Heavy rain kills two in Oman


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Oman has been hammered by heavy rain in the past few days, as winter season gets under way.

The capital Muscat was hit the hardest, resulting in flooded homes and streets. Two people died due to the extreme weather conditions.

One man was killed in the early hours of Tuesday when his vehicle overturned in Muscat's Maabela area. Another man died after his car crashed into a wall of a residential building in the city, according to Oman Television.

Muscat resident Faisal Al Lamki said his home was flooded.

“We were upstairs sleeping not aware of the water seeping under the kitchen door during the night. We only realised the kitchen was flooded when we came down for breakfast,” he said.

  • Police direct traffic on waterlogged roads after days of heavy rain in the sultanate. Photo: Royal Oman Police
    Police direct traffic on waterlogged roads after days of heavy rain in the sultanate. Photo: Royal Oman Police
  • Conditions were worst in the capital Muscat, where the water carried debris on to roads. Photo: Royal Oman Police
    Conditions were worst in the capital Muscat, where the water carried debris on to roads. Photo: Royal Oman Police
  • Two motorists died in accidents caused by the floods. Photo: Royal Oman Police
    Two motorists died in accidents caused by the floods. Photo: Royal Oman Police
  • A police officer directs traffic in Muscat. Photo: Royal Oman Police
    A police officer directs traffic in Muscat. Photo: Royal Oman Police
  • Motorists were urged to take extra care and avoid unnecessary journeys. Photo: Royal Oman Police
    Motorists were urged to take extra care and avoid unnecessary journeys. Photo: Royal Oman Police
  • The rain causes a traffic jam in Muscat. Photo: Ahmed Farsi
    The rain causes a traffic jam in Muscat. Photo: Ahmed Farsi

Several media outlets told people, including schoolchildren and university students, to stay indoors.

The Royal Oman Police helped to monitor the roads and ensure a steady flow of traffic.

The sultanate's meteorological department said rain is expected until Thursday morning.

The traffic department said motorists should exercise caution and refrain from crossing the valleys and areas prone to flooding.

“The rain will continue on and off until Thursday in Muscat and most parts of Oman until the weekend,” Said Mansoor, a weather forecaster at the Civil Aviation Authority's department of meteorology, told The National.

Police and traffic authorities have been struggling to control traffic during the bad weather.

“People do not listen to warnings to stay at home. They still rush to their offices and try to do their routine as usual when water is everywhere,” a policeman in Muscat said.

Hospital workers said several people had been admitted to emergency wards for serious injuries due to the rain, including road traffic incidents.

Muscat's Civil Defence and Ambulance Authority received 30 call-outs due to the rain. Fifty-one people were rescued, said the Oman News Agency.

“Injured people come to the emergency wards all the time from five in the morning today and are still coming. We use ambulances to transfer to other hospitals since we are in full capacity. They got hurt from warehouses and in their own private homes from flooding,” Sharifa Esri, a nurse at Muscat's The Royal Hospital, told The National.

Rain causes road traffic in Muscat, Oman. Photo: Ahmed Farsi
Rain causes road traffic in Muscat, Oman. Photo: Ahmed Farsi

In Seeb, the roof of a warehouse caved in from the weight of accumulated rainwater. Three workers were injured.

“The roof of the warehouse partially collapsed and three of our workers, who were sleeping at the time, got hurt. One had a broken leg, the second had his back sprained and the third a head injury,” said Sathish Topiwalla, a warehouse supervisor.

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Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
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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.”

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Rating: 4.5/5

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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
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Countdown to Zero exhibition will show how disease can be beaten

Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a  month before Reaching the Last Mile.

Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.

 

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Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

THE POPE'S ITINERARY

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Updated: December 27, 2022, 11:55 AM