Chaos as lorry flips on Sheikh Zayed Road killing driver



DUBAI // A lorry driver died after his vehicle flipped on Sheikh Zayed Road, causing traffic chaos on the main link between Abu Dhabi and Dubai for more than three hours.

Police closed all four Abu Dhabi-bound lanes on the motorway, and two heading to Dubai, after the accident occurred on the border of the two emirates about 10.10am.

Dubai Police said reckless driving may have caused the Asian lorry driver's death.

The gridlock led organisers of today's Tri Yas Abu Dhabi Triathlon at the Yas Marina Circuit to put on an extra heat at 5.30pm for competitors who were delayed.

Police were directing Abu Dhabi-bound traffic to drive one-by-one through the sand next to the hard shoulder at the accident site, bypassing liquid that smelled strongly of petrol on all four lanes.

The police spokesman denied the lorry was a petrol tanker but did not say what it was carrying.

Matthew Smith, 29, who lives in Abu Dhabi, was driving to Dubai when he passed the wreckage.

"I drove by just as they were lowering the body into the bag and zipping him in," Mr Smith said.

The cabin of the truck was "completely crushed. It looked as if the truck had smashed really hard into the median barrier.

"Our side of the median was completely buckled and going into the fast lane as well, and there was a good amount of sand and dirt that had been thrown into the middle of our side of the road.

"It's the first time I've ever seen anything so horrific here."

Motorists took to social-networking sites to warn others of the traffic jam.

The crash came days after 24 people were killed and 24 injured on the Abu Dhabi-Al Ain truck road, when a lorry ploughed into the back of a bus carrying 45 maintenance workers on Monday.

It overturned on top of the bus, dumping 75 tonnes of sand and building materials on the workers, who suffocated.

vnereim@thenational.ae

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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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Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.

Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.

Education: Ain Shams University, Egypt, in 1978.

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