After more than six years of one of the deadliest, most destructive conflicts in recent history, the Syrian people are understandably desperate to find some light at the end of what has been a long, dark tunnel. Over the past year, fragile ceasefires have restored calm to some parts of the country, persuading large numbers of people displaced inside Syria and much smaller numbers of refugees to return home.
And yet, in other parts of the country, the conflict is far from over and the suffering of civilians has actually increased. Military operations against extremist groups in Raqqa and Deir Ezzor continue and a multitude of armed groups are still active. Much of the country is littered with mines and explosive hazards, waiting to maim or kill their next victim. In the first half of 2017 alone, 1.3 million Syrians were newly displaced, an average of 7,000 people per day forced to flee their homes.
While the international community is justifiably focused on the future of the peace process, the humanitarian situation inside Syria remains dire and conditions are not in place for the more than five million Syrians living as refugees in neighboring countries to return home.
This continues to be the world’s largest refugee crisis and it cannot be shouldered by neighbouring countries alone. Turkey, Lebanon, Jordan, Iraq and Egypt have welcomed and continue to support millions of Syrian refugees. They have shared their resources and provided access to their schools, hospitals and other services on a scale rarely seen before. But after six years of the crisis in Syria, these countries are understandably tired.
The international community has contributed substantial financial support to the Syrian refugee response, but it is still falling well short of the actual humanitarian needs. I am deeply worried that only 39 per cent of the funds required for refugee programmes in host countries has been received so far in 2017.
Funding commitments made in London in 2016 and repeated earlier this year in Brussels, were prompted by the refugee crisis that reached Europe’s shores in 2015 and 2016. As the visibility of that crisis recedes, I’m concerned that those commitments are being forgotten and neglected.
I welcome the announcement that the EU will host another funding conference in Brussels next spring, but in the meantime, there is an urgent need to ensure that programmes to support refugees in host countries are better funded.
For several years, the regional refugee and resilience plan has been combining efforts to address the basic needs of refugees with longer-term interventions aimed at building their resilience through access to livelihoods, education and services. It’s an innovative approach that, given time to come to fruition, can benefit refugees and their host countries. But without continued support from international donors, progress in implementing the plan risks stalling and the investments that have already been made will be wasted.
Both host countries and the refugees they shelter need and deserve predictability. Host countries need reassurances that pledges of financial support from the international community will be respected. Syrian refugees need to know that they will be assisted and protected not just this month, but for the foreseeable future.
The international community has a responsibility to spare no effort in bringing peace and stability to Syria so that conditions for voluntary, sustainable returns can be created. Meanwhile, it is critical that we all stay the course and support host governments by continuing to invest in refugee and host community programs, sharing responsibilities with those countries on the front-line.
Filippo Grandi is the United Nations High Commissioner for Refugees
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
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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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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