Philippe Lazzarini, who took over the UNRWA on April 1, says he recognises the challenges the organisation faces. AFP, file
Philippe Lazzarini, who took over the UNRWA on April 1, says he recognises the challenges the organisation faces. AFP, file
Philippe Lazzarini, who took over the UNRWA on April 1, says he recognises the challenges the organisation faces. AFP, file
Philippe Lazzarini, who took over the UNRWA on April 1, says he recognises the challenges the organisation faces. AFP, file

Philippe Lazzarini sets out to fix cash-strapped, crisis-hit UNRWA


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The new head of the UN department supporting millions of Palestinian refugees says he plans to use the "overwhelming political support" around the world to save the cash-strapped agency.

In his first English language interview since taking office on April 1, UN Relief and Works Agency Commissioner General Philippe Lazzarini told The National that he needed to rebuild trust with donors.

Mr Lazzarini said the agency needed to move past a damaging management crisis, meet the aspirations of Palestinians and help in the fight against coronavirus.

He inherits an agency under a dark cloud after the abrupt departure of his predecessor.

Mr Lazzarini's agency, maligned by the Israeli government as an unnecessary relic, also faces pressure from a White House that has axed hundreds of millions in funding.

The administration of US President Donald Trump has described the agency as "irredeemably flawed", but Mr Lazzarini said he remained optimistic of its future and that ceasing operations was "not an option".

Despite US lobbying, the UN member states overwhelmingly voted at the end of 2019 to extend the mandate of UNRWA for another three years. Only the US and Israel voted against it.

Mr Lazzarini said the support shown during the vote demonstrated that the international community regarded the UNRWA as crucial.

  • A Palestinian worker carries sacks of flour distributed by the United Nations Relief and Works Agency in Gaza City. AP
    A Palestinian worker carries sacks of flour distributed by the United Nations Relief and Works Agency in Gaza City. AP
  • A Palestinian man wearing a protective mask sorts food aid provided by UNRWA to be delivered to refugee homes at the Al Shati camp in Gaza city. AFP
    A Palestinian man wearing a protective mask sorts food aid provided by UNRWA to be delivered to refugee homes at the Al Shati camp in Gaza city. AFP
  • A Palestinian loads a cart with aid food provided by the UN's World Food Programme and its agency for Palestinian refugees, UNRWA, in the Gaza Strip's Al Shati refugee camp. AFP
    A Palestinian loads a cart with aid food provided by the UN's World Food Programme and its agency for Palestinian refugees, UNRWA, in the Gaza Strip's Al Shati refugee camp. AFP
  • Members of the medical staff at UNRWA prepare prescription medicines to deliver to Palestinian refugees in their homes at Amman New camp amid concerns over the spread of the coronavirus in Amman, Jordan. REUTERS
    Members of the medical staff at UNRWA prepare prescription medicines to deliver to Palestinian refugees in their homes at Amman New camp amid concerns over the spread of the coronavirus in Amman, Jordan. REUTERS
  • Members of the medical staff at UNRWA prepare prescription medicines to deliver to Palestinian refugees in their homes at Amman New. REUTERS
    Members of the medical staff at UNRWA prepare prescription medicines to deliver to Palestinian refugees in their homes at Amman New. REUTERS
  • A refugee receives his prescription medicine from a member of the medical staff at UNRWA in front of his home at Amman New camp. REUTERS
    A refugee receives his prescription medicine from a member of the medical staff at UNRWA in front of his home at Amman New camp. REUTERS
  • A member of the medical staff at UNRWA prepares prescription medicines to deliver to Palestinian refugees. REUTERS
    A member of the medical staff at UNRWA prepares prescription medicines to deliver to Palestinian refugees. REUTERS
  • The Director of UNRWA Operations in West Bank, Gwyn Lewis, in a visit to Sur Baher Girls school. © 2019 UNRWA/ Kazem Abu Khalaf
    The Director of UNRWA Operations in West Bank, Gwyn Lewis, in a visit to Sur Baher Girls school. © 2019 UNRWA/ Kazem Abu Khalaf
  • Health staff at Shaboura health centre in Rafah packing and delivering medications to elderly people. © 2020 UNRWA/ Khalil Adwan
    Health staff at Shaboura health centre in Rafah packing and delivering medications to elderly people. © 2020 UNRWA/ Khalil Adwan
  • Noon Briefing by the Spokesperson for the Secretary-General Guest: Mr. Philippe Lazzarini, Humanitarian Coordinator for Somalia. UNRWA
    Noon Briefing by the Spokesperson for the Secretary-General Guest: Mr. Philippe Lazzarini, Humanitarian Coordinator for Somalia. UNRWA

He said the question was whether this support and the renewed mandate matched the resources being made available after the US decision in August 2018 to cut nearly $300 million (Dh11.01 billion) in funding hit the already stretched budget.

