Donor countries meeting in Kuwait yesterday promised more than US$2.4 billion – including a UAE pledge of another $60 million – in humanitarian aid for victims of the Syrian war.
About 70 countries and 24 organisations attended the conference, which was hoped to raise an unprecedented $6.5bn (Dh23.87bn) to help those affected by the almost three-year civil war.
At the opening of the conference, the Kuwaiti emir, Sheikh Sabah Al Ahmed Al Sabah, pledged $500m.
The United States added $380m, bringing its humanitarian contribution to $1.7bn since the war began.
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister for Presidential Affairs, announced the UAE’s pledge of $60m, which brings the country’s total aid for Syrians to more than $360m.
The EU, Saudi Arabia, Qatar, Britain, Japan, Norway and Iraq were among the other donor nations.
Sheikh Sabah urged the UN Security Council to work harder to end the war. “I call on Security Council and member states to put aside their differences to reach a solution.”
US secretary of state John Kerry told gathered nations that their responsibility was more than financial.
“We are under no illusion that our jobs are to just write a check,” Mr Kerry said, blaming Mr Al Assad for starving his people and blocking international aid workers. “The international community must use every tool at our disposal to draw the world’s attention to these offences.”
UN secretary general Ban Ki-moon called the conference last month after announcing that $6.5bn would be needed for Syrians at home, and those who fled as refugees to neighbouring countries, for 2014.
Yesterday’s meeting took place a week before the planned Geneva 2 talks, where it is hoped a solution can be found to the war between those trying to oust the president, Bashar Al Assad, and troops loyal to him. The war has so far claimed more than 120,000 lives and displaced more than 2 million Syrians.
In the UAE, a campaign has been started to encourage pupils and parents to donate small sums to help the refugees, under the Our Hearts are with the Syrian People initiative.
Children at many schools will be asked to contribute Dh5 or Dh10, and schools will also collect supplies such as blankets and clothes.
All public and private schools in all emirates except Abu Dhabi are taking part starting today, officials said at the Ministry of Education in Dubai yesterday.
The ministry has joined forces with the Emirates Red Crescent (ERC) to organise the fund-raiser. ERC is also working with the Princess Haya bint Al Hussein Cultural Islamic Centres to organise another initiative under the campaign.
The Mezher and Umm Al Sheif branches will raise money for three days as part of the initiative.
Aid officials hope the schools campaign can “really emphasise more towards the giving and the overall UAE culture and the Islamic traditions we’ve been raised in and given”, said Mohammed Al Fahim, deputy secretary general for support services at ERC.
The fund-raising phase of the campaign will last two weeks, ending January 30.
Afterwards, 12 Emirati pupils in Grades 10 and 11 are to join a leading education official on a trip to the Emirates Jordanian refugee camp until February 2.
They will take donations and work with Syrian schoolchildren to help them with their studies, discuss their lives and show moral support.
Education authorities in each participating emirate are to choose one boy and one girl to send to Jordan.
They must be earning high grades and be healthy and active in extra-curricular activities, said Mubarak Al Hammadi, head of competitive activities at the ministry.
Part of the aim is to encourage pupils to cultivate a sense of giving.
“They have to feel with the Syrians,” Mr Al Hammadi said. “It is important what we put in the students’ hearts. You have to help. You have to give.”
About 500 pupils are studying in the refugee camp school that is mostly run by Syrian teachers, said Mohammed Al Shahin, Red Crescent general secretary.
The organisation is helping the camp’s 4,000 or so refugees with work experience to continue their jobs, paying them salaries.
Mr Al Shahin said he returned from visiting the camp two days ago.
“I think one year is lost for each student,” he said. “They miss their country. When you sit with them and speak to them, you will want to cry.”
He said the teachers were trying to help them to catch up in their studies.
The Our Hearts are with the Syrian People campaign launched last month under the directive of the President, Sheikh Khalifa.
More than Dh120m was raised through a telethon and stalls set up in malls.
The number of refugees displaced throughout the region is expected to grow. Mr Al Shahin said he believed the number in the Emirati-run camp would reach 10,000 in the next month.
Unusually harsh winter conditions last month increased aid organisations’ sense of urgency to provide supplies to the refugees, tens of thousands of whom are in tent camps.
The UN is looking for $2.3bn to support 9.3 million people inside Syria, and $4.2bn for Syrian refugees, who expected to nearly double in number to 4.1 million by the end of the year.
Lebanon is home to the largest number of refugees with 905,000, followed by Jordan with 575,000, Turkey 562,000, Iraq 216,000 and Egypt 145,000.
newsdesk@thenational.ae
* with reporting by Lindsay Carroll, Associated Press and Agence France-Presse
* An earlier version of the article stated that Dh238.7bn was raised when in fact it was Dh23.87bn.
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Indian employees in the UK will receive three years exemption from social security payments
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1895 - Discovery of x-rays
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Dust storm
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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.”
Dubai Rugby Sevens
November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures
Thursday, November 30:
10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders
Friday, December 1:
9am, Pitch 4, v SBA Pirates