Rohingya students are seen during a class at school, at Leda refugee camp in Cox’s Bazar, Bangladesh, February 9, 2019. REUTERS
Rohingya students are seen during a class at school, at Leda refugee camp in Cox’s Bazar, Bangladesh, February 9, 2019. REUTERS

Young Rohingya deserve access to education



Speaking at the Global Education & Skills Forum in Dubai, activists have shared their fears for a "lost generation" of young Rohingya. In 2017, 700,000 of the long-persecuted, majority-Muslim group were driven out of Myanmar in what the UN has described as a programme of "ethnic cleansing". Thousands now live in overcrowded refugee camps in Bangladesh, with virtually no access to education. Zainab Arkani, a woman who now lives in Canada, described conditions for young Rohingya as dire, even before the events of 2017. "I suffered mental and physical abuse and all kinds of assault," she said of her classroom experience. However, she added, "I was lucky I was among the one per cent who went to school because 99 per cent did not have the chance."

Although 180,000 displaced children now have access to learning centres, these cannot replace mainstream education. Schools provide vital skills and, for a lucky few, the foundation for social mobility and personal advancement. Yet, refugees are often denied this basic right. This problem is not solely an issue for the Rohingya – it affects children around the world. A 2018 UNHCR report found that four million refugee children do not attend school, an increase of half a million in just one year. This issue has worsened, as displaced people find themselves indefinitely stuck in camps that are not equipped for long-term inhabitation and often lack roads, sanitation and schools. Such is the fate of Syrian refugees who have languished for years in Jordan's Zaatari camp.

Eighteen months after the Rohingya were driven from their homes, charitable donations have now fallen drastically. “Refugees can do anything as long as you give them a chance,” said Ahmad Ullah, pleading for the international community not to turn its back on his people. His is a case in point. He was born in a refugee camp but made it out in 2009. He is now a youth coordinator of the Canadian Rohingya Development Initiative. We can only hope his plea is heard. The new generation of Rohingya deserve an education and the chance of a better life.

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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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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