The funeral of Dubai resident Niraj Udhwani, who was among 26 people killed by militants in one of the worst attacks in years in Indian-controlled Kashmir, took place on Thursday.
Mr Udhwani was among 25 Indians and one Nepali killed when gunmen opened fire on tourists on Tuesday in the Baisaran valley, a popular holiday destination in the Pahalgam region of the Himalayan territory. Several others were injured.
Family and friends gathered in Jaipur, the accountant's home city, on Thursday for his funeral. Mr Udhwani lived in Dubai with his wife and had been in India to celebrate the wedding of a friend.
A finance manager with a school group in Dubai, where he worked for more than four years, he was also remembered by his colleagues in the UAE.
Mourned in the UAE
“Our community is deeply saddened by the passing of Niraj Udhwani, a much-loved and respected member of our finance team,” said a Cognita school group representative.
“He was a dedicated and inspiring member of staff, and a kind, generous colleague. Our thoughts and heartfelt condolences are with his family, friends and colleagues at this incredibly difficult time.”
Mr Udhwani, who was in his early 30s, worked with education consultancies and insurance companies in Dubai for more than a decade and had studied at the Indian High School in the emirate.
Indian media reported he and his wife Aayushi were on holiday in Pahalgam after attending a friend’s wedding.
“After the wedding, Niraj and Aayushi left for Pahalgam on holiday. They were supposed to head back to Dubai in a few days,” his uncle Bhagwandas Udhwani told The Indian Express newspaper.
Kashmiri media reported witnesses recalling at least four armed militants emerging from the surrounding forest and opening fire on tourists in a meadow where authorities said about 1,000 people had gathered.
India has blamed Pakistan for the attack, accused it of supporting “cross-border terrorism,” has downgraded diplomatic ties and closed a main land border crossing with Pakistan.
Pakistan has denied involvement and a previously unknown group called The Resistance Front has claimed responsibility for the attack.
Indian Prime Minister Narendra Modi on Thursday vowed India would “identify, track and punish every terrorist and their backers”.
“Terrorism will not go unpunished,” he said in a speech. “Every effort will be made to ensure that justice is done. The entire nation is firm in its resolve. Everyone who believes in humanity is with us.”
The attack came on the second day of US Vice President JD Vance’s visit to India. Offering his condolences, Mr Vance said his thoughts and prayers were with the victims of the “devastating terrorist attack”.
US President Donald Trump called the attacks “deeply disturbing.”
India and Pakistan each administer a part of Kashmir, though both claim the territory in its entirety.
The attacks on Tuesday will escalate tension between the neighbours. India has announced a clampdown on travel to India by Pakistani citizens, cut the number of its high commission staff and withdrawn its naval, defence and air advisers from Islamabad.
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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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