The Alahamad family, refugees from Syria,  enjoy their first walk on December 16,2016 in Gray,eastern France, where they have been settled under a relocation scheme. Thanassis Stavrakis / AP
The Alahamad family, refugees from Syria, enjoy their first walk on December 16,2016 in Gray,eastern France, where they have been settled under a relocation scheme. Thanassis Stavrakis / AP

Fading French town offers hope of new life for Syrian family



GRAY // The residents of Gray in eastern France lament that the town is dying. It may still live up to its nickname “Gray la jolie” — pretty Gray — but businesses have moved away, taking jobs with them. and many stores have fading “to rent” signs in their windows.

But for one Syrian family, the picturesque streets, red-tiled rooftops and quiet river walks offer hope of a building a new lifet away from the fear of death lurking around every corner in their homeland.

“I will start to love life once more,” said Abd Alwahab Alahamad, a 43-year-old Damascus oncologist. “Because sometimes (in the) last two years, I thought it will be very difficult to stay alive.”

Like so many before them, the Alahamads risked everything to escape war and ISIL, embarking on a perilous journey through checkpoints, bombs and a nightmarish sea crossing to Greece.

But after months of uncertainty, Mr Alahamad, his wife Iman Mshanati and their three children — 5-year-old Nora, 2-year-old Ahmed and Layan, born in Greece six months ago — were among the fortunate few accepted into an ambitious European relocation programme.

Started in late 2015, the programme was designed to relieve pressure on Greece and Italy, the main entry points for more than a million people fleeing into the European Union.

But it has come under fire for moving too slowly. Of the 66,400 people who should be relocated from Greece by this September, 7,286 had been resettled by the end of December, according to figures from the International Organisation for Migration, which sets up the transfers.

France has taken in the most refugees from Greece, 2,420, followed by The Netherlands, which has taken 836.

Applicants cannot choose their destination. The Alahamads were assigned to France, a country neither the Russian-trained doctor nor his wife, a 33-year-old nutritionist and beautician, had visited.

“We are going into the unknown; We do not know the city, the people, nothing,” said Ms Mshanti in a small flat in Athens the day before the family’s flight to Paris, three small suitcases sitting on the floor. “But we hear from people who had left before us that they are happy, and we felt relieved.”

The family had never intended to leave Syria. They did not expect the 2011 street protests against Syrian president Bashar Assad to turn into a civil war.

“At first everybody thought — not only me — that it will finish tomorrow, the day after tomorrow,” Mr Alahamad said of the early days of the rebellion.

In 2014, he received warning that government forces were looking for him after he treated a man for gunshot wounds. Mr Alahamad moved his family near to the city of Deir-e-Zor, in eastern Syria where his parents are from, and quickly found a job in a private clinic. But the war followed.

The area was overrun by ISIL extremists. . Mr Alahamad was questioned for treating female patients, and along with others forced to watch a murder. A family friend was beheaded, his body left on the street for three days. Relatives and friends died in the relentless bombings. After rockets landed near their home, wounding relatives, Mr Alahamad decided I was time to leave.

With two young children and a pregnant wife, the journey was harrowing — treks through the night and a journey jammed into the back of a lorry with nearly 100 others. They paid $800 each for places in an overcrowded dinghy that nobody on board knew how to drive. They went round in circles on the Aegean Sea until the Turkish coastguard picked them up and took all the passengers to a detention centre.

On their second attempt, they made it to Greek island of Chios and, ten days later, to mainland Greece.

Mr Alahamad worked as a volunteer doctor in refugee camps housing some of the more than 62,000 asylum seekers stranded in Greece by border closures. He and his wife thought of staying, but Greece’s asylum system was overwhelmed.

So they applied for relocation. For months they waited. Their third child, Layan was born. In September, the Alahmads learned they had been assigned to Gray, a town of about 6,000 people in eastern France. . They would be part of the second group of families sent there from Greece.

The mayor of Gray, Christophe Laurencot stipulated the town would accept only families, and each would be assigned a social worker. The families are given housing while they apply for asylum, a process that normally takes about four months in the fast-track relocation procedure, Once granted refugee status, they can stay in state housing for another six months while searching for jobs and living arrangements of their own, but are free to move elsewhere in France if they prefer. Of the first five families to arrive in Gray, four have moved on.

Small, close-knit towns do not always embrace outsiders. Mr Laurencot decided full transparency was the best policy and informed townsfolk about the programme before the first arrivals in March.

“We had reactions straight away,” he said. “Good, less good or bad, I had them all. .But France is after all a country of reception, a welcoming country. And it’s not enough to say it; we had to do it.”

So far, the mayor’s tactic appears to be working.

“It’s very, very good, we see them pass by, there are no worries, everything is going well,” said Stephanie Vanhee, who runs an optical shop in Gray.

“It must be done, you know. We must receive them.”

Clothing store owner Roberte Fouillot said here was some reluctance because of recent terrorist attacks and demands on social services. But media images of the war in Syria shocked her deeply. Now she foresees no problem with integration

“They are people like everyone else. . If everyone reached out to each other, there might be less wars, less misery in the world,” she said.

On a foggy mid-December night, the Alahamads arrived in Gray and were allocated a bare but warm apartment. They are keen to learn French, find jobs and get the children into school. Mr Alahamad hopes France will recognise his Russian medical degree.

. “ We lost so much,” Mr Alahamad said. “But now, I think we have a chance.”

* Associated Press

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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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Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills