A Syrian family at threat of eviction from their home in Ajman said they were overwhelmed by support and offers of help after their plight became public knowledge.
The Naji family, from Deraa, amassed about Dh200,000 in debt after surgeons in Jordan botched a routine operation on their son, rendering him in need of round-the-clock care, and the father, Reyad, lost his life’s savings when his business failed.
The family of nine share a small flat in Al Rashidiya, Ajman, having moved to the UAE in 1994 in search of better opportunities.
Last week, they were served an eviction notice because they owed their landlord Dh24,000 in rent.
This is the land of good and giving and we are overwhelmed by how many people have reacted to our problem and offered to help
Their visas expired years ago and, because of their outstanding debt, they are unable to renew them.
Mr Naji, 50, said, since their story was published in The National this week, he has had offers of employment and people offered to help rectify his family's visa status.
“We received two calls yesterday from two men and this morning another called offering to help us,” he said.
"This is the land of good and giving and we are overwhelmed by how many people reacted to our problem and offered to help."
Readers contacted The National expressing sympathy and offering to support the family.
“I literally broke down in tears reading about the story of the Syrian family in Ajman,” one reader said.
“I would like to know if there is any way I can help these people, either financially or donating items they need.
“We are fortunate to live in a great country and have great provisions for ourselves. I feel bad about others not having anything.”
Others attempted to reach the family through social media.
“I work here to support my family in Syria and it breaks my heart to hear about families struggling. It’s very sad what’s happening in the world,” said Syrian resident Halla Nakhleh.
Mr Naji worked for a livestock and meat trading company until he was laid off in 2016 but his family’s problems began two years before that when their son, Taha, was left immobile after a botched hernia operation.
The boy now needs regular physiotherapy and medicine that costs Dh1,000 a month.
Mr Naji opened a butchery using his end-of-service money but it failed and closed down, leaving him and his family with no source of income.
The couple sent their eldest daughter Shaima, 19, back to Syria a few years ago because they could not afford to support her here.
Three of their children, Mohammed, 14, Fajr, 8, and Abeer, 6, have either been taken out of school for unpaid fees or were never enrolled because they have no visas. They also have two young boys under the age of two to support.
"I'm hopeful that with this support we are getting I will be able to find a steady job and pay off my debts," Mr Naji said.
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She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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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