An overturned freight train that crashed into homes built along the railway track in the Kibera slum, which is one of Africa’s biggest, in Nairobi. Dai Kurokawa / EPA
An overturned freight train that crashed into homes built along the railway track in the Kibera slum, which is one of Africa’s biggest, in Nairobi. Dai Kurokawa / EPA

Cargo train derails in Nairobi slum, residents feared trapped



NAIROBI // A cargo train derailed in a sprawling Nairobi slum on Sunday, injuring at least six people as it crashed into makeshift homes where people are feared still trapped, rescuers and residents said.

Transport minister Michael Kamau, who was at the scene, told journalists that six injured had so far been taken to hospital.

“We have rescued six people, most of them were crying out from the structures that were crushed and they couldn’t move, but we managed to dig out and rescue them,” said Johnson Maina of the fire service department.

Local people suggested casualties may be lower than initially feared as most of those whose houses were destroyed appear not to have been at home when the accident happened, having either left for church or gone back to their villages for the Christmas holidays.

“Because of the time of year and the time of day a lot of people were not at home,” a local chief who identified himself as Patrick said.

“The initial report is that people are feared trapped, but so far we have not received reports of any actual missing persons,” a Red Cross emergency officer at the scene said.

The Red Cross had earlier said that “scores were feared trapped”.

“We are thankful for the swift effort in rescuing people, it is by luck that it did not happen at night when people are sleeping. We could have a huge disaster here,” said Mercline Akelo who sells fish beside the rail line.

“I was about to open my business, I had gone for stock and heard about it on my way back, I don’t know what could have happened if the accident had occurred when I was selling my fish,” she went on.

“The rescue efforts are underway, we cannot talk of the number of those injured at the moment,” Nairobi Police chief Benson Kibue said.

One of Africa’s largest slums, Kibera’s tin-roofed shacks are home to an estimated quarter of a million people, according to an NGO that carried out a population study there.

Kamau said the government has long warned the residents of Kibera not to put up houses right next to the railway, which crosses the settlement.

“We have always warned people against encroaching on the line,” he said. So they must move, we cannot continue having such disasters,” he said.

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.

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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.

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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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