Follow the latest news on the earthquake in Turkey and Syria
The road from Gaziantep leading to Antakya, one of the areas in Turkey most devastated by the powerful earthquake that struck on Monday, is dotted with emergency camps for displaced people, and collapsed buildings.
It was not spared damage but the motorway to the destroyed city is busy as a stream of vehicles, slowly making their way to help survivors and bring supplies.
It usually takes two and a half hours to reach Antakya city. The trip now takes at least six hours.
“I left but I’m coming back now to bring some provisions”, one of the many drivers told The National, standing next to his car, which was stuck in the middle of a long queue.
Traffic is so heavy that police have been stopping cars to ease the congestion in Antakya.
“You’re going to Antakya as well? There is nothing left of the city,” he added as a warning.
On the road, the extent of the damage is jarring. In some places the ground suddenly opens like a wound; crashed cars are left untouched as if time froze.
Hatay devastated
The earthquake and its aftershocks hit Turkey’s Hatay province the hardest, particularly the provincial capital, Antakya, where more than 1,000 buildings are reported to have collapsed.
Survivors in the city, which was home to almost 400,000 people, say more than half the buildings were reduced to rubble.
Along the motorway, the sights offer painful reminders of Monday's tragedy ― a mosque with a missing minaret, a house leaning dangerously.
Emergency shelters — rows of white tents — and makeshift dwellings along the road, reveal the scale of a disaster that has affected as many as 13 million people across the country,
Some small villages close to Antakya have not been as badly hit. But, cut off from electricity, water and food because the road was inaccessible, their residents have nonetheless been affected.
They feel overlooked.
“We don’t have anything left, water, bread electricity, everything is missing and we have barely received anything, not even a tent”, said Mustafa, who lives in a small village near Antakya.
“But Antakya is where the devastation is”, he added.
“The city is done” said a young girl from the same village, making a sweeping outward movement with her arm as if she was flattening a tablecloth.
It is unclear why Antakya has been so severely devastated by the earthquake. Media have reported “pulverised” neighbourhoods in other cities, but none so badly damaged as Antakya.
The scale of destruction is clearer when viewed from space, with satellite images showing many tower blocks reduced to rubble.
Turkey’s Cumhuriyet newspaper has pointed the finger at business developer Servet Altas, who is reported to have built many of the destroyed buildings.
As of Wednesday, 21,000 emergency personnel were working in Hatay province, President Recep Tayyip Erdogan said during a visit to Kahramanmaras, the epicentre of the quake.
Mr Erdogan said the scenes of destruction in Antakya and Hatay were similar to those in Kahramanmaras.
“I saw the gravity of the situation [in Kahramanmaras] closely. And now the picture we are witnessing in Hatay is not much different.”
Displaced residents and relatives searching for loved ones under the rubble say rescue teams have yet to arrive, with some appealing on social media for advice on how to operate cranes needed to lift the rubble.
Bodies were laid in rows, at a hospital car park in the city, as morgues reached capacity, another grim milestone in a tragedy that shows no sign of abating.
Monday's earthquake is now confirmed as deadlier than the 9.1 magnitude earthquake that struck Japan in the spring of 2011, killing over 18,000 people.
Additional reporting by Holly Johnston in Abu Dhabi.
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.”
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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