In the town of Vsevolozhsk outside Saint Petersburg on October 31, 2016, a woman with a baby is mourning in front of the foundation stone for a Garden of Memory commemorating the 224 people killed in the bombing of a Russian airliner over Egypt one year ago. Olga Maltseva/AFP
In the town of Vsevolozhsk outside Saint Petersburg on October 31, 2016, a woman with a baby is mourning in front of the foundation stone for a Garden of Memory commemorating the 224 people killed in Show more

Russian families mark Sinai plane crash anniversary



SHARM EL SHEIKH // Relatives of some of the 224 people killed in the bombing of a Russian airliner over Egypt attended ceremonies on Monday in Saint Petersburg to mark a year since the disaster, while a church service was held in Sharm El Sheikh to mark the occasion.

The Egyptian affiliate of ISIL claimed it brought down the plane carrying holidaymakers from a Red Sea resort on October 31, 2015, saying it had smuggled explosives into the aircraft before its departure from Sharm El Sheikh.

All 224 people on board were killed when the bomb went off minutes after the Metrojet A-321 had taken off for the Russian city of Saint Petersburg.

In Russia, mourners lit candles at a memorial service at the northwestern city’s Holy Trinity Izmailovsky Cathedral and held a minute of silence at 7.14am (8.14am UAE time), the exact time when the plane disappeared from the radar.

The central Saint Isaac’s Cathedral also tolled its bells 224 times, while a memorial concert was to be held in the city later in the day.

The head of the Russian Orthodox Church, Patriarch Kirill led prayers for the victims on Monday morning in Moscow.

In a cathedral at Sharm El Sheikh, priests read out prayers at the service on Monday attended by Egyptian officials and Russia’s ambassador.

The attack led to Russia halting all flights to Egypt, one of the most popular holiday destinations for its nationals. British holidaymakers also stopped visiting Sharm El Sheikh. Citizens of Russia and Britain make up about 40 per cent of foreign tourists to Egypt.

Russia has still not renewed flights to Egypt despite some official discussion. Pro-Kremlin newspaper Izvestia reported last week that this would not happen earlier than spring 2017, citing industry experts.

The ban on flights had severely impacted Egypt’s struggling economy, denting its tourist revenues at a time it faces a shortage of dollars.

In February, prime minister Ismail Sharif said the North African country had already lost up to US$1.3 billion (Dh4.77bn) since the disaster.

Egypt is still battling ISIL’s Egypt branch in the Sinai Peninsula.

Last November, Russian president Vladimir Putin said Russian investigators had found evidence of a bomb on board, and vowed to punish those responsible.

The country’s investigative committee, which probes major crimes, on Monday announced that it was “taking every possible measure to identify and bring to justice those who are implicated to various degrees in the deaths of those on-board”.

On Sunday, in the town of Vsevolozhsk outside Saint Petersburg, relatives and the regional governor Alexander Drozdenko laid the foundation stone for a Garden of Memory which will include the names of all those killed and 224 specially planted trees.

* Agence France-Presse

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

The specs: 2018 Ford Mustang GT

Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm​​​​​​​
​​​​​​​Fuel economy, combined: 10.3L / 100km

Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers

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.”

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)