ROME // More than 300 migrants were feared dead on Wednesday after their overcrowded dinghies sank in the Mediterranean, the latest boat disaster on the perilous crossing from Africa to Europe.
The victims were among migrants mainly from sub-Saharan Africa who had left Libya at the weekend in four small boats in an attempt to reach Italy, the UN refugee agency said.
“This is a tragedy on an enormous scale and a stark reminder that more lives could be lost if those seeking safety are left at the mercy of the sea,” UNHCR Europe director Vincent Cochetel said.
Details of the new disaster emerged after nine survivors out of a group of more than 200 packed into two dinghies were rescued by the coastguard and taken to the Italian island of Lampedusa – just days after 29 perished in the same area.
“Nine were saved after four days at sea. The other 203 were swallowed by the waves,” UNHCR spokeswoman in Italy, Carlotta Sami, said on Twitter.
The agency later said that reports gathered by UNHCR from the Italian coastguard and the survivors in Lampedusa now suggest some 300 people are confirmed missing.
In the last year alone, several thousand people have died trying to cross from north Africa to Europe across the Mediterranean, on what the United Nations has described as the most dangerous route in the world.
“Because of the bad weather conditions, the two dinghies collapsed and the people fell at sea. Many drowned,” said the International Organization for Migration spokesman in Italy, Flavio Di Giacomo.
Mr Di Giacomo said the latest victims had left from a beach near Tripoli along with another dinghy also carrying more than 100 migrants plucked from their distressed boat by the Italian coastguard early on Monday.
The 29 who were found on Saturday had died of exposure in horrific conditions in international waters, in what humanitarian organisations said was an avoidable tragedy.
Their small boat was hopelessly ill-equipped to cope with waves up to eight metres high, gale-force winds and torrential rain.
But doctors involved in the rescue operation believe more would have survived if they had been rescued by a large military vessel rather than the small patrol boats that were sent to their aid.
The latest deaths have highlighted the limited means and scope of Triton, an EU-run mission which took over in November from the Italian navy’s Mare Nostrum search and rescue operation.
Italy decided to scale back the mission after its EU partners refused to share running costs of around €9 million (Dh37.4m) a month.
Triton, which comes under the authority of the EU borders agency Frontex, has a monthly budget of € 2.9m and its patrols are generally restricted to the territorial waters of EU member states.
Humanitarian groups said their warnings about what would happen after Mare Nostrum was suspended had been proven true.
Well over 3,200 people have died in the last year attempting to reach Italy by boat from North Africa.
Most of the migrants are fleeing conflict and repression in the Middle East and east Africa and make their way overland to Libya to board boats operated by people smugglers.
Some smugglers have begun using bigger boats which can withstand winter storms and make longer journeys, notably from Turkey or Syria.
* Agence France-Presse
Company%20profile
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Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
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.”
Killing of Qassem Suleimani
Nayanthara: Beyond The Fairy Tale
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63.5kg quarter-finals
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67kg quarter-finals
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71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills