Turkey earthquake: Thousands of rescuers try to save those trapped under rubble


Andrew Wilks
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Follow the latest on the earthquake in Turkey

Thousands of rescuers dug in to save some of the people trapped under rubble after an earthquake devastated a large area of south-east Turkey on Monday.

The 7.8-magnitude quake, which also affected northern Syria, reduced buildings to rubble. Officials reported at least 912 dead and nearly 5,400 injured after the main tremor struck in the early hours.

“We do not know how far the number of dead and injured will rise as debris removal works continue in many buildings in the earthquake zone,” President Recep Tayyip Erdogan said from the emergency headquarters in Ankara.

The disaster was the country’s biggest since an earthquake in 1939, he said.

About 2,470 people have been rescued so far, while at least 2,818 buildings have been destroyed.

Ovgun Ahmet Ercan, a geophysics engineer, said the death toll could be expected to rise significantly, compounded by wintry conditions.

“A force with the power of 130 atom bombs was discharged,” he said. “If so many structures have been destroyed, and the number of casualties may exceed 6,000. The structures are completely crushed.

“It’s possible people may to freeze to death.”

  • A child being rescued from the rubble in this screengrab obtained from social media, in Bisnia in Syria. Reuters
    A child being rescued from the rubble in this screengrab obtained from social media, in Bisnia in Syria. Reuters
  • A rescued boy is given water in a bottle cap in Hatay, Turkey. Reuters
    A rescued boy is given water in a bottle cap in Hatay, Turkey. Reuters
  • A woman carries a box of food in Kahramanmaras, Turkey. Reuters
    A woman carries a box of food in Kahramanmaras, Turkey. Reuters
  • 'We were screaming for help until people came to help us and they took us to the hospital', said Hamid from Homs who was injured in a building collapse. Matt Kynaston / The National
    'We were screaming for help until people came to help us and they took us to the hospital', said Hamid from Homs who was injured in a building collapse. Matt Kynaston / The National
  • Palestinians attend a vigil to exress solidarity with the people of Turkey and Syria in Khan Yunius in the southern Gaza Strip. AFP
    Palestinians attend a vigil to exress solidarity with the people of Turkey and Syria in Khan Yunius in the southern Gaza Strip. AFP
  • A collapsed building in Hatay, Turkey after a major earthquake struck southern Turkey and northern Syria on February 6. EPA
    A collapsed building in Hatay, Turkey after a major earthquake struck southern Turkey and northern Syria on February 6. EPA
  • A Syrian man cries as he sits on the rubble of a collapsed building in the rebel-held town of Jindayris. AFP
    A Syrian man cries as he sits on the rubble of a collapsed building in the rebel-held town of Jindayris. AFP
  • A man carries a girl who was rescued from the rubble of a collapsed building in Hatay. EPA
    A man carries a girl who was rescued from the rubble of a collapsed building in Hatay. EPA
  • Members of the Turkish community in Berlin gather humanitarian aid. EPA
    Members of the Turkish community in Berlin gather humanitarian aid. EPA
  • A Turkish soldier in front of a collapsed building in Hatay. EPA
    A Turkish soldier in front of a collapsed building in Hatay. EPA
  • The rubble of buildings in the village of Besnaya in Syria's Idlib province. AFP
    The rubble of buildings in the village of Besnaya in Syria's Idlib province. AFP
  • Russian rescuers search for survivors in the town of Jableh in Syria's Latakia province. AFP
    Russian rescuers search for survivors in the town of Jableh in Syria's Latakia province. AFP
  • A photo taken with a drone shows an aerial view over collapsed buildings after an earthquake in Hatay, Turkey. EPA
    A photo taken with a drone shows an aerial view over collapsed buildings after an earthquake in Hatay, Turkey. EPA
  • Destruction in Hatay city centre. AP
    Destruction in Hatay city centre. AP
  • Members of the Turkish community in Berlin collect aid to support victims. Reuters
    Members of the Turkish community in Berlin collect aid to support victims. Reuters
  • An injured man is carried to an ambulance after being rescued from the rubble in Hatay. Reuters
    An injured man is carried to an ambulance after being rescued from the rubble in Hatay. Reuters
  • A man carries an aid box in Hatay. Getty
    A man carries an aid box in Hatay. Getty
  • Bags of wood for fires are distributed in Hatay Turkey. Getty
    Bags of wood for fires are distributed in Hatay Turkey. Getty
  • A man trapped in rubble waits while debris is removed in Hatay. AFP
    A man trapped in rubble waits while debris is removed in Hatay. AFP
  • Residents look for their relatives in Hatay. AFP
    Residents look for their relatives in Hatay. AFP
  • Rescuers look for survivors under the rubble of collapsed buildings in Kahramanmaras, close to the quake's epicentre. AFP
    Rescuers look for survivors under the rubble of collapsed buildings in Kahramanmaras, close to the quake's epicentre. AFP
  • Emergency personnel search for victims at the site of a collapsed building in the city of Iskenderun. EPA
    Emergency personnel search for victims at the site of a collapsed building in the city of Iskenderun. EPA
  • Muhammet Ruzgar, five, is carried by rescuers from the site of a damaged building in Hatay. Reuters
    Muhammet Ruzgar, five, is carried by rescuers from the site of a damaged building in Hatay. Reuters
  • A newborn found attached by her umbilical cord to her mother and pulled alive from the rubble of a home in northern Syria receives care at a clinic in Afrin. AFP
    A newborn found attached by her umbilical cord to her mother and pulled alive from the rubble of a home in northern Syria receives care at a clinic in Afrin. AFP
  • Women grieve in Hatay, Turkey. Reuters
    Women grieve in Hatay, Turkey. Reuters
  • Smoke billows at the site of a collapsed building in Iskenderun, Turkey. Getty
    Smoke billows at the site of a collapsed building in Iskenderun, Turkey. Getty
  • An Iraqi plane offloads aid at Damascus airport in Syria. Reuters
    An Iraqi plane offloads aid at Damascus airport in Syria. Reuters
  • Two people cry near rubble in Turkey's Hatay province. Reuters
    Two people cry near rubble in Turkey's Hatay province. Reuters
  • A damaged building in Iskenderun. EPA
    A damaged building in Iskenderun. EPA
  • Rescuers search for survivors at the site of a collapsed building in Iskenderun. EPA
    Rescuers search for survivors at the site of a collapsed building in Iskenderun. EPA
  • Cennet Sucu is rescued from beneath the rubble of collapsed hospital in Iskenderun. Reuters
    Cennet Sucu is rescued from beneath the rubble of collapsed hospital in Iskenderun. Reuters
  • Security forces load Red Crescent aid on to a plane destined for Syria at a military base in Baghdad, Iraq. Reuters
    Security forces load Red Crescent aid on to a plane destined for Syria at a military base in Baghdad, Iraq. Reuters
  • People rest next to fire amid the rubble in Hatay, after a 7. 8-magnitude earthquake struck Turkey's south-east. AFP
    People rest next to fire amid the rubble in Hatay, after a 7. 8-magnitude earthquake struck Turkey's south-east. AFP
  • Rescuers board a charter plane in Cologne, Germany, as they head to Turkey to assist in the search for find survivors of the quake. Reuters
    Rescuers board a charter plane in Cologne, Germany, as they head to Turkey to assist in the search for find survivors of the quake. Reuters
  • Injured survivors wait to be treated at a field hospital in Iskenderun,Turkey. Getty
    Injured survivors wait to be treated at a field hospital in Iskenderun,Turkey. Getty
  • Residents of Turkish city Adana gather at the scene of a collapsed building. The death toll in Turkey and Syria has risen to more than 2,000 after the region's strongest quake in nearly a century. AFP
    Residents of Turkish city Adana gather at the scene of a collapsed building. The death toll in Turkey and Syria has risen to more than 2,000 after the region's strongest quake in nearly a century. AFP
  • Residents search for survivors amid the rubble of collapsed buildings in the village of Besnia, in Syria's north-western Idlib province. AFP
