A man stands amid debris as the search for survivors continues in Aleppo after Monday's earthquake. Reuters
A man stands amid debris as the search for survivors continues in Aleppo after Monday's earthquake. Reuters
A man stands amid debris as the search for survivors continues in Aleppo after Monday's earthquake. Reuters
A man stands amid debris as the search for survivors continues in Aleppo after Monday's earthquake. Reuters


Earthquake highlights Syria's man-made suffering


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February 08, 2023

The world’s screens have been filled this week with images of homes, schools and business in Turkey and Syria being reduced to rubble. Earthquakes may be beyond our control but Monday’s disaster shines a new light on the continuing, man-made suffering of Syria’s people.

Over the past 12 years of war, large parts of the country have been left in much the same kind of ruin that was caused by this week’s 7.8-magnitude tremor. Lost lives, devastated cities, fractured families and smashed infrastructure came to characterise one of the Arab world’s oldest and most beautiful countries.

Those in north-west Syria left homeless by the earthquake now join the thousands of people internally displaced by the civil war and the estimated 5.6 million refugees – including more than 2.6 million children – scattered across Egypt, Iraq, Jordan, Lebanon and Turkey.

Most of these refugees are now measuring their time in exile not in months, but in years – a reflection of the stagnant political process surrounding the Syrian conflict. No consensus exists on how to end the country’s divisions or reach a settlement its people can accept.

This deadlock and lack of international co-operation can be seen in the difficulties of getting aid to the estimated 4.1 million civilians living in north-west Syria – at least half of whom have been displaced at least once since the start of the conflict.

Syrian men, pictured here in June last year, wave goodbye to relatives and friends leaving to perform the Hajj pilgrimage in Saudi Arabia via the Bab Al Hawa crossing with Turkey. AFP
Syrian men, pictured here in June last year, wave goodbye to relatives and friends leaving to perform the Hajj pilgrimage in Saudi Arabia via the Bab Al Hawa crossing with Turkey. AFP

The Bab Al Hawa crossing with Turkey remains the only route for international aid to reach people in this part of Syria. That this lifeline – through which thousands of aid lorries passed last year – has now reportedly been damaged by the earthquake is a cause for grave concern. Other crossings that could carry emergency help remain closed amid political divisions at the UN.

The length and intractability of the Syrian conflict has allowed war fatigue to set in, both in terms of media coverage and at the diplomatic level. Other wars, such as the invasion of Ukraine, have emerged to dominate the headlines.

One effect of this earthquake, in all its profound cruelty, has been to mobilise the international community. Forty-five countries, including the UAE, have sent aid, equipment and personnel to Turkey, which has suffered more than 4,500 deaths so far.

The Emirates is among the countries also sending help to Syria but the challenges of distributing emergency aid in a divided nation highlights the need to revive the diplomatic process. Time is of the essence here, as many people remain trapped under collapsed buildings and the harsh winter hampers rescue efforts.

Syria’s people deserve better than years of hardship and exile. Although this natural disaster may have turned the world’s attention on the country again, this focus must be translated into efforts to revive the moribund process of resolving the conflict and finally giving Syrians a country they can return to and something like a normal life.

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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UAE currency: the story behind the money in your pockets
Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

The years Ramadan fell in May

1987

1954

1921

1888

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

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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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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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Updated: February 10, 2023, 7:24 AM