Residents of Syria's Idlib clung to ritual in place of gifts, new clothes and food on Wednesday, as the region continues to suffer from the fallout of a devastating earthquake and more than a decade of war.
Abu Muhammad, 40, from the city of Harem in the north of Idlib, took his children to the mosque to perform Eid prayers, then to a local cemetery where his father is buried. His children placed flowers on the grave together.
“This Eid is not like the previous one. The earthquake turned our lives upside down,” he told The National.
“After this year, my family's Eid was limited to Eid prayers and visiting graves. These two rituals are preserved by all segments of society, rich and poor, the displaced and the resident.”
The 7.8-magnitude earthquake that hit Syria and Turkey in February killed more than 50,000 people and injured 100,000. Idlib in particular has struggled to recover, as aid to the rebel-held enclave has been slow to come through.
“I survived the earthquake, thank God, but I lost everything I owned now. I live in a rented house, and I was unable to prepare sweets or buy new clothes for the children,” says Abu Muhammad.
His neighbour, Mahmoud Al Ahmad, is suffering under similar strain. He lost his home in the earthquake, but survived with his family.
“Last year, we were from the middle-income class, and I was able to slaughter a sacrifice and buy new clothes for my children,” he says. “But this holiday, there is no reason for joy.
“My children were deprived of new clothes and Eid gifts … they hardly have food. We have lost everything”.
Sacrifices are the most obvious absence for Syrians this Eid.
The price of sheep has more than doubled. Sacrifices are now limited to the wealthy and some humanitarian organisations that are active in the region.
Muhannad Al Shammat used to make a sacrifice every year and distribute the meat to his neighbours.
“I was not able to buy the sacrifice for this year, because the prices are high, but I bought new clothes for the children and made sweets for them,” he says. “The joy of Eid is in the joy of my children.”
Some children have been lucky enough to secure Eidiyat, a small sum of cash to celebrate Eid Al Adha, this year.
The amounts provided to children range between 25 Turkish liras and may reach up to 100 liras – or about $1 to $3.80 – according to the budget of each family.
Omar Razzouk, 10, was given 125 Turkish liras by his father and uncles.
“This is enough money to go to the amusement park, play with swings and games,” he says excitedly.
Ahmed Maatouq, eight, has seen his Eidyah dwindle, but is happy to have received it nonetheless.
“Last year, the value of the gifts that I collected was 200 liras, but this holiday I only collected less than half of this amount,” he says.
But the decrease in disposable income and displacement caused by the colossal earthquake, which destroyed hundreds of thousands of homes, mean that many communities' annual rituals are falling by the wayside.
In the Jenderes neighbourhood, women would traditionally gather together to make Eid sweets before the big day. Now, the smell of cooking sugar and the sound of traditional song is noticeably absent from the alleyways.
“I had to sell my wedding ring, which is the only memory I keep after the death of my husband, in order to make my orphan grandchildren happy after their father died in the earthquake disaster,” Nazik Tammo, 50, says.
“I bought them new clothes and made a small amount of sweets for them in my house.”
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Sholto Byrnes on Myanmar politics
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Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
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Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.
6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
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Poacher
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
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.”