Funeral prayers are held for Nasser Gharib Al Mazroui. Photo by WAM
Funeral prayers are held for Nasser Gharib Al Mazroui. Photo by WAM

Family weep for soldier who died two years after rocket attack in Yemen



Family and friends of First Sergeant Naser Gharib Al Mazrouei gathered on Monday to pay tribute to the father, son and friend, who died two years after sustaining injuries while on duty in Yemen.

Al Mazrouei was injured in September 2015 in a rocket attack on an ammunition store for the 107th Brigade caused several explosions that resulted in the deaths of about 50 Emirati soldiers.

The 31-year-old  from Sharjah had been in a coma since and was being treated for severe brain injuries at Zayed Military Hospital in Abu Dhabi.

He is the second soldier to die on Monday after the General Command of the Armed Forces said that an Emirati pilot died when his plane crashed in Yemen. Second Lieutenant Sultan Mohamed Ali Al Naqbi was killed when the aircraft crashed due to a technical failure.

Read more: Emirati pilot killed in plane crash in Yemen

Al Mazrouei’s sister said the family had been living in hope that he would wake to see his two children again.

“We prayed for him each day for the past two years, we prayed and hoped that he would wake up and come back home to his family and kids but he didn’t,” said Latifa Al Mazrouei, 27.

“We were planning to go and visit him today but instead he came to visit us. Losing him is very painful but he was relieved from the pain and is now in good hands.”

She said the family received a call in the early hours of Monday with the news and her father was the first to know.
"They called my father at 3.30am in the morning and he took the news with great pride, then he told my mother and she informed us all. I didn't sleep since last night - nobody did. His sacrifice will not be forgotten and he will be missed."

Al Mazrouei leaves behind a wife and two children - daughter Jory, 4, and son Hamad, 2 - in addition to four brothers and four sisters.

“His daughter Jory used to try to wake him up when she visited him at the hospital and then cry,” Ms Al Mazrouei said. “When they grow up they will understand their father’s sacrifice and his love for the country and they will feel proud and honoured.”

Al Mazrouei’s aunt, Moudi Al Shageh, said the family is in disbelief.

“We can’t imagine that he will not return home. He was kind to all of us and especially to his parents. We will miss his jokes and smile,” said the 32-year-old.

“We were almost the same age and he was my best friend. His dream was to join the Armed Forces and he directly joined them after finishing high school.

“His mother used to visit him every Friday and I used to go whenever I could. It was not easy to see him in such a situation but we prayed for him day and night. We will miss him a lot but he will always be remembered.”

Funeral prayers were held at Sayid Al Shohada mosque in Kalba after Al Asr prayers on Monday and he was buried at Kalba Cemetery.

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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.”

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

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Director: Shankar 

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Analyst: Shabbir Malik of EFG-Hermes

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Analyst: Chiradeep Ghosh of Sico Bank

Top pick: Arab National Bank

Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends

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