The exceptional heatwaves across southern Europe and North America in July would have been virtually inconceivable without the influence of human-induced climate change, according to scientists.
Their studies also indicate that this climate change made the recent heatwave in China 50 times more probable.
After Earth's warmest June yet recorded, temperatures have risen alarmingly in the south-western US states and Mexico. In Phoenix, there are reports of fatalities caused by extreme burns from the scorching pavements and roads.
The Mediterranean has also been battling severe heatwaves, which have pushed temperatures well above 40ºC.
These conditions have triggered wildfires, leading to the evacuation of thousands in Greece.
Simultaneously, China experienced its highest recorded temperature of 52.2ºC, with many regions retaining temperatures above 35ºC, even throughout the night.
Scientists from World Weather Attribution, a UK and Netherlands-based group, warned that these heatwaves will only become more severe and frequent unless global fossil fuel consumption is reduced.
Their swift research discovered that in the absence of human-induced climate change, China's heatwave would have been a one-in-250-year event. Similarly, the heatwaves across the US, Mexico, and southern Europe would have been almost statistically impossible.
Aligning with previous studies, they highlighted that the heatwaves were approximately 2.5ºC warmer in southern Europe, 2ºC warmer in North America, and 2ºC warmer in China than they would have been without the warming effect of greenhouse gases.
Heatwaves, no longer a rarity, are predicted to occur once every 15 years in the US and Mexico, once every 10 years in southern Europe, and once every five years in China.
According to the scientists, if the global average temperature increases by 2ºC above pre-industrial levels – the less ambitious target of the Paris Agreement – heatwaves are projected to occur every two to five years.
Dr Friederike Otto, affiliated with the Grantham Institute for Climate Change and the Environment at Imperial College London, said: “The outcome of this attribution study is hardly shocking. The continuous burning of fossil fuels is leading to a warmer climate and more severe heatwaves. It's that straightforward.”
Dr Otto added: “These heatwaves do not signify runaway warming or imminent climate collapse. There is still time to secure a safe and prosperous future. However, we need to urgently quit burning fossil fuels and focus on decreasing vulnerability. If we fail, we risk tens of thousands of people dying from heat-related causes annually.”
Europe is warming faster than the global average due to its geographical position between the increasingly hotter Arctic and Saharan regions. It is estimated that more than 61,000 people succumbed to heat across the continent last summer.
Reports indicate hundreds of deaths due to this year's intense heat, but the true scope will not be determined soon because many regions do not maintain detailed records of heat-related deaths, and statisticians require time to ascertain the number of excess fatalities.
The scientists from World Weather Attribution emphasise the “urgent need” for heat action plans, particularly in urban areas, where temperatures often surpass those in surrounding regions – a phenomenon known as the urban heat island effect.
Sjoukje Philip, from the Royal Netherlands Meteorological Institute, said: “Our planet isn’t warming uniformly. Climate scientists are striving to comprehend the intricate relationships between escalating global and regional average temperatures.
“Our study demonstrates the significant influence of rapid warming on local European temperatures. It emphasises the pressing need for Europe to persistently implement adaptation and mitigation measures.”
UK braces for potential 40ºC heatwaves as climate crisis escalates
Climate experts have warned that extreme heat and temperatures surpassing 40ºC are becoming increasingly probable in the UK due to climate change.
The Met Office's upcoming State of the UK Climate report for 2022 is expected to document recorded temperatures of more than 40ºC for the first time, alongside numerous wildfires and a record number of heat-related deaths.
With the UK still reeling from the record summer temperatures of 2022, Dr Candice Howarth of the London School of Economics Grantham Research Institute on Climate Change and the Environment said that the country is underprepared for the increasingly likely extreme weather events.
Researchers also stress the growing urgency to implement heat action plans, which will be critical in mitigating the severe effects of climate change and ensuring the safety of the world's inhabitants.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
UAE currency: the story behind the money in your pockets
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Courtesy: Crystal Intelligence
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.”
Global state-owned investor ranking by size
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China
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Japan
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Norway
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Canada
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Singapore
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Saudi Arabia
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South Korea
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda