German Interior Minister Horst Seehofer backs the lifting the ban on the deportation of Syrians to their conflict-ridden homeland from next year if individuals are seen as a security risk. Getty Images
German Interior Minister Horst Seehofer backs the lifting the ban on the deportation of Syrians to their conflict-ridden homeland from next year if individuals are seen as a security risk. Getty Images
German Interior Minister Horst Seehofer backs the lifting the ban on the deportation of Syrians to their conflict-ridden homeland from next year if individuals are seen as a security risk. Getty Images
German Interior Minister Horst Seehofer backs the lifting the ban on the deportation of Syrians to their conflict-ridden homeland from next year if individuals are seen as a security risk. Getty Image

Germany to lift ban on Syrian deportations


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Germany’s Interior Ministry said on Friday that it would lift the ban on the deportation of Syrians to their conflict-ridden homeland from next year if individuals are seen as a security risk.

Five years ago, Germany opened its borders to more than half a million Syrians fleeing a bloody civil war. The German government had banned Syrian deportations in 2012, a year after the conflict began. The law sought to protect Syrians from being forced to return to a warzone.

The move to lift the proscription, backed by Interior Minister Horst Seehofer, indicates an increasingly hostile attitude towards immigrants in Germany.

State Secretary at the Federal Ministry of the Interior Hans-Georg Engelke made the announcement on Friday. "The general ban on deportations (to Syria) will expire at the end of this year," Mr Engelke told reporters, adding that Germany shouldn’t be a place for criminals and threats.

"Those who commit crimes or pursue terrorist aims to do serious harm to our state and our population should and will have to leave our country."

Boris Pistorius of the SPD, interior minister of Lower Saxony, said that on a practical level deportations to Syria would be near impossible because the two countries don’t have diplomatic relations and the civil war continues. However, he condemned the symbolism of Germany becoming the first EU country to lift the ban. German campaigners also criticised the decision, accusing authorities of political opportunism to appease the far-right.

"The behaviour of the conservative interior ministers is a disgrace for the rule of law and irresponsible in its substance," Guenter Burkhardt of refugee rights group PRO ASYL said.

The decision follows the arrest in October of a 20-year-old Syrian man on suspicion of carrying out a deadly knife attack in Dresden.

Prosecutors said the man, accused of killing one tourist and seriously injuring another, had a history of criminal convictions and was a radical extremist. He had been living under “tolerated” status granted to people whose asylum requests have been rejected, but are banned from being deported.

There are around 90 people with Syrian citizenship in Germany who are deemed extremist threats and could face deportation.

Migration is considered a political minefield in Germany after Chancellor Angela Merkel welcomed more than 1.7 million asylum seekers into the country in 2015. While some have valued the contribution of immigrants to the economy, it has also emboldened xenophobic and far-right groups.

More than 5.6 million people have fled the conflict in Syrian since it erupted in 2011, according to the UN Refugee Agency. Some 13.1 million Syrians are currently in need while 2.98 million are in hard-to-reach and besieged areas, the agency said.

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.”

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
The specs

Price, base / as tested Dh100,000 (estimate)

Engine 2.4L four-cylinder 

Gearbox Nine-speed automatic 

Power 184bhp at 6,400rpm

Torque 237Nm at 3,900rpm

Fuel economy, combined 9.4L/100km

Company%20Profile
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Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

UAE currency: the story behind the money in your pockets