Helicopters of the French Air Force (back) and civil security services are seen in Seyne, south-eastern France on March 24, 2015, near the site where a Germanwings Airbus A320 crashed in the French Alps. Anne-Christine Poujoulat/AFP Photo
Helicopters of the French Air Force (back) and civil security services are seen in Seyne, south-eastern France on March 24, 2015, near the site where a Germanwings Airbus A320 crashed in the French AlShow more

150 killed as plane crashes in French Alps



SEYNE, France // All 150 people on board a German passenger jet were killed on Tuesday when it crashed in a remote area of the French Alps after plunging for eight minutes.

Officials said the Germanwings Airbus A320 had made no distress call before going down in an inaccessible mountain area near the ski resort of Barcelonnette. It was France’s worst aviation disaster in decades.

With the cause of the accident a complete mystery, authorities recovered a black box from the plane at the crash site, where rescue efforts were being hampered by the mountainous terrain.

Local MP Christophe Castaner, who flew over the area, said on Twitter: “Horrendous images in this mountain scenery.”

“Nothing is left but debris and bodies. Flying over the crash site with the interior minister – a horror – the plane is totally destroyed.”

Video images from a government helicopter flying near the area in a mountain range known as “Les Trois Eveches” showed a desolate snow-flecked moonscape, with steep ravines covered in scree.

The plane, carrying 144 mainly Spanish and German passengers – including two babies – and six crew, was travelling from Barcelona to the western German city of Düsseldorf when it came down.

Authorities in Berlin said 16 German teenagers on a school trip were on board the doomed plane, as tearful relatives rushed to the airports in the two cities anxiously seeking information about their loved ones.

Both the German chancellor, Angela Merkel, and the Spanish prime minister, Mariano Rajoy, said they would visit the crash site on Wednesday.

Ms Merkel described the news as “a shock which has plunged us into deep mourning in Germany, France and Spain”.

Weather did not appear to be a contributing factor in the crash, with France’s meteorologists saying conditions were “calm” at the time.

“There was no cloud at the plane’s cruising altitude”, winds were “light to moderate” and there was no turbulence that could have contributed to the crash, the meteorologists said.

It was the first fatal accident in the history of Germanwings – the budget carrier of Germany’s Lufthansa airline – and the deadliest on the French mainland since 1974 when a Turkish Airlines plane crashed, killing 346 people.

Heike Birlenbach, a Lufthansa vice president, said the company was treating the crash as an accident for “the time being.”

For now “we say it is an accident. There is nothing more we can say right now”, she said, adding that the plane took off from Barcelona 30 minutes late on Tuesday but that she did not know what caused the delay.

The jet was inspected by Lufthansa’s technical team on Monday.

Meanwhile, a spokesman for Airbus, the European aerospace giant, did not give any information about possible causes but said the company had opened a “crisis cell”.

French president Francois Hollande said the dead included Germans, Spaniards and “probably” Turks, while Belgium said at least one of its nationals was on board.

Germanwings said 67 Germans were believed to have been on board while Spain said 45 people with Spanish sounding names were on the flight.

A crisis cell has been set up in the area between Barcelonnette and Digne-les-Bains along with an emergency flight control centre to coordinate the operation to the crash site.

Authorities commandeered a large meadow with dozens of helicopters taking off to head to the crash site.

French prime minister Valls said one helicopter had been able to touch down at the site of the accident but locals described the difficult terrain that threatened to hamper rescue efforts.

“Ground access is horrible, I know the Estrop massif, it’s a very high mountainous area, very steep and it’s terrible to get there except from the air during winter,” local resident Francoise Pie said.

A witness who was skiing near the crash site told French television he “heard an enormous noise” around the time of the disaster.

French civil aviation authorities said they lost contact with the plane and declared it was in distress at 10.30am local time.

However, the aircraft’s crew did not send a distress signal, civil aviation authorities said.

“The crew did not send a Mayday. It was air traffic control that decided to declare the plane was in distress because there was no contact with the crew of the plane,” they said.

In 1981, a plane crashed on the French island of Corsica with 180 people on board.

In July 2000, an Air France Concorde crashed shortly after take-off from Paris’s Charles de Gaulle airport en route for New York, leaving 113 people – mainly Germans – dead and eventually leading to the supersonic airliner being taken out of service.

* Agence France-Presse with additional reporting by Associated Press

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Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia

6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel

7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel

7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed

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Emirates exiles

Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.

Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.

Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.

Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.

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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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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