DUBAI // Teachers, students, families and businessmen have dropped off blankets, boots and jackets for Syrian refugees at collection points across the country in an overwhelming show of support.
Volunteers’ homes were full of plastic bags and boxes of warm clothing that residents brought in response to appeals on social media for a donation drive.
At a sorting centre inside a warehouse in Ras Al Khor industrial estate, school students joined volunteers from Flea 4 Charity in separating, labelling and packing the garments for men, women and children in different cardboard boxes.
“They need this and we need to give as much as we can,” said Hana Al Naji, 14, a pupil at Emirates International School.
“This makes you appreciate what you have and we must do this since we have a better life.”
Her friend and schoolmate Tala Nahhas, 15, said: “It is a disaster on such a large scale that everyone must do whatever they can to help.
“It is the least we can do to help but we all should do whatever we can.”
Clothing was dropped off at collection points in Dubai, Abu Dhabi, Sharjah, Ajman and Fujairah.
The drive began on Tuesday and will end on Monday.
“There have been so many people coming forward to help,” said Jihad M’Nasria, an organiser with Flea 4 Charity.
“Images of kids and people freezing to death in the snow have moved people. Everyone just wants to help in any way they can.”
Residents contacted local manufacturers of blankets and clothes to boost the collection drive.
“We got a bunch of suppliers locally who make blankets so we could purchase this at minimal cost,” said Nahil Damgai, a media planner, who tweeted, posted and texted appeals and has collected 260 blankets.
“Many people could not go and buy what was required so they contributed monetarily. We made clear what the blankets cost and went out and bought these.
“My phone has been ringing off the hook. There are teachers, businessmen, families and so many people I don’t know who are contributing. These are all regular people coming forward and their every dirham counts.”
rtalwar@thenational.ae
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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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South Pole stats
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Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
