Civil claim launched against reckless driver convicted of killing man’s wife



ABU DHABI // A man is claiming almost half a million dirhams in compensation “for his traumatised emotional state” after a reckless driver caused the death of his new bride in a road crash and left him jobless.

On Wednesday, the Civil Court heard that the man was driving on Al Raha Beach road’s left lane along with his wife, when a driver crashed into them from behind. The woman died and he suffered injuries, which eventually led to him being fired from his job, he claimed.

The widower filed a lawsuit at the Civil Court against the driver’s insurance company to pay him Dh450,000.

He urged the court to refer him for medical examination to show the percentage of disability and physical injuries that he suffered after the crash.

The report issued by the traffic department showed that while the two cars were driving on Al Raha Beach road’s left lane, the driver of the rear car was reckless and speeding which led him to crash into the couple’s vehicle.

This was the main reason for the passenger’s death and the driver’s injuries, the report concluded.

The motorist was already convicted by the Bani Yas penal court of manslaughter and unintentionally causing injuries to the man.

However, the man was unsatisfied with the verdict and claimed further compensation, “for losing his physical fitness which caused him pains and suffering while undergoing medical treatment, and after that his traumatised emotional state for losing his bride which drove him to lose his job after his employers terminated his services”.

The Bani Yas First Instance Court ordered the insurance company to pay the man Dh30,000 in compensation.

Both parties appealed against the verdict, and the Appeals Court raised the Dh30,000 to Dh50,000, plus interest.

The insurance company took the matter to the Court of Cassation.

However, the court rejected their request and upheld Appeals Court ruling.

hdajani@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.”