    Residents search for survivors amid the rubble of collapsed buildings in the village of Besnia, in Syria's north-western Idlib province. AFP
  • A rescuer carries a Syrian toddler, Raghad Ismail, away from the rubble of a building. Reuters
    A rescuer carries a Syrian toddler, Raghad Ismail, away from the rubble of a building. Reuters
  • Residents wait anxiously as rescue operations take place in Diyarbakir, Turkey. Reuters
    Residents wait anxiously as rescue operations take place in Diyarbakir, Turkey. Reuters
  • Rescue workers search for survivors under the rubble in Diyarbakir. Reuters
    Rescue workers search for survivors under the rubble in Diyarbakir. Reuters
  • Residents search for survivors in Besnia, Syria. AFP
    Residents search for survivors in Besnia, Syria. AFP
  • A Syrian man weeps as he carries the body of his son who was killed in an earthquake in the town of Jandaris. AFP
    A Syrian man weeps as he carries the body of his son who was killed in an earthquake in the town of Jandaris. AFP
  • A wounded man in Jandaris. AFP
    A wounded man in Jandaris. AFP
  • Rescue workers search for survivors in Diyarbakir, Turkey. Reuters
    Rescue workers search for survivors in Diyarbakir, Turkey. Reuters
  • A man carries a girl to safety following the earthquake, in Jandaris, Syria. Reuters
    A man carries a girl to safety following the earthquake, in Jandaris, Syria. Reuters
  • People receive treatment at Al Rahma hospital in the Syrian town of Darkush. AFP
    People receive treatment at Al Rahma hospital in the Syrian town of Darkush. AFP
  • Rescuers carry a girl from a collapsed building, in Diyarbakir, Turkey. Reuters
    Rescuers carry a girl from a collapsed building, in Diyarbakir, Turkey. Reuters
  • A survivor is extracted from the rubble in Diyarbakir. AFP
    A survivor is extracted from the rubble in Diyarbakir. AFP
  • The aftermath of the 7.8-magnitude earthquake on February 6 in Adana, Turkey. Reuters
    The aftermath of the 7.8-magnitude earthquake on February 6 in Adana, Turkey. Reuters
  • Rescuers work near the site of a collapsed building in Hama, Syria. Reuters
    Rescuers work near the site of a collapsed building in Hama, Syria. Reuters
  • Turkish sweet vendors at Dubai Waterfront Market watch earthquake updates on a phone. Victor Besa / The National
    Turkish sweet vendors at Dubai Waterfront Market watch earthquake updates on a phone. Victor Besa / The National
  • Hayri Aggül and Ismet Guven watch the latest news on the disaster. Victor Besa / The National
    Hayri Aggül and Ismet Guven watch the latest news on the disaster. Victor Besa / The National
  • Syrian President Bashar Al Assad (C) leads an emergency cabinet meeting in the capital, Damascus. EPA
    Syrian President Bashar Al Assad (C) leads an emergency cabinet meeting in the capital, Damascus. EPA
  • Hundreds of people were killed as they slept. Abd Almajed Alkarh for The National
    Hundreds of people were killed as they slept. Abd Almajed Alkarh for The National
  • Rescue teams search for survivors in Idlib, Syria. Abd Almajed Alkarh for The National
    Rescue teams search for survivors in Idlib, Syria. Abd Almajed Alkarh for The National
  • Rescue teams look for survivors under the rubble of a collapsed building in the northern Syrian city of Aleppo. AFP
    Rescue teams look for survivors under the rubble of a collapsed building in the northern Syrian city of Aleppo. AFP
  • A desperate search for survivors in Aleppo. AFP
    A desperate search for survivors in Aleppo. AFP
  • Despair in Diyarbakir, south-eastern Turkey. AFP
    Despair in Diyarbakir, south-eastern Turkey. AFP
  • An injured survivor is pulled from the rubble in Diyarbakir. AFP
    An injured survivor is pulled from the rubble in Diyarbakir. AFP
  • Relatives face an anxious wait as emergency teams search for survivors in Diyarbakir. EPA
    Relatives face an anxious wait as emergency teams search for survivors in Diyarbakir. EPA
  • Damage caused by the earthquake in Idlib, north-western Syria. Moawia Atrash for The National
    Damage caused by the earthquake in Idlib, north-western Syria. Moawia Atrash for The National
