More than 20 migrants drowned after a boat capsized off Tunisia in May last year. AP
More than 20 migrants drowned after a boat capsized off Tunisia in May last year. AP
More than 20 migrants drowned after a boat capsized off Tunisia in May last year. AP
More than 20 migrants drowned after a boat capsized off Tunisia in May last year. AP

At least four people dead and 51 missing as migrant ship sinks off Tunisia


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At least four people died and 51 were missing after a migrant ship sank off Tunisia's Kerkennah island.

All aboard were migrants from sub-Saharan Africa, an unidentified judicial official told Reuters on Sunday.

It came the same day as rescuers looked for 30 missing off the coast of Italy after two boats sunk in rough seas on Saturday.

Both were rickety iron boats believed to have departed from the Tunisian city of Sfax on Thursday.

Tunisia is now the main departure point for people fleeing poverty and conflict in Africa and the Middle East in hopes of a better life in Europe.

Many boats, often flimsy vessels unable to withstand the treacherous crossings, do not make it to their intended destinations in Italy.

The Tunisian coastguard recovered a record 901 bodies of drowned migrants off its coast from January 1 to July 20, the country's interior minister said.

The country has responded to the migrant influx by deporting hundreds to remote desert areas where it hopes they will cross the border into Algeria and Libya, previously the main hub for departures to Europe.

The UN has urged Tunis to halt migrant expulsions to the border buffer zone, where at least 11 people have already died in scorching summer temperatures with no food or water.

It began forcing migrants to the border after clashes between locals and migrants left one person dead in Sfax last month.

Tunis responded by denying the severity of the crisis, saying the issue was being manipulated for "political motives".

Migrants braving the sea crossing also face huge dangers – described as a "slaughter" by sea by an Italian official on Sunday.

"Whoever allowed them, or forced them, to leave with this sea is an unscrupulous criminal lunatic," police chief Emanuele Ricifari of Agrigento, Sicily told Italian media after the twin shipwrecks.

The Central Mediterranean migrant crossing route from North Africa to Europe is the world's deadliest.

More than 1,800 people have died attempting it so far this year, according to the Italian Coastguard – almost 900 more than last year.

"The truth is that figure is likely to be much higher. Lots of bodies are being found at sea, suggesting there are many shipwrecks we never hear about," coastguard press officer Flavio Di Giacomo told AFP.

DSC Eagles 23 Dubai Hurricanes 36

Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3

Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3

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.”

UAE currency: the story behind the money in your pockets
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.

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

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Brief scoreline:

Manchester United 0

Manchester City 2

Bernardo Silva 54', Sane 66'

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

If you go

Flights

Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.

The stay

Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

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Updated: August 07, 2023, 6:20 AM