This year’s big Syria aid conference has come and gone and it arguably did more than simply meet monetary targets. Held in London for the first time rather than in Kuwait, the conference actively sought to end the beguiling fiction that the refugees from Syria are a short-term problem and nothing to do with Europe.
It underlined that the refugees’ immediate neighbourhood is not obliged to serve as a bulwark between Europe and Syria’s huddled masses. Crucially, it acknowledged that Jordan, Lebanon and Turkey, which host at least four million refugees between them, cannot be expected to uncomplainingly bear the burdens of hospitality as best they can. Europe has a duty of care as well.
The message has come just in time. The so-called “quiet season” for refugee flows will end when spring eventually blooms, as it must. Then the numbers fleeing the horrors of Syria will rise. Peace in Syria seems more remote than ever right now – the Geneva talks to start talks may or may not resume on February 25 and there’s no clarity about what might be discussed and by whom. If 2015 brought to a head the world’s biggest refugee crisis in 70 years, 2016 may yet throw up more intractable problems.
This is why the London conference can be said to constitute a small but significant step forward in a debate that has dominated the geopolitical agenda, spreading heat but not much light. It has already caused ructions within the European Union, “temporary closure” of several hitherto open borders, a vicious blame-and-shame game directed mainly at German chancellor Angela Merkel for daring to be compassionate, and the rise of right-wing populist parties and anti-immigrant violence.
But now, for the first time, there is growing acceptance that the problem will be with all of us – Europe included – for at least a generation.
That Syrian children – packed into refugee camps in Jordan, Lebanon and Turkey or scattered elsewhere around the world – will need to be educated.
That their parents, uncles and brothers will need to be able to find jobs and a secure foothold in their host countries.
That Syrian families must be stable, well-supported units if they are to raise fine upstanding members of their adopted communities.
This is good news, if only because the problem is being defined better and more realistically.
David Miliband, the chief executive of International Rescue Committee, the global humanitarian NGO founded by Albert Einstein in 1933, recently suggested that the London conference had forced Europe to face its moment of truth. Now, it is beginning to realise that the choice is not between whether the refugees come to Europe or not, he said. The choice is whether they come in a chaotic, illegal and disorganised way or by a more streamlined and orderly process.
There’s the rub. And it is no surprise that Mr Miliband, a former British foreign secretary, is insisting that the world see “the arc of crisis from the war zone to the neighbouring states, to the transit routes and then to refugee resettlement”. Only then, says Mr Miliband, can solutions be formulated.
So, what is likely to happen?
The money raised for Syria at the London conference says a great deal. At $11bn (Dh40.4bn), it is said to be the largest amount ever pledged in one day in response to a humanitarian crisis. There have been wisecracks that it is not far off the $9bn Germans spend on chocolate every year, but it is important because the money was pledged despite its purpose being made plain at the outset. The conference said that it would be used to help Syrians as well as Jordan, Lebanon and Turkey who had to house, feed, clothe, educate and provide jobs.
There are signs of a push from European capitals, led by Berlin and London, for Jordan and Lebanon to provide work permits to the refugees. Crucially, Europe is willing to put up the money needed to sweeten the deal.
Federica Mogherini, the EU’s high representative, has said Europe is determined to help Jordan and Lebanon cope with the crisis as they are “rocks in the Middle Eastern storm”. Just weeks ago, Turkey agreed to offer limited work permits to the two million Syrians and 30,000 Iraqis it hosts, but it is harder for Jordan and Lebanon.
Syrians now constitute nearly 20 and 25 per cent of their population respectively and the economic strain is immense even though the World Bank classifies them as middle-income countries.
Europe is also realising the importance of processing refugees in a more regimented fashion. Just two of its 11 designated “hot spot” refugee reception centres in Greece and Italy currently function as planned. Chaos still prevails everywhere else, leaving refugees dangerously dependent on smugglers’ routes and false shepherds who profess good faith.
But there’s more to be done. If the London conference failed, it was in its inability to tap into the non-European wellspring of compassion. It did not argue for a massive worldwide resettlement programme – much bigger than the UNHCR’s modest placement scheme, which helped just 162,151 Syrians until December 11. And it did not press for more balanced sharing of the burden with western countries that have a track record in providing safe harbour. Even though the US-committed $900m at the conference, it is yet to indicate that it will take more than 10,000 refugees this year. Canada has not upped its agreed intake from 25,000 and Australia is at about half of that.
It is good that Europe is beginning to realise that the refugee flow is a long-term problem that must be shared. But a long-term solution can only emerge from a broader arc of compassion.
Rashmee Roshan Lall is a writer on world affairs
On Twitter: @rashmeerl
Ponti
Sharlene Teo, Pan Macmillan
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
UAE currency: the story behind the money in your pockets
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills