DUBAI // A top United Nations official has encouraged UAE charities to continue efforts to help Syrian refugees who have fled to neighbouring countries to escape the conflict at home.
The UAE has pledged more than Dh1.1?billion for Syrian refugee aid, overseen by the UAE Red Crescent.
Humanitarian organisations said the violence in Syria was "causing the worst refugee crisis of the 21st century" and was "the most complex and dangerous conflict" facing the world.
“The Government and charities of the UAE have been very engaged in their assistance to Syrian victims, such as the work done by the UAE Red Crescent or the Khalifa Foundation,” said Antonio Guterres, the United Nations High Commissioner for Refugees.
“Efforts must continue to strengthen the coordination and joint planning of the different interventions, so as to direct resources where they are needed most urgently and will have the highest impact.”
Speaking yesterday at the opening of the 10th Dubai International Humanitarian Aid and Development (Dihad) conference and exhibition, Mr Guterres said Arabian Gulf states should work together to help Lebanon, Jordan and Turkey, which are sheltering hundreds of thousands of Syrian refugees.
“Governments must also work in partnership to respond to the humanitarian, political and security challenge of the Syrian crisis.
At the regional level, support is most urgently needed to help the countries hosting Syrian refugees ... whose capacities are stretched to the limit.
"The Gulf countries have an important partnership role to play in this effort, both bilaterally and through regional organisations."
According to the UN Refugee Agency, there are now almost 1.2 million registered Syrian refugees in Lebanon, Jordan, Turkey, Iraq and Egypt.
Daily arrival figures, which were about 3,000 people in December, have quadrupled in recent weeks. As many as 14,000 people are believed to cross into neighbouring countries every 24 hours.
The UAE Red Crescent has built a refugee camp made up of caravans able to house 6,000 families in Jordan, while covering operating costs for the camp, in addition to a field hospital to provide medical care for the flood of refugees.
The UAE has given more than Dh?225bn in foreign aid to more than 90 countries since its founding in 1971. According to the Office for the Coordination of Foreign Aid in Abu Dhabi, assistance from the UAE in 2011 alone stood at Dh7.74m.
After opening the three-day conference, Princess Haya of Jordan, chairwoman for International Humanitarian City (IHC) in Dubai, described the UAE as “a humanitarian capital” and a “relief station for the poor.”
“Much has happened in the world of humanitarian aid since Dihad was founded a decade ago. The intensity of both civil conflict and natural disasters has been overwhelming at times … our limits have been tested.”
Referring to the UAE’s efforts in helping the victims of Hurricane Sandy in the US, Princess Haya, the wife of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said: “We have seen countless times in every region of the world that no country is stronger or more powerful than nature.
“There is no shame in receiving aid and no moral superiority in providing it.
“The giving and receiving transaction is no indication of strength or weakness. It is an affirmation of our common humanity.
“Even the wealthiest nations have times of need ... we are all in this together, and working together is the most effective way to help each other.”
pkannan@thenational.ae
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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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Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
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United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
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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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