Scores of migrants feared dead in Mediterranean off coast of Libya

As many as 60 people are feared to have drowned in the Mediterranean in the latest deadly incident facing migrants heading to Europe from Libya.

The charity group SOS Mediterranee said it rescued 25 people in a "very weak" condition in co-ordination with the Italian Coastguard on Wednesday and two unconscious survivors were flown to Sicily by helicopter.

Survivors told the group about 60 people had already died before rescuers had found them.

"The survivors departed from Zawiya, Libya, seven days before they were rescued," SOS Mediterranee posted on the social media platform X.

"Their engine broke after three days, leaving their boat lost, adrift without water and food for days. Survivors report that at least 60 people perished on the way, including women and at least one child."

Libya is a common departure point for migrants seeking a better life in Europe but the route across the central Mediterranean is one of the world's most dangerous maritime migration routes.

According to the UN migration agency (IOM), almost 2,500 migrants using it died or went missing last year and 226 since the start of 2024.

The IOM said it was "deeply troubled" by the latest report.

"Urgent action is needed to strengthen maritime patrols and prevent further tragedies," it said on X.

In a post on X on Wednesday, the SOS Mediterranee said its Ocean Viking vessel had evacuated 25 people spotted using binoculars who were on a rubber boat drifting in the Libyan search-and-rescue area.

Italy and other EU governments are trying to curb the number of sea migrants making the crossing from North Africa and have offered money and equipment to Libya and Tunisia in an attempt to prevent departures from their shores.

Data from the Italian Interior Ministry shows 5,968 migrants have arrived by sea so far this year, down from 19,937 at the same stage in 2023.

There was no immediate comment from the Italian Coastguard.

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.”

Key facilities

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Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

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7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

More on Quran memorisation:

Mastering the memory: the phenomena of Quran memorisation

Teenager girls recite the Quran flawlessly, despite not speaking Arabic

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Federer's 19 grand slam titles

Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal

French Open (1 title) - 2009 bt Robin Soderling

Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic

US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray