People stand near a collapsed shopping mall after an earthquake hit Padang, on Indonesia's Sumatra island on September 30, 2009.
People stand near a collapsed shopping mall after an earthquake hit Padang, on Indonesia's Sumatra island on September 30, 2009.

Indonesia quake kills dozens, thousands trapped



PADANG, INDONESIA // A powerful earthquake struck near the city of Padang on Indonesia's Sumatra island today, killing at least 75 people and trapping thousands under rubble, officials said. The death toll was likely to rise as many buildings in the city of 900,000 people had collapsed, the vice president Jusuf Kalla told a news conference in Jakarta. "We have received a report from the mayor of Padang that the death toll is 75. But many others are trapped in collapsed shops, building and hotels. It is difficult to know because it is dark now," Mr Kalla said.

Television footage showed devastation, with piles of rubble and smashed houses after the 7.6 magnitude earthquake, which caused widespread panic across the city. The main hospital had collapsed, roads were cut by landslides and Metro Television said the roof of Padang airport had caved in. Thousands were expected to spend the night in the open while a full assessment of the damage would need to wait until daybreak.

The disaster is the latest in a spate of natural and man-made calamities to hit Indonesia, a sprawling archipelago of 226 million people. Mr Kalla said the government was preparing for an emergency response of up to two months. The welfare minister Aburizal Bakrie said authorities should prepare for the worst, adding damage could be on a par with an earthquake in the central Java city of Yogyakarta in 2006 that killed 5,000 people and damaged or destroyed 150,000 homes.

The quake was felt around the region, with some high-rise buildings in Singapore, 440km to the north-east, evacuating staff. Office buildings also shook in the Malaysian capital, Kuala Lumpur. The Pacific Tsunami Warning Centre cancelled an earlier tsunami alert. "Hundreds of houses have been damaged along the road. There are some fires, bridges are cut and there is extreme panic here," said a witness in the city, who also said broken water pipes had triggered flooding.

His mobile phone was then cut off and officials said power had been severed in the city. A resident called Adi later told Metro Television there was devastation around him. "For now I can't see dead bodies, just collapsed houses. Some half destroyed, others completely. People are standing around too scared to go back inside. They fear a tsunami," said Adi. "No help has arrived yet. I can see small children standing around carrying blankets. Some people are looking for relatives but all the lights have gone out completely."

Sumatra is home to some of the country's largest oil fields as well as its oldest liquefied natural gas terminal, although there were no immediate reports of damage to those facilities. Padang, capital of Indonesia's West Sumatra province, sits on one of the world's most active fault lines along the "Ring of Fire" where the Indo-Australia plate grinds against the Eurasia plate to create regular tremors and sometimes quakes.

A 9.15 magnitude quake, with its epicentre roughly 600km north-west of Padang, caused the 2004 tsunami which killed 232,000 people in Indonesia's Aceh province, Thailand, Sri Lanka, India, and other countries across the Indian Ocean. The depth of Wednesday's earthquake was 85km, the United States Geological Survey said. It revised down the magnitude of the quake from 7.9 to 7.6.

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5

Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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.”

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final