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The number of refugees leaving Ukraine is soaring towards one million as fighting intensifies and spreads.
As of Wednesday, 874,026 refugees had left Ukraine with more heading for its borders, the UNHCR refugee agency said.
Poland alone took in more than half of them – 453,982 – as the rate of refugees escaping notched higher.
The new figure is a marked leap from the estimated 677,000 announced on Tuesday afternoon and the 520,000 from Monday.
“We are looking at what could become Europe's largest refugee crisis this century,” UNHCR chief Filippo Grandi said.
The first wave of people fleeing Ukraine is likely to be those with cars, resources and some connections in other European countries, he said.
If Russia's military offensive continues and more urban centres are hit, people who are “more vulnerable in every respect” could start to flee, he said.
UNHCR figures show about 116,000 fleeing to Hungary; 67,000 to Slovakia; 79,315 to Moldova; 42,900 to Russia; 44,540 to Romania; and 341 to Belarus.
About 96,000 crossed into Russia from the separatist Donetsk and Luhansk regions between February 18 and 23, the UNHCR noted.
Meanwhile, 69,600 have moved on to other European countries.
The EU has been trying to push an open-door policy for Ukraine refugees but data from individual nations is not yet readily available.
In Germany, 5,309 people have been registered as entering Germany from Ukraine, according to the federal police, but the number could be much higher.
“There are no border controls, at least no regular border controls, only random checks. That's why it is very possible that significantly more people have already reached Germany,” an interior ministry representative said.
In Ireland, 134 refugees have arrived and Irish Foreign Affairs Minster Simon Coveney said up to 20,000 may eventually arrive.
Prime Minister Boris Johnson has indicated that the UK, no longer a member of the EU, could take in about 200,000 Ukrainian refugees and has encouraged requests from those with relatives already in the country.
The UNHCR projects that more than four million Ukrainian refugees may eventually need protection and assistance in neighbouring countries.
“The military offensive in Ukraine has caused destruction of civilian infrastructure and civilian casualties and has driven many thousands of people from their homes seeking safety, protection and assistance,” it said.
“There is a clear indication that many more people are on the move. They are in need of protection and support.”
The UN on Tuesday launched an emergency appeal for $1.7 billion to provide urgent humanitarian aid to those caught up in the Russian invasion of Ukraine and for the refugees fleeing the violence.
Mr Grandi said $550.6 million of that was needed to help refugees across the region, with the aim to provide shelter, emergency relief items, cash assistance and psycho-social support.
The Polish rail company PKP Intercity said on Saturday it would carry Ukrainian citizens free of charge from the border. Deutsche Bahn is giving Ukrainian passport or ID-card holders free travel on its long-distance trains from Poland to Germany.
Eurostar is offering Ukrainians travelling with valid visas free rides to the UK from its stations in France, Belgium and the Netherlands.
More than a dozen telecom providers are providing free international calls to Ukraine or are scrapping roaming charges there.
Airbnb is working with its hosts to house up to 100,000 Ukrainian refugees free of charge. Polish hospitality chain Arche Hotels has lodged 1,000 refugees and is preparing to admit 5,000.
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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.”