New York City's Lower Manhattan is to be extended into the East River. Courtesy NYCEDC
New York City's Lower Manhattan is to be extended into the East River. Courtesy NYCEDC
New York City's Lower Manhattan is to be extended into the East River. Courtesy NYCEDC
New York City's Lower Manhattan is to be extended into the East River. Courtesy NYCEDC

New York mayor to extend Manhattan shoreline as a response to climate change


Hayley Skirka
  • English
  • Arabic

Home to some of the world’s most-visited destinations, including Wall Street, the 9/11 Memorial site and the Staten Island Ferry dock, New York’s Lower Manhattan is gearing up for a multi-billion-dollar makeover at the hands of Mayor Bill de Blasio.

In a bid to combat the threat of climate change, the New York mayor has announced plans for an extension of the coastline between Brooklyn Bridge and the Battery into the East River.

The 150-metre extension, about the equivalent of two full city blocks, will create a new piece of land with high points lying about six metres above current sea levels. This new patch of land will act as a storm barrier. It will also protect nearby neighbourhoods, like the historic South Street seaport and its restored 19th-century buildings, against projected sea-level rises.

Details for the development were released this week by the New York City Economic Development Corporation (NYCEDC). The Lower Manhattan Climate Resilience study outlines a list of long-term and temporary measures designed to protect Lower Manhattan from climate change.

City officials have been working on the plans since Hurricane Sandy destroyed huge parts of the city in 2012.

Flood and damage plans have been in the works since Hurricane Sandy struck the city in 2012. Courtesy NYCEDC
Flood and damage plans have been in the works since Hurricane Sandy struck the city in 2012. Courtesy NYCEDC

As the cradle of New York, Lower Manhattan is home to towering skyscrapers, Wall Street, the New York Stock Exchange and countless historical landmarks, all of which create unique challenges when it comes to development. Low