Feryal Tartousi, 55, greets her grandchildren as she arrived at Sharjah International Airport. Salam Al Amir / The National
Feryal Tartousi, 55, greets her grandchildren as she arrived at Sharjah International Airport. Salam Al Amir / The National


The post-Assad joy of Syrians reunited with families



January 10, 2025

The joy of Syrians reunited with families

With regard to Salam Al Amir's report 'Overwhelming joy' as first flight out of post-Assad Syria lands in the UAE (January 7): This is such heartwarming news. It was very moving watching the video and seeing the images of Syrians in the UAE greeting their loved ones at the Sharjah airport. After the ordeal millions of Syrian families have endured for so long, they deserve all the happiness. I wish them luck in starting over and beginning a new life with hope.

Catherine T, Abu Dhabi

Trump's ultimatum regarding Israeli hostages

With regard to Willy Lowry's report Trump warns of 'all hell to pay' if Middle East hostages not released by January 20 (January 07): It's a strange thing to hear our president-elect say that all hell will break loose, as if the past 14 months haven't already been hellish in Gaza – especially for relatives of the Israeli hostages and for so many thousands of Palestinian families.

Andrew Spencer, Chicago, US

Jimmy Carter and the legacy of statesmen

In reference to Ellie Sennett's report Jimmy Carter lies in state at US Capitol ahead of funeral (January 8): Jimmy Carter was a statesman, but he has also made an indelible mark in the philanthropic world. His simplicity, humility, kind heart and willingness to listen set him apart. His dedication to a modest lifestyle even while holding the highest office appears to me to have been a remarkable aspect of his character.

He was, to my mind, one of the few American presidents to truly demonstrate the values of patriotism and humanity. Even though he had been in ill health for a long time, his departure will be a great loss to America. One can only hope that the values he embodied live on.

K Ragavan, Bengaluru, India

In the past two weeks, the world has lost two great statesmen – former US President Jimmy Carter and former prime minister of India, Dr Manmohan Singh.

During his time as president, Jimmy Carter strove towards ushering peace in the Middle East, even after relinquishing office. He was a very humble and accommodating person and a great listener.

Dr Singh was a renowned economist, who moved millions of people in India above the bread line through various anti-poverty programmes.

Both these stalwarts, with their voices of sanity and wisdom, will be missed.

R K Aneja, Dubai

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.”

Updated: January 10, 2025, 3:00 AM