• A man shovels garbage away from the base of a sewage waterfall running down stairs and next to walkways in Rocinha Favela. Barbara Walton / EPA
    A man shovels garbage away from the base of a sewage waterfall running down stairs and next to walkways in Rocinha Favela. Barbara Walton / EPA
  • The crowded favelas border the wealthier towers and seaside suburbs in Rio de Janeiro. Barbara Walton / EPA
    The crowded favelas border the wealthier towers and seaside suburbs in Rio de Janeiro. Barbara Walton / EPA
  • A woman with a newborn baby walks into her home next to garbage, waste water and raw sewage that run openly in Rocinha, the largest favela in Rio and reported to be among the largest in Brazil. Barbara Walton / EPA
    A woman with a newborn baby walks into her home next to garbage, waste water and raw sewage that run openly in Rocinha, the largest favela in Rio and reported to be among the largest in Brazil. Barbara Walton / EPA
  • Jose Martins de Oliveira, a spokesman for Rocinha Sem Fronteiras, fighting for improved sanitation, next to one of the 23 raw sewage waterfalls in Rocinha Favela. Barbara Walton / EPA
    Jose Martins de Oliveira, a spokesman for Rocinha Sem Fronteiras, fighting for improved sanitation, next to one of the 23 raw sewage waterfalls in Rocinha Favela. Barbara Walton / EPA
  • People walk through the narrow lanes containing homes and open wastewater channels that run next to them. Plans for improvement have been paralyzed due to the government's financial emergency. Barbara Walton / EPA
    People walk through the narrow lanes containing homes and open wastewater channels that run next to them. Plans for improvement have been paralyzed due to the government's financial emergency. Barbara Walton / EPA
  • Those living in Rio's favelas have seen no benefit from the city's glittering Olympic Games. Barbara Walton / EPA
    Those living in Rio's favelas have seen no benefit from the city's glittering Olympic Games. Barbara Walton / EPA
  • Residents and children walk up and down narrow stairways passing open garbage, waste water and raw sewage. Barbara Walton / EPA
    Residents and children walk up and down narrow stairways passing open garbage, waste water and raw sewage. Barbara Walton / EPA
  • Brazilian Pacification Police in Rocinha Favela, in Rio de Janeiro. Many favela residents fear a return to pre-Olympic year violence. Barbara Walton / EPA
    Brazilian Pacification Police in Rocinha Favela, in Rio de Janeiro. Many favela residents fear a return to pre-Olympic year violence. Barbara Walton / EPA
  • A young favela boy kicks his football on a street in Rocinha. Barbara Walton / EPA
    A young favela boy kicks his football on a street in Rocinha. Barbara Walton / EPA
  • A woman searches through a street rubbish dump for anything she can use. Twenty-three raw sewage waterfalls and channels also run next to the crowded dwellings threatening the health of the community with respiratory and intestinal diseases, community leaders say. Barbara Walton / EPA
    A woman searches through a street rubbish dump for anything she can use. Twenty-three raw sewage waterfalls and channels also run next to the crowded dwellings threatening the health of the community with respiratory and intestinal diseases, community leaders say. Barbara Walton / EPA
  • A woman searches through a street rubbish dump where pieces of large bone and meat are evident, adding to the community health hazards. Barbara Walton / EPA
    A woman searches through a street rubbish dump where pieces of large bone and meat are evident, adding to the community health hazards. Barbara Walton / EPA
  • A man uses a public tap to wash his clothes in the Rocinha Favela. Barbara Walton / EPA
    A man uses a public tap to wash his clothes in the Rocinha Favela. Barbara Walton / EPA
  • A man builds a wall on a favela building seen behind the mass of wires running along a street. The money spent on the Olympics in Rio are in stark contrast to the paralysed plans for improving the favelas' sanitation and services. Barbara Walton / EPA
    A man builds a wall on a favela building seen behind the mass of wires running along a street. The money spent on the Olympics in Rio are in stark contrast to the paralysed plans for improving the favelas' sanitation and services. Barbara Walton / EPA

Golden Rio hides waterfalls of filth in a land of broken promises


  • English
  • Arabic

As the glitz and glamour starts to fade from the Rio Olympics, those at the bottom of the social scale expect little to change despite the city’s investment promises before the biggest sports event on the planet rocked up.

