A Texas State Trooper asks asylum-seeking migrants to come out of hiding after the Honduran nationals crossed the Rio Grande into the US from Mexico, March 9, 2021. Reuters
A Texas State Trooper asks asylum-seeking migrants to come out of hiding after the Honduran nationals crossed the Rio Grande into the US from Mexico, March 9, 2021. Reuters
A Texas State Trooper asks asylum-seeking migrants to come out of hiding after the Honduran nationals crossed the Rio Grande into the US from Mexico, March 9, 2021. Reuters
A Texas State Trooper asks asylum-seeking migrants to come out of hiding after the Honduran nationals crossed the Rio Grande into the US from Mexico, March 9, 2021. Reuters

Number of migrant children in US border centres soars in growing crisis


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More than 3,600 migrant children were being detained in US border centres as of Thursday morning, a US official said.

That was more than four times the number in late February, a sign of a growing humanitarian and political crisis for President Joe Biden's administration.

The number of mostly Central American unaccompanied minors arriving at the border has risen rapidly in recent weeks.

That means more children stuck in border patrol stations while they await transfer to increasingly crowded federal shelters and eventual release to parents or other sponsors.

The border stations were built to house men for short periods and could pose a Covid-19 health risk to children and staff if they become too crowded.

Last week, US health officials lifted coronavirus-related capacity limits on shelters for unaccompanied minors to ease the housing problem, but beds have been filling up quickly.

Mr Biden pledged to take back many of the restrictive policies of former president Donald Trump.

In February, he started allowing unaccompanied minors arriving at the border to enter the country.

They had previously been sent back to Mexico or quickly deported under a Trump order known as Title 42.

Republicans have condemned Mr Biden, saying his administration has encouraged illegal immigration.

At the same time, some Democrats have criticised Mr Biden for keeping some Trump policies and for reopening an emergency shelter in Texas that was used under his predecessor.

The arrivals resemble previous surges of unaccompanied minors and families in 2014 and 2019, officials and experts say.

The 3,600 children in US Customs and Border Protection custody is up from about 800 on February 22.

The agency did not immediately respond to a request for comment.

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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How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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