• Sheikh Khaled bin Mohamed visits people who were wounded in a gas explosion in Abu Dhabi on August 31. Courtesy: Abu Dhabi Government Media Office
    Sheikh Khaled bin Mohamed visits people who were wounded in a gas explosion in Abu Dhabi on August 31. Courtesy: Abu Dhabi Government Media Office
  • Three people died and several more were wounded in the blast at a KFC and Hardee's restaurant. Courtesy: Abu Dhabi Government Media Office
    Three people died and several more were wounded in the blast at a KFC and Hardee's restaurant. Courtesy: Abu Dhabi Government Media Office
  • Sheikh Khaled ordered a review of safety measures for transporting gas and its storage. Courtesy: Abu Dhabi Government Media Office
    Sheikh Khaled ordered a review of safety measures for transporting gas and its storage. Courtesy: Abu Dhabi Government Media Office
  • Sheikh Khaled visits people who were admitted to hospital following the gas explosion. Courtesy: Abu Dhabi Government Media Office
    Sheikh Khaled visits people who were admitted to hospital following the gas explosion. Courtesy: Abu Dhabi Government Media Office
  • Workers board up a building on Airport Road in Abu Dhabi on Tuesday, September 1, a day after the deadly gas blast. The National
    Workers board up a building on Airport Road in Abu Dhabi on Tuesday, September 1, a day after the deadly gas blast. The National
  • Workers began clearing debris that was flung into the street after the ground floor blast at the KFC and Hardee's outlet. The National
    Workers began clearing debris that was flung into the street after the ground floor blast at the KFC and Hardee's outlet. The National
  • Two people died and others were injured in the accident on Monday morning. The National
    Two people died and others were injured in the accident on Monday morning. The National
  • The area was cordoned off to the public. The National
    The area was cordoned off to the public. The National
  • The authorities are carrying out checks in the surrounding area to ensure any gas pipe faults are found. The National
    The authorities are carrying out checks in the surrounding area to ensure any gas pipe faults are found. The National
  • Police released this image of extensive damage to a building in central Abu Dhabi. Courtesy: AD Police
    Police released this image of extensive damage to a building in central Abu Dhabi. Courtesy: AD Police
  • An eyewitness took this image showing the damage that the blast caused. Courtesy Naeema Baloch
    An eyewitness took this image showing the damage that the blast caused. Courtesy Naeema Baloch
  • A nearby resident shared these images of the blast on Airport Road.
    A nearby resident shared these images of the blast on Airport Road.
  • Abu Dhabi Police said it was thought the blast was caused by a gas leak.
    Abu Dhabi Police said it was thought the blast was caused by a gas leak.
  • The accident left debris strewn across the street in front of the building.
    The accident left debris strewn across the street in front of the building.
  • Abu Dhabi Police said a number of people were taken to hospital with 'minor and moderate injuries'.
    Abu Dhabi Police said a number of people were taken to hospital with 'minor and moderate injuries'.

UAE

Third person dies following Abu Dhabi gas explosion

A second Sri Lankan citizen is currently in critical condition, embassy says

The National

September 03, 2020

  • English
  • Arabic

A man has died in hospital after being wounded seriously in a gas explosion at an Abu Dhabi building this week.

An incorrectly installed canister blew up on Sheikh Rashid bin Saeed Road – known locally as Airport Road – on Monday.

The force of the blast instantly killed two people and injured others. It also destroyed a KFC, neighbouring Hardee's and other shops near by.

On Thursday, the Sri Lankan Embassy in the UAE said one of their citizens died of his injuries while another was still in hospital.

Embassy officials visited the second citizen in the intensive care unit of a hospital. Three people have now died from the explosion.

"The Sri Lanka Embassy in Abu Dhabi and the Foreign Ministry are in contact with the UAE law enforcement and hospital authorities to provide the necessary assistance," the embassy said.

The two people who died instantly on Monday were from the Philippines, the country's embassy confirmed.

It said ambassador Hjayceelyn Quintana contacted the families of both victims to express condolences and assure them that they would be given "all necessary assistance".

The explosion happened about 10.15am. Authorities rushed to the site, evacuated the area and diverted traffic.

The typically busy street was closed until 6.30pm while clean-up operations were under way.

Civil Defence asked around the area for anyone who was injured so they could be taken to hospital.

Investigations showed the explosion was caused by a misalignment in the gas container fittings after the residential building was refuelled.

Police reminded the public to be careful when dealing with gas connections and other energy sources.

The cost of accommodation of more than 200 people who were left temporarily homeless by the blast will be covered by Emirates Red Crescent.

The humanitarian organisation will provide support for 208 people living in the building who had to be relocated.

ERC said volunteers from its Abu Dhabi centre were involved in the evacuation of the building and transferring residents to hotels in the city.

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UAE currency: the story behind the money in your pockets
The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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.”

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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The view from The National
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  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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  • Only invest in crypto projects that you fully understand.
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1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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