DUBAI // A call to intensify humanitarian projects to alleviate the suffering of the 15 million children in conflict zones was made by Sheikh Mohammed bin Rashid’s humanitarian adviser on Tuesday.
With women and children 14 times more likely to lose their lives in a crisis than men, Ibrahim Bumelha said the UAE was keen to provide a quick response to international crises and conflicts throughout the world and provide ongoing assistance to help refugees and those displaced.
“Conflict makes children the most vulnerable and they are those who suffer the most,” said Mr Bumelha at the opening of the Dubai International Humanitarian Aid and Development Conference (Dihad).
“President Sheikh Khalifa said the more we give, the more we get and the more stability and wellbeing we have. These are words we should ponder on, they encourage us to work more to spread good globally, especially for women and children.”
Helle Thorning-Schmidt, chief executive of Save The Children International and a former Danish prime minister, said there was nothing more urgent than protecting children in armed conflict.
“Our job is far from done,” she said. “The Geneva Declaration on the Rights of the Child states that mankind owes to the child the best it has to offer, but right now across the world 15 million children are still living with violent conflicts. That’s 15 million children potentially suffering grave breaches of this declaration – they are killed, made victims of sexual violence, abducted or attacked in schools and hospitals, denied life-saving humanitarian access, recruited by armed groups and forced into conflicts.”
She said these children were experiencing the worst humanity had to offer. “Many of them don’t pass their fifth birthday,” she said. “During a crisis, we know women and children are 14 times more likely to lose their lives than men are and, right now across Sudan, Yemen, Nigeria and Somalia, estimates say 1.4 million children may die this year. We owe it to the children in all kinds of conflicts to do everything we can to end their suffering.”
Sheikh Khalifa announced earlier this year that this would be the Year of Giving.
The UAE ranks among the top countries in the world in providing assistance and it is considered a main hub for humanitarian relief and activities, hosting its own Humanitarian City.
“The people of the UAE are the sons of the late Sheikh Zayed and it is always a precursor to providing assistance locally and globally without taking into account religion or complexities, only the duty it should fulfil,” Mr Bumelha said.
“The conference gathers humanitarian agencies and organisations to exchange ideas and views and discuss challenges facing societies in crisis. The aim is to be able to improve the international community’s response to face up to these crises, which cause the suffering of many, so I hope this will lead to conclusions and recommendations that will benefit the donors and recipients of aid.”
The conference, in its 14th year, is seen as a vital platform to address the future of humanitarian aid.
“Dihad will look into substantial matters related to building the capacity of children to regain their rights to life, food, safety and dignity,” said Dr Mohammed Al Falahi, secretary general of the Emirates Red Crescent. “The UAE is aware of its obligations and it has consequently supported and taken some initiatives that help children who are victims of crises in Yemen, Syria and Iraq as well as in the Horn of Africa, where we see hunger, malnutrition and other challenges. Hundreds of thousands of children have lost their lives because of hunger.”
Dr Al Falahi said the Red Crescent played a significant role in bridging the gap to provide children with healthcare services and education.
“Those are children who had to drop out of school and become refugees,” he said. “We hope we will be able to have clear plans and programmes to save the childhood and children of all these challenges.”
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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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24: Legacy — PTSD;
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Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The five pillars of Islam
The years Ramadan fell in May
Killing of Qassem Suleimani
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Dust and sand storms compared
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Dust storm
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- Source: Can be carried from distant regions