DUBAI // Somali pirates hijacked a UAE-owned ship early yesterday and took its 15-member crew captive, the European naval force in the region confirmed last night.
The MT Asphalt Venture was sailing from Mombasa in Kenya to Durban, South Africa, when it was seized, said Ecoterra Intl, a piracy monitoring organisation based in Kenya. The ship's course has now been redirected towards the Harardheere on the central Somali coast.
OMCI Ship Management, the Mumbai-based company that manages the vessel, confirmed that the Venture, owned by Bitumen Invest AS in Sharjah, had veered off course. "It is off-course from where it should be. We are trying to contact the vessel but so far have not had any confirmation," said Capt P N Hooghan, the vice-president for marine human resources. OMCI has alerted the UK Maritime Trade Operation, the Indian director general of shipping, and Panama, the flagship of the vessel.
It has also notified the families of the crew members, who are all Indian. "We will do whatever is best to get the crew back so they are safe and sound," said Capt Hooghan. Lt John Fage, a spokesman for the US Fifth Fleet, which is based in Bahrain and patrols the Gulf and surrounding area, confirmed that the Venture had been out of contact since Tuesday evening. . Bitumen Invest AS could not be reached for comment.
If it continues unhindered, the Venture may reach the central Somali coast in three days. But because local elders and authorities there have been trying to chase hijacked ships away, from there the vessel could continue north, said Hans-Juergen Duwe, spokesman for Ecoterra Intl. "The vast majority of the local people want to have development, not these criminal gangs around," he said. "The people are trying to make life difficult for the pirate gangs, who need supplies and access."
Often, the local residents cannot confront the pirates - who have more money and weapons - without risking fighting among clans and sub-clans. "But they try to do it in a more laid- back way, and it's been partly successful," he said.
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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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Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
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Based: Muscat
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Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
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Japan |
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Saturday Atalanta v Sampdoria (5pm),
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