"Unfortunately there are too many cash-strapped deadlines, and the next one is at the end of May because we have no visibility anymore beyond," Mr Lazzarini said.

He said these could have a "devastating impact on our activities" but he hoped to have outstanding pledges from donor countries in place before that.

The UNRWA was given a mandate in 1949 to assist Palestinian refugees until a political solution was found.

The agency operates in Lebanon, Jordan, Syria, the occupied West Bank, occupied East Jerusalem and the Gaza Strip.

Even before the US froze funds for the UNRWA it was lurching between financial crises and reliant on regular large donations from states.

A crisis of management, reputation and relevance

But the agency has faced an "internal management crisis, reputational issues and the relevancy was also questioned".

Mr Lazzarini's predecessor, Pierre Krahenbuhl, stood down last November amid an investigation into misconduct.

Mr Krahenbuhl denied the claims, saying he and the agency were being politically targeted.

The new UNRWA head admitted the agency had faced a tough year but he said he was working to move past it.

Finding funds

Mr Lazzarini said his role would be to change the relationship between donors and the agency, particularly in Europe where some politicians have questioned its efficiency.

Germany, the EU, the UK and Sweden were the four top donors in 2019.

It's important that it's perceived as this agency focusing and delivering on the right of Palestinian refugees and its services

"We have to bring the necessary confidence back to solidify this partnership that we have," he said.

Mr Lazzarini said the UNRWA had to give donors confidence to continue championing the agency.

His and the agency's role, he said, would be to answer questions over how the money was being used and if it were being spent on tasks the UNRWA had been given.

This means agreeing on the importance of the delivery of core services to Palestinian refugees and on the work being done to achieve the broader 2030 agenda set by the UN.

"When we talk about sustainable goals or social and economic rights, leaving no one behind, we also mean Palestinian refugees are not left behind," Mr Lazzarini said.

"It's important that it's perceived as this agency focusing and delivering on the right of Palestinian refugees and its services.

"That's a starting point because if we agree that this is what is expected from UNRWA, this is what makes it easier to support it financially and politically."

White House peace plan

Asked about the White House peace plan announced last year, Mr Lazzarini said the position of the UN was to support dialogue anchored in relevant resolutions.

But he said that until there was a state for Palestinians, the role of the UNRWA would be to provide dignity and education, which would contribute to promoting peace and security in the region.

"By doing so, we will contribute to having a future generation ready and educated to take over or be part of a future country where they will be full citizens," Mr Lazzarini said.

He said that while talking to the international community and donors was key, so was having an honest and transparent relationship with Palestinian officials and the refugees the agency helps.

"I will be in listening mode at the beginning to make sure that the decisions which will be taken are in line with the aspirations," Mr Lazzarini said. "You need to have an honest dialogue."