  • An injured child is plucked from the rubble of a building following the earthquake in rebel-held Azaz, Syria. Reuters
    An injured child is plucked from the rubble of a building following the earthquake in rebel-held Azaz, Syria. Reuters
  • A Syrian Civil Defence team recovering victims of the earthquake in Idlib. Moawia Atrash for The National
    A Syrian Civil Defence team recovering victims of the earthquake in Idlib. Moawia Atrash for The National
  • Tremors were felt as far away as Cyprus, Egypt and Iraq. Moawia Atrash for The National
    Tremors were felt as far away as Cyprus, Egypt and Iraq. Moawia Atrash for The National
  • Destruction in the rebel-held town of Jandaris, Syria. Reuters
    Destruction in the rebel-held town of Jandaris, Syria. Reuters
  • People search through rubble in Diyarbakir, Turkey. Reuters
    People search through rubble in Diyarbakir, Turkey. Reuters
  • A car is smashed up by fallen debris in Azaz. Reuters
    A car is smashed up by fallen debris in Azaz. Reuters
  • Damaged vehicles after the powerful earthquake in Diyarbakir. EPA
    Damaged vehicles after the powerful earthquake in Diyarbakir. EPA
  • Severe damage to a mosque in Malatya, Turkey. AP
    Severe damage to a mosque in Malatya, Turkey. AP
  • Several buildings collapsed, trapping many people underneath the rubble. AP
    Several buildings collapsed, trapping many people underneath the rubble. AP
  • Hospitals in north-eastern Syria were full of injured people. AFP
    Hospitals in north-eastern Syria were full of injured people. AFP
  • An injured man waits for treatment at Bab Al Hawa hospital in Syria's Idlib province. AFP
    An injured man waits for treatment at Bab Al Hawa hospital in Syria's Idlib province. AFP
  • A car is buried underneath the rubble of a collapsed building in Azmarin, a town in Syria's Idlib province. AP
    A car is buried underneath the rubble of a collapsed building in Azmarin, a town in Syria's Idlib province. AP
  • Rescuers search for victims as an ambulance waits. AFP
    Rescuers search for victims as an ambulance waits. AFP
  • An injured child awaits treatment at Bab Al Hawa hospital. AFP
    An injured child awaits treatment at Bab Al Hawa hospital. AFP
  • Rescuers search through the rubble for survivors. EPA
    Rescuers search through the rubble for survivors. EPA
  • The US Geological Survey said the quake began at 4.17am local time. EPA
    The US Geological Survey said the quake began at 4.17am local time. EPA
  • People at the site of a collapsed building. EPA
    People at the site of a collapsed building. EPA
  • The earthquake in Turkey caused widespread destruction. AP
    The earthquake in Turkey caused widespread destruction. AP
  • People gather around a collapsed building in Pazarcik, in Turkey's Kahramanmaras province. AP
    People gather around a collapsed building in Pazarcik, in Turkey's Kahramanmaras province. AP
  • At least 130 buildings collapsed in the Turkish city of Malatya. Reuters
    At least 130 buildings collapsed in the Turkish city of Malatya. Reuters
  • Rescuers search for victims in Diyarbakir. AFP
    Rescuers search for victims in Diyarbakir. AFP
  • Rescuers carry a victim at the site of a collapsed building in Hama, Syria. AFP
    Rescuers carry a victim at the site of a collapsed building in Hama, Syria. AFP
  • Rescuers search for survivors in Hama. AFP
    Rescuers search for survivors in Hama. AFP
  • Rescuers carry a victim pulled out from under the rubble of an eight-storey building. AFP
    Rescuers carry a victim pulled out from under the rubble of an eight-storey building. AFP
  • Damaged buildings in Hama. The aftershocks of the quake were felt in Syria and other neighbouring countries. Reuters
    Damaged buildings in Hama. The aftershocks of the quake were felt in Syria and other neighbouring countries. Reuters
  • A Syrian Civil Defence representative said the situation in the city was catastrophic. Reuters
    A Syrian Civil Defence representative said the situation in the city was catastrophic. Reuters
  • The death toll is expected to rise in Turkey and Syria. Reuters
    The death toll is expected to rise in Turkey and Syria. Reuters

