• A woman walks among destroyed buildings in Hatay, Turkey. Getty Images
    A woman walks among destroyed buildings in Hatay, Turkey. Getty Images
  • A woman mourns a relative during the burial of one of the earthquake victims in Antakya, southeastern Turkey. AP Photo
    A woman mourns a relative during the burial of one of the earthquake victims in Antakya, southeastern Turkey. AP Photo
  • A family photo is seen amid the rubble in Hatay. Getty Images
    A family photo is seen amid the rubble in Hatay. Getty Images
  • Syrian refugees in Turkey return to their home country following the deadly earthquake. AFP
    Syrian refugees in Turkey return to their home country following the deadly earthquake. AFP
  • Members of NGOs Deathcare Embalming Team and Turkish Kurt-Ar inspect the bucket of an excavator as they search for bodies in Kahramanmaras, Turkey. AP Photo
    Members of NGOs Deathcare Embalming Team and Turkish Kurt-Ar inspect the bucket of an excavator as they search for bodies in Kahramanmaras, Turkey. AP Photo
  • Dust covers a family photo album found in Antakya. AP Photo
    Dust covers a family photo album found in Antakya. AP Photo
  • A man made homeless by the 7.8-magnitude quake carries mattresses distributed by an NGO at a makeshift camp in Afrin, in Syria's Aleppo province. AFP
    A man made homeless by the 7.8-magnitude quake carries mattresses distributed by an NGO at a makeshift camp in Afrin, in Syria's Aleppo province. AFP
  • A cracked road near the quake’s epicentre in Kahramanmaras, Turkey. AFP
    A cracked road near the quake’s epicentre in Kahramanmaras, Turkey. AFP
  • A rescuer stands near the site where Aleyna Olmez, 17, was rescued from the rubble of a collapsed building in Kahramanmaras, about 10 days after the quake struck. AFP
    A rescuer stands near the site where Aleyna Olmez, 17, was rescued from the rubble of a collapsed building in Kahramanmaras, about 10 days after the quake struck. AFP
  • A rescuer holds a cat after it was rescued from the ruins of a collapsed building in Kahramanmaras. AFP
    A rescuer holds a cat after it was rescued from the ruins of a collapsed building in Kahramanmaras. AFP
  • Quake survivors queue for food amid the rubble in Kahramanmaras. Reuters
    Quake survivors queue for food amid the rubble in Kahramanmaras. Reuters
  • Bedran, a local resident who lost his house in the earthquake, keeps warm in Antakya, Turkey. Reuters
    Bedran, a local resident who lost his house in the earthquake, keeps warm in Antakya, Turkey. Reuters
  • A girl carries a box of water bottles next to a damaged mosque in Antakya. Reuters
    A girl carries a box of water bottles next to a damaged mosque in Antakya. Reuters
  • A car lies crushed by parts of a badly damaged building in Samandag, Turkey. AP
    A car lies crushed by parts of a badly damaged building in Samandag, Turkey. AP
  • Residentes remove their belongings from their destroyed house in Samandag. AP
    Residentes remove their belongings from their destroyed house in Samandag. AP
  • Aleyna Olmez, 17, is rescued after being trapped for 10 days in Kahramanmaras. Getty
    Aleyna Olmez, 17, is rescued after being trapped for 10 days in Kahramanmaras. Getty
  • Turkish Foreign Minister Mevlut Cavusoglu, left, with Nato Secretary General Jens Stoltenberg in Ankara. AFP
    Turkish Foreign Minister Mevlut Cavusoglu, left, with Nato Secretary General Jens Stoltenberg in Ankara. AFP
  • A message scrawled on a car covered in dust from collapsed buildings in Antakya, Turkey. AP
    A message scrawled on a car covered in dust from collapsed buildings in Antakya, Turkey. AP
  • Destruction in Antakya. AP
    Destruction in Antakya. AP
  • A cracked road leads to a flooded area in Antakya. AP
    A cracked road leads to a flooded area in Antakya. AP
  • A man looks bewildered at the site of collapsed buildings in Hatay, Turkey. EPA
    A man looks bewildered at the site of collapsed buildings in Hatay, Turkey. EPA
  • Numbered stones near graves of earthquake victims at a cemetery in Adiyaman, Turkey. EPA
    Numbered stones near graves of earthquake victims at a cemetery in Adiyaman, Turkey. EPA
  • A makeshift camp set up amid the rubble in Antakya, south of Hatay. AFP
    A makeshift camp set up amid the rubble in Antakya, south of Hatay. AFP
  • A woman holds her baby inside a tent in a camp in Antakya, Hatay. AFP
    A woman holds her baby inside a tent in a camp in Antakya, Hatay. AFP
  • Greek and Turkish rescuers are at work to extract bodies of victims from the rubble in Antakya. AFP
    Greek and Turkish rescuers are at work to extract bodies of victims from the rubble in Antakya. AFP
  • Samar Hamouda, 44, recalls her experience of the earthquake destroying her home, at Tishreen Hospital in Latakia, Syria. Reuters
    Samar Hamouda, 44, recalls her experience of the earthquake destroying her home, at Tishreen Hospital in Latakia, Syria. Reuters
  • A damaged house in Jableh, Syria. Reuters
    A damaged house in Jableh, Syria. Reuters
  • Photos of missing children left in hope in Kahramanmaras, Turkey. Reuters
    Photos of missing children left in hope in Kahramanmaras, Turkey. Reuters
  • People collect copies of holy books from the rubble in Kahramanmaras. Reuters
    People collect copies of holy books from the rubble in Kahramanmaras. Reuters
  • Rescuers search for survivors under the rubble of a collapsed building in Kahramanmaras. Reuters
    Rescuers search for survivors under the rubble of a collapsed building in Kahramanmaras. Reuters
  • People carry a bodybag as residents wait for their relatives to be pulled out from the rubble in Hatay. AFP
    People carry a bodybag as residents wait for their relatives to be pulled out from the rubble in Hatay. AFP
  • Dust covers a family photo album found in the debris of a building in Antakya. AP
    Dust covers a family photo album found in the debris of a building in Antakya. AP
  • Portuguese rescue team members try to free the dog named Tarcin from the rubble in Antakya in Hatay. EPA
    Portuguese rescue team members try to free the dog named Tarcin from the rubble in Antakya in Hatay. EPA
