Activists and civil society workers hold placards calling on the international community to maintain the cross-border humanitarian corridor at Bab Al Hawa. EPA
Activists and civil society workers hold placards calling on the international community to maintain the cross-border humanitarian corridor at Bab Al Hawa. EPA
Activists and civil society workers hold placards calling on the international community to maintain the cross-border humanitarian corridor at Bab Al Hawa. EPA
Activists and civil society workers hold placards calling on the international community to maintain the cross-border humanitarian corridor at Bab Al Hawa. EPA

Syria enduring worst economic crisis since war began, UN envoy says


Adla Massoud
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Syrians are facing a bleak winter as they endure the worst economic crisis since the civil war began in 2011, the UN special envoy to the country said on Tuesday.

With a cholera outbreak spreading across the nation and soaring fuel costs, Geir Pederson urged UN Security Council members to ensure increased and unfettered humanitarian access to Syria via the most direct routes, including across borders and front lines.

As a political stalemate persists, Mr Pederson said Syria continues to be mired in a security, humanitarian and economic crisis, with needs now higher than at any other time during the 11-year conflict.

“The Syrian pound lost a tremendous amount of its value in recent weeks, which in turn saw food and fuel prices jump to even higher record prices,” he said.

“Syrians are enduring the worst economic crisis since the war began and it will only get worse this winter for the vast majority.”

The UN's Office for the Co-ordination of Humanitarian Affairs estimates that about 14.6 million Syrians need assistance.

Reena Ghelani, the agency's director of operation and advocacy, said Syria now has more than 24,000 suspected cholera cases in all 14 governorates. Eighty people have died so far.

“This is a tragedy, but it should not come as a surprise,” she said. “Millions of people across Syria lack reliable access to sufficient and safe water, and the health system has been devastated by over a decade of conflict.”

Ms Ghelani added that the non-renewal of the authorisation to deliver cross-border humanitarian assistance at the peak of winter could affect millions of people in north-west Syria.

Geir Pedersen delivers remarks under a photo of Syrian President Bashar Al Assad during a meeting in Damascus. EPA
Geir Pedersen delivers remarks under a photo of Syrian President Bashar Al Assad during a meeting in Damascus. EPA

Russia, which intervened in Syria in 2015 to support President Bashar Al Assad, has long sought to end the UN cross-border mechanism. It considers the lifelines a breach of Syria’s sovereignty and says Damascus should be the one to deliver aid to the north-west region.

Moscow has used its Security Council veto or the threat of it in recent years to shut down three of the four border crossings used by humanitarians to reach vulnerable Syrians. The Bab Al Hawa crossing with Turkey will remain open for UN aid deliveries until January 2023, unless its operations are renewed.

Robert Wood, US deputy ambassador to the UN, said Russia's decision to block a 12-month extension of a cross-border mandate is having real consequences on the ground.

“This humanitarian operation is among the largest and most complicated in the world,” he said.

Mr Wood also echoed UN Secretary General Antonio Guterres's call for the creation of a new mechanism to clarify the fate and whereabouts of missing people in Syria.

“People who have gone missing at the hands of the Assad regime, ISIS or other parties to the conflict” must be found, he said.

“Confirming the whereabouts and status of the thousands of missing Syrians and releasing the arbitrarily detained are essential to achieving a stable, just and enduring peace in Syria.”

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

 

 

UAE currency: the story behind the money in your pockets
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In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
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Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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.”

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

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Updated: October 25, 2022, 6:17 PM