Children at Al Zaatari camp in Jordan. The UAE will donate Dh18.4m to fund better health care, water supply and sanitation. Courtesy Breathing Numbers
Children at Al Zaatari camp in Jordan. The UAE will donate Dh18.4m to fund better health care, water supply and sanitation. Courtesy Breathing Numbers

UAE agrees to give Dh44.1m in additional aid to victims of Syrian war



ABU DHABI // The UAE has agreed to grant Dh44.1 million to United Nations agencies to help victims of the Syrian civil war.

The agreements were signed at the Ministry of International Cooperation and Development headquarters in the presence of Sheikha Lubna Al Qasimi, the Minister and Head of the National Committee for the Coordination of Foreign Aid.

She said the directives from the UAE President, Sheikh Khalifa, had helped the UAE to attain the status of one of the world’s biggest donors to refugee aid agencies.

The money will help 115,000 victims of the continuing crisis in Syria, 58,000 of whom are children and 30,000 are women.

The first accord involved a grant of Dh18.4 million to the United Nations High Commissioner for Refugees (UNHCR) to help refugees in Al Zaatari and Al Azraq camps in Jordan.

The grant is intended to fund health care, the supply of safe water and sanitation.

The UAE also granted the United Nations Children’s Fund (Unicef) Dh25.7 million to provide feeding and healthcare programmes to children under the age of 5 and to pregnant and breastfeeding mothers in Syria.

Rida Omran, the UNHCR’s regional representative in the GCC states, said that medical reports from Syrian doctors showed an increase in malnourished children, which was causing child mortality.

“As the Syrian crisis continues without any solution on the horizon, we have to continue to do everything we can do,” he said.

Dr Ibrahim El Ziq, Unicef representative for the region, said that the money was vitally needed in Syria.

“There is no doubt that the UAE’s support will enable Unicef to ensure that the children who suffer from malnutrition will get the proper treatment in proper health facilities, as well as regular screening to identify malnutrition cases for early intervention, thus saving the lives of thousands of children.”

newsdesk@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.”

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution