Authorities yet to release villa blaze victims' bodies



DUBAI // Relatives of the 11 victims who died in a fire that destroyed an overcrowded villa housing 500 labourers said yesterday that authorities had not yet released the bodies of their loved ones. The victims, 10 of whom were from India and one from Bangladesh, were burnt beyond recognition in the blaze that destroyed the two-storey villa in the Naif area of Dubai on Aug 26. Their bodies were taken to the mortuary in Al Qusais for DNA tests to establish their identities.

Two weeks after the fire, however, relatives say they have not been told when they can send the bodies home and are appealing to the authorities to release them soon. "We have been visiting the police and the consulate almost every day," said Yadla Srinivas, whose brother Devarajanna and relative Talari Gangadhar died in the fire. "We have just been told that the DNA tests have not been completed yet. We think the process may take many more days."

Most of the dead are from the south Indian state of Andhra Pradesh, with at least eight coming from the Karimnagar district. Relatives told The National that their village is devastated by the tragedy and the fact that the bodies had still not reached them was adding to their sorrow. "The families are in very bad shape. They call us every day to find out about the situation here. We do not know what to tell them," said Mr Srinivas.

Many of the men who died were married with young children. "Unable to handle the sorrow, their wives are threatening suicide," he said. The Indian consulate in Dubai said it was aware of the relatives' concerns. "We are in daily touch with the Dubai Police on this matter," said Venu Rajamony, the consul general. "Once the bodies are released we will try and expedite all the other procedures." The Naif villa caught fire in the early hours when most of the workers living there were asleep. The house had been illegally split into more than 30 rooms housing more than 500 men.

People were seen jumping from windows in panic as they tried to escape. Many of those who survived are now living with friends, although some remain homeless. "Many of us spend the nights on footpaths, parks and even rooftop of buildings," said one. The Indian consulate has found temporary accommodation for 42 workers at a labour camp in Al Quoz. pmenon@thenational.ae

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Name: Tharb

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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.

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.”

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Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

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