Jetski accident victim's body found near Palm Jumeirah



DUBAI // The body of a 14-year-old Emirati boy was found yesterday, more than 38 hours after going missing following a jetski accident near the Dubai Marina, police said.

Abdullah al Amiri was killed when he was struck by a jet ski his friend was riding near the Le Meridien Mina Seyahi hotel on Saturday afternoon, police said. The boy's body was found at 8.40am near the Royal Mirage Hotel off the Palm Jumeirah.

"We extend our deepest condolences to the family," said Dubai Police Chief Lt Gen Dahi Khalfan Tamim.

According to Lt Colonel Abdullah al Mazyood, Director of the Dubai Ports Police station, Abdullah was at the beach on Saturday with four friends, ages 14 to 17. He and his friends went out on the water, and two friends on a jet ski dragged him and another boy in a raft about one metre in diameter.

A fifth boy followed them in another jet ski, zooming close to them and doing tricks, police say.

A wave then hit the raft, knocking Abdullah and the other boy into the water. The jet ski behind them then struck Abdullah in the head, police say.

According to Lt Col al Mazyood, none of the boys was wearing a life jacket.

All users of jet skis must have a life vest, helmet, fire extinguisher, emergency whistle and goggles on hand at all times, according to government regulations.

The teenager who hit Abdullah has been referred to Family and Juvenile Prosecution on accidental death charges. He is currently in detention but will likely be released within a day or so, police said.

The director of Dubai Police Rescue Operations, Maj Juma al Falasi, stressed to the public that proper safety measures are needed when operating such watercraft. He added that vendors who rent the vehicles must also follow safety regulations or face legal consequences.

"When people are performing water sports and are involved in accidents or lose consciousness, these measures could save their lives," he said, referring to precautions such as life jackets. "Operators who rent these materials need to ensure these measures are followed."

Last year the Dubai Maritime City Authority was given jurisdiction over the licensing and regulation of jet skis in the emirate.

According to the regulations the authority installed, jet skiing is only allowed in designated areas. The only area mentioned on its website is the Umm Suqeim fishing harbour on Jumeirah Road near Umm Suqeim One. They must also stay clear of swimming areas.

Dubai resident Robert Marinelli, 36, from Australia, said he had many times witnessed jet skis being operated dangerously in that area without reproach from the authorities.

"We have made complaints to lifeguards and hotel management," he said. "One lifeguard's response was that it was not his problem and was he only was responsible for the area of water designated for the hotel.

"They do this every weekend at 4 o'clock on the dot in the same area."

Dubai police said more than 30 divers participated in the search operation for the body.

Maj Ahmed Bu Reqaiba, deputy director of the Dubai Police Rescue Operations said the search was conducted in four quadrants.

"The first two quadrants were covered by Dubai Police, the third was by a group of volunteers, and the fourth was by the Dubai Municipality Environment Administration," he said. "During the operation, 3D sonar imaging devices, remote-controlled digital video cameras, and various boats and Dubai Police jet skis were utilised."

Shiekh Hamdan bin Mohammed, the Crown Prince of Dubai, sent divers and boats to help police.

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MIDWAY

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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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