GENEVA // The civil war in Syria has created three million refugees, more than a million of them in the past year, in the greatest crisis in the UN refugee agency’s 64-year history.
About one in every eight Syrians has fled, and 6.5 million others have been displaced within Syria since the conflict began in March 2011. More than half of all those uprooted are children.
Before the uprising against Bashar Al Assad began, Syria had a population of 23 million.
“The Syria crisis has become the biggest humanitarian emergency of our era, yet the world is failing to meet the needs of refugees and the countries hosting them,” said the UN High Commissioner for Refugees, Antonio Guterres.
The agency said the Syrian crisis was record-breaking in terms of the size and scope of the Dh14 billion operation needed to care for the refugees.
The recent surge in fighting appears to be worsening the already desperate situation for Syrian refugees, the agency said, as the extremist group ISIL expands its control of broad areas straddling the Syria-Iraq border and terrorises rivals and civilians in both countries.
Many of the new arrivals in Jordan come from the northern province of Aleppo and the north-eastern region of Raqqa, a stronghold of ISIL.
An independent UN commission has said the group is systematically carrying out widespread bombings, beheadings and mass killings that amount to crimes against humanity in both areas.
Angelina Jolie, the UN’s refugee agency special envoy, said international stability was steadily bleeding away in Syria. “Three million refugees is not just another statistic. It is a searing indictment of our collective failure to end the war in Syria,” the actor said.
The UN commission investigating potential war crimes in Syria said on Wednesday that the Assad regime probably used chlorine gas to attack civilians, who are bearing the brunt of a civil war that has killed more than 190,000 people and destabilised the region.
The massive numbers of Syrians fleeing the civil war has stretched the resources of neighbouring countries and raised fears of violence spreading in the region.
The UN estimates there are nearly 35,000 people awaiting registration as refugees, and hundreds of thousands who are not registered.
The refugee agency and other aid groups say an increasing number of families are arriving in other countries in shockingly poor condition, exhausted and scared and with almost no financial savings left after having been on the run for a year or more.
In eastern Jordan, for example, the agency said refugees crossing the desert were forced to pay smugglers US$100 (Dh367) a person or more to be taken to safety.
Lebanon hosts 1.14 million Syrian refugees, the single highest concentration. Turkey has 815,000 and Jordan has 608,000.
Meanwhile, Syrian rebels surrounded dozens of defiant Filipino peacekeepers in Golan Heights yesterday and demanded they surrender their weapons, hours after taking 44 Fijian soldiers hostage, authorities said.
Seventy-five Filipino members of a UN peacekeeping force were defending two posts on the Syrian side of the Golan Heights, and were prepared to fight back rather than surrender, their commander in Manila said.
“We can use deadly force in defence of the UN facilities,” Col Roberto Ancan said.
“I [would] just like to emphasise our troops are... well-disciplined warrior peacekeepers.”
Syrian rebels, including fighters from the Al Qaeda-affiliated Al Nusra Front, stormed a Golan Heights crossing at Quneitra on Wednesday, sparking an exchange of gunfire with Israeli troops.
Quneitra is the only crossing between the Syrian and the Israeli-controlled side of the plateau.
The rebels captured 44 Fijian members of the UN Disengagement Observer Force on Thursday, forcing them to surrender their weapons then taking them hostage.
Fijian prime minister Voreqe Bainimarama said that talks were under way to release the hostages, and they were believed to be safe.
* Associated Press and Agence France-Presse
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Company%20Profile
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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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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
COMPANY%20PROFILE
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The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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