Ajman, April 8, 2011 - Jane Taylor (L) swims by as Craig Dunn (R) holds a Union Jack Red Ensign flag eight meters above the wreckage of the MV Dara, a British merchant ship that sunk in 21 meters of water off the coast of Ajman with 819 people on board with 238 killed on April 8, 1961. Divers from Abu Dhabi, Dubai and Sharjah participated in securing the flag to the ship as a memorial on April 8, 2011. (Courtesy of Jane Taylor)
Jane Taylor (L) swims by as Craig Dunn (R) holds a Union Jack Red Ensign flag eight meters above the wreckage of the MV Dara, a British merchant ship that sunk in 21 meters of water off the coast of AShow more

Saluting memory of shipwreck dead



UMM AL QAIWAIN // Half a century ago today, the UAE witnessed the Gulf's worst peacetime maritime disaster as an explosion tore through the MV Dara, killing at least 236 people.

Two days later, the ship sank off the shores of Umm al Qaiwain, where it remains to this day, 20 metres below the surface.

The story of the MV Dara made headlines around the world at the time, but today, few are aware of the accident.

Yesterday, divers from the British Sub Aqua Clubs in Sharjah, Dubai and Abu Dhabi paid a dignified tribute to those lost in the sinking.

Dropping to a depth of 11 metres, they dodged the underwater currents, for which the area is renowned, and erected the Red Ensign, the flag of the merchant naval fleet, at the stern of the shipwreck.

The gesture of respect was the idea of Ian Hussey, a Sharjah-based civil engineer and honorary chairman of the Sharjah Wanderers Dive Club.

Mr Hussey said he had dived the site more times than he could remember. The abundance of fish can make some visitors forget the wreck's sombre history.

"It is a very nice dive," he said. "You tend to forget that aspect of it."

Determined to remind the diving community about the history, Mr Hussley contacted fellow divers from his club as well as divers from Dubai and the capital. About 60 people dived the site yesterday.

It was up to four of them to attach the 1.5-by-2.4-metre flag to the wreck. One was Dr Steven Winstanley, the diving officer at the Abu Dhabi Sub Aqua Club.

"The Dara is quite a difficult wreck to do because of the strong current," he said. "When you add the challenge of putting the flag up, it starts to make it a more advanced dive."

It took less than 20 minutes underwater to do the job. The flag flapped about due to the currents in the same way it would if it were tied to a pole on a windy day. The addition to the wreck attracted a school of barracuda, which circled around it, reminding everybody that nature carries on, oblivious to the suffering. After 50 years underwater, the MV Dara is starting to break up, providing swim-throughs for the more adventurous divers.

The bow of the 5,030-tonne steel ship and two of its hulls remain relatively intact with the rest of the debris rusting into the seabed.

Recreational divers have been criticised for visitings shipwrecks where people have lost their lives, but Dr Winstanley said often divers are the people who pass on the history of the wrecks.

"Diving is about many things but sometimes it is about learning the history of a wreck and finding out why it was there," he said.

"What we are doing here now is people are suddenly realising the history behind the Dara. People get to treat the wreck with more resect."

"Having the access allows us to remember the people who lost their lives," he said. "Sometimes it is left up to the diving community to keep these stories alive."

Sometimes, dive sites assume a history of their own. Jim Darbyshire, 59, is a construction manager and the chairman of the Desert Sands Diving Club in Dubai. The Dara, he said, was still a favourite diving spot.

"I have dived here with my children. I have dived here with my wife and with all of my friends," said Mr Darbyshire, who has lived in the UAE since 1984.

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?

• Looming global slowdown and recession in key economies

• Russia-Ukraine war

• Interest rate hikes and the rising cost of debt servicing

• Oil price volatility

• Persisting inflationary pressures

• Exchange rate fluctuations

• Shortage of labour/skills

• A resurgence of Covid?

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Super Saturday results

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
Winner: Drafted, Pat Dobbs (jockey), Doug Watson (trainer).

4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
Winner: Divine Image, Brett Doyle, Charlie Appleby.

5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
Winner: Blue Point, William Buick, Charlie Appleby.

5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
Winner: Muntazah, Jim Crowley, Doug Watson.

6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
Winner: Old Persian, William Buick, Charlie Appleby.

6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer.

7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m
Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor.

SPECS

Engine: 1.5-litre 4-cylinder
Power: 101hp
Torque: 135Nm
Transmission: Six-speed auto
Price: From Dh79,900
On sale: Now

The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Results

Stage 2:
1. Soudal–Quick-Step - 18’11”
2. EF Education – EasyPost - 1"
3. Ineos Grenadiers - 3"
General classification:
1. Lucas Plapp (AUS) Ineos Grenadiers
2. Remco Evenepoel (BEL) Soudal–Quick-Step - ST
3. Nikias Arndt (GER) Bahrain Victorious - 3"

RESULTS

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: RB Sarab, Allaia Tiar (jockey), Khalifa Al Neyadi (trainer)

5.30pm: Mamsha Alkhair – Handicap (PA) Dh80,000 (T) 1,600m
Winner: Mutaqadim, Ray Dawson, Ibrahim Al Hadhrami

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
Winner: Almotajalliah, Ray Dawson, Ibrahim Al Hadhrami

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
Winner: Fadwaan, Antonio Fresu, Ahmed Al Mehairbi

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
Winner: Western Writer, Richard Mullen, Bhupat Seemar

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.”

TWISTERS

Director: Lee Isaac Chung

Starring: Glenn Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures


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