An Afghan boy, who was injured in a road accident, is brought to local hospital in Ghazni, Afghanistan on May 8, 2016 in one of the country's worst road accidents. More than 70 people were killed with many burned beyond recognition. Sayed Mustafa/ EPA
An Afghan boy, who was injured in a road accident, is brought to local hospital in Ghazni, Afghanistan on May 8, 2016 in one of the country's worst road accidents. More than 70 people were killed withShow more

Afghan road crash inferno leaves at least 73 dead



Ghazni // At least 73 people were killed on Sunday when two passenger buses and an oil tanker burst into flames in a head-on collision in eastern Afghanistan, in one of the country’s worst road accidents.

Many of the dead, including women and children, were burned beyond recognition and dozens of others were badly injured in the accident in Ghazni province, near the Afghan capital, one of the areas worst affected by the Taliban insurgency.

The vehicles were completely gutted and clouds of acrid smoke shrouded the scene of the crash on the Kabul-Kandahar highway, a major motorway linking Afghanistan’s two largest cities.

“The death toll has soared to 73,” health ministry spokesman Ismail Kawoosi said, warning that the toll was expected to rise still further.

“Most of them are completely burned.”

Mr Kawoosi gave a sharply higher toll than other officials. Ghazni’s governor Mohammad Aman Hamimi earlier reported seven fatalities but his spokesman gave a death toll of 50.

Bloodied, dazed and badly burned, many of the survivors streamed into Ghazni’s main provincial hospital, while many others were taken to health facilities in southern Kandahar city.

The Kabul-Kandahar highway passes through militancy prone areas and many bus drivers are known to drive recklessly at high speed so as not to get caught in insurgent activity.

“Our driver was at fault – he was driving too rashly,” said Esmatullah, one of the few lucky passengers who survived the crash with minor injuries.

“Most bus drivers on the highways are known to smoke hashish, opium and other drugs. They are completely out of control.”

Afghanistan has some of the world’s most dangerous roads, often in dilapidated condition, and traffic rules are seldom enforced.

Many in the country rely on old and rickety passenger vehicles, meaning that high-casualty road accidents are common.

At least 18 people were killed in May last year when a minivan overturned in the western province of Badghis.

And in April 2013 a bus hit a wrecked fuel tanker in Kandahar province, killing 45 people.

The World Bank in November signed off on a US$250 million (Dh918m) grant to upgrade roads crossing Afghanistan’s Hindu Kush mountains, crucial trade links that are often closed in winter by snow.

* Agence France-Presse

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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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ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months