Police reported a four-wheel-drive vehicle that was speeding had a tire blow out which caused the accident.
Police reported a four-wheel-drive vehicle that was speeding had a tire blow out which caused the accident.
Police reported a four-wheel-drive vehicle that was speeding had a tire blow out which caused the accident.
Police reported a four-wheel-drive vehicle that was speeding had a tire blow out which caused the accident.

Onlookers pull survivors from Dubai road pile-up


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  • Arabic

DUBAI // Drivers and passengers involved in a multiple-car crash that killed one woman and left several other people injured helped to rescue individuals from burning vehicles. Onlookers also rescued motorists trapped in their cars. The accident, which involved at least five cars, took place at the first junction of Al Sofouh Road near Dubai College around 4pm yesterday. Officials said the incident began when the tyre of a speeding SUV exploded, sending the 4x4 crashing into nearby vehicles. Witnesses said the cars caught fire quickly, sending a plume of black smoke over the area. Civil Defence officials confirmed that the woman who died was an Indian national. Officials said that two men, one a Pakistani and the other a Syrian, were in stable condition at Rashid Hospital.

Amid all the activity, the victim's body lay on the road under a blue blanket, a leather handbag resting near by. Victims could be seen walking around the scene of the crash, crying and screaming for help. Fire crews, who were on the scene within minutes, spent more than half an hour extinguishing the four-wheel-drive vehicle. Paramedics at the scene were treating the walking wounded. Owen Bennett, who is from Ireland, was involved in the accident. He said the crash happened behind him as he waited for a traffic light to change. "We were told it was a blowout, and then all the cars started to crash into each other," he said. "My car was hit, but I got it away and then ran back to see if we could help people out. The fires started instantly. Once I saw the flames, I jumped out of my car and tried to help the families there. There was one family caught in one of the cars and we got them out. "They were very lucky. Their car caught fire as we were pulling them out and it just exploded when we got the last one away. It was touch-and-go. That whole family and all those kids are lucky to be alive. If the people were in the car any longer they would have been dead." Mr Bennett also helped to rescue a man trapped in the back seat of the 4x4 in which the woman died. "It took a while to get him out. We couldn't get the door open or the back seat open. Then we made one last effort to pull the woman out. When we pulled her out, she was dead. I think she was in her 50s." Abdul Kalam, a 32-year-old Indian, was making a delivery for the restaurant at which he works. "We rescued a lot of people before the fire got too big. The fire spread so quickly and we had to move very fast." Mr Bennett said Mr Kalam was a real hero. "These families and people here today owe you their life," he told the deliveryman. Police are investigating the incident. @Email:eharnan@thenational.ae

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Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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.”

AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5