SHARJAH // Thousands of Syrian refugees in Iraq will have a roof over their head this winter thanks fo a Dh7.3 million donation by the Big Heart Campaign.
The aid will help more than 600 families in northern Iraq move out of the single-tent accommodation they share with other families.
The donation was presented by the campaign’s patron, Sheikha Jawaher bint Mohammed Al Qasimi, who has been named an eminent advocate for refugee children by the United Nations High Commissioner for Refugees, according to a UNHCR media release.
More than 60,000 Syrian refugees have crossed into Iraq in the past two months, according to UN figures, pushing the total number to more than 220,000. They live in overcrowded camps with little access to food, water and health care.
“The overcrowding makes diseases spread like wildfire from one family member to another, and then from one tent to another until we have a camp-wide epidemic,” said a doctor who helps treat refugees at the camps.
“Children’s weaker immune systems, added to their poor nutrition, leaves them defenceless. Our most urgent need is warmer winter housing rather than tents. Kerosene would not only give us warmth but also dry the moisture and kill bacteria, thus reducing cases of diarrhoea.”
The UNHCR described the Big Heart Campaign’s as a lifesaver.
“This will have a direct impact on the quality of life for Syrians in Iraq,” said Claire Bourgeois, the UNHCR’s representative in Iraq.
rtalwar@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.
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