Former British lifeboat, the 'Aurora', rescues 80 people from a sinking boat in the Mediterranean Sea. Leon Salner / RESQSHIP
Former British lifeboat, the 'Aurora', rescues 80 people from a sinking boat in the Mediterranean Sea. Leon Salner / RESQSHIP
Former British lifeboat, the 'Aurora', rescues 80 people from a sinking boat in the Mediterranean Sea. Leon Salner / RESQSHIP
Former British lifeboat, the 'Aurora', rescues 80 people from a sinking boat in the Mediterranean Sea. Leon Salner / RESQSHIP

Eighty rescued as small ship starts sinking in Mediterranean Sea


Paul Peachey
  • English
  • Arabic

Rescuers on board a repurposed British lifeboat have saved more than 80 people from a small vessel that started to sink in the Mediterranean Sea.

German NGO Sea-Watch, which operates the Aurora rescue ship, said the under-fire EU border guard Frontex was alerted to the boat in a rescue zone controlled by Malta but sent only a drone.

The 80 people on board were taken to the Italian island of Lampedusa late on Monday after the rescue boat was given permission to dock, according to officials involved in the rescue.

The Aurora, with its crew of six, was one of two rescue ships that helped the 80 people to safety after an alert by a charity on Sunday.

“It is highly cynical that in the face of a life-threatening situation, once again there was no response or help from the relevant European authorities,” said Carla Kneuper, a crew member on the second boat, Nadir. “Only a Frontex drone was sent to watch people in imminent danger of drowning."

Former Frontex chief Fabrice Leggeri quit last month after a misconduct probe, which looked at mismanagement and allegations of illegal “pushbacks” by the agency’s vessels.

The Aurora was in service with the UK’s Royal National Lifeboat Institution until 2019 and was later purchased by a British charity, Search And Rescue Relief, which aims to supply humanitarian efforts around the world with equipment and training.

It is one of the fastest boats among the fleet of civilian search and rescue ships that are operating in the Mediterranean region. It has another vessel kitted out with the help of British street artist Banksy, which is also operating in the area.

More than 32,000 people have arrived in Europe by the sea route from the Middle East and North Africa so far this year. Nearly 700 people are feared to have died during the crossings, taking the total to more than 22,000 since 2014.

About%20My%20Father
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELaura%20Terruso%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERobert%20De%20Niro%2C%20Sebastian%20Maniscalco%2C%20Kim%20Cattrall%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%26nbsp%3B%3C%2Fp%3E%0A

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.”

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

Captain Marvel

Director: Anna Boden, Ryan Fleck

Starring: Brie Larson, Samuel L Jackson, Jude Law,  Ben Mendelsohn

4/5 stars

Updated: May 31, 2022, 12:25 PM