Natalie Creane, a Dubai resident originally from Essex, has suffered repeated epileptic seizures since the accident in July 2008.
Natalie Creane, a Dubai resident originally from Essex, has suffered repeated epileptic seizures since the accident in July 2008.

UAE court orders Dh200,000 payout for injured Emirates Palace guest



A British woman injured by a falling hotel room panel at Emirates Palace has been awarded Dh200,000.

Natalie Creane, a Dubai resident originally from Essex, has suffered several epileptic seizures since the accident, which happened when she and her husband were staying at the hotel in July 2008.

She was arranging her shoes at the bottom of a wardrobe when a wooden rack, weighing 2.2 kilograms, fell on her head, causing brain damage that resulted in her suffering from epileptic seizures and fainting.

Mrs Creane, her husband, father and other supporters – who have run a social-media campaign called “Justice for Natalie” – arrived at the court yesterday wearing matching blue ribbons.

The Civil Court found the seizures resulted from the injury, and ordered Emirates Palace, the Abu Dhabi National Insurance Company, and Kempinsky, the company that runs Emirates Palace, to pay Dh100,000 for the injury to her health, and a further Dh100,000 for emotional damages.

It did not order any payment for her medical costs, as she had not provided receipts.

Mrs Creane had asked for Dh20?million compensation from the hotel, which she said was negligent in failing to install the rack properly.

hdajani@thenational.ae

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Engine: 77.4kW all-wheel-drive dual motor
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Title: Assistant dean of students and director of athletics

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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

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Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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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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Rating: 1/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Should late investors consider cryptocurrencies?

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They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

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He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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The specs

BMW M8 Competition Coupe

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Power 625hp at 6,000rpm

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Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5