UAE sends sacrificial meat to Syria for Eid Al Adha


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Thousands of Syrians will receive a donation of sacrificial meat to mark Eid Al Adha from the Emirates Red Crescent.

As part of Operation Gallant Knight 2, two thousand pieces of meat were distributed under the Adahi initiative.

Up to 100,000 Syrian families affected by the earthquake in the region on February 6 will benefit from the donations.

The areas of Latakia, Aleppo, Hama and Homs were all badly damaged in the natural disaster that killed 8,476 people in Syria and 50,783 in Turkey.

The initiative was carried out in co-operation with the Syrian Arab Red Crescent to help families in the affected areas over Eid and as part of the UAE's continuous humanitarian and relief efforts to ease the suffering of people.

The meat was distributed to Syrians on the occasion of Eid Al Adha. Wam
The meat was distributed to Syrians on the occasion of Eid Al Adha. Wam

Mohammed Khamis Al Kaabi, head of the ERC delegation in Syria, said that the aid included 500 pieces of sacrificial meat in Aleppo, 500 in Latakia, 500 in Homs and 500 in Hama, reaching a total of 100,000 beneficiaries across the four Syrian governorates.

Operation Gallant Knight 2 is one of the UAE's actions aimed at supporting Syrians under the guidance of its leadership.

As part of the operation, 186 aircraft and four ships with essential food supplies, medicines and medical equipment have been dispatched to support the recovery of the Syrian people.

Earlier this month, a fourth UAE aid ship arrived at Syria's port of Latakia, carrying more than 2,000 tonnes of aid.

The latest shipment is the largest delivery to be sent to Syria and will be distributed in co-ordination with the Syrian Arab Red Crescent to earthquake-affected areas.

The 2,823 tonnes of aid included 1,662 tonnes of food supplies, 321 tonnes of food baskets, 41 tonnes of dates, 777 tonnes of relief materials and 15 tonnes of building materials.

The initiative follows the directives of President Sheikh Mohamed to help Syrians overcome problems in the aftermath of the earthquake.

The ERC has also sent clothes, laptops and desktop computers to more than 40,000 Syrians in the run-up to Eid Al Adha.

It has also offered to restore and maintain 40 schools in Latakia.

In mid-June, the UAE announced that it has joined forces with health authorities in Syria to carry out crucial heart operations in underprivileged communities.

The Cardiac Care initiative will be carried out by the ERC in conjunction with the Health Directorate in the Latakia governorate, in north-western Syria, Al Bassel Cardiology Hospital in Latakia and a specialist medical team.

The project will offer catheterisation and heart operations, and help address concerns over the prevalence of heart disease in the area.

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Game 7 Sunday, at Toronto (if needed)

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Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

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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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