Social media was flooded with people begging for help, including many still trapped under the rubble of their homes.

“Save me,” was the simple message posted a woman named Aysel with a photograph of herself encased in debris.

“Everyone here is devastated. Everyone is dying in Hatay,” said Volkan Demirel, manager of the local football team, in an plea for help in an Instagram video.

Hatay province lies near the Syrian border, about 150km south-west of the epicentre in Karamanmaras province.

“Please [send] ambulances here, help,” Mr Demirel said in the video. “Things are very bad here. Help, we can’t reach people. We cannot do much on our own. I want you to send all amenities if possible. It’s not just Hatay, the situation is the same in nearby cities. Please help for God’s sake.”

As dozens of powerful aftershocks followed the initial quake on the Eastern Anatolian fault, weakened multistorey blocks continued to collapse and officials told people to stay clear of buildings.

Nine hours after the initial quake, a 7.6-magnitude tremor hit the region, forcing rescuers to flee the sites of demolished buildings as others threatened to collapse.

Rescue efforts were impeded by snow and airports were closed.

“It takes some time for search-and-rescue teams from other provinces to reach the region due to the adverse weather,” Vice President Fuat Oktay told journalists in Ankara.

Large cracks in the runway at Hatay airport stopped planes from landing, while roads across the region were also affected.

Hatay Governor Rahmi Dogan said hospital buildings in Antakya and Iskenderun had been destroyed while a hospital in Adiyaman, 92km east of the epicentre, was severely damaged.

Health teams made urgent arrangements for the wounded to be evacuated to hospitals around Turkey. A nationwide appeal for blood donations was launched as rescuer workers from across the country headed to the region.

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
UAE currency: the story behind the money in your pockets
The studios taking part (so far)
  1. Punch
  2. Vogue Fitness 
  3. Sweat
  4. Bodytree Studio
  5. The Hot House
  6. The Room
  7. Inspire Sports (Ladies Only)
  8. Cryo
RESULTS

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Results

2pm Handicap (PA) Dh85,000 1,800m

Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

2.30pm Maiden (TB) Dh75,000 1,400m

Winner Alla Mahlak, Fabrice Veron, Rashed Bouresly.

3pm Handicap (TB) Dh80,000 1,400m

Winner Davy Lamp, Adrie de Vries, Rashed Bouresly.

3.30pm Handicap (TB) Dh105,000 1,400m

Winner Ode To Autumn, Richard Mullen, Satish Seemar.

4pm Handicap (TB) Dh80,000 1,950m

Winner Arch Gold, Pat Dobbs, Doug Watson.

4.30pm Maiden (TB) Dh75,000 1,800m

Winner Meqdam, Pat Dobbs, Doug Watson.

5pm Handicap (TB) Dh90,000 1,800m

Winner Native Appeal, Sam Hitchcott, Doug Watson.

5.30pm Maiden (TB) Dh75,000 1,400m

Winner Amani Pico, Tadhg O’Shea, Satish Seemar

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.

The Outsider

Stephen King, Penguin

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

UAE currency: the story behind the money in your pockets
UK%20record%20temperature
%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

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.”

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Updated: February 06, 2023, 12:29 PM