Emirates Red Crescent is setting up Ramadan tents and distributing food and clothes in Syria as part of the UAE's humanitarian mission to aid the earthquake-hit country. Wam
Emirates Red Crescent is setting up Ramadan tents and distributing food and clothes in Syria as part of the UAE's humanitarian mission to aid the earthquake-hit country. Wam
Emirates Red Crescent is setting up Ramadan tents and distributing food and clothes in Syria as part of the UAE's humanitarian mission to aid the earthquake-hit country. Wam
Emirates Red Crescent is setting up Ramadan tents and distributing food and clothes in Syria as part of the UAE's humanitarian mission to aid the earthquake-hit country. Wam

UAE joins international call for ceasefire to help quake-hit Syria


Mina Aldroubi
  • English
  • Arabic

Arab and western states on Friday called for a nationwide ceasefire in Syria as they reiterated their support for people affected by the earthquake last month.

The call follows a meeting in Amman this week of the UAE, US, Egypt, France, Germany, Jordan, Norway, Qatar, Saudi Arabia, Turkey, UK, European Union and the Arab League to discuss the situation in Syria in the aftermath of the powerful earthquake.

The 7.8-magnitude tremor and its aftershocks devastated southern Turkey and north-western Syria and killed more than 48,000 in Turkey and almost 6,000 in Syria, mostly in areas under control of rebel groups.

The countries expressed their "condolences for the immense devastation and loss of life caused by the February 6 earthquakes in Turkey and Syria, as well as our steadfast commitment to alleviate the suffering of those affected".

“We reiterated our call for a nationwide ceasefire and for continuous and unhindered humanitarian access to all Syrians through all modalities, including cross-border and cross-line,” the participants of the Amman meeting said in a joint statement.

“We called for the maintenance and expansion of United Nations cross-border aid, for which there is no alternative in scope or scale. We welcomed the recent facilitation by the Syrian authorities of UN cross-border humanitarian access through the Bab Al Salam and Al Rai crossings and called for this to continue.”

The statement said the countries "encouraged the international community to provide humanitarian assistance – including emergency response and early recovery projects – to all Syrians in need, especially those in the most affected areas".

They welcomed the outcomes of this week's international donor conference in Brussels to support the people in Syria and Turkey.

  • Emirates Red Crescent teams are distributing 5,000 Ramadan food baskets to Syrian families. Wam
    Emirates Red Crescent teams are distributing 5,000 Ramadan food baskets to Syrian families. Wam
  • The UAE is distributing iftar meals to people affected by earthquake in Syria
    The UAE is distributing iftar meals to people affected by earthquake in Syria
  • Tents at a camp for those displaced by the earthquake in Jindayris, north-western Syria. AFP
    Tents at a camp for those displaced by the earthquake in Jindayris, north-western Syria. AFP
  • The damage wrought by the earthquake in Jindayris. AFP
    The damage wrought by the earthquake in Jindayris. AFP
  • A woman tries to salvage some items in Jindayris. AFP
    A woman tries to salvage some items in Jindayris. AFP
  • Raphael Pitti (R), a doctor with the French NGO Mehad, tours devastated areas in Jindayris. AFP
    Raphael Pitti (R), a doctor with the French NGO Mehad, tours devastated areas in Jindayris. AFP
  • A mural painted on the rubble of a building that collapsed in the rebel-held town Jindayris. AFP
    A mural painted on the rubble of a building that collapsed in the rebel-held town Jindayris. AFP
  • A Syrian boy, who lost his family and was also wounded as a result of the deadly earthquake, wanders amid the rubble of his family home. AFP
    A Syrian boy, who lost his family and was also wounded as a result of the deadly earthquake, wanders amid the rubble of his family home. AFP
  • A woman carrying a baby watches search-and-rescue operations, four days after the deadly earthquake, in Jindayris. AFP
    A woman carrying a baby watches search-and-rescue operations, four days after the deadly earthquake, in Jindayris. AFP
  • A Syrian man in despair as the level of the earthquake's destruction in Jindayris hits home. AFP
    A Syrian man in despair as the level of the earthquake's destruction in Jindayris hits home. AFP

Donors at a EU-hosted conference on Monday pledged €7 billion ($7.52 billion) to help the two countries recover.

The total cost of the damage incurred in Turkey is estimated at $103.6 billion – equal to about 9 per cent of the country's gross domestic product.

The United Nations has set the "recovery costs" for Syria at $14.8 billion.

The earthquake flattened cities and displaced millions. Flash floods last week in the region further compounded the misery.

Aid groups had urged donors to step up their commitments after the UN complained of the poor response to a call it made in mid February for urgent funding.

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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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Updated: March 24, 2023, 4:12 PM