Bashar Al Assad will not pause to consult his conscience just because the world has been left speechless by his crimes.      EPA
Bashar Al Assad will not pause to consult his conscience just because the world has been left speechless by his crimes. EPA

Words haven't failed Syrian children; human compassion has



"No words will do justice to the children killed, their mothers, their fathers and their loved ones." This was the single-sentence statement issued by Unicef, the UN's children's fund, this week in response to the Syrian government's ongoing siege of Eastern Ghouta. The rest of the statement was left deliberately blank, intended as testament to the inadequacy of language to convey the full horror being experienced by Syria's children. Of the 250 civilians estimated to have been killed in Eastern Ghouta over a 48-hour period, 58 are children. A footnote to the statement asks: "Do those inflicting the suffering still have words to justify their barbaric acts?"

The answer is that Bashar Al Assad will not pause to consult his conscience just because the world has been robbed of words. Unicef's speechlessness might be little more than a publicity stunt to generate traction on social media but as the hellish footage shows, the bodies of little girls and boys continue to pile up in Eastern Ghouta as Mr Al Assad stamps out the last remnant of resistance to his rule. Syria, according to a report released by the charity Save the Children at this month's Munich Security Conference, is now the most dangerous place on the planet to be a child. The war there is "the single largest contributing factor to many of the worsening global trends in children and armed conflict" across the world, which over the past two decades has witnessed an alarming rise in the number of children exposed to violence.

A total of 357 million children – equivalent to one in six – live in conflict zones. Children in parts of the Middle East are at the greatest risk of experiencing conflict while Asia has the ignominy of having the largest number of children (166 million) living in constant fear for their lives. The UN toll of "grave violations" of children makes for horrific reading: maiming and killing, sexual violence, abduction, recruitment as child soldiers, denial of humanitarian services and attacks on schools and hospitals. Millions live with the constant risk of being endangered in conflicts not of their making.

Today the world celebrated the 18th year of the Optional Protocol on the Involvement of Children in Armed Conflict. Children who grow up witnessing atrocities are haunted by their memories for the rest of their lives. Many who lived through the Second World War as children are still traumatised by it. Boys conscripted as child soldiers in Uganda and Sierra Leone might never outgrow their agonising past. Their experiences give a horrifying indication of what lies in store for children who survive the war in Syria and for the millions more trapped in conflicts elsewhere. Reacting with speechlessness simply doesn't do them justice. The world's silence is complicit in the Syrian nightmare. It is time to atone with meaningful action to protect the most vulnerable members of society and speak up, loud and clear, for those who have been robbed of a voice.

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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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Ticket prices
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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