Five-year-old Omran Daqneesh, sits inside an ambulance after he was rescued following an airstrike on an Aleppo neighbourhood. Mahmoud Rslan / Reuters
Five-year-old Omran Daqneesh, sits inside an ambulance after he was rescued following an airstrike on an Aleppo neighbourhood. Mahmoud Rslan / Reuters

Omran’s face shames us all



In a few days, it will be a year since Aylan Kurdi was photographed face down and lifeless on a beach in Turkey. The three-year old Syrian boy had been seeking to escape the Syrian civil war with his family, only to drown in the darkness of the Mediterranean.

The photograph of Aylan crossed the world, briefly – too briefly – bringing the Syrian war and the refugee crisis it caused back to the forefront of people’s minds. But it soon faded.

A year later, another haunting image has emerged, this time of five-year old Omran Daqneesh, sitting in the back of an ambulance after a Russian strike destroyed his family home. Again, the sheer humanity of the moment gives us pause. It brings home the reality of the war and the sheer scale of the refugee crisis. It should also serve as a reprimand to all those countries in the international community, particularly the most powerful, who are no closer to a solution in Syria today than they were a year ago.

The image of Omran is merely the tip of a vast iceberg of suffering. Omran, as even the medics who pulled him out of the rubble said at the time, is far from unique. There are thousands and tens of thousands of children like him, bewildered by the war that has devastated their homeland, innocent victims of a grown-up war. There are tens of thousands more huddled in refugee camps, displaced in cities and homes not their own, away from school, with little hope.

In the year since Aylan died, there has been little progress. The Assad war machine, now backed by the firepower of Russian fighter jets, has continued to devastate large parts of Syria. The rebels remain fragmented, unable to agree even on the names of their militias, let alone on a future for the country. ISIL continues to terrorise civilians on both sides of the Iraqi-Syrian border. And the international community looks on, talking of “ceasefires” and “negotiations”, while disallowing refugees from entering and demonising those few who make it in.

Omran’s face should shame us. The worst humanitarian disaster of this century is taking place in real time, on TV screens around the world – and we are merely looking on and talking.

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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