  • An injured survivor at a makeshift hospital set up at Turkish Bayraktar warship anchored near Iskenderun city, southern Turkey. AP
    An injured survivor at a makeshift hospital set up at Turkish Bayraktar warship anchored near Iskenderun city, southern Turkey. AP
  • A makeshift hospital set up at Turkish Bayraktar warship anchored near Iskenderun city, southern Turkey. AP
    A makeshift hospital set up at Turkish Bayraktar warship anchored near Iskenderun city, southern Turkey. AP
  • Britain's King Charles III (C) meets with members of the Turkish diaspora community who have been collecting, packaging and organising the transportation of food, blankets and warm clothing for people who have recently been affected by the earthquakes in Turkey and Syria, during a visit to the West London Turkish Volunteers, in Hounslow, greater London. AFP
    Britain's King Charles III (C) meets with members of the Turkish diaspora community who have been collecting, packaging and organising the transportation of food, blankets and warm clothing for people who have recently been affected by the earthquakes in Turkey and Syria, during a visit to the West London Turkish Volunteers, in Hounslow, greater London. AFP
  • People stand by the fire next to the ruins of a collapsed building in Elbistan, Turkey. Reuters
    People stand by the fire next to the ruins of a collapsed building in Elbistan, Turkey. Reuters
  • Destroyed buildings in Syria's rebel-held village of Atarib, in the north-western Aleppo province. AFP
    Destroyed buildings in Syria's rebel-held village of Atarib, in the north-western Aleppo province. AFP
  • Rescuers carry Fatma, 15, who was pulled out from the rubble in Hatay, Turkey. Reuters
    Rescuers carry Fatma, 15, who was pulled out from the rubble in Hatay, Turkey. Reuters
  • A displaced woman receives food inside a stadium in Kahramanmaras, Turkey. Reuters
    A displaced woman receives food inside a stadium in Kahramanmaras, Turkey. Reuters
  • People lineup to receive aid supplies at a makeshift camp in Iskenderun city in southern Turkey. AP
    People lineup to receive aid supplies at a makeshift camp in Iskenderun city in southern Turkey. AP
  • Humanitarian aid provided by Saudi Arabia for survivors of the February 6 earthquake are unloaded at Aleppo Airport in northern Syria. AFP
    Humanitarian aid provided by Saudi Arabia for survivors of the February 6 earthquake are unloaded at Aleppo Airport in northern Syria. AFP
  • Turkish President Recep Tayyip Erdogan addresses the World Government Summit in Dubai via video link. Antonie Robertson/The National
    Turkish President Recep Tayyip Erdogan addresses the World Government Summit in Dubai via video link. Antonie Robertson/The National
  • A man walks between trains being using as shelters in Iskenderun, southern Turkey. AP Photo
    A man walks between trains being using as shelters in Iskenderun, southern Turkey. AP Photo
  • A woman and children inside a train being used as shelter after the earthquake, in Iskenderun. AP Photo
    A woman and children inside a train being used as shelter after the earthquake, in Iskenderun. AP Photo
  • Tents erected in a school yard for Syrians who have lost their homes after the deadly quake, in the rebel-held town of Harem in Syria. Reuters
    Tents erected in a school yard for Syrians who have lost their homes after the deadly quake, in the rebel-held town of Harem in Syria. Reuters
  • A woman walks by the destroyed Habib-i Neccar mosque in the historic southern city of Antakya in Hatay, Turkey. AFP
    A woman walks by the destroyed Habib-i Neccar mosque in the historic southern city of Antakya in Hatay, Turkey. AFP
  • Rescuers pull out a 12-year-old Syrian girl, Cudi, from the rubble in Hatay. AFP
    Rescuers pull out a 12-year-old Syrian girl, Cudi, from the rubble in Hatay. AFP
  • Amar, a Syrian refugee living in Turkey, looks on as search for survivors continues in Kahramanmaras. Reuters
    Amar, a Syrian refugee living in Turkey, looks on as search for survivors continues in Kahramanmaras. Reuters
  • Displaced people keep warm by a fire in Kahramanmaras, Turkey. Reuters
    Displaced people keep warm by a fire in Kahramanmaras, Turkey. Reuters
  • Earthquake survivors receive distributed meals in Golbasi, Turkey. AP
    Earthquake survivors receive distributed meals in Golbasi, Turkey. AP
  • A woman stands amid boxes of donated clothes in Golbasi, Turkey. AP
    A woman stands amid boxes of donated clothes in Golbasi, Turkey. AP
  • A man walks near a damaged building that leans on a neighbouring house in Golbasi, Turkey. AP
    A man walks near a damaged building that leans on a neighbouring house in Golbasi, Turkey. AP
  • UN emergency relief co-ordinator Martin Griffiths stands amid quake-damaged buildings in Aleppo, Syria. Reuters
    UN emergency relief co-ordinator Martin Griffiths stands amid quake-damaged buildings in Aleppo, Syria. Reuters
  • Delegates observe a moment of silence for the Turkey–Syria earthquake before the start of the World Government Summit in Dubai. Pawan Singh / The National
    Delegates observe a moment of silence for the Turkey–Syria earthquake before the start of the World Government Summit in Dubai. Pawan Singh / The National
  • People keep warm by a fire as the search for survivors continues a week after the earthquake in Kahramanmaras, Turkey. Reuters
    People keep warm by a fire as the search for survivors continues a week after the earthquake in Kahramanmaras, Turkey. Reuters
  • A child receives food in Kahramanmaras, Turkey. Reuters
    A child receives food in Kahramanmaras, Turkey. Reuters
  • A dog is seen through a glass door in Kahramanmaras, Turkey. Reuters
    A dog is seen through a glass door in Kahramanmaras, Turkey. Reuters
  • Children walk in the street with food boxes in Kahramanmaras, Turkey. Reuters
    Children walk in the street with food boxes in Kahramanmaras, Turkey. Reuters
  • A minaret stands as the sun rises over the earthquake-hit city of Kahramanmaras, Turkey. Reuters
    A minaret stands as the sun rises over the earthquake-hit city of Kahramanmaras, Turkey. Reuters

Turkey’s engineers tell of unheeded warnings that turned buildings into death traps


Andrew Wilks
  • English
  • Arabic

Follow the latest news on the earthquake in Turkey and Syria

The shocking trail of destruction stretching across southern Turkey has horrified the world since last week’s earthquakes but in many ways it was a catastrophe long foreseen by the country’s engineers and geologists.

For years experts have been warning that slipshod building practices and a lack of regulatory oversight would compound loss of life when a powerful earthquake eventually hit. Their warnings went largely unheeded.

“We have been discussing these things and sharing our information for years with the authorities but we weren’t taken seriously,” Taner Yuzgec, president of the Chamber of Construction Engineers, told The National.

“In relation to the earthquake threat, 65 per cent of buildings in Turkey are considered risky. In 2011 a strategic plan to identify all the dangerous construction was put in place. This should have been completed by 2017 and those at risk should have been brought up to standard or demolished. Unfortunately, that wasn’t carried out.”

More than 41,500 buildings collapsed or were damaged enough to require demolition across the 10 provinces affected by the 7.8-magnitude quake, according to the Environment and Urbanisation Ministry. The death toll in Turkey reached nearly 32,000 by Tuesday afternoon as the Turkish Enterprise and Business Confederation estimated the economic cost at $84.1 billion.

Turkey is crisscrossed by two main fault lines, leaving it prone to deadly quakes. But despite regular disasters, such as the one that struck Elazig three years ago, killing 41 people, or the quake that hit Izmir in 2019, killing 116, criticism has been aimed at current building standards.

After a 1999 earthquake that struck east of Istanbul, killing about 18,000 people, legislation was passed to tighten construction standards and building inspection. However, weak enforcement of building codes have undermined efforts to tackle the danger.

In 2018 the government granted amnesties to those breaching regulations, allowing the owners of dangerous structures to pay a fine to avoid having to bring their buildings up to standard.

“There have been a lot of mistakes in the construction industry,” Mr Yuzgec said. “There are problems with design, with the materials used and with the use of workers who aren’t properly qualified.

“We see the ‘soft-floor’ system’ where shops are on the lower floor of buildings and also we’ve seen buildings collapse into each other. Many buildings are built on soft ground without deep enough foundations. So there are many issues that make buildings unsafe.”

In many cases, residents have said shops and other businesses on the ground floors of apartment buildings have cut-away support columns to increase floor space.

In Diyarbakir, a block of 32 apartments sitting above commercial space collapsed while three other blocks in the same complex remained upright.

“Everyone knows they cut the columns in the ground floor and there was a legal case opened against them four months before the earthquake,” said Veysi Buldu, 58, who lost his uncle in the building.

“That is why one block fell and the other three are still standing.”

Despair in the aftermath of the horrific earthquake in Diyarbakir, Turkey. Reuters
Despair in the aftermath of the horrific earthquake in Diyarbakir, Turkey. Reuters

At other collapsed buildings around the city, where at least 380 people died, residents shared similar stories of businesses below residential floors making dangerous alterations to the building’s structural integrity.

“Profit maximisation is considered the first priority and safety comes later,” said Mr Yuzgec, who recently returned from the earthquake zone.

A building contractor in Diyarbakir, who asked for his name not to be used for fear it would lead to him being blacklisted for work, said illegal practices were widespread in the industry.

“I’ve worked all over the country — here, Ankara, Istanbul, Antalya — and it’s the same everywhere,” he said. “The main contractors are always asking us to cut costs, even if it is illegal and risks lives.

“They want to use cheaper materials or not to install so many columns or beams. If we say that it is against the law, they just say: ‘Don’t worry, we’ll pay the fine.’ I refuse to work with some companies because of this.”

At least 134 people have so far been detained as part of a series of investigations into building standards since the earthquake on February 6, Justice Minister Bekir Bozdag said on Sunday, while another 114 are being sought. Some of the suspects were arrested at airports, apparently attempting to flee abroad.

But there is a growing clamour for the public officials who turned a blind eye to shortcuts to also face justice.

“The primary crime is that committed by the contractor but there are also the people who were responsible for the project, the building site chief and those signing papers in the municipality,” said Mr Yuzgec.

“I think this legal process will become wider and wider over time. However, the local or national politicians are the biggest criminals because they are the ones who continued this system.”

The destruction of last week’s quake has raised fears of future tremors across the country, particularly in Istanbul, a city of 16 million sitting near the North Anatolian fault.

“We could not make Istanbul earthquake-resistant in 20 years because there was no will,” said geologist Naci Gorur, a member of Turkey’s Academy of Sciences. “If we are going to prepare Istanbul for an earthquake, the first thing we need to address is the building stock. Buildings should not collapse or kill people.”

But those whose warnings were ignored for so many years are pessimistic about the possibility of serious reform.

“There are a lot of things that should be done immediately, even tomorrow, but for this to be successful a very strong political will is necessary,” Mr Yuzgec said. “Because we don’t have that political will today, I don’t have much hope that things will be done.”

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

THE%20FLASH
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Andy%20Muschietti%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sasha%20Calle%2C%20Ben%20Affleck%2C%20Ezra%20Miller%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Silent Hill f

Publisher: Konami

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

Rating: 4.5/5

%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children's%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education's%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A
'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

'Laal Kaptaan'

Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

Company profile

Name: GiftBag.ae

Based: Dubai

Founded: 2011

Number of employees: 4

Sector: E-commerce

Funding: Self-funded to date

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The biog:

Favourite book: The Leader Who Had No Title by Robin Sharma

Pet Peeve: Racism 

Proudest moment: Graduating from Sorbonne 

What puts her off: Dishonesty in all its forms

Happiest period in her life: The beginning of her 30s

Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"

Role model: Everyone. A child can be my role model 

Slogan: The queen of peace, love and positive energy

SPEC SHEET

Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support

Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine

Memory: 64/256GB storage; 8GB RAM

Main camera: 12MP wide, f/1.8, Smart HDR

Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps

Audio: Stereo speakers

Biometrics: Touch ID

I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular

Finish: Space grey, starlight, pink, purple, blue

Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

England Test squad

Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.

Women’s T20 World Cup Asia Qualifier

ICC Academy, November 22-28

UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal

ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan 

UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman

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.”

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 
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

MATCH INFO

Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')

Valladolid 1 (Kiko 15')

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

RESULTS

Argentina 4 Haiti 0

Peru 2 Scotland 0

Panama 0 Northern Ireland 0

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Updated: February 15, 2023, 2:00 AM