BAR ELIAS, Lebanon // Twelve children huddle inside Jourieh’s tent, seeking to escape the thick snow and frigid air in this Bekaa Valley town.
The cold creeps through the carpets lining the mud floor and the children shiver. They edge closer to touch the tin pot where a simple broth boils atop the wood stove.
It’s too cold to go outside and over the past days their lives have been dominated by waiting for the storm to end.
“[In Syria before the war] we had a stove that burned oil and the children were never cold,” says Jourieh, 38, who is originally from the country’s central Hama province.
Having lived in the tent for four years, Jourieh's family is among the three million refugees affected by the worst winter storm to hit the Middle East in decades.
At least three Syrian refugees have died from the cold in Lebanon. In Bar Elias, a town 11-kilometres from the Syrian border, three children were brought to the hospital on January 7 with hypothermia.
UNHCR, the United Nation’s refugee agency, estimates that 55 per cent of Lebanon’s 1.1 million registered refugees are living in substandard shelter.
At least 1.5 meters of snow has fallen on the Bekaa region, where 144,000 Syrian refugees have settled in about half of the country’s informal camps. In total, there are 1,435 so-called informal settlements in Lebanon, according to UNHCR.
What passes for housing in these encampments is temporary structures built from wood and canvas. Some are made from torn down billboards, advertisements for a red Mercedes, perfume, and slim cigarettes that stand in sharp contrast to the refugees’ poverty.
The refugees were ill-prepared for the cold that began on Tuesday with the arrival of the storm known as Zina, in Lebanon and Huda in Jordan. Some of the children have only open backed shoes and no socks. The poorest refugees are completely reliant on the UN.
Jourieh receives a monthly $30 (Dh110) per person food allowance from the UN. Only two of her eight children have jobs. Her 19-year-old daughter plants garlic and potatoes, but has not worked since winter began.
Her son, 14-year-old, Ahmed, makes 25,000 Lebanese Pounds (Dh60) per week at a local garage. The money allows her to buy four or five bags of wood for between LBP5,000 — 7,000 each.
“My husband doesn’t work, what am I to do?” she says, while cradling her one-year-old baby.
The refugees that cannot afford the wood burn plywood or other scraps that they scavenge. When the those run out, burning rubbish is the next best option.
“When this crate is finished I will have nothing,” says Fawzi Al Hassan Al Saib, a 31-year-old refugee from Homs, pointing at a plastic crate of wood in the corner of her tent.
The weight of the snow has cracked a wooden beam supporting the roof and a draft comes in under one side as the wind blows under the canvas, which is not properly secured.
Even if the tents are drafty, most do have some source of heat, usually wood burning stoves provided by the UN or purchased for about $100.
There are others worse off, says Mohammed Khalil, vice president of the Bekaa office of Dar Al Fatwa, an Islamic charity providing relief, including small stoves.
“A lot of people are renting garages, stores, shops [that have no heating]. There are people who are colder than those in tents,” he says.
Lina Nouh, 38, a refugee from the Damascus suburb of Darayya, hasn’t had a stove since she fled home two years ago. She stayed in the Damascus countryside before arriving in Lebanon five months ago along with her husband and two children.
The family lives in a rented house in Bar Elias. She and her 15-year-old daughter, Amer, sold all their jewellery to make $300 for the first three months rent.
The house’s living room is damp, the ceiling moulding, and they have no heating. They tried to insulate the room with cardboard boxes, but the freezing weather still made its way inside.
“I couldn’t sleep last night because of the cold,” she says.
Three days into the storm, a neighbour provided them with a small electric heater. But in this part of Lebanon the electricity is out for at least 12 hours a day and Lina’s family, who has not been able to pay rent for two months, cannot afford a generator. They receive food aid from the UN and Dar Al Fatwa, but cannot find work.
“I don’t know where to go,” she says, breaking down in tears.
Despite the cold she dreads the day when the storm will end.
“This storm was a blessing in disguise, because at least now the landlord can’t come and ask for the rent,” she says.
foreign.desk@thenational.ae
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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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Company%20profile
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
UAE currency: the story behind the money in your pockets
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY%20PROFILE
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AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Klipit%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Venkat%20Reddy%2C%20Mohammed%20Al%20Bulooki%2C%20Bilal%20Merchant%2C%20Asif%20Ahmed%2C%20Ovais%20Merchant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Digital%20receipts%2C%20finance%2C%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%244%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%2Fself-funded%3C%2Fp%3E%0A
KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE%20
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Company%20profile
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.