As the number of dogs being abandoned or poisoned increases across Lebanon during the coronavirus crisis, one man is doing his part to look after the country's canines.
Mahmoud Youssef, 88, lives with about 80 dogs in a blue shipping container on the outskirts of Tripoli, in northern Lebanon.
Mr Youssef, who used to be a farmer, has always enjoyed the company of dogs.
Known locally as "Uncle Mahmoud", he rescues abandoned dogs in the area and puts them up for adoption.
But his pack has grown during the coronavirus pandemic and he has taken in more than 20 dogs in the past two months as Lebanon was hit by an outbreak that worsened its economic crisis.
“If those who threw dogs away had a speck of humanity, they would not leave these little creatures out in the street to die,” he said.
With the help of volunteers, Mr Youssef feeds the dogs with scraps of meat from local butchers, restaurants and slaughterhouses.
He also treats the dogs that are wounded or sick.
“People think dogs transmit disease, but that’s not true,” said Sally Lababidi, who used to work for an animal’s rights organisation.
“We [humans] transmit the disease.”
She said she dropped by Mr Youssef's home three times a week to inspect the health of the dogs, who live alongside a few cats and chickens.
Volunteers noticed a sharp increase in the number of dogs being poisoned and abandoned after a local TV report in late March suggested Covid-19 could be transmitted from pets to their owners.
This claim is disputed by scientists.
“There is ignorance in our society,” Mrs Lababidi said.
“Even before the coronavirus, people thought that animals spread disease.”
An online petition asking the Lebanese ambassador to the US, Gabriel Issa, to put an end to dog poisoning in Lebanon has collected more than 30,000 signatures.
But people are not only abandoning their pets due to fears of being infected – people are also running out of money.
“Now, because of [worsening] living conditions, people cannot eat and can’t feed their animals, so they throw them out, unfortunately,” Mrs Lababidi said.
Lebanon is reeling from the worst economic crisis in its history. People’s purchasing power has plummeted as the local currency is in a free fall.
“The coronavirus can’t come here. The dogs protect us,” Mr Youssef said.
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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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