Shark attacks woman at Egypt's Red Sea resort, severely injuring her left arm


Hamza Hendawi
  • English
  • Arabic

A woman was seriously injured in a shark attack off a popular resort beach on the Red Sea in the south of Egypt's Sinai Peninsula, authorities have said.

The Egyptian woman, Zeinab Ahmed Mohammed, 34, was attacked on Wednesday while swimming at the Dahab resort.

Medical officials in the nearby city of Sharm El Sheikh, where the victim is in hospital, said the woman's left arm had to be amputated due to the severity of the injuries. She is in a stable condition, they added.

Local authorities banned swimming, snorkelling and other water sports on Thursday in several Dahab beaches pending the outcome of the investigation.

The restrictions will remain in place until further notice.

The latest attack comes three months after a shark killed a Russian man near the resort town of Hurghada on the West coast of the Red Sea in mainland Egypt.

The Red Sea resorts in Egypt hold great significance in the country's tourism industry, contributing nearly 15 per cent of its GDP and employing close to two million people. With the peak tourism season approaching in autumn and winter, concerns have arisen about potential booking cancellations due to shark attacks.

Experts emphasised the need for authorities to provide tourists with better information on minimising the risk of shark encounters and understanding the behaviour of Red Sea shark species.

In July 2022, two women, an Austrian and a Romanian, were killed in separate incidents south of Hurghada. In 2020, a Ukrainian boy lost an arm while a local tour guide lost a leg in shark attacks. A Czech tourist was killed by a shark off a Red Sea beach in 2018, three years after a German tourist died in another attack.

In 2010, a spate of shark attacks killed one European tourist and saw several others lose limbs in Sharm El Sheikh.

To better understand shark behaviour, Egypt's Environment Ministry has acquired 60 tracking devices that will be attached to sharks in popular resort areas for monitoring purposes.

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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.”

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Updated: September 15, 2023, 12:21 PM