Pakistan's economy is shaky. The country is being tested by suicide bombers and insurgency. Now, Pakistanis in the UAE, who have been steadfastly sending money home, are being urged to dig a little deeper to aid their homeland in 2010.
Specifically, they are being urged by their government and community leaders to visit their homeland, invest in the country and use their skills to lead charity initiatives.
In 2009, UAE charities, individuals and associations led several campaigns to support Pakistan through another difficult year.
"People are concerned about Pakistan and they want to do something to help," said Faisal Tirmizi, a counsellor at the embassy in the capital.
"We have a habit of watching the television and panicking about the situation."
Pakistanis living overseas, concerned for loved ones in their homeland, are increasingly glued to media reports.
Yasar Khan, the Middle East business head for ARY, a popular Pakistani television network with a bureau in Dubai, said the country's Pakistani population of more than 850,000 were keen to follow events back home. He expects viewing figures to rise in 2010.
"It's very unfortunate in terms of what's happening. Everybody wants to keep knowing about it, and see what happened, how many people died," he said. "There are a lot of people watching news-related programmes."
News of bomb blasts or drone attacks, however, were not enough to deter travellers from visiting the country last year.
During the first 11 months of 2009 there was a two per cent increase in the number of people travelling to Pakistan from the capital, compared with the same period in 2008, according to the Abu Dhabi Airports Company.
Pakistan is usually the second or third most popular destination from Abu Dhabi, a spokesman ffor the company said.
Remittances were also strong in 2009, despite the economic slowdown, and are expected to remain so this year.
Remittances to South Asia overall did slow, but Pakistanis bucked the trend and sent more money home. Pakistanis living in the Emirates sent back US$679 million (Dh2.4 billion) from July 1 to October 30, 2009, said Mr Tirmizi. The 2009 total is likely to exceed the previous year's $1.2bn.
"I am so confident in the people here because in spite of the economic meltdown, remittances from the UAE seem to keep hitting records," the counsellor said.
"This is the time to invest in the industry and service sectors."
Mohammed Khaleeq, the general secretary of the Pakistan Association Dubai (PAD), a community group with more than 2,000 members, said it was unlikely the trend of sending money home would change.
"Most of our members send their money home to support families and they make small investments," he said. "No one is thinking it's a dangerous place."
While carrying out several programmes to support Pakistanis living in the UAE, such as free medical camps and English lessons in 2009, PAD also led a campaign to raise funds for the Swat Valley. In 2010, further efforts to support the troubled region will be launched, he said.
In the summer, PAD sent eight 50-tonne containers to the region, packed with medicines and other goods needed by the millions of refugees, who had become homeless amid fighting between the Taliban and the military in the area. It also raised Dh1.5m in charity.
Mobisher Rabbani, a political scientist and humanitarian campaigner, helped launch that campaign. In 2010, he said, UAE Pakistanis should use the skills they have to help develop their country.
"What needs to be done is people have to contribute their services for back home as well. If you are a doctor or a person of influence you should try to help people over there," he said.
He also urged Pakistanis to push for their right to vote this year.
"In the last two elections, they couldn't have voted. They haven't been active in trying to get their vote. Nobody went to the authorities and the last time overseas Pakistanis could vote was in 2000."
In 2010, PAD has promised its members that it will use official visits from Pakistani parliamentarians to voice their concerns, one of which has been the right to vote, and boost their status as overseas nationals.
"This year we seem to be closer to the diplomatic quarters. The ministers come to Dubai quite often and this is an opportunity to exchange views and convey what we think. We want to focus on these kind of meetings and voice the concerns of the community."
PAD, the largest expatriate group for Pakistanis in the UAE, will also continue to preach a message of peace in 2010.
"The situation in Pakistan is not particularly encouraging. In our programmes, we try and teach people to be peaceful citizens," he said.
asafdar@thenational.ae
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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COMPANY%20PROFILE
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Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
The%20specs
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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.”
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The%20Sandman
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