KHAO LAK, Thailand // Tearful mourners lit candles yesterday to remember the almost 230,000 people who died a decade ago when tsunami waves devastated coastal areas along the Indian Ocean, in one of the worst natural disasters in human history.
On December 26, 2004, a 9.3-magnitude earthquake off Indonesia’s western tip generated a series of massive waves that pummelled the coastlines of 14 countries as far apart as Indonesia, Thailand, Sri Lanka and Somalia.
Among the victims were thousands of foreign tourists enjoying Christmas on the region’s sun-kissed beaches, carrying the tragedy of an unprecedented natural disaster into homes around the globe.
In southern Thailand, where half of the 5,400 dead were holidaymakers, people recounted stories of horror and miraculous survival as the churning waters, laden with the debris of eviscerated bungalows, cars and boats, swept in without warning, obliterating resorts and villages.
A minute’s silence in the resort of Khao Lak, much of which was washed away by the towering waves, was broken by a lone trumpeter, as mourners each lit a single white candle, some sobbing as they illuminated the darkness.
Among them was a Swiss national, Katia Paulo, who lost her boyfriend on a nearby beach.
“I had my back to the ocean. My boyfriend called me. The only thing I remember is his face. I knew I had to run away, then the wave caught me,” the 45-year-old said. “I was pushed under water many times and thought it was the end.”
She called for help, only to realise the people nearby were already dead.
“I managed to hold on to a tree branch,” she said. As the waves retreated, she was six metres off the ground.
Nearby, 40-year-old Somjai Somboon was grieving for her two sons, who were ripped from their house when the waves cut into their fishing village of Ban Nam Khem.
“I remember them every day,” she said, with tears in her eyes.
“I will always miss my sons.”
Among the international commemorations, in Sweden, which lost 543 citizens to the waves, the royal family and relatives of the victims attended a memorial service in Uppsala Cathedral yesterday afternoon.
There was no warning of the impending tsunami, giving little time for evacuation, despite the hours-long gaps between the waves striking different continents.
In 2011 a pan-ocean tsunami warning system was established, made up of a network of sea gauges, buoys and seismic monitors, while individual countries have invested heavily in disaster preparedness.
But experts have cautioned against the perils of “disaster amnesia” creeping into communities vulnerable to natural disasters.
The scale of the devastation in 2004 meant nations initially struggled to mobilise a relief effort, leaving bloated bodies to pile up under the tropical sun or in makeshift morgues.
The world poured money and expertise into the relief and reconstruction, with more than US$13.5 billion (Dh49.5bn) collected in the months after the disaster.
Almost $7 billion in aid went into rebuilding more than 140,000 houses across Indonesia’s Aceh province, where most of the nation’s 170,000 victims died.
In the main city, Banda Aceh, several thousand mourners gathered in a park yesterday for the nation’s official remembrance.
It was near the epicentre of the massive undersea quake and bore the brunt of waves towering up to 35 metres high.
“Thousands of corpses were sprawled in this field,” Indonesian vice president Jusuf Kalla told the crowd, many among them weeping.
“There were feelings of confusion, shock, sorrow, fear and suffering. We prayed. And then we rose and received help in an extraordinary way,” he said, hailing the outpouring of aid from local and foreign donors.
The disaster also ended a decades-long separatist conflict in Aceh, with a peace deal between the rebels and Jakarta struck less than a year later.
Mosques held prayers across the province, while people visited mass graves – the resting place of many of Indonesia’s tsunami dead.
But a Red Cross display of hundreds of salvaged ID documents and bank cards served as grim reminder that many victims simply vanished.
* Agence France-Presse
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Brief scores:
Toss: Pakhtunkhwa Zalmi, chose to field
Environment Agency: 193-3 (20 ov)
Ikhlaq 76 not out, Khaliya 58, Ahsan 55
Pakhtunkhwa Zalmi: 194-2 (18.3 ov)
Afridi 95 not out, Sajid 55, Rizwan 36 not out
Result: Pakhtunkhwa won by 8 wickets
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
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 specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)