  • Amman Rajara ,20, carries a plate of humus and her child in the Aida refugee camp near Bethlehem. Aida is an urban slum with narrow winding streets and few sources of services besides the United Nations Relief and Works Agency. All photo by Heidi Levine for The National
    Amman Rajara ,20, carries a plate of humus and her child in the Aida refugee camp near Bethlehem. Aida is an urban slum with narrow winding streets and few sources of services besides the United Nations Relief and Works Agency. All photo by Heidi Levine for The National
  • Palestinians carry cooking gain the entrance of the Aida refugee camp. It is one of the 19 camps for Palestinians in the West Bank.
    Palestinians carry cooking gain the entrance of the Aida refugee camp. It is one of the 19 camps for Palestinians in the West Bank.
  • Palestinian Abdel Hadeef Abu Sul, 87, walks along Israel's separation camp near his home/
    Palestinian Abdel Hadeef Abu Sul, 87, walks along Israel's separation camp near his home/
  • Anas Abu Srour, 30, was born and raised in the camp and feels that it is his obligation to stay.
    Anas Abu Srour, 30, was born and raised in the camp and feels that it is his obligation to stay.
  • Motes Abu Khader, 26, and his mother Nada.47. Eight family members live in the home .
    Motes Abu Khader, 26, and his mother Nada.47. Eight family members live in the home .
  • Mutasem Abu Kheidar, 26, and his mother Nada.47,.They live in a simple home off of one of Aida’s narrow alleyways.
    Mutasem Abu Kheidar, 26, and his mother Nada.47,.They live in a simple home off of one of Aida’s narrow alleyways.
  • A family seen in a street in the camp.
    A family seen in a street in the camp.
  • as never known life without the Palestinian Authority, the semi-autonomous, nominally interim Palestinian government based in the occupied West Bank that the 1994 Oslo Accords instated. He has also not known life as a Palestinian refugee without UNRWA
    as never known life without the Palestinian Authority, the semi-autonomous, nominally interim Palestinian government based in the occupied West Bank that the 1994 Oslo Accords instated. He has also not known life as a Palestinian refugee without UNRWA
  • Momen Zboun, 20, spent 18 months in an Iraeli jail after being arrested at a demonstration. Heidi Levine for The National
    Momen Zboun, 20, spent 18 months in an Iraeli jail after being arrested at a demonstration. Heidi Levine for The National
  • The symbolism of UNRWA is everywhere in Palestinian refugee camps across the West Bank and Gaza Strip: it is part and parcel to the workings of everyday life.
    The symbolism of UNRWA is everywhere in Palestinian refugee camps across the West Bank and Gaza Strip: it is part and parcel to the workings of everyday life.
  • Residents UNRWA “services used to be better” in their quality and quantity. He was not sure now what would happen to it – or to people like him in the absence of sufficient PA services to serve as an alternative.
    Residents UNRWA “services used to be better” in their quality and quantity. He was not sure now what would happen to it – or to people like him in the absence of sufficient PA services to serve as an alternative.

He said that just as important will be the message to Palestinian refugees that they will not be left behind; that they will have access to universal care, an end to hunger and poverty, and that peace and justice will be achieved.

Two weeks into his new role, Mr Lazzarini has already spoken to officials of countries hosting Palestinian refugees.

Building long-term support

Initially after the US decision to freeze funding, other donors mobilised to help cover the $360m shortfall with multi-year pledges and contributions to the organisation to provide urgent money.

The UAE, Saudi Arabia, Kuwait and Qatar each stepped in immediately with $50m for a total of $200m.

And in 2019, the UAE and Saudi Arabia were still among the top six donors.

But some of the donors who stepped in in 2018 were not so forthcoming last year, Mr Lazzarini said.

