Tabreer Ahmed shows a photo of his younger brother Khurshid, who died in the fire at the National Paints factory in Sharjah in May.
Tabreer Ahmed shows a photo of his younger brother Khurshid, who died in the fire at the National Paints factory in Sharjah in May.

Brother reveals horror of learning National Paints fire victim's fate



SHARJAH // The brother of a man whose remains were discovered two months after a paint factory fire said the image of his sibling's burnt body will haunt him for the rest of his life. The body of Khurshid Ahmed, 27, was found in the ruins of the National Paints warehouse, where he had worked as an electrician. He had married only six months before the May 11 blaze.

"It was a very sad thing to see his burnt body after two months," said his older brother, Tabreer Ahmed. "It's the worst memory I am going to have to live with all my life." Mr Ahmed, 37, who owns a laundry in Dubai, had spent the two months since his brother's disappearance trying to find out what had happened to him. He had filed a missing person report and repeatedly asked National Paints for help in locating him.

Mr Ahmed also talked to a few friends of his brother who worked at the factory. All of them said Khurshid had died in the fire. The company advised him to file a missing person report with police as firemen said they had not found any bodies after the blaze. A second body, also found in the gutted building last week, has not been identified. "I knew that there had been a fire at National Paints that evening but had not called my brother," Mr Ahmed said. "I thought he was safe, but the next day the company called me and asked me first if I was his brother and then if I knew of his whereabouts."

He filed the report at the Gharb police station and went to the company offices almost every day in an effort to obtain news of his brother's fate. On Monday he received a phone call from police asking him to take some DNA tests. A police officer told him they had found a body in the factory and they wanted to confirm whether it was his brother. "After taking the tests I knew the long search for my brother had finally ended," he said. "I am convinced he is dead even before the results of the tests are out."

He is expected to receive news of the outcome today. Mr Ahmed said he called his family in India to let them know that a body had been found and a DNA test had been done. "I could hear everyone screaming in the background as my mother talked to me on the phone," he said. "I could tell they are all devastated." His mother, Aneesa Ahmed, from a village near Akbarpur in the northern Indian state of Uttar Pradesh, said her missing son was trying to provide for his family by working for National Paints.

"He was just doing his job," she said. "He was there so he could take care of me here." Mrs Ahmed did not believe reports that her son had absconded from his job following the fire. The company initially thought he had fled following the blaze and has consistently refused to comment since the two bodies were found this week. "If he was alive, he would have called home even if he had absconded from the job," said Mrs Ahmed. "But God had something else in mind and I knew my son would never just go missing like that."

Khurshid Ahmed had married last year after the Eid al Adha holiday, when he went home for 40 days to visit his family. His mother chose his bride and opted for a young woman from the same village, who was from a poor family and had slim marriage prospects because they could not afford a lavish wedding or dowry. "His wife is now very worried," she said. "I don't know what it is like to lose someone you have been with for only 30 days."

Before joining National Paints three years ago, Khurshid Ahmed ran a confectionary shop outside the family home in Uttar Pradesh. Another brother, Azeem Ahmed, who works for Tabreer in his laundry shop in Bur Dubai, said Khurshid was a joyful and understanding person. "Every time he came here he would ask me about my life and home," he said. "He always encouraged me to work hard and support my family in India."

ykakande@thenational.ae sbhattacharya@thenational.ae

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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.”

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