ABU DHABI // Millions of Syrian refugees in the Middle East are having to cope with deadly sub-zero temperatures as aid agencies fall well short of funding targets.
A spokeswoman for the United Nations Refugee Agency in Abu Dhabi said an estimated four million Syrian refugees in the region were feeling the brunt of “donor fatigue”, which has affected the UN’s ability to assist them.
Pledges to the UN last year are expected to only cover 50 per cent of the US$4.3 billion (Dh15.8bn) needed to help the refugees, said Dalia El Fiki of the UNHCR.
In 2014, the agency fared slightly better, receiving 57 per cent of its budget.
“Last year, we witnessed organisations taking the difficult decision to cut back on life-saving assistance such as food vouchers and cash assistance for vulnerable families,” Ms El Fiki said. “A funding gap unfortunately translates into agencies being forced to adopt austerity measures that have an impact on assistance that is delivered to populations of concern. Ultimately, this could lead to further movements, such as what we have witnessed in Europe.”
The UN said about 148,000 living in Lebanon’s Bekaa Valley were dealing with temperatures below zero and were badly in need of aid.
To help them, the agency has made their tents weatherproof and installed drainage to lessen flooding from melting snow. Plywood and timber have also been distributed to reinforce the makeshift dwellings.
Since 2012, the UAE has donated more than Dh2.1bn in direct aid to the refugees, including Dh600 million through the Emirates Red Crescent.
An official with the Dar Al Ber Society in Dubai said the organisation has provided more than Dh23.6m in relief since 2011, but last year there was a 23 per cent decrease in overall aid sent to refugees, compared with 2014.
Last month, the Khalifa Foundation announced it was sending Dh6m worth of aid, including blankets, clothing and food, to refugees in Lebanon.
A Khalifa Foundation spokesman said: “It is a big challenge. The conditions are deplorable, especially in the severely cold weather in the region.”
The Norway Refugee Council estimated more than one million people, with about seven out of 10 refugees from Syria, were living in impoverished conditions across Jordan and Lebanon.
Exacerbating the situation were tightening border controls in the countries, the NRC said.
In Lebanon, 700,000 refugees have lost their legal right to stay, with all refugees over the age of 15 subject to a $275 residency renewal fee, which the council said was “prohibitive”. If the conditions persisted, refugees would be forced to make the often perilous trip to Europe or elsewhere, said Jan Egeland, the council’s secretary general.
“Insufficient international aid and the policies of host governments made it next to impossible for Syrian refugees to live in the Middle East,” Mr Egeland said.
This weekend, the UN, along with the UK, Germany, Kuwait and Norway, will co-host a donor conference in London to address funding shortfalls and raise relief funds for refugees.
esamoglou@thenational.ae
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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.”
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent