Courtesy Twitter
Courtesy Twitter

Emirates plane crash landing in Dubai: As it happened



• 1.30pm – Emirates confirms that a flight from India was involved in an accident at Dubai International Airport. Online videos show black smoke billowing from what looked like an Emirates aircraft sitting on its belly on the runway. Emirates says its "main priority now is the safety and well-being of all involved".

• 2.25pm – Dubai Media Office confirms that emergency teams are responding to a crash landing at Dubai International Airport, and that all passengers and crew have been safely taken off.

• 2.30pm – Ismail Abdel Wahed, executive director for the air accident investigation sector at the GCAA, says crash investigators were making their way to the scene. Once there, they would interview those involved and collect data from the aircraft's black box flight recorder. Plans would also be made to move the aircraft off the runway to allow more detailed inspection of the wreckage.

2.50pm – Emirates confirms there were no fatalities on the flight. "All passengers and crew are accounted for and safe," it said. It said the number of people onboard the flight was 300, saying there were 282 passengers and 18 crew.

• 3pm – Dubai Airports announces that all arrivals and departures have been suspended at the airport until further notice following the incident with flight EK521.

• 3.20pm – Passengers from EK521 report that the pilot announced that they would be making an emergency landing minutes before it crashed. Indian media reports say passengers were warned that there was a problem with the landing gear. Passengers say cabin crew opened all the emergency exits and the aircraft was evacuated within minutes of landing.

3.30pm – Emirates says 300 people from 20 countries were aboard the Boeing 777. These included 11 Emiratis, 226 from India and 24 Britons. There were six people each from the United States and Saudi Arabia, five from Turkey and four from Ireland. Two people each came from Australia, Brazil, Germany, Malaysia and Thailand, and one each from Croatia, Egypt, Bosnia and Herzegovina, Lebanon, Philippines, South Africa, Switzerland and Tunisia. T P Seetharam, the Indian ambassador to the UAE, says Indian diplomats went to the airport and met many of the passengers. He reports that one person – a crew member – was taken to hospital for treatment.

• 5.20pm – Dubai Airports says the airport will restart departure operations from 6.30pm, with larger aircraft given priority.

• 6.30pm - Flights to and from Dubai International Airport resume with first plane landing from Chicago.

newsdesk@thenational.ae

*with reporting from Associated Press

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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.

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