The peace process through the years

  • PLO chairman Yasser Arafat shakes hands with Israeli prime minister Yitzhak Rabin, as US president Bill Clinton stands between them, after the signing of the Israeli-PLO peace accord, at the White House September 13, 1993. Reuters
    PLO chairman Yasser Arafat shakes hands with Israeli prime minister Yitzhak Rabin, as US president Bill Clinton stands between them, after the signing of the Israeli-PLO peace accord, at the White House September 13, 1993. Reuters
  • United States' special envoy Dennis Ross looks on as Saeb Erekat, left, the chief Palestinian negotiator, and Dan Shomron, the chief Israeli negotiator, initial the documents that bring to a conclusion the long-delayed and overdue Israeli troop redeployment in the West Bank city of Hebron. Reuters
    United States' special envoy Dennis Ross looks on as Saeb Erekat, left, the chief Palestinian negotiator, and Dan Shomron, the chief Israeli negotiator, initial the documents that bring to a conclusion the long-delayed and overdue Israeli troop redeployment in the West Bank city of Hebron. Reuters
  • Palestinian president Yasser Arafat and Israeli Prime Minister Benjamin Netanyahu both gesture for the other to leave a meeting December 24 1996 in the Israeli Civil Administration headquarters located along the Israeli - Gaza Strip border area. The two leaders met for for over three hours in a bid to clinch the agreement on the long-delayed Israeli troop redeployment in Hebron. Although no agreement was reached US envoy Dennis Ross said that "real progress" was made towards the long-elusive accord. Reuters
    Palestinian president Yasser Arafat and Israeli Prime Minister Benjamin Netanyahu both gesture for the other to leave a meeting December 24 1996 in the Israeli Civil Administration headquarters located along the Israeli - Gaza Strip border area. The two leaders met for for over three hours in a bid to clinch the agreement on the long-delayed Israeli troop redeployment in Hebron. Although no agreement was reached US envoy Dennis Ross said that "real progress" was made towards the long-elusive accord. Reuters
  • Israeli Prime Minister Benjamin Netanyahu shakes hands with a smiling Palestinian Authority president Yasser Arafat at a meeting at the Erez crossing between Israel and the Gaza Strip Wednesday Jan 15, 1997. Israel and the PLO concluded a long-elusive agreement on extending Palestinian rule to Hebron in the West Bank. Reuters
    Israeli Prime Minister Benjamin Netanyahu shakes hands with a smiling Palestinian Authority president Yasser Arafat at a meeting at the Erez crossing between Israel and the Gaza Strip Wednesday Jan 15, 1997. Israel and the PLO concluded a long-elusive agreement on extending Palestinian rule to Hebron in the West Bank. Reuters
  • Mahmoud Abbas, left, and Ariel Sharon turn to the cameras and smile as they shake hands at the start of their meeting in Sharon's office November 18. The two met to review the work of all the Israeli-Palestinian peace committees and to set a date for the resumption of final status talks. Reuters
    Mahmoud Abbas, left, and Ariel Sharon turn to the cameras and smile as they shake hands at the start of their meeting in Sharon's office November 18. The two met to review the work of all the Israeli-Palestinian peace committees and to set a date for the resumption of final status talks. Reuters
  • Israeli Prime Minister Benjamin Netanyahu and Palestinian president Yasser Arafat during their meeting at Erez crossing point, northern Gaza Strip, December 24, 1996. Arafat and Netanyahu met here in search of an agreement to end the Israeli occupation of Hebron and revive the peace process. In the background at left is US mediator Dennis Ross. Reuters
    Israeli Prime Minister Benjamin Netanyahu and Palestinian president Yasser Arafat during their meeting at Erez crossing point, northern Gaza Strip, December 24, 1996. Arafat and Netanyahu met here in search of an agreement to end the Israeli occupation of Hebron and revive the peace process. In the background at left is US mediator Dennis Ross. Reuters
  • PLO chairman Yasser Arafat holds the second phase of the Oslo peace accords after the initialling of the document, September 24, 1995, as Israeli Foreign Minister Shimon Peres looks on. Israel and the PLO will officially sign the agreement in Washington later this week. Reuters
    PLO chairman Yasser Arafat holds the second phase of the Oslo peace accords after the initialling of the document, September 24, 1995, as Israeli Foreign Minister Shimon Peres looks on. Israel and the PLO will officially sign the agreement in Washington later this week. Reuters
  • US President Barack Obama arrives with Israeli Prime Minister Benjamin Netanyahu, left, and Palestinian President Mahmoud Abbas to make a statement on Middle East Peace talks in the East Room of the White House, September 1, 2010. Reuters
    US President Barack Obama arrives with Israeli Prime Minister Benjamin Netanyahu, left, and Palestinian President Mahmoud Abbas to make a statement on Middle East Peace talks in the East Room of the White House, September 1, 2010. Reuters
  • Israeli Prime Minister Ehud Barak jokingly pushes Palestinian president Yasser Arafat into the Laurel cabin on the grounds of Camp David as US President Bill Clinton watches during peace talks, July 11, 2000. Arafat and Barak were insisting that the other proceed through the door first. Camp David is the venue where Egypt and Israel made peace in September 1978, and the Laurel cabin was the site of many of the meetings. Reuters
    Israeli Prime Minister Ehud Barak jokingly pushes Palestinian president Yasser Arafat into the Laurel cabin on the grounds of Camp David as US President Bill Clinton watches during peace talks, July 11, 2000. Arafat and Barak were insisting that the other proceed through the door first. Camp David is the venue where Egypt and Israel made peace in September 1978, and the Laurel cabin was the site of many of the meetings. Reuters
  • France's President Nicolas Sarkozy, centre, shakes hands with Palestinian President Mahmoud Abbas, left and Israel's prime minister Ehud Olmert after a joint news briefing at the Elysee Palace July 13, 2008. Reuters
    France's President Nicolas Sarkozy, centre, shakes hands with Palestinian President Mahmoud Abbas, left and Israel's prime minister Ehud Olmert after a joint news briefing at the Elysee Palace July 13, 2008. Reuters
  • Palestinian President Yasser Arafat shakes hands with Israeli Prime Minister Benjamin Netanyahu after US special envoy Dennis Ross, centre, spoke, early January 15, 1997 after the two leaders met and agreed on the term for an Israeli troop redeployment in Hebron. The talks lasted less than two hours and concluded months of negotiations. Reuters
    Palestinian President Yasser Arafat shakes hands with Israeli Prime Minister Benjamin Netanyahu after US special envoy Dennis Ross, centre, spoke, early January 15, 1997 after the two leaders met and agreed on the term for an Israeli troop redeployment in Hebron. The talks lasted less than two hours and concluded months of negotiations. Reuters
  • US President Barack Obama watches Israeli Prime Minister Benjamin Netanyahu, left, and Palestinian President Mahmoud Abbas shake hands during a trilateral meeting in New York September 22, 2009. Reuters
    US President Barack Obama watches Israeli Prime Minister Benjamin Netanyahu, left, and Palestinian President Mahmoud Abbas shake hands during a trilateral meeting in New York September 22, 2009. Reuters
  • US President George W. Bush discusses the Middle East peace process with prime minister Ariel Sharon of Israel, left, and Palestinian Prime Minister Mahmoud Abbas in Aqaba, Jordan, June 4, 2003. Reuters
    US President George W. Bush discusses the Middle East peace process with prime minister Ariel Sharon of Israel, left, and Palestinian Prime Minister Mahmoud Abbas in Aqaba, Jordan, June 4, 2003. Reuters
  • Palestinian and Israeli top negotiators Abu Ala, left, and Uri Savir shake hands after signing the second phase of the Oslo peace accords September 24 1995. PLO chairman Yasser Arafat is in the middle speaking to team member Sait Barecat, (L), after eight days of talks. Reuters
    Palestinian and Israeli top negotiators Abu Ala, left, and Uri Savir shake hands after signing the second phase of the Oslo peace accords September 24 1995. PLO chairman Yasser Arafat is in the middle speaking to team member Sait Barecat, (L), after eight days of talks. Reuters
  • Israel's Prime Minister Ehud Olmert, right, greets Palestinian President Mahmoud Abbas during their meeting in Jerusalem September 16, 2008. Reuters
    Israel's Prime Minister Ehud Olmert, right, greets Palestinian President Mahmoud Abbas during their meeting in Jerusalem September 16, 2008. Reuters
  • US National Security Advisor John Bolton answers a question from a reporter about how he refers to Palestine during a news conference in the White House briefing room in Washington, U.S., October 3, 2018. Reuters
    US National Security Advisor John Bolton answers a question from a reporter about how he refers to Palestine during a news conference in the White House briefing room in Washington, U.S., October 3, 2018. Reuters

