• High waves break on a seaside promenade in Muscat as Cyclone Shaheen hits Oman. Rescue teams had to help dozens of people leave their homes in some coastal areas. All photos: AFP
    High waves break on a seaside promenade in Muscat as Cyclone Shaheen hits Oman. Rescue teams had to help dozens of people leave their homes in some coastal areas. All photos: AFP
  • Women take pictures of high waves breaking on the seaside promenade in the Omani capital.
    Women take pictures of high waves breaking on the seaside promenade in the Omani capital.
  • High waves break on the seaside promenade in Muscat. Oman declared a two-day national holiday on Sunday and Monday, urging people to stay indoors.
    High waves break on the seaside promenade in Muscat. Oman declared a two-day national holiday on Sunday and Monday, urging people to stay indoors.
  • High waves break in Muscat. Some waves to hit the Omani coast were 12 metres high.
    High waves break in Muscat. Some waves to hit the Omani coast were 12 metres high.
  • Some of the cyclone's winds reached 120 kilometres an hour.
    Some of the cyclone's winds reached 120 kilometres an hour.
  • High waves break on the Mutrah seaside promenade in Muscat.
    High waves break on the Mutrah seaside promenade in Muscat.
  • High waves break on the Mutrah promenade in the Omani capital.
    High waves break on the Mutrah promenade in the Omani capital.
  • The popular seafront area of Mutrah is one of the worst-hit parts of Oman so far.
    The popular seafront area of Mutrah is one of the worst-hit parts of Oman so far.
  • High waves break on the Mutrah seaside promenade in Muscat.
    High waves break on the Mutrah seaside promenade in Muscat.

Tropical Cyclone Shaheen ‘rare event’ say meteorologists


Robert Tollast
  • English
  • Arabic

A cyclone expected to make landfall in Oman on Sunday, which has already led authorities to remove residents from low-lying and coastal areas, is only the second tropical storm in recorded history to make landfall through the Gulf of Oman.

A tropical storm struck the Muscat area after entering the Gulf of Oman in 1890.

Tropical Cyclone Shaheen will follow a similar path through the Indian Ocean, said Scott Duncan, a Scottish meteorologist.

Powerful cyclones such as 2007's tropical storm Gonu have made landfall in the country via the Arabian Sea, causing severe damage and loss of life through flash flooding, but Muscat, home to 1.7 million people, was spared serious damage despite suffering power cuts.

Writing for Yale Climate Connections, an information service raising public awareness about climate change, meteorologists Bob Henson and Jeff Masters agreed, calling the Gulf of Oman unknown territory for cyclones and highlighting the rarity of the event.

The meteorologists said Gonu, the last major cyclone to strike Oman, was a particularly powerful category five storm that caused $4 billion worth of damage and at least 50 deaths.

Gonu made landfall near Sur, about 200 kilometres south east of Muscat.

Shaheen is so far expected to be a category one storm on the Saffir–Simpson hurricane scale and the National Multi-Hazard Early Warning Centre at Oman’s Civil Aviation Authority said wind speeds of up to 150 kilometres per hour are expected.

In contrast, a category five storm has wind speeds up to 250kph.

Authorities are taking precautions and on Saturday the Omani National Committee for Emergency Management urged the relocation of residents in the northern towns of Barka and Saham and coastal areas including parts of the capital, Muscat, where Shaheen is forecast to strike.

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.”

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UAE currency: the story behind the money in your pockets
The specs: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Updated: October 03, 2021, 8:20 AM