Poorer families living in Rio’s favelas, which make up a fifth of the city’s population, are unlikely to see much benefit from the Games.

A government housing initiative called Morar Carioca was launched shortly after Rio won the Olympic bid and promised to improve all of Rio’s favelas in a decade.

But the programme was gradually abandoned and only two out of 40 projects are currently being carried out.

The government also failed to follow through on another promise it made, to provide public services to improve life in favelas. In 2012 the Rio mayor Eduardo Paes said his goal was to completely urbanise the favelas by 2020. But his lofty plan petered out without much to show for it. Meanwhile, initial efforts to reform favelas eliminated informal jobs, such as driving moto-taxis, that many locals depended on.

“What the Olympics has done is reinforce the division between the haves and have-nots,” says Robert Muggah, a security expert at at Igarapé Institute, a Rio-based think tank. “It’s an opportunity that has been missed, to engage with some of these structural issues.”

The economy remains mired in a worse slump than during the darkest days of the Great Depression, with little prospect of a quick recovery.

After plunging 5.4 per cent in the first three months of 2016 from a year earlier, Brazilian GDP likely shrank by about 3.5 per cent in the second quarter. That marks eight consecutive quarters of decline, a record unmatched in a country with a long history of economic failure, political crises and frequent booms and busts linked to commodities.

Rio has spent money on transforming itself, as it had vowed to do as part of its Olympic bid, but most of the investment went to places other than the favelas. A map analysis of the Olympic projects published by the community journalism site Rio On Watch shows most of the new development is concentrated in the richer parts of town.

Garbage, waste water and raw sewage, among the many waterfalls and channels that run openly next to the crowded dwellings in Rocinha Favela, for instance, still threaten the health of the community there and many others like it. The money spent on the Olympics in Rio are a bitter fact for poor residents, faced with paralysed plans for improving the favela’s sanitation and services due to the government’s financial emergency.

Rio has one of the worst housing problems in Brazil, second only to Sao Paulo’s.

One report suggests that the city would need to build more than 220,000 new homes to accommodate its population adequately.

While London used the impetus of the 2012 Games to provide affordable housing in a regenerated part of town, Rio’s approach has been to build the athletes’ village in the upscale Barra da Tijuca neighbourhood.

After the Games, the 3,604 flats in the village will be put on the market but because of their cost, they are expected to be snapped up mainly by families of the upper middle class.

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RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel

Race card

4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m

4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m

5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m

5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m

6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m

6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m

7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m

The National selections:

4pm Zabardast

4.35pm Ibn Malik

5.10pm Space Blues

5.45pm Kimbear

6.20pm Barney Roy

6.55pm Matterhorn

7.30pm Defoe

Results

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi

9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi

 

UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
Real estate tokenisation project

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.

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.”

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Getting%20there%20
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Ftravel%2F2023%2F01%2F12%2Fwhat-does-it-take-to-be-cabin-crew-at-one-of-the-worlds-best-airlines-in-2023%2F%22%20target%3D%22_self%22%3EEtihad%20Airways%20%3C%2Fa%3Eflies%20daily%20to%20the%20Maldives%20from%20Abu%20Dhabi.%20The%20journey%20takes%20four%20hours%20and%20return%20fares%20start%20from%20Dh3%2C995.%20Opt%20for%20the%203am%20flight%20and%20you%E2%80%99ll%20land%20at%206am%2C%20giving%20you%20the%20entire%20day%20to%20adjust%20to%20island%20time.%20%C2%A0%3C%2Fp%3E%0A%3Cp%3ERound%20trip%20speedboat%20transfers%20to%20the%20resort%20are%20bookable%20via%20Anantara%20and%20cost%20%24265%20per%20person.%20%C2%A0%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElmawkaa%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Hub71%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ebrahem%20Anwar%2C%20Mahmoud%20Habib%20and%20Mohamed%20Thabet%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20PropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%24400%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3E500%20Startups%2C%20Flat6Labs%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3Cbr%3E%3C%2Fp%3E%0A
How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

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Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France
Specs

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