Iraqi displaced children stand at a flooded refugees camp following heavy rainfall in Nimrud town, northeast of Mosul city, northern Iraq, 08 December 2018. EPA
Iraqi displaced children stand at a flooded refugees camp following heavy rainfall in Nimrud town, northeast of Mosul city, northern Iraq, 08 December 2018. EPA
Iraqi displaced children stand at a flooded refugees camp following heavy rainfall in Nimrud town, northeast of Mosul city, northern Iraq, 08 December 2018. EPA
Iraqi displaced children stand at a flooded refugees camp following heavy rainfall in Nimrud town, northeast of Mosul city, northern Iraq, 08 December 2018. EPA

Iraq's president to donate to UNHCR as winter hits refugees


Mina Aldroubi
  • English
  • Arabic

Iraqi President Barham Salih said he would donate money to the UN Refugee Agency, which is working to assist vulnerable refugees and displaced persons survive harsh winter conditions in countries like Iraq and Syria. 
His announcement came after Iraqi public figures launched a humanitarian initiative this week to gather funds in support of UNHCR's "winterization" project, which aims to provide funds and assistance to refugees and displaced persons. 
The agency estimates that 3.4 million vulnerable people are in need of assistance.
"I have accepted the challenge presented by Iraqi comedian Ahmed Al Basheer to donate money to the United Nations High Commissioner for Refugee," Mr Salih said in a video
Mr Salih did not say how much he will donate or when he will make the payment.

A UNHCR spokesperson told The National that the agency welcomes the president's pledge, especially since it is in need of approximately 168 million dollars (617 million AED) to ensure "that lifesaving assistance is in place as freezing temperatures grip the region."

“We look positively into this engagement, our aim is to always be in harmony with government officials in the Middle East and we welcome their involvement in our campaigns,” the spokesperson said.

More than 14 million people have been displaced from their homes in Syria and Iraq, with nearly 5.9 million seeking refuge in neighbouring countries such as Turkey, Lebanon, Jordan and Egypt.

In Iraq, UNHCR aims to assist some 656,100 internally displaced peoples (IDPs) and 228,000 Syrian refugees as a part is its winterization assistance.

The pledge by the Iraqi president comes as UNHCR presses ahead with the implementation of its so-called “winterization strategy” which focuses on the provision of cash assistance for vulnerable families, the delivery of core relief items specific to winter and improving shelter conditions for vulnerable populations.

"The annual plan, which is usually underfunded due to budgetary restrictions, targets the most vulnerable displaced and refugees… including those who live in informal settlements and urban areas, in addition to refugee camps," the spokesperson said.

A UNHCR report detailing this winterization strategy said that a “large part of the assistance will be cash-based, allowing families to decide for themselves how to spend the money on important priorities during the difficult winter months.”

A one-off cash payment of USD 200 (735 AED) per family will be provided to IDPs living in camps and in urban areas. For Syrian refugees in Iraq, USD 400 (1469 AED) per family will be provided to both those in camps and out of camps.

Winterization assistance also includes the distribution of items such as heaters, high thermal blankets, and plastic sheeting as well as, in camps, distribution of insulation kits for tents.

In Syria, UNHCR aims to provide winter assistance to 1.35 million Syrian internally displaced persons (IDPs), returnees and host communities (270,000 families) through the distribution of core relief items.

“Assistance will be prioritized for newly displaced vulnerable families (including people displaced multiple times), people living in hard-to-reach areas and in sub-standard shelters,” according to the report.

This includes several locations in Daraa, Rural Damascus, Hama, Deir Ezzor, Raqqa and Idlib governorates, depending on access for delivery of aid and assistance.

Yet, the agency says that the long term adequate solution for the refugees "is for them to voluntarily opt to return to their countries in dignity and peace whenever conditions on the ground are in favour of returns."

The other solution would be that displaced are given the opportunity to fully integrate into the host country and establish a proper decent livelihood and existence mechanisms, the spokesperson said.

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Read more:

Iraq does not have capacity to rebuild after ISIS, culture minister says

Plight of Iraqi man refocuses spotlight on country's slow reconstruction 

Mosul’s health care in ruins a year after the battle

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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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Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

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