Kallarakkal Aboobacker was one of three men from Kerala, India, to die when a bus overturned on Saturday. Courtesy Aboobacker family
Kallarakkal Aboobacker was one of three men from Kerala, India, to die when a bus overturned on Saturday. Courtesy Aboobacker family
Kallarakkal Aboobacker was one of three men from Kerala, India, to die when a bus overturned on Saturday. Courtesy Aboobacker family
Kallarakkal Aboobacker was one of three men from Kerala, India, to die when a bus overturned on Saturday. Courtesy Aboobacker family

Abu Dhabi bus crash survivors speak of tragic trip back from Umrah pilgrimage


  • English
  • Arabic

ABU DHABI // Survivors spoke of their grief and sadness on Monday after three of their friends died in a bus crash as they returned from an Umrah pilgrimage.

Ashraf Khanza and his family were among 60 passengers travelling on the Ghuweifat motorway on Saturday evening when the bus crashed and overturned. The father of three dozed off on the long journey from Mecca to Abu Dhabi – and woke up in hospital.

Mr Khanza’s wife and children also survived.

“I was asleep when it happened and opened my eyes in hospital,” he said. “It was shocking when I found myself there.

“But all thanks to Allah that my family is safe and had only minor injuries.”

The bus driver Abdul Latheef, 30, and passengers Kallarakkal Aboobacker, 46, and Kallarakkal Moulvi, 31, were killed. All were from Kerala. Six people, including a toddler, were seriously injured.

“I lost friends, and their family are traumatised,” said another passenger, Mohammed Firoz. “This is a very sad and tragic incident, as most of these people belong to my state, Kerala. About 28 of the 60 belonged to my village.

“This is very saddening for us because they were coming after performing the holy Umrah in Mecca.”

Mr Khanza, who is a driver, said Latheef had lost control and the bus hit a pole at the side of the motorway.

Toddler Simsarul Haq was injured and is at Abu Dhabi’s Mafraq Hospital, where his parents are also being treated. They have nine other children.

Most of the injured were discharged from the hospital but about 15 are still receiving treatment in Mafraq and Madinat Zayed, in the Western Region of Abu Dhabi, said Mr Firoz, who works for a Dubai hospital.

Mr Khanza, a community representative and social worker for Abu Dhabi Malayalee Samajam, a Malayalam community club, said six people were seriously injured.

Mafraq Hospital would not comment on the condition of its patients.

A preliminary report by Abu Dhabi Police said the accident was caused by excessive speed, neglect, exhaustion on the part of the driver and a burst tyre, which sent the bus into a swerve.

anwar@thenational.ae

* Additional reporting by Amna Ehtesham Khaishgi

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.”

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

WRESTLING HIGHLIGHTS
Racecard

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m

7.40pm: Handicap (TB) $135,000 (D) 1,200m

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m

8.50pm: Handicap (TB) $135,000 (T) 1,000m

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m

10pm: Handicap (TB) $175,000 (T) 2,410m

The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final