The agency will be looking to Gulf and Arab countries for financial and political support.

"I do believe the Gulf countries are important partners to UNRWA and it is important to develop a lasting, predictable partnership with the Gulf countries," Mr Lazzarini said.

He is eyeing longer-term mutual commitment between donors beyond just the Gulf countries, such as those from the Organisation of Islamic Co-operation, "European and traditional supporters like Japan, Canada and possibly South Korea stepping in here in the region".

He will also be in contact with European countries.

I do believe the Gulf countries are important partners to UNRWA

But Mr Lazzarini was quick to note that countries are not just regarded as financial supporters.

They have to be seen as genuinely associated and partners to the mandate of the UNRWA.

"That the organisation is working to address poverty among Palestinian refugees," he said. "In doing so, we are also contributing to the broader peace and stability in the region."

Mr Lazzarini said he planned to build trust in what the agency did to focus on securing the flow and predictability of donor contributions.

The fight against coronavirus

Health staff at Shaboura health centre in Rafah pack and deliver medication to elderly people. © 2020 UNRWA Photo by Khalil Adwan
Health staff at Shaboura health centre in Rafah pack and deliver medication to elderly people. © 2020 UNRWA Photo by Khalil Adwan

The head said he welcomed but had not been officially told about a US decision to direct $5m to the Palestinian Authority in response to an appeal to fight the coronavirus pandemic. There are 431 confirmed cases and two deaths.

Mr Lazzarini said the agency would begin its own Covid-19 emergency response appeal next week.

"Obviously, if this could trigger similar support it would be a welcome development," he said.

But so far, Mr Lazzarini said he had been very impressed with the work of the agency amid the pandemic.

He said all health centres remained open in the five areas of UNRWA's operations.

E-learning has continued and there is a strong push to increase the number of children who can access remote schooling.

Yet the coronavirus is a pandemic on top of a crisis for the agency. With 30,000 staff members working for more than 5 million refugees, the "chronic crisis" continues, he said.

But Mr Lazzarini said he would put all necessary energy and attention into ensuring services continue.

"It's clear today it's a struggle," he said.

"And unfortunately, the organisation has known far too much of this unsettling financial crisis, especially for a group of the population that is among the most vulnerable in the world, and definitely one of the most vulnerable in the Middle East."

If you go...

Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.

Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

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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Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

SPECS
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ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

ARABIAN GULF LEAGUE FIXTURES

Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)

Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)

Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

'Cheb%20Khaled'
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