Queen Rania wears Taller Marmo for a special iftar. Photo: Instagram / Queen Rania
Queen Rania wears Taller Marmo for a special iftar. Photo: Instagram / Queen Rania
Queen Rania wears Taller Marmo for a special iftar. Photo: Instagram / Queen Rania
Queen Rania wears Taller Marmo for a special iftar. Photo: Instagram / Queen Rania

Jordan's Queen Rania urges respect for all lives at risk at sea


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Jordan's Queen Rania has shared a message of solidarity with refugees, saying every life is "worth saving" as two high-profile but very different incidents at sea draw public attention.

Early last week an overloaded smuggling vessel off Greece capsized, leaving more than 500 migrants missing, and on Sunday a submersible carrying five passengers went missing on a trip to view the wreckage of the Titanic.

A fleet of search ships is hunting for the Titan vessel in the North Atlantic about 1,450 kilometres east of Cape Cod, Massachusetts. The submersible craft, built by OceanGate Expeditions and carrying its founder and CEO Stockton Rush, may have already run out of oxygen, the US coastguard has said.

Some have drawn contrasts between the way the different rescue operations have been received by the public, with coverage of the Titanic disaster outstripping that of the hundreds of migrants whose lives are thought lost in European seas.

Sharing a drawing by Northern Irish artist Oliver Jeffers showing news cameras pointed at the Titan sub while a group of refugees float near a capsized boat, she noted the different responses to the tragedies of the Greek Islands and the sub travellers.

"Two tragic situations," she wrote, "two very different global responses. Every human life is worth saving."

Queen Rania/ Instagram
Queen Rania/ Instagram

Queen Rania has been outspoken on how refugees are treated across the world.

Last November, she pointed out the differences in the response to refugees fleeing war in Ukraine and those from other conflicts.

"It’s hard to ignore the difference in generosity, tone, and urgency between the welcome extended to Ukrainian refugees and those fleeing devastation in countries like Syria, South Sudan, or Myanmar,” she told the International Web Summit.

Jordan hosts the second largest number of refugees per capita worldwide, with more than 723,412 individuals registered with the UNHCR. Unofficial numbers are thought to bring the total to over one million, mostly Syrians and Palestinians.

Nine Egyptian men have been arrested in Greece over the incident in which a trawler carrying refugees capsized while making the five-day trip from Libya to Italy. Only 104 men survived.

Survivors' accounts seen by AP claimed that women and children were trapped in the hold as the ship capsized and sank within minutes to one of the deepest spots in the Mediterranean.

The testimonies also echoed previous accounts that the steel-hulled trawler sank in calm seas during a botched attempt to tow it. This clashes with the Greek coast guard's insistence that neither its patrol boat, which escorted the trawler in its last hours, nor any other vessel attached a tow rope.

“The Greek ship cast a rope and it was tied to our bows,” survivor Abdul Rahman Alhaz said in his sworn testimony. “We shouted ‘stop, stop!’ because our boat was listing."

He added that the trawler "was in bad shape and overloaded, and shouldn’t have been towed.”

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

UAE currency: the story behind the money in your pockets
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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.”

UAE currency: the story behind the money in your pockets
Updated: June 23, 2023, 9:52 PM