Temperatures dropped below zero in Damascus on Friday and heavy snow led to road closures on routes heading in to the city.  Yousseff Badawi / EPA
Temperatures dropped below zero in Damascus on Friday and heavy snow led to road closures on routes heading in to the city. Yousseff Badawi / EPA

UN and Lebanese army offer Syrian refugees relief as cold weather bites



ISTANBUL // Lebanese armed forces were called in to help distribute emergency aid to Syrian refugees, as the UN handed out fuel, blankets, heaters and food rations yesterday amid a third day of severe winter weather in the region.

A UN airlift of urgently needed food for tens of thousands of people in northeastern Syria, originally planned for Thursday, was delayed by snow, with officials saying they hoped to begin flights today, weather permitting.

Storm conditions, which have blanketed even eastern desert regions of Syria with a thick layer of snow, are expected to ease in coming days, although there will be little respite for millions of Syrians who have left their homes for draughty makeshift shelters in neighbouring countries and safer districts inside their own war-torn nation.

“Most internally displaced Syrians fled their homes with few belongings so they do not even have enough warm clothes or blankets to fend off the freezing weather. They desperately need fuel for heating and to cook the food they receive as humanitarian assistance,” said Matthew Hollingworth, Syria Country Director for the United Nation’s World Food Programme.

There were reports in Syria that a child and a baby died from the cold on Thursday, and an activist in a besieged rebel-held town said residents were struggling to stay warm with the electricity cut off and no food or fuel allowed in.

“Normally we face the shelling and fighting, as well as food and fuel shortages. Today we also have snow and extreme cold,” Abu Anas said from the town of Hara.

“We feel completely cut off from the world.”

In Damascus the WFP said it had begun distributing fuel for heating and cooking to refugees in 10 shelters, with fuel supplies slated for another 35 refugee shelters in the central cities of Homs and Hama, as well as outlying areas of Damascus over the coming days.

The United Nations High Commission for Refugees (UNHCR) plans to airlift 40 tonnes of food for 50,000-60,000 people into the northeastern province of Hasakha from Iraq.

Hasakha was devastated by drought in the years leading up to the March 2011 revolt, with many impoverished farmers already reliant on aid. Conditions have worsened since with the spreading conflict, and aid efforts have been hindered by heavy fighting and road closures.

All aid distributed inside Syria requires permission from the authorities, which have placed restrictions on agencies trying to help ease a humanitarian crisis from a war in which more than 120,000 people have been killed. UN convoys have repeatedly been refused permission to enter rebel-held areas, even close to Damascus, from where there have been reports of death by starvation.

The UN is planning to provide food aid to four million Syrians this month.

In Lebanon, which has taken in more than 800,000 Syria refugees, Wael About Faour, the acting social affairs minister, said the army was asked to assist in aid drops.

“There are 1,600 refugee [makeshift camps] in addition to 431 random camps, which makes it difficult to reach these places. That is why the cabinet had to ask for the help of the army to make as much aid reach those refugees as possible,” Mr Abou Faour said in comments published in Al Nahar newspaper yesterday.

Snow has covered the Bekaa valley, which borders Syria and has become home to thousands of displaced people.

In Jordan, officials involved with Zaatari, the largest refugee camp for Syrians, denied reports yesterday circulating on social media that a 7-year-old girl had died from hypothermia inside the camp, and said extra help was being provided.

“During the past 48 hours 10,000 blankets and 1,500 heaters have been distributed to refugees,” said Ghazi Sarhan, spokesman for Jordan’s Administration of Syrian Refugee Camps.

But the sheer scale of Zaatari, a UN-admininisted camp that is home to almost 75,000 people, left many feeling they had been left out.

“We have heard about aid, but we did not see anything, “ said Abu Wael, a refugee in the camp, coughing from the cold weather. “There were only three streets where ten blankets were distributed.”

Syria is now the largest and most complex global emergency the WFP is dealing with, it said yesterday.

Meanwhile the storm wreaked havoc in other parts of the region.

Jerusalem was paralysed by its fiercest snowstorm in years, with its mayor calling out the army to help stranded motorists and authorities urging residents to stay indoors.

Ramallah and Bethlehem were also coated in snow and some lower-lying areas suffered flooding from heavy rain.

The Gaza Strip was lashed by torrential rain for a third day, and its Hamas rulers said that residents had been evacuated from 60 flooded homes since storms hit the coastal territory on Wednesday.

Blizzards left thousands of drivers stranded in Iran.

“Rescuers have helped some 6,600 people and more than 1,700 vehicles that got stuck in the heavy snow” since Thursday morning, Mahmoud Mozafar, head of the local Red Crescent Society, told the ISNA news agency.

The storm also spread to Egypt yesterday, with some Cairo suburbs seeing snowfall for the first time in years, a weather official said.

psands@thenational.ae

* With additional reporting from Suha Maayeh in Amman and Agence France-Presse

Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million