The scene shortly after Flight IX 812 overshot the runway and crashed at Mangalore airport on May 22.
The scene shortly after Flight IX 812 overshot the runway and crashed at Mangalore airport on May 22.

Mangalore air crash victims remembered



DUBAI // A marble plaque bearing the names of those who died when an Air India Express flight from Dubai crashed in Mangalore was unveiled at a memorial ceremony yesterday. Relatives of victims gathered at the crash site in memory of the 158 people killed in the disaster early on May 22.

The service was attended by Arvind Jadhav, the chairman of Air India, the carrier's parent company, and MM Nambiar, India's secretary of civil aviation. Air India had arranged for relatives to attend the memorial. They arrived from districts including Bhatkal, Udipi, Dakshin Kannada and Kasargod. Priests from the Hindu, Muslim, Sikh and Christian faiths spoke at the service. Mourners said it was a moving experience.

"All relatives placed wreaths on the memorial and remembered them," said P Ranganath, who lost his brother-in-law, his brother-in-law's wife and their 11-year-old daughter. They had been on a short trip to the Middle East, visiting relatives. "He just went to Muscat for a few days to pick up his wife and daughter. Now they are all gone for ever," said Mr Ranganath. "The entire family was wiped out."

Most of those on the plane had been returning to the subcontinent for holidays. Seven survivors were at the memorial. Abdullah Puttur Ismail, who escaped the crash with minor injuries, said of the service: "Parents, children and everyone there were crying. They came up to me and wept. It was a very difficult moment. "The names of the passengers engraved in the plaque will remind everyone of this tragedy. It is important that we do not forget this incident and we do not let it happen again."

Mr Ismail worked at Ibn Battuta Mall in Dubai as a salesman. However, he remains in India as he lost his passport in the crash and cannot return to the UAE. Not all relatives who wanted to attend the service were able to be there. Suraj Rao, 19, who lost his parents, was in Dubai completing documentation that will enable him to finalise their affairs. His father was a doctor in Fujairah and had taken the flight to visit him.

"I wanted to be there but could not make it," said Mr Rao. "I will visit the site once I go back to India." Flight IX 812 was carrying 166 people when it crashed after overshooting the runway on arrival in Mangalore. It was one of India's worst air disasters in recent years. There were 19 children on board, all of whom died. The families of most of the victims were based in Dubai. For days, they struggled to get to Mangalore to identify the remains of their loved ones.

Those who lost relatives have received interim compensation from Air India, which amounts to Dh78,371 for those 12 and older and Dh39,185 for children under 12. Final compensation payments are still pending. Yesterday, Air India arranged for relatives to meet lawyers and legal advisers to discuss the claims process. "We hope we can get some clarity about forms we have to fill and documentation we have to submit for the loss-of-life claim that has also to be submitted," said Mr Ranganath.

Most relatives had found it difficult to obtain documents from local authorities that were needed to complete legal formalities in India, he said. The airline has launched an inquiry into crash and its report is expected to be released later this year. Air India is conducting the investigation as it is a federally owned company. The company has yet to release any updates regarding the state of its review of the accident or the causes behind it. @Email:rtalwar@thenational.ae @Email:pmenon@thenational.ae

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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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A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

THURSDAY'S ORDER OF PLAY

Centre Court

Starting at 10am:

Lucrezia Stefanini v Elena Rybakina (6)

Aryna Sabalenka (4) v Polona Hercog

Sofia Kenin (1) v Zhaoxuan Yan

Kristina Mladenovic v Garbine Muguruza (5)

Sorana Cirstea v Karolina Pliskova (3)

Jessica Pegula v Elina Svitolina (2)

Court 1

Starting at 10am:

Sara Sorribes Tormo v Nadia Podoroska

Marketa Vondrousova v Su-Wei Hsieh

Elise Mertens (7) v Alize Cornet

Tamara Zidansek v Jennifer Brady (11)

Heather Watson v Jodie Burrage

Vera Zvonareva v Amandine Hesse

Court 2

Starting at 10am:

Arantxa Rus v Xiyu Wang

Maria Kostyuk v Lucie Hradecka

Karolina Muchova v Danka Kovinic

Cori Gauff v Ulrikke Eikeri

Mona Barthel v Anastasia Gasanova

Court 3

Starting at 10am:

Kateryna Bondarenko v Yafan Wang

Aliaksandra Sasnovich v Anna Bondar

Bianca Turati v Yaroslava Shvedova

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia