Dr Anwar Gargash, Minister of State for Foreign Affairs, spoke at an anti-trafficking forum in Doha on Monday.
Dr Anwar Gargash, Minister of State for Foreign Affairs, spoke at an anti-trafficking forum in Doha on Monday.
Dr Anwar Gargash, Minister of State for Foreign Affairs, spoke at an anti-trafficking forum in Doha on Monday.
Dr Anwar Gargash, Minister of State for Foreign Affairs, spoke at an anti-trafficking forum in Doha on Monday.

Middle East urged to unite against human trafficking


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Middle Eastern countries have been urged to work together more closely and better train their law enforcement agencies to fight people trafficking. "The idea was to strengthen co-operation between the Arab countries," Dr Saeed al Ghufli, the co-ordinator of the UAE's National Committee to Combat Human Trafficking, said after a regional anti-trafficking forum in Doha this week that focused on creating a unified regional front.

The Doha Forum 2010 was held on Monday and Tuesday under the patronage of Sheikha Mozah bint Nasser Al Missned, the wife of the Emir of Qatar, and organised by the government of Qatar, the UN Office on Drugs and Crime (UNODC) and the Arab League. A regional UNODC initiative to bolster efforts to combat human trafficking was launched during the forum. "I think the initiative from Qatar is good and it will add more to the efforts of the regional government bodies and NGOs," Dr al Ghufli said.

Julie Platou Kvammen, an anti-human trafficking expert with UNODC's regional office in Cairo, said the three-year initiative - which is expected to begin next month - will start with better training, especially how to identify and protect victims. "We are assessing the needs of each country," she said. "We also want to bridge the barriers between law enforcement agencies and NGOs [non-governmental organisations]."

During the forum, participants highlighted the need for more data on the crime to understand its extent in the region. "There were discussions on the need for a data centre to analyse all data from the Arab countries to find where the problems lie," Dr al Ghufli said. Dr Anwar Gargash, the Minister of State for Foreign Affairs and chairman of the UAE's anti-trafficking committee, spoke on the opening day of the forum, outlining the country's efforts.

The UAE's Law 51 mandates harsh penalties for the crime, including life imprisonment, and has since resulted in dozens of cases of modern-day slavery coming before courts. Since the law was introduced in 2006, other countries, including Syria and Oman, have followed suit, according to Maryam al Malki, the general manager of the Qatar Foundation for Combating Human Trafficking. Qatar is currently considering a draft law.

Ms al Malki also highlighted the need to provide protection for victims, including safe places for them to receive care. In a speech, she cited several "promising" examples of sites in Qatar, Abu Dhabi, Bahrain and Damascus. At the end of the gathering, a set of recommendations was released including calls for Arab states to ratify international anti-trafficking treaties, such as the Palermo Protocol, a UN anti-trafficking convention that was ratified by the UAE last year.

Regional governments were also urged to establish special bodies within law enforcement agencies to tackle the issue, as well as to consider the establishment of national funds to support trafficking victims and provide them with legal assistance. Governments should also consider granting victims immunity if they committed the crimes as a result of them being trafficked. @Email:zconstantine@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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