Indians in the Emirates were left devastated over the loss of relatives and friends in landslides that killed more than 140 people in southern Kerala.
UAE residents lost entire families when rivers of mud and boulders smashed into their homes as they slept when the first landslide struck at 1am on Tuesday in Kerala’s Wayanad district.
Many have returned to India in the hope of gaining more information about those still listed as missing.
Saneesh Joseph, a businessman in Fujairah, is in touch with a UAE resident who lost several family members.
It’s too difficult to imagine losing not just one family but nine families at once
Saneesh Joseph,
a Fujairah resident about a UAE resident who lost loved ones in the landslide
“He lost nine households, these families were staying in Mundakaii and Chooralmala towns in Wayanad,” said Mr Joseph, president of Incas, the Indian Cultural and Arts Society of Wayanad in Fujairah.
“The loss is too much to bear. There is nothing left of their homes as this area was the worst hit.
“He is suffering a lot, it’s too difficult to imagine losing not just one family but nine families at once.”
The landslide was described as the worst that Kerala has ever witnessed, according to Pinarayi Vijayan, the state's chief minister.
He told the media that 144 bodies were recovered, 191 people remained missing and more than 5,500 people were rescued from landslide-hit areas.
Listed missing
UAE residents made desperate calls home to check on their families, calling neighbours and state control helplines. Many social workers also had a list of names of the dead and injured in hospitals.
Sajan Varghese, a Sharjah resident, said many UAE residents had returned home hoping relatives had survived.
“My friends are badly affected, their loss is huge because they lost close family,” said Mr Varghese of the Pravasi Wayanad UAE association.
“They had family in three to four homes that are completely washed out. There were more than eight people in one home.
“Many of these houses were below where the landslide started. They are still listed as missing.”
Videos taken by rescue teams and non-government groups show large tracts of land inundated with water, houses uprooted, mud and stones piled away from the landslide site.
Indian army and air force teams removed people in helicopters and secured zip lines to reach people stranded when the sole bridge into Mundakkaii collapsed.
Community support
The community in the UAE is in constant touch with rescue groups back home and plans to offer long-term assistance in medicines, housing, food and grief counselling.
“Many of my friends are with the rescue teams and they are trying to help people who are in deep shock,” said Majeed Maniyodan, a Dubai resident from Wayanad and secretary of the Kerala Muslim Cultural Centre.
“This happened when people were sleeping and in hospitals, there are sad scenes of children asking for their parents and wives searching for their husbands.
“There are so many people missing and there is so much mud to clear.
“People are still hoping to get news that the missing have been found.”
Apart from families who lived on the hillside, the landslide also swept away makeshift homes of men working in tea plantations and cardamom estates in the area.
India’s armed forces have sent more than 300 military personnel with heavy engineering equipment to move the debris.
Additional columns of the army, navy and helicopters from the Indian Air Force will assist with rescue and relief efforts.
Kerala’s state government has announced a two-day mourning period.
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.”
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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.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.