ABU DHABI // Emirati doctors leading a humanitarian mission to help victims of the famine in Somalia are treating more than 1,000 men, women and children each day. But medical staff fear their efforts are still not enough as the country struggles to cope with its third famine in 25 years.
Dr Adel Al Shamry, chief executive of the Zayed Giving Initiative, said work to help those affected by the drought in the city of Hargeisa are being hampered by extreme poverty and disease.
“Children are dying from malnutrition. Diseases are so widespread and cholera is back claiming the lives of thousands,” said Dr Al Shamry. “You can’t imagine how horrific the situation is right now.”
The UAE has sent millions of dirhams and thousands of tonnes of food aid and medical supplies to the African country. Last month, a charity telethon raised Dh165 million within hours.
Dr Al Shamry said the international community needed to work together to help Somalia.
“We cannot do this on our own. The situation is so bad that it requires international aid. The entire world has to contribute to help save the lives of thousands of children whose lives are at risk.”
Last month, the ZGI, along with the Dar Al Ber Society, Sharjah Charity House and the Saudi-German Hospital, built the first mobile hospital in Hargeisa. The hospital has six units staffed by a team of Emirati and Somali doctors.
Twenty-five Emirati doctors have pledged to provide 2,000 hours of medical care to children and elderly patients.
“We see 1,000 patients a day and still this isn’t nearly enough to help the people of Somalia,” Dr Al Shamry said, adding the aim was for Emirati doctors to train Somali staff to run the hospital themselves.
“This is a sustainable project and hopefully by the end of 2017 will be fully run by Somalis.”
According to Unicef, about 1.4 million children in Somalia are feared to suffer acute malnourishment this year, an increase of 50 per cent on last year.
“The combination of drought, disease and displacement are deadly for children, and we need to do far more, and faster, to save lives,” said Steven Lauwerier, Unicef Somalia representative.
Somalia is in the midst of a drought after rains failed in November last year for a third year in a row. About 615,000 people searching for food and water have since been displaced.
Women and children who make the trek, generally on foot, to places where they hope to find assistance are often robbed or worse, both on the way to, and in, camps for the displaced. There have been reports of sexual abuse, including rape, the UN agency said. Some children have been conscripted into armed groups.
Unicef spokesperson Marixie Mercado said a severely malnourished and dehydrated child could die in a matter of hours if they were not treated for diarrhoea and cholera.
Ms Mercado had just returned from Baidoa in Somalia, which has more than half the 28,400 cholera cases documented so far this year.
Aid groups in Somalia are seeking US$825 million (Dh3.03 billion) to reach the most vulnerable until next month.
Dr Shamsa Al Awar, executive director of Humanity Doctors, said UAE doctors have volunteered thousands of hours to serve the poor by forming diagnostic, therapeutic and educational teams.
Thousands of patients have benefited in Hargeisa as part of an annual programme to reach thousands of vulnerable people.
salnuwais@thenational.ae
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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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