• A mourner lays flowers on Istiklal Avenue in Turkey's capital Istanbul, where a bomb blast killed six people on Sunday. AFP
    A mourner lays flowers on Istiklal Avenue in Turkey's capital Istanbul, where a bomb blast killed six people on Sunday. AFP
  • A shrine has been created on the popular pedestrianised shopping street. AFP
    A shrine has been created on the popular pedestrianised shopping street. AFP
  • Mourners at the site where the bomb exploded. AP
    Mourners at the site where the bomb exploded. AP
  • Municipal workers clear up after the blast. AFP
    Municipal workers clear up after the blast. AFP
  • Police officers block an entrance to Istiklal Avenue after Sunday's blast. AP
    Police officers block an entrance to Istiklal Avenue after Sunday's blast. AP
  • Forensics experts examine the bomb site. AFP
    Forensics experts examine the bomb site. AFP
  • People leave the area after an explosion on Istanbul's popular pedestrian Istiklal Avenue Sunday. AP
    People leave the area after an explosion on Istanbul's popular pedestrian Istiklal Avenue Sunday. AP
  • Security officers move crowds away from the scene of the explosion. AP
    Security officers move crowds away from the scene of the explosion. AP
  • Shoppers run away from the busy shopping street. AP
    Shoppers run away from the busy shopping street. AP
  • Ambulances and police at the scene of the explosion. Reuters
    Ambulances and police at the scene of the explosion. Reuters
  • Bodies of unidentified people lay on the ground after the blast. Reuters
    Bodies of unidentified people lay on the ground after the blast. Reuters
  • The Turkish Red Crescent has said blood has been sent to hospitals in the vicinity and there is currently no "urgent need" for donations. Reuters
    The Turkish Red Crescent has said blood has been sent to hospitals in the vicinity and there is currently no "urgent need" for donations. Reuters
  • Video footage showed panicked residents fleeing after a loud bang was heard, with multiple people lying on the ground. Reuters
    Video footage showed panicked residents fleeing after a loud bang was heard, with multiple people lying on the ground. Reuters
  • A boy is cared for after the explosion. Getty
    A boy is cared for after the explosion. Getty
  • Police work at the scene after the explosion. Reuters
    Police work at the scene after the explosion. Reuters
  • An ambulance passes people leaving a store. AFP
    An ambulance passes people leaving a store. AFP
  • Forensic teams on the scene. Reuters
    Forensic teams on the scene. Reuters
  • Police and emergency service members near where the blast happened. Reuters
    Police and emergency service members near where the blast happened. Reuters
  • Istiklal is one of the busiest streets in Istanbul. Getty
    Istiklal is one of the busiest streets in Istanbul. Getty

World

UAE 'strongly condemns' Istanbul explosion that killed six

Turkey rejected condolences from the US over the attack

The National

November 14, 2022

  • English
  • Arabic

The UAE has strongly condemned a bombing on a busy Istanbul shopping street that killed six people on Sunday.

Turkey's Interior Minister Suleyman Soylu accused the Kurdistan Workers' Party of responsibility for the attack and said police had detained 22 people, including the person suspected of planting the bomb.

The UAE’s Ministry of Foreign Affairs and International Co-operation offered condolences to the government, the people of Turkey and the families of the victims, while wishing the injured a speedy recovery.

Turkey rejected condolences from the US embassy over the attack.

President Recep Tayyip Erdogan has accused Washington of supplying weapons to Kurdish fighters in northern Syria, deemed as "terrorists" by Ankara.

"We do not accept the US embassy's message of condolences, we reject it," Mr Soylu said in televised comments.

The White House earlier said it strongly condemned the “act of violence” in Istanbul.

“We stand shoulder-to-shoulder with our Nato ally [Turkey] in countering terrorism,” the White House said.

Mr Erdogan condemned the “vile attack”.

“The relevant units of our state are working to find the perpetrators … behind this vile attack,” he said at a televised press conference.

He also said initial signs pointed to a “terror” attack in the explosion in Istanbul which wounded 53 others.

“It might be wrong if we say for sure that this is terror but according to first signs … there is a smell of terror there,” Mr Erdogan said.

“The attempt to take over Turkey and the Turkish nation through terrorism will not reach its goal today or tomorrow.”

Condemnations of the attack and condolences for the victims also came from the EU, Egypt, Ukraine and Greece.

Turkish authorities linked support for the YPG, a Syrian Kurdish militia, by Washington and others to the blast.

The presidency's communications director, Fahrettin Altun, said such attacks “are direct and indirect results of the support some countries give to terrorist organisations”.

On Twitter, European Council President Charles Michel sent condolences to victims after the “horrific news”.

LIVERPOOL SQUAD

Alisson Becker, Virgil van Dijk, Georginio Wijnaldum, James Milner, Naby Keita, Roberto Firmino, Sadio Mane, Mohamed Salah, Joe Gomez, Adrian, Jordan Henderson, Alex Oxlade-Chamberlain, Adam Lallana, Andy Lonergan, Xherdan Shaqiri, Andy Robertson, Divock Origi, Curtis Jones, Trent Alexander-Arnold, Neco Williams

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

RESULTS

6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).

7.05pm Handicap (TB) $135,000 (Turf) 1,000m

Winner Almanaara, Dane O’Neill, Doug Watson.

7.40pm Handicap (TB) $175,000 (D) 1,900m

Winner Grand Argentier, Brett Doyle, Doug Watson.

8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.

8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

Winner Gladiator King, Mickael Barzalona, Satish Seemar.

9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

Winner Universal Order, Richard Mullen, David Simcock.

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.”

Updated: November 14, 2022, 10:14 AM
TurkeyIstanbulUAE