A Nepalese earthquake survivor salvages his belongings from damaged houses in Bhaktapur, near Kathmandu. (Harish Tyagi / EPA)
A Nepalese earthquake survivor salvages his belongings from damaged houses in Bhaktapur, near Kathmandu. (Harish Tyagi / EPA)
A Nepalese earthquake survivor salvages his belongings from damaged houses in Bhaktapur, near Kathmandu. (Harish Tyagi / EPA)
A Nepalese earthquake survivor salvages his belongings from damaged houses in Bhaktapur, near Kathmandu. (Harish Tyagi / EPA)

Nepal will need your help tomorrow as well as today


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Even with the latest earthquake bringing fresh devastation to Nepal, the relentless news cycle makes it inevitable that the country’s plight will drop out of the headlines sooner rather than later. Dozens of other news stories will displace the disaster that hit a country already afflicted by the twin blights of poverty and corruption.

It’s little wonder that Nepal’s plight resonated so strongly in the UAE. Kathmandu is only a short flight away and many of those living in this country are repeat visitors, having discovered the infectious enthusiasm for life exhibited by nearly all Nepalis is even more attractive than the soaring peaks for which it is famous.

I felt it more than most. I’ve been going to Nepal on mountaineering expeditions and trekking trips since the 1980s and had friends climbing Everest when the quake hit. As someone from Christchurch, the New Zealand city still recovering from the devastating effects of more than 13,000 earthquakes in the last five years, I knew full well what a long haul Nepal had ahead of it.

My original plan had just been to make a donation, hoping to find a group already in the country that could have an immediate impact on the ground in remote villages while the large global charities were winding into action. Just as important was to do so without the money ending up in the pockets of some corrupt official in Nepal.

The solution came from the close connections between the outdoors community here and its counterpart in Nepal. A British couple who run a rafting company in central Nepal had local knowledge, access to 4x4s and workers, and were based close to remote villages where 95 per cent of the homes had been destroyed but which had so far failed to get any help from Kathmandu.

The best part was the personal connection, with one colleague having literally put his life in the hands of the business owner when they kayaked the rivers of Nepal. Every dirham donated would go where it should.

It quickly became apparent that many of my colleagues were also wrestling with the same dilemma about how to help a grass roots organisation and without feeding Nepal’s pervasive corruption. So instead of simply making a donation, a few of us paid for a meal at a Nepalese restaurant in Abu Dhabi and asked the couple of dozen people who attended to donate to the rafting company.

This was charity through momos, the dumplings familiar to anyone who has travelled in Nepal. As it happened, the Nepal Palace Restaurant was also donating all its proceeds for the first week after the quake, so our meal helped twice.

Thanks to the generosity of those who attended (and some substantial pledges from those who couldn’t make it), just under Dh10,000 was transferred to the rafting company in Nepal. To put that into the context of Nepal prices, this is a dozen times the cost of my five-week climbing expedition in the Solu Khumbu a quarter of a century ago.

Within days, supplies like tarps and food were being delivered to remote villages that had not received any contact from the outside world since the April 25 quake. It was only days later that NGOs began to arrive.

But we also knew at the time that tapping into people’s generosity when the earthquake is dominating the news was the easy bit. As the case of Christchurch showed, the real grind of recovery happens long after the news crews have moved on to the next story.

That’s when Nepal will really need its supporters in the UAE and across the globe. The message that emerged on how to help came independently from at least half a dozen of my friends: let’s all vow to visit Nepal in the post-monsoon season so that the tourist industry already blighted by the quakes won’t be hit twice by international visitors staying away.

Treks in areas that escaped the worst devastation will allow money to once again flow through into the economy for those with the enterprise and willingness to work. The flood of donations that followed the original earthquake is one thing, but it is this continued support that will help Nepal truly recover from this.

jhenzell@thenational.ae

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

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.

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
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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.”