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The standstill traffic between Sidon and Beirut convinced many people fleeing Israel's intensive air assault on Monday to pull over. For some, it was a rest from hours of driving in congestion. For others, it was an opportunity to assess and co-ordinate their next steps.
Where would they sleep that night? If the war continued, where would they live? What had become of the homes and belongings they had left behind?
“The house was bombed right after we left it,” said Hayat Al Hajj, an older woman from the southern Lebanese village of Ansar, which had been relatively untouched by Israel's bombardment until this week. "Right as we were leaving our house was destroyed right in front of us."
Ms Al Hajj's nephew, holding his phone up to indicate that he had just watched a video, interjected to tell her: "Ansar has been completely destroyed. Forget it. Not a single house left standing."
An extensive air campaign announced by Israel earlier that morning has so far killed at least 492 people, including 35 children and 58 women, and wounded 1,645. The toll is expected to rise.
Ms Al Hajj and her family had been parked along the motorway heading north for at least six hours, she told The National. Like thousands of others, they were trying to co-ordinate a place to live with relatives and solidarity groups.
Fleeing families were packed into lorries and vans loaded with mattresses, clothing and belongings, racing to find refuge away from the south. A petrol station owner told The National that so many people had fled that his station had run out of fuel.
His employees distributed water bottles to stuck families. Rest stops and bakeries along the road were crowded with families stocking up on provisions.
Suddenly, the Hajj family set off: they had found a place in Bchamoun, in the mountains.
Ms Al Hajj's daughter Najat said they were lucky: “When you see how congested Saida is with people escaping, it really makes you wonder where they'll go."
By Monday afternoon, Lebanon's government had opened schools and other vocational institutes for displaced people with no other housing to take shelter.
Israel intensified its air campaigns on Lebanon after an unprecedented week of attacks on Hezbollah, including an Israeli air strike in Beirut that was aimed at a senior Hezbollah commander along with top members of the group, killing at least 70 people, including civilians.
Israeli military's spokesman Admiral Daniel Hagari ordered Lebanese civilians on Monday morning to stay away from Hezbollah-controlled areas or leave immediately, as the Israeli army would “engage in extensive, precise strikes against targets embedded widely throughout Lebanon”.
Lebanese telecoms company Ogero reported at least 80,000 suspected Israeli call attempts across the country, telling people to vacate their areas, sparking panic among civilians.
Later on Monday, Health Minister Firass Abiad said that “thousands of families from the targeted areas have been displaced”.
Fadwat, 35, is among them. She hurriedly left the southern town of Burj El Chemali with her toddlers in the early hours of the morning, grabbing what few belongings she could before piling into a car with her relatives. Hours later, she sat on the road trying to figure the situation out.
“We're used to this, it's been like this since the '70s,” she said. “But it's the children I'm worried about. They don't know what's happening around them. My job is to take care of them, and I don’t want them to experience this.”
Her son Ali, eight, pointed at Israeli jets as they released their distinctive trails in the sky. He was looking forward to school on Tuesday, but classes have now been suspended in most regions. Instead of accommodating pupils, classrooms will now house displaced families.
'Worst day'
Mohamed Ghamloush, a resident in the southern city of Sidon, further from the bombing, told The National that the situation in the city is “insane", with people from the south rushing to leave and roads blocked.
“Cars are going in every direction. I'm more afraid of accidents than of air raids,” he said. “It's completely insane.”
“It's a bit chaotic here,” Farah M, 34, a Palestinian Lebanese in Sidon, told The National. “We don't know where the next strike will hit. Some family members are moving to Beirut – others are coming here. And with children involved, it's hectic.
Mr Ghamloush decided to return to his village near the border to pick up his wife, who had stayed behind. “I have to go back. Everyone is telling me not to, but I can't leave her alone. She’s extremely scared.”
On his way, he told The National he saw many residents fleeing in cars, while others were walking on foot because they had no means of transport.
Co-ordination groups in the town of Jiyeh, in southern Lebanon, have begun opening schools and empty houses to host displaced people. WhatsApp groups have been set up in solidarity, where those willing to open their homes share their contact details en masse.
This is the worst it’s been since the war started
Wafa Raghda,
resident of southern Lebanon
Two estate agents based in Beirut said they were receiving constant calls from people fleeing the shelling and trying to find temporary accommodation in Beirut.
“Since yesterday and this morning, people are looking for a place in the safer areas of Beirut for one week to one year,” one of the agents from Beirut Living Real Estate said, adding that he had taken at least 60 calls that day.
But some were not able to leave. Wafa Raghda, 42, from Burj El Moulouk near the border with Israel told The National that she was stuck between two bombed areas and has no option but to stay. There is no safe shelter for her and her children, who usually take refuge in the bathroom during shelling.
“My children are extremely scared,” she told The National over the phone. “This is the worst it’s been since the war started. It's extremely dangerous. I'm right across from the plain that is being bombed and the house is shaking.”
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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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What are the regulations?
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UAE currency: the story behind the money in your pockets
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Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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