UK Home Secretary Priti Patel formally launched a visa scheme for Ukrainians fleeing the war with Russia on Friday as she faced pressure to do more to help people escape.
Visiting Poland, where many refugees from Ukraine have arrived in recent days, Ms Patel met some of the first prospective applicants to the scheme and said they were fleeing "the most atrocious set of circumstances where they are being persecuted by President Putin".
"We stand shoulder to shoulder with the people of Ukraine but also with our dear friends here in Poland, who are working really night and day, we can all see this, under incredible circumstances," she said.
A Home Office website went live on Friday allowing people who flee Ukraine, and have extended family already living in the UK, to apply for a visa.
Britain said it had opened a pop-up visa application centre in Rzeszow, Poland, with 6,000 appointments available there and at other centres on Ukraine's borders, including in Hungary and Moldova.
But the opposition Labour Party urged Ms Patel to go further by creating a simple emergency visa allowing anyone fleeing the conflict to come to the UK.
Ms Patel said the government wanted people to be able to return to Ukraine when the war ends but said thousands of people were expected to come on the uncapped scheme.
"It’s heart-breaking to have met families, women and children forced from their homeland because of the monstrous Russian invasion," she said.
She said the programme was drawn up in consultation with the Ukrainian government and neighbouring countries.
A sponsorship scheme will also allow people and organisations to bring Ukrainians to the UK.
But shadow home secretary Yvette Cooper called for a far more flexible “emergency protection visa” valid for 12 months for all trying to leave Ukraine.
Labour said the move would lift normal visa conditions other than biometrics and security checks, which could be done en route to the UK.
“Families fleeing conflict in Ukraine need urgent help right now to reach safety and get support,” said Ms Cooper.
“We’ve all heard the harrowing stories from those driven out by the Russian bombardment who are now desperate to reach friends or family here who can support them.”
She said the UK must not turn Ukrainians away.
“People need a simple and safe route to sanctuary right now.
“Most want to stay close to home, especially those who have had to leave relatives behind, but the UK must play its part to help people seeking support and safety in our country, too.”
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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.”
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Dubai Rugby Sevens
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UAE Division Two
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