It was 1.30am on Wednesday when Mohammad Noor was woken by the earth shaking around him, possessions smashing to the floor.
A 6.1-magnitude earthquake that would kill more than 1,000 people in the eastern Afghan provinces of Khost and Paktika had struck.
“I grabbed my two children and screamed at my wife to run. Luckily, we were able to leave the house before it partially collapsed,” he said.
Other members of his family were not so lucky; an uncle and three cousins died when the roof of their house collapsed as they slept, and two cousins remain missing.
“I hope they are alive somewhere,” Mr Noor told The National.
But as the hours pass, the hope of finding them alive seems to be ebbing away.
Clinging to hope, Mr Noor and other Afghans continue to clear the rubble and search for survivors. Aid from the Taliban who took over the country in August last year, or the international community is slow to arrive.
The remoteness of the provinces, lack of infrastructure and difficult weather aren’t helping matters.
“Since yesterday, we have rescued three families, including children and women. We have also found at least 15 bodies so far,” Mr Noor said.
“It is chaotic and there isn’t enough help or support,”
Most of the homes that collapsed, Mr Noor said, were made of mud and other lower-quality materials, meaning that they were more easily damage and that casualties were higher.
“We are poor people and a lot of us can’t afford to build homes from solid bricks — a lot of these houses were made of poor-quality materials,” he explained.
It means for some, they have lost their entire families and the roof over their heads. Mr Noor said one child who he pulled out from under the rubble was the only survivor from a family of eight.
“He is 4 years old and he has lost seven members of his family, including his parents and siblings. He is in shock and doesn’t know anything. A village elder has taken him to his house for now,” he said.
Volunteer rescuers are working to the limits of endurance. Dr Hasan Rahman, 29, said he had barely slept or eaten in the 48 hours since the earthquake, which was followed by a powerful aftershock on Friday.
“Everywhere I dig, I find a body. I lost count; children, men, women, young and old,” he said.
“This morning we pulled a pregnant woman from the debris. She must’ve been seven or eight months pregnant. She died but I don’t know if her baby survived. We rushed her to the clinic and I haven’t heard back yet,” he said.
Co-ordinating rescues in such remote areas is difficult, Dr Rahman said.
“We are helping in a very remote area and there is hardly any mobile signal here. Most of the time we are coordinating using the Taliban’s walkie-talkie.”
As the second day after the quake drew to a close, some medical assistance had begun to trickle in, but it is nowhere near enough for the estimated 1,000 injured.
“We are facing shortage of staff, medicines and basic first aid such as bandage, gauze, cotton and serums,” Dr Rahman said, appealing to the international community to send supplies to Afghanistan.
The UAE has sent a medical team and field hospital, plus food, medical supplies and other aid, after President Sheikh Mohamed ordered that an air bridge be established.
While many international agencies and countries, including the US, have offered support to victims of the earthquake, the flow of aid to Afghanistan has slowed since last summer, making it harder to respond to emergencies.
International sanctions following the collapse of the Afghan government and Taliban takeover last August has economically weaken the aid-dependent country and triggered a humanitarian crisis.
Mr Noor said that while he had heard of international aid arriving in Afghanistan, little had yet reached his village in Gayan district.
“So far, I have only seen the Red Crescent teams in Gayan who are helping rescue people along with a very small number of Taliban forces,” he shared.
“There are villages in more remote areas that the rescue teams haven’t even been able to go to,” he said, adding that people from those parts were appealing for help from them.
“But our resources are very limited, and there isn’t enough manpower.
“Today some help and resources have arrived from Kabul and other provinces.
“But we need a lot more helping hands. We need doctors, medical supplies, food, water and some machinery so we can dig the ground and find other bodies, and perhaps even survivors,” Mr Noor said.
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.”
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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2025 Fifa Club World Cup groups
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