Heavy rain and thunderstorms hit several areas of Oman on Thursday causing floods, ruining crops and disrupting electricity supply a day before the start of the Eid Al Adha holidays, according to state-run Oman TV.
Farmers in the northern Al Dakhaliya governorate said heavy rain have swept away their crops.
“I can see my lettuce, tomatoes, cabbages, limes, carrots and cucumbers floating in the fast currents. It is too dangerous to dive in and get them. I am just watching helplessly half of my crops being wasted in the flood,” Rashid Al Sarmi, 48, a farmer in the town of Manah in the Al Dakhliya region, told The National by phone.
Heavy rain also disrupted traffic in some parts of the capital, Muscat, cutting off towns and forcing the police to closed off roads.
The meteorological office cautioned that the unpredictable weather would continue for several days.
“People living in low-lying areas must take caution and travel only when needed," the weather bureau said.
"The weather will continue to be unpredictable for several days in most areas of Oman and there will be more disruptions of basic services."
Meteorologists said it was unusual for Oman to experience heavy rain in July.
“Normally we have this in April or towards the end of the year but not in July. But this time, low pressure coming from the Gulf of Oman is causing a lot of heavy rains in the mainland and across the countries,” forecaster Ahmed Al Rawahi told The National.
The torrential weather came at a time when Omanis are preparing for the week-long Eid holidays which is starting tomorrow.
“It is not safe to go out shopping today and it may not be safe to go out tomorrow because of the weather unpredictability. We need to buy food for the Eid especially from tomorrow because the lockdown starts early from 5pm,” Salim Al Shanfari, 31, a resident in Amerat neighbourhood south of Muscat, told the National.
“I hope the rain will die down in the next three days so we can shop safely before the total lockdown starts."
Oman has been under an 8pm to 4am lockdown since June 2. But the lockdown will be extended from tomorrow for three hours to start from 5pm to 4am until July 30.
Some Omanis said there was little cheer left to celebrate for Eid Al Adha.
“It is not just the bad weather which is depressing but we are thinking of the total lockdown during the Eid days. We cannot go out now because of the flooding and slippery roads and soon we will be locked for three days inside our house, even if the weather improves,” said Zahra Al Lawati, 43, a retailer in the City Centre shopping mall in Muscat.
Oman has ordered a total lockdown during the first three days of Eid, from July 20 to July 22, to keep down the number of infections by avoiding gatherings.
Oman has reported 14 Covid-19 deaths on Thursday and 904 new infection cases. It is the lowest number of coronavirus deaths in the last one and half months.
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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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