SAARLOUIS, GERMANY // Deep inside Syria, a bishop worked secretly to save the lives of 226 members of his flock from ISIL – by amassing millions of dollars from his community around the world to buy their freedom.
The Assyrian Christians were seized from the Khabur River valley in northern Syria, among the last holdouts of a minority that had been chased across the Mideast for generations. On February 23 last year, ISIL fighters attacked 35 Christian towns simultaneously, sweeping up scores of people.
It took more than a year, and videotaped killings of three captives, before all the rest were freed.
Paying ransoms is illegal in the United States and most of the West, and the idea of giving money to ISIL is morally fraught, even for those who saw no alternative.
“You look at it from the moral side and I get it. If we give them money we’re just feeding into it, and they’re going to kill using that money,” said Aneki Nissan, who helped raise funds in Canada. But “to us, we’re such a small minority that we have to help each other”.
The Khabur families trace their heritage to the earliest days of Christianity. To this day, they speak a dialect of Aramaic, believed to be the native language of Jesus.
When the villages were attacked, fleeing residents phoned cousins, sons, daughters, friends – Assyrians who had left the region in waves for the West. In the chaos, no one was sure how many were taken captive but everyone was certain they were going to die.
As days stretched into a week, it became clear ISIL had other plans.
The group told the 17 men captured from one village, Tal Goran, they could have their freedom but with a catch. Four female captives would remain, and one of the men had to deliver a message to their bishop in the town of Hassakeh about 65km away, and return with an answer. The extremists demanded $50,000 (Dh183,655) per person for the whole group.
Abdo Marza reluctantly agreed. His 6-year-old daughter was one of the captives.
It took the bishop, Mar Afram Athneil, three days to make a decision, as he consulted with members of the church around the world on what to do. Then he gave Marza a sealed envelope, with no explanation.
When Marza handed it over, the ISIL extremist broke into a smile. “Your bishop is a very smart man.” With that, his daughter and three old women were freed.
Bishop Athneil began secret negotiations for the remaining captives.
In California, Assyrian filmmaker Sargon Saadi packed his gear, hoping to learn what had happened to the Khabur villages, but he found them almost deserted.
“We didn’t know why they took them, we didn’t know where they took them, what they wanted to do with them,” Saadi said.
When word filtered down about the ransom, the price was daunting. ISIL’s starting demand of $50,000 a person would mean more than $11 million for the remaining captives.
“There’s no easy way to give them money. It’s very dangerous, it’s also illegal in many countries,” Saadi said.
The calls for donations went out across social media. In Germany, Assyrian entrepreneur Charli Kanoun persuaded the government to accept the Tal Goran hostages, and then he began fundraising for the others. Outside London, Andy Darmoo also fundraised while running his chandelier business.
On May 26, two women were freed. On June 16, one man was released. On August 11, 22 more people were liberated. Many in the diaspora hoped the ordeal was nearly over.
Then in September 2015 came the video showing three Khabur men, dressed in orange, being shot to death.
“When that happened, everybody went crazy and money started flying in from all over,” Saadi said. “Assyrians don’t have an army to go rescue them. They don’t have SWAT teams, they don’t have SEAL 6. The only option they have is to pay ransom.”
ISIL has made a fortune off the desperation of hostages. A United Nations resolution from December 2015 called on governments “to prevent kidnapping and hostage-taking committed by terrorist groups and to secure the safe release of hostages without ransom payments or political concessions”.
But while no government appeared to stop the fundraising, the Assyrians say no country stepped in to free the captives either.
Brokered by Bishop Athneil, negotiations resumed in mid-fall. The money went into an account in Erbil, Iraq.
From November, releases took place every few weeks, and on February 22, a final list of 43 names was sent to the bishop. The last Khabur captives were on their way out.
But when the bus arrived in Hassakeh, only 42 hostages were on board. Sixteen-year-old Maryam David Talya had been pulled off at the last checkpoint by an ISIL guard, Kanoun said.
After another agonising month of negotiations, Maryam stumbled into the arms of her parents.
How much was ultimately paid remains a mystery. The bishop, the only person with a full accounting, declined to be interviewed.
Those involved credit him for saving the lives not just of the hostages but of hundreds of other Assyrians who fled the war zone. The Khabur valley is now all but empty of its Christians.
“Honestly, this man should go down as a saint, the things that he’s done, the sacrifices he’s made to help these people,” Nissan said. “He’s refusing to leave Syria until all his flock is secured.”
* Associated Press
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
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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.”
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
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What is a portfolio stress test?
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What are NFTs and why are auction houses interested?
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How gamers are getting rich by earning cryptocurrencies
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Should you buy or rent a home in the UAE?
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Killing of Qassem Suleimani
more from Janine di Giovanni
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
The years Ramadan fell in May
The five pillars of Islam
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
The%20Last%20White%20Man
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THREE
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Killing of Qassem Suleimani
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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