Sheikh Ismail's homemade helicopter after the accident. Photo: Indian Police
Sheikh Ismail's homemade helicopter after the accident. Photo: Indian Police
Sheikh Ismail's homemade helicopter after the accident. Photo: Indian Police
Sheikh Ismail's homemade helicopter after the accident. Photo: Indian Police

Indian inventor dies in homemade helicopter accident


Taniya Dutta
  • English
  • Arabic

An Indian inventor who dropped out of school to build his own helicopter from scratch was killed while testing his homemade flying machine.

Shaikh Ismail, 29, a welder turned inventor from Fulsawangi village in the Yavatmal district of the western state of Maharashtra, was famous in his village for his inventions and scientific aspirations.

The inventor taught himself the basics of aeronautical engineering using YouTube and over two years built a single-seater helicopter using a car engine and scrap metal.

A video of the accident showed Ismail’s miniature white helicopter preparing to take off in the middle of a field when the rear rotor blade broke off, hitting the inventor.

Police said Ismail died after the rotor blade caused a deep gash on his neck. An investigation into the incident has been opened.

“He was rushed to the nearby hospital but had succumbed to his injuries. His friends said that the helicopter had lifted two or three feet above the ground but soon the blade tore off and struck him,” Vilas Chauhan, a local police officer, told The National.

Sheikh Ismail dropped out of school to become an inventor. Photo: Indian Police
Sheikh Ismail dropped out of school to become an inventor. Photo: Indian Police

“He was known locally for his inventions. His family said he had been working every night for the last two years on his dream helicopter,” Mr Chauhan said.

The officer said the police had taken the helicopter away for further analysis.

Ismail’s friends told local media that he wanted to build affordable helicopters and use them for rescue operations during natural disasters.

Ismael planned to exhibit his helicopter to the villagers on Independence Day, August 15.

“He used to test the functions of the chopper very often. Earlier, he had been successful in lifting the helicopter five feet above the ground. It was his final trial on Tuesday,” Mohsin, a friend of Ismail, told a regional news channel. “We are shocked,” the friend said.

Retail gloom

Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.

It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.

The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Price: Exact regional pricing TBA

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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.”

Updated: November 01, 2021, 10:24 AM