Dubai number plate 7 sold for Dh55 million, with auction proceeds going to the One Billion Meals campaign. Pawan Singh / The National
Dubai number plate 7 sold for Dh55 million, with auction proceeds going to the One Billion Meals campaign. Pawan Singh / The National
Dubai number plate 7 sold for Dh55 million, with auction proceeds going to the One Billion Meals campaign. Pawan Singh / The National
Dubai number plate 7 sold for Dh55 million, with auction proceeds going to the One Billion Meals campaign. Pawan Singh / The National

UAE's One Billion Meals Endowment campaign reaches Dh750 million in 20 days


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The UAE's One Billion Meals Endowment campaign has raised Dh750 million in the 20 days since it started.

Launched before Ramadan by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the food drive aims to raise funds that will support a long-term, sustainable approach to helping those in need all over the world.

The Dh750 million achieved so far has come via 120,000 donations from people, institutions and businesses.

Instead of the donations being spent directly on food parcels, the money will be placed into endowment funds from which financial returns will be spent on helping to feed the needy.

The aim is to ensure the principal sum grows steadily, allowing vital aid to be delivered for years to come.

Mohammed Al Gergawi, Minister of Cabinet Affairs and Secretary General of Mohammed bin Rashid Al Maktoum Global Initiatives, said the campaign showed the enduring generosity of people in the UAE.

“Raising a total of AED 750 million from 120,000 contributors in 20 days is a true reflection of the principles of social solidarity, opening new horizons for charity work that addresses the needs of underprivileged populations around the world, which is among the key objectives of UAE’s humanitarian initiatives,” he said.

Previous campaigns in recent years have seen the successful 10 Million Meals in Ramadan 2020, followed in 2021 by the 100 Million Meals campaign, which was the largest regional food support campaign, spanning 20 countries in the Arab region, Africa and Asia.

Last year’s One Billion Meals campaign was the largest of its kind regionally, providing meals in 50 countries.

How to support

The One Billion Meals campaign website has details of several options for donors.

Pledges can be made online, either monthly or through a one-off payment. Donations can also be made by SMS messages through Etisalat or Du, via the DubaiNow app or through a bank transfer.

For large donations and related inquiries, contact the campaign team on 800 9999.

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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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Updated: April 14, 2023, 5:29 AM