ABU DHABI // The families of two Emirati pilots killed on Monday when their jet crashed in Yemen have paid tribute to the "brave, highly disciplined" young men who gave their lives in the line of duty.
Zayed Al Kaabi – who turned 37 on Monday – and Mohammed Al Hmoudi, 25, died when their Mirage fighter came down after a “technical fault”.
Yemeni officials said the two-seat plane was flying low when it crashed into a mountain after bombing raids in Buraiqa district, in north-west Aden – a base for Al Qaeda militants.
Mohammed, from Dibba Al Hosn, had been a pilot for six years and always dreamt of flying jets, said his uncle, Dr Sultan Al Adhab.
“We were proud of him when he joined the aviation college in Al Ain,” Dr Al Adhab said. “It is difficult to lose him but he died doing an honourable thing and there are not enough words I can say to explain how proud I am.”
He said enrolling at the college then joining the Armed Forces had been Mohammed’s goal for years.
“It’s something that he dreamt of since he was a child,” Dr Adhab said. “He died doing what he loved to do the most for the most honourable of causes.”
He said Mohammed was one of seven brothers and was not married. “He was highly disciplined and loved his work. He graduated second in his class.”
Relatives gathered at the family’s home to await news of when Mohammed’s body would arrive from Yemen so arrangements could be made for the funeral, expected to take place on Tuesday.
Zayed, from Merbah in Fujairah, was married with four children.
“We come from a big family. We have 12 siblings,” said his brother Saeed.
“The news came as a big shock to all of us but we’re proud of him and his sacrifice.
Zayed’s cousin Jassim Al Kaabi said he had been exchanging messages with him on social media and had been looking forward to seeing him again.
“I’m on holiday in the UAE for a few days and was WhatsApping with him two days ago. I was telling him that the UAE wasn’t fun without him,” said a distraught Jassim.
“He was a great human being above all, a wonderful father, a great son of this country. I can’t sing his praises enough.”
Thousands of Emiratis took to social media to pay their respects and condolences using hashtags with the pilots’ names, as well as #ourbravesoldiers.
The Armed Forces said the brave soldiers were martyred participating in Operation Restoring Hope, the Saudi-led coalition in Yemen to support the legitimate government.
“The Armed Forces extends its deepest condolences and sympathies to the families of the martyrs,” said the statement on the state news agency Wam.
Meanwhile in Yemen yesterday, Emirates Red Crescent delivered 20,000 food baskets to the residents of Taez City.
That occurred after pro-government army soldiers and National Resistance Forces fighters, backed by the Saudi-led Arab Coalition’s forces, broke the eight-month siege of the city on Friday.
Rashad Al Aqhal, undersecretary of the Taez governorate, said the aid reached several affected areas.
Mr Al Aqhal said distribution of aid was carried out in a smooth and orderly manner, with the most underprivileged people given top priority.
*with reporting from Reuters
nalremeithi@thenational.ae
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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UAE currency: the story behind the money in your pockets
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.”
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45' 2
Arsenal 1
Papastathopoulos 80'
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Copa del Rey
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Second leg, February 27
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