills gaps and sustains economic growth. Hard-working migrants inject vitality and innovation into labour markets and support ageing populations. UN special representative for migration, Louise Arbour, sought to mollify critics by playing down the agreement’s obligations. The document, she insisted, “creates no right to migrate” and “places no imposition on states”. The compact will lack the teeth to implement its suggestions but stands as a powerful prism through which to view the world’s response to migration. It is not too late to seize power from the naysayers by reminding the world of a fundamental truth: that migration has built the world we know today.

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

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AT4 Ultimate, as tested

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Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.

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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Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Without Remorse

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Starring: Michael B Jordan

4/5

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Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

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The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

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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.”

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5