A migrant boy breaks through the fence at a temporary camp for migrants on June 5, 2016. Angelos Tzortzinis / Agence France-Presse
A migrant boy breaks through the fence at a temporary camp for migrants on June 5, 2016. Angelos Tzortzinis / Agence France-Presse
A migrant boy breaks through the fence at a temporary camp for migrants on June 5, 2016. Angelos Tzortzinis / Agence France-Presse
A migrant boy breaks through the fence at a temporary camp for migrants on June 5, 2016. Angelos Tzortzinis / Agence France-Presse

Number of unaccompanied child migrants in Europe has doubled, says UN


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GENEVA // The number of unaccompanied children making the notoriously dangerous Mediterranean crossing aboard unseaworthy boats has more than doubled this year, the UN children’s agency said in a new report released on Tuesday.

Entitled “Danger every step of the way”, the Unicef report said nine out of every 10 children arriving in Italy were unaccompanied minors. More than 7,000 of them had arrived in the first five months of the year. Why the numbers have risen so much is unexplained but it is clear that children who have travelled alone or become separated from their families are at particular risk of abuse and exploitation — not least by the people-smugglers they rely on to get to Europe, says Unicef.

“Just about every child who arrives on the Italian island of Lampedusa or in Sicily has a harrowing story to tell,” the report said.

Both boys and girls are subjected to sexual violence and forced into prostitution. Some of the girls are pregnant by the time they arrive on European shores.

“During the crossing, several people fell overboard and drowned, and others inside the boat fainted and died. I was even sitting down with dead bodies and I was scared,” 17-year-old Nigerian orphan Peace told the Unicef investigators. She had fled Nigeria to escape an arranged marriage to a 40-year-old. but regretted running away.

“I wish my friend had told me this is how difficult it is. I would have continued suffering in Nigeria,” she said.

Aimamo, 16, recounted how he and his twin lives were treated like slaves at the farm in Libya where they worked for two months to raise the money to pay smugglers. “If you try to run they shoot you and you die. If you stop working, they beat you. It was just like the slave trade,” he said.

The growing number of Nigerian women and girls leaving Libya bound for Italy is of special concern. The International Organization for Migration (IOM) estimates 80 per cent of them are victims of trafficking.

Last year, 3.770 people, many of them children, died trying to cross the Mediterranean, according to IOM figures. This year the number has already reached 2,859.

Nor does the danger end for unaccompanied children when they reach Europe, says the Unicef report. They rarely register themselves with any official body, choosing to make their own way onward, making them easy pretty for criminal gangs.

Unicef is calling for a coordinated system to help such children. “Every country — those the children leave, those they cross and those in which they seek asylum — has an obligation to establish protection systems focused on the risks that unaccompanied children face,.” said Marie-Pierre Poirier, Unicef’s special coordinator for Europe’s migrant crisis. “They have endured war, persecution, deprivation and terrible journeys. Even when they have reached the relative safety of their destination, they still need protection, education “

There are currently 235,000 refugees and migrants in Libya and some 956,000 in the Sahel countries, and “many — if not most — of them” are hoping to make their way to Europe, the Unicef report said. But Ms Poirier added, “We should never forget that children on the move are first and foremost children, who bear no responsibility for their plight, and have every right to a better life,.”

* Agence France-Presse

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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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Dubai Rugby Sevens
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Runners up: Bahrain

West Asia Premiership
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Runners up: UAE Premiership

UAE Premiership
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Runners up: Dubai Hurricanes

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UAE Division Two
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