Etihad Airways has made a donation of stationery, clothing, blankets and books to 2,450 children at refugee camps across Greece in time the new academic year.
Its employees delivered the supplies for every child in the Ritsona and Malakasa camps north of Athens and to Kara Tepe, a camp for families on Lesbos island.
Plans are under way to provide more support to camps in Greece, where resources have been pushed to the brink due to overcrowding as hundreds of migrants continue to arrive on its shores from Turkey.
The initiative is part of Etihad Airways' annual September donations programme for pupils living in challenging circumstances.
“Our focus is always children and support for education, so bringing children and stationary was a focal point for us,” said Khaled Al Mehairbi, head of the company’s corporate social responsibility.
“Every September we look at the schools and children we can support.”
Children between the ages of four and 15 received 2,450 school bags and stationery kits, and 4,500 blankets flown in from Abu Dhabi on a Boeing 777. The donation was made in co-operation with the Emirates Red Crescent and organised over a series of months.
It represents the first step in the airline’s support for refugee children in Greece, said Mr Al Mehairbi.
“We have talked to the director of the [Kara Tepe] camp in Lesbos and we have asked him what is needed in line with the needs of people in the camps," he said.
"He will send us a list of items he sees as urgent and we will see how we can work to provide him with his requirements.”
Camps are now preparing for winter.
This delegation said the desire to undertake humanitarian work was laid down by the founding president, Sheikh Zayed, and the ongoing nationwide Year of Zayed campaign marks his birth a century ago.
School supplies were distributed to about 1,500 children at Kara Tepe on Lesbos, where Etihad volunteers joined children for a football match. Two days later, volunteers helped distribute donations to 250 children living at Malakasa and 500 children at the Ritsona camp in a ceremony attended by the UAE ambassador to Greece, Mohammed Mir Abdullah Al Raisi.
Etihad provided donations and voluntary support earlier this year in India, Sri Lanka and Rohingya communities in Bangladesh.
Next month, the airline will distribute canes to people with visual impairments in Morocco.
Equally important are the projects they have done within the UAE, said Mr Al Mehairbi.
Local organisations and companies are encouraged to come forward to help them in providing others with tangible assistance.
“If they can help, we’ll sit and talk,” said Mr Al Mehairbi.
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Director: Alfonso Cuaron
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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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Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
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The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now