The UAE has announced it is launching humanitarian projects in Chad, plus a $10.25 million (Dh37.6 million) donation towards the UN's efforts supporting Sudanese refugee women affected by the continuing situation in the country.
In April, the UAE pledged $100 million at the Paris Donors Conference, with 70 per cent directed to international humanitarian organisations and the remaining to support Sudanese refugees in neighbouring countries, such as Chad, Uganda, South Sudan and Ethiopia.
Lana Nusseibeh, Assistant Minister of Foreign Affairs and Special Envoy of the Foreign Minister, made the announcement on Friday during a visit to Chad, where she met with Sudanese refugee women, civil society leaders and UN agencies. She also met with Fatime Aldjineh Garfa, Minister Delegate to the Ministry of Foreign Affairs, and Bachar Ali Souleymane, Governor General of Ouaddai Province.
"Through this additional contribution, the UAE reaffirms its unwavering commitment to supporting those affected by conflict, especially women and children, who are often the most vulnerable," said Ms Nusseibeh.
"Our efforts in Chad, alongside our international partners, highlight the UAE's holistic approach to humanitarian aid – one that prioritises immediate relief while empowering communities for the future."
The UAE delegation visited a refugee assistance centre, as well as the UAE-built Abeche Field Hospital, where Sudanese refugees fleeing conflict can seek medical treatment.
Contribution
The money allocated to UN agencies will go specifically to those specialised in providing aid to women. According to the Ministry of Foreign Affairs, $3 million will be allocated to the WHO for maternal and child health, $2 million to the UN Population Fund for women's health and sexual-and-gender-based-violence programme for Sudanese refugees in Chad, and $3 million to the UN High Commissioner Refugees for social cohesion programming between Sudanese refugee women and Chadian women in the host community. A further $2 million will be allocated to the UN Women’s Peace and Humanitarian Fund that provides direct funding for women-led civil society groups.
“Our visit to Chad and our $10.25 million contribution reflects the UAE’s steadfast commitment to addressing the needs of women affected by the Sudan crisis," said Ms Nusseibeh.
"We are here to ensure that our support is responsive to those directly impacted and to reinforce our continuing humanitarian efforts. Our approach is centred on listening to women affected by the crisis and ensuring that our aid effectively meets their immediate and longer-term needs.
"This funding and our visit highlight the UAE’s dedication to empowering women and supporting regional stability. Without the active participation of women, there will not be sustained peace in Sudan”.
Fleeing conflict
Chad has registered more than 630,700 Sudanese refugees since April 2023, with 83 per cent of those fleeing being women and children. The war broke out in April last year after weeks of rising tension between the army and the RSF over their future role in Sudan. The conflict has had a devastating effect on the vast Afro-Arab nation of 50 million people. More than half are now facing acute hunger as a result.
The fighting has displaced nearly eight million people, with more than two million taking refuge in neighbouring nations. Together, with nearly three million Sudanese who fled their homes during previous bouts of civil strife, they have created the world's largest displacement crisis.
The war has also killed more than 20,000 people, according to Tedros Adhanom Ghebreyesus, director general of the World Health Organisation. He said the actual death toll could be much higher.
“The conflict in Sudan has had a devastating effect on Sudanese women and children. WHO thanks the United Arab Emirates for its support, which will enable WHO to continue to provide maternal and child health services for Sudanese refugees in Chad,” said Dr Tedros.
The UAE has been a steadfast contributor of humanitarian aid since war broke out, sending $230 million in support, including 10,000 tonnes of food and medical supplies on 159 relief flights.
UAE currency: the story behind the money in your pockets
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Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
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.”
