Rescue workers gather near the site after a tunnel collapsed in the Uttarkashi district of India's Uttarakhand state on Monday. AFP
Rescue workers gather near the site after a tunnel collapsed in the Uttarkashi district of India's Uttarakhand state on Monday. AFP
Rescue workers gather near the site after a tunnel collapsed in the Uttarkashi district of India's Uttarakhand state on Monday. AFP
Rescue workers gather near the site after a tunnel collapsed in the Uttarkashi district of India's Uttarakhand state on Monday. AFP


What the tunnel collapse in the Indian state of Uttarakhand tells us


The National
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November 17, 2023

I write in reference to Taniya Dutta's article Uttarakhand tunnel collapse: Rescuers insert steel pipes to pull out trapped workers (November 14): with about 40 lives on the line at the time of writing, this is obviously a very distressing story. I hope and pray that the rescuers are successful in using the technology that is being made available to them to carry out an incredibly onerous but honourable task.

It is also important to point out that, while the state of Uttarakhand is beautiful and is culturally, religiously and strategically important to India, it is also prone to natural disasters. Environmental degradation, partly an outcome of over-construction, is making matters worse for the local populations. Authorities need to ensure that infrastructure and real estate development in the state is extremely well regulated.

K Ragavan, Bengaluru, India

Health is wealth

I write in reference to the article UAE study highlights 'public health emergency' of heart disease risk among Emiratis (November 15): the report indicates a concerning trend, particularly given its increased relevance in the post-pandemic context. There is evidence worldwide that heart disease is becoming more common, regardless of age, with young people falling prey to preventable disorders associated with older populations.

Even though the general population is aware of a number of risk factors – including physical inactivity, especially for those who have desk jobs, excessive alcohol use, poor food habits, obesity and shortened sleep cycles – some of these areas receive insufficient attention.

In the modern era, health care demands our utmost attention – right from an early age. Good health is one of the best gifts one may receive in life.

Ramachandran Nair, Muscat, Oman

The world must take dengue seriously

I would like to draw attention to the rapidly increasing dengue cases in Karachi.

Pakistan's storied port city has lately faced a number of challenges: from pollution to inadequate garbage disposal mechanisms to poor drainage and sewerage systems. These problems have turned Karachi's roads, streets and neighbourhoods into breeding grounds for mosquitoes, leading to a surge in dengue cases in recent weeks.

Dengue can be life threatening if people ignore the symptoms – ranging from fever to aches to nausea and vomiting. Anyone who has any of these symptoms needs to seek medical help as quickly as possible. In the meantime, it helps to take rest and stay hydrated.

Just as important is for people stay informed by following the government's awareness campaigns on television.

Eman Tahir, Karachi, Pakistan

If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

LA LIGA FIXTURES

Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)

Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)

Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)

Monday Eibar v Valencia (midnight)

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.”

While you're here
Tickets

Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

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UAE currency: the story behind the money in your pockets
INDIA V SOUTH AFRICA

First Test: October 2-6, at Visakhapatnam

Second Test: October 10-14, at Maharashtra

Third Test: October 19-23, at Ranchi

Updated: November 21, 2023, 7:02 AM