Follow the latest updates on the Moroccan earthquake here
As the death toll crosses more than 2,000 after an earthquake struck Morocco late on Friday, rescue teams are racing to find survivors trapped in the rubble of mountainous villages and ancient cities not built to withstand such force.
The magnitude 6.8 earthquake has killed at least 2,012 people and injured over 2,059, many of them critically, according to the latest official figures. The quake struck 72 kilometres south-west of the historic city of Marrakesh, wiping out entire villages in rural areas
In Marrakesh, people could be seen on state TV clustering in the streets, afraid to go back inside buildings that might still be unstable. Situated at the foot of the snow-capped Atlas Mountains, the 11th-century city of palms and palaces is Morocco's top tourist attraction, welcoming more than 2 million visitors a year.
Dramatic videos shared on social media showed the famous Koutoubia Mosque shaking as people rushed to safety nearby. Built in the 12th century, the mosque's 69-metre minaret is popularly known as the “roof of Marrakesh.”
The Koutoubia Mosque looms over the vast Jemaa El Fna square, the beating heart of Marrakesh, which comes alive each night with dancers, storytellers, snake charmers and dozens of food stalls brimming with traditional Moroccan dishes.
Authorities said the extent of the damage to the mosque was not immediately clear. Most of the main historic sites in the old city appeared largely unscathed as well.
Eric Falt, the regional director of Unesco, told the online Morocco World News that the damage was "much more significant than expected".
Falt, who conducted a two-hour assessment of the city, said: "After a disaster like this, the most important thing is to preserve human lives. But it is also necessary to immediately plan for the second phase, which will include the reconstruction of schools and cultural assets affected by the earthquake."
Moroccans also posted videos showing damage to parts of the famous red walls that surround the old city, a Unesco World Heritage site. The collapsed minaret of another mosque was also widely shared.
Legendary French fashion designer Yves Saint Laurent visited Marrakesh in 1966 and was immediately smitten.
The city became a huge influence on his work, particularly his use of colour.
Saint Laurent, who died in 2008, spent time there every year while designing his collections. In 2017, a museum dedicated to his designs was opened in the city.
Each November, Hollywood stars descend on Marrakesh for its international film festival, with some of the screenings taking place under the stars in Jemaa El Fna.
Sharon Stone, Martin Scorsese, Sigourney Weaver and Robert de Niro are among those to have walked the red carpet in a country that has long been a favourite location for international film shoots.
Last month, the Oscar-winning Scorsese announced he was returning to the festival, set to run from November 24 to December 2, as the official patron for the event’s Atlas Workshops.
“I am always happy to be returning to my beloved Marrakesh Film Festival. When I haven’t been able to attend in person, I’ve always been there in spirit,” said Scorsese.
“For this very special anniversary edition of the festival, I have been entrusted with a precious task: to interact with young filmmakers and help to guide them on their way. I look forward to seeing old friends, and to making new ones.”
This year’s Atlas Workshop participants will be known as the Class of Martin Scorsese.
Agencies contributed to this report
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- 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
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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.
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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.”
