DUBAI , UNITED ARAB EMIRATES , MARCH 6  – 2018 :- Panos Moumtzis, UN Assistant Secretary General – Regional Humanitarian Coordinator For Syria Crisis during the interview at Novotel Hotel in Dubai World Trade Centre in Dubai.  ( Pawan Singh / The National ) For News. Story by Mina
Panos Moumtzis, UN Assistant Secretary General – Regional Humanitarian Coordinator For Syria Crisis during the interview in Dubai. Pawan Singh / The National

UN Syria aid chief voices frustration at failure to stop war



The United Nations' Humanitarian Coordinator in Syria has expressed frustration at the failure of world leaders to put aside political differences to allow aid to enter besieged areas.

Intense bombardments in the rebel-held district of Eastern Ghouta near Damascus blocked vital deliveries on Monday, with more than a quarter of the trucks carrying food being forced to leave after the suburb came under attack in the worst day of violence since a UN Security Council had demanded a 30-day ceasefire last month.

Panos Moumtzis told The National ahead of a Security Council meeting on Wednesday that "out of the 46 convoys that managed to enter Ghouta only 32 offloaded, there was shelling and insecurity so a total of 14 trucks came back full without managing to offload".

The Syrian conflict is now entering its eighth year. Hundreds of thousands have been killed, clashes are fierce in rebel-held areas and the regime of President Bashar Al Assad has again been accused in recent weeks of using chemical weapons in his push to reclaim territory.

The vast majority inside of Eastern Ghouta are "really suffering", Mr Moumtzis said. Air strikes, artillery and rocket fire have killed more than 800 civilians and devastated residential areas since regime forces began an assault on February 18.

"On our side we say enough is enough. It's time to apply the Security Council resolution to allow us to bring in assistance at all locations and to move the process of peace and coexistence," he said, referring to the UN's call for a ceasefire.

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Syria regime sends hundreds of forces to besieged Ghouta 

Aid convoy abandons Syria's Eastern Ghouta amid bombardment

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Residents have lived under government siege since 2013 in Eastern Ghouta, facing severe shortages of food and medicines even before the latest offensive began.

Mr Moumtzis called for aid convoys to have immediate access to the main town of Douma to complete the delivery of humanitarian supplies and to allow those that need medical assistance to leave. "There's been no evacuations, there is a list of over 1,000 people that need to be evacuated and to be taken to hospitals but haven't been able to," he said.

"It creates huge frustration on our side because we are just down the road from Eastern Ghouta, it's a matter of 20 minutes to half an hour drive, where we can bring everything that is needed to help people who are otherwise dying every day."

While the UN has been criticised over Syria, Mr Moutzis said progress "depends on the political will of the parties" involved. Russia, Mr Assad's main ally, last week announced a five-hour daily "humanitarian pause" during which it said it would guarantee safe passage to civilians wishing to flee the enclave, but few are thought to have been able to.

Russia's air force intervened in Syria in 2015 on behalf of the Assad regime, helping his troops retake key cities.

"Five hours is hugely insufficient for trucks to enter Ghouta - more time is needed, the biggest frustration is that Russia voted for 30-day ceasefire, but it hasn't been applied," Mr Moumtzis said.

Instead, civilians dug deeper into their makeshift shelters on Tuesday. Many have stayed in apartment basements since the assault began.

"We feel as humanitarians there is a failure of international diplomacy, a failure of humanitarian diplomacy, the ability of the UN Security Council and us as an international community to intervene and bring an end to people's suffering," Mr Moumtzis said.

Having worked in conflict zones such as Iraq, Kenya, Rwanda and Ivory Coast and last year serving as UN Humanitarian Coordinator for Libya, Mr Moumtzis said: "It is heart breaking every morning to look at the pics of dead bodies of Syrian children, the extreme suffering that is beyond words to describe.

"People ask us why is the world failing us? Why is there no robust action? It feels as though no amount of suffering, killing, displacement, news is able to mobilise public opinion" to stop the war.

The latest attempt at peace will be in Astana next week where foreign ministers of regime allies Iran and Russia and rebel backer Turkey will meet. Repeated rounds of parallel UN-brokered talks have failed to make a breakthrough.

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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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