Freak winds blamed for sinking of oil-support ship near Doha



ABU DHABI // Unusual winds were probably to blame for the sinking of a utility vessel with 35 on board near Doha, the owners and operators of the ship said yesterday. Five survivors have been rescued so far, and five bodies pulled from the sea. George Mathew, the general manager of Midgulf Offshore Ship Chartering in Dubai, said the surviving captain had braved "three big swells" amid 25-knot winds before the ship, Demas Victory, capsized about 10 nautical miles from the coast of Doha. The survivors had been either in the wheelhouse or on the deck when the vessel went over, and at least three were wearing life jackets. They are recovering in a Doha hotel.

Mr Mathew said the Demas Victory was entering Doha port when the swells began. It was about 6.30am, and the seamen were either sleeping or had just sat down for breakfast. "Due to bad weather, the port asked the captain to go to the anchorage, and anchor there for safety," he said. "In three minutes' time, the vessel fully sank." Search-and-rescue teams from the Qatar navy and the Doha Port Authority were continuing to comb the area yesterday.

Mr Mathew said they had recovered five bodies that had not yet been identified. "We have informed our crew members' families, and the Qataris are also doing whatever they can," he said. Six of the crew from Midgulf Offshore were Indians, and three were Indonesians. Also on board were 13 Indians, one Bangladeshi, and 12 Nepalese sailors working for the Doha-based HBK Power Cleaning, which chartered the ship.

The vessel provided support services to the oil industry. The 34-metre-long Demas Victory was built in 1979 but was in "perfect condition" after being fully re-serviced in Dubai in January, Mr Mathew said, adding that this was the first accident in the history of the company, which was founded in 2003.
mkwong@thenational.ae

The biog

Simon Nadim has completed 7,000 dives. 

The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast. 

As a child, he loved the documentaries of Jacques Cousteau

He also led a team that discovered the long-lost portion of the Ines oil tanker. 

If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah

 

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.”

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

The White Lotus: Season three

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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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