Displaced Rohingya at the Kutupalong refugee camp in Ukhia. Courtesy: Big Heart Foundation
Displaced Rohingya at the Kutupalong refugee camp in Ukhia. Courtesy: Big Heart Foundation

UAE charity witnesses first hand Rohingya's 'catastrophic plight'



A delegation from a Sharjah-based humanitarian charity has travelled to the Kutupalong refugee camp in Ukhia, Bangladesh, to witness first hand the Rohingya’s growing need for aid, including shelter, food, water and healthcare.

The visit by the Big Heart Foundation (TBHF) was organised with the United Nations High Commissioner for Refugees (UNHCR).

Almost 600,000 Rohingya refugees have fled violence in Myanmar since August 25. Among them are heavily pregnant women, elderly people and children, many of which need of urgent medical care.

“Rohingya refugees, especially women and children, are facing a catastrophic humanitarian plight after they have been forcibly displaced from their homes, a tragedy that resulted in separating family members and keeping them away from their homes that they worked hard for long years to build them,” said Sheikh Jawaher bint Mohammed Al Qasimi, chair of the foundation and the wife of Sharjah's ruler.

“The violation of the rights of many children, who have been deprived of living with their families and enjoying life with their friends, made children feel insecure and deprived of being brought up in a healthy and proper environment as their peers around the world."

The delegation also met numerous refugee families trying to survive the deplorable conditions in the overcrowded camps facing an extreme shortage of food, shelter and basic healthcare.

“The visit to Rohingya refugee camps by heads of government organisations and private corporations reinforces the UAE’s spirit of solidarity and our readiness to extend a helping hand to members of the global human community in need,” she added.

“Our human ambassadors of hope were there to encourage those who have lost hope, and on the basis of information collected during this visit, we will try our best to help our Rohingya sisters and brothers cope with the burdens of displacement.”

More than 600,000 Rohingya have fled to Bangladesh from northern Rakhine state after the Myanmar military launched a counter-insurgency operation. It was in response to attacks by Rohingya militants on an army base and police posts on August 25.

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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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Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.