Hossein climbs the mountain together with Rahim and the rest of Afghan migrants during their journey through the forest towards the border with Croatia. JM Lopez / The National
Hossein climbs the mountain together with Rahim and the rest of Afghan migrants during their journey through the forest towards the border with Croatia. JM Lopez / The National
Hossein climbs the mountain together with Rahim and the rest of Afghan migrants during their journey through the forest towards the border with Croatia. JM Lopez / The National
Hossein climbs the mountain together with Rahim and the rest of Afghan migrants during their journey through the forest towards the border with Croatia. JM Lopez / The National

European Union threatens to pull migrant funding from Bosnia


Jamie Prentis
  • English
  • Arabic

The European Union has threatened to withdraw migrant support funding for Bosnia over its failure to provide adequate reception centres despite receiving money from Brussels.

Bosnia, which is not a member of the EU, has already been given €60 million (Dh248m) in emergency funding by the bloc, most notably for six migrant centres that currently house more than 6,000 people.

As many as 1,500 migrants are believed to be sleeping rough in the north-western Krajina region, which borders EU-member Croatia, and is the main transit point into the bloc. Others have been held in squalid conditions at a camp on a landfill site close to an uncleared minefield as Croatia has refused to take in migrants.

EU Home Affairs Commissioner Ylva Johansson said Bosnian authorities must respect the rule of law and human rights, in a letter to the governor of Krajina seen by Associated Press.

"Should this not be the case, the commission will reconsider its assistance in the area of migration management," she said.

In 2017 Bosnia registered 755 illegal arrivals, but the figure rose to about 30,000 in 2019.

Bosnia has repeatedly promised to identify additional suitable public properties for temporary accommodation of migrants, the letter said, but the local authorities in Krajina have instead recently begun "threatening to close down [existing] reception centres, obstructing the work of our humanitarian partners and forcibly relocating vulnerable persons”.

"Such worrying developments raise very serious concerns with regard to the respect of the rule of law and human rights," it added.

Migrants mostly from Bangladesh are living in an overcrowded room in the Miral camp in Velika Kladusa. JM Lopez / The National
Migrants mostly from Bangladesh are living in an overcrowded room in the Miral camp in Velika Kladusa. JM Lopez / The National

Krajinas Governor Mustafa Ruznic insisted that the migrant camps must be shuttered.

He told AP his primary responsibility is to “protect safety of our citizens.” Krajina “cannot and will not continue to carry the entire burden of the migration crisis,” he said.

Amnesty International recently accused Croatian police of torturing asylum seekers and attacking them with blunt objects.

"The European Union can no longer remain silent and wilfully ignore the violence and abuses by Croatian police on its external borders," said Massimo Moratti, deputy director of Amnesty International's Europe Office, said earlier this month.

“Their silence is allowing, and even encouraging, the perpetrators of this abuse to continue without consequences.”

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The lowdown

Rating: 4/5

Jetour T1 specs

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How much do leading UAE’s UK curriculum schools charge for Year 6?
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  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
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*Annual tuition fees covering the 2024/2025 academic year

Super 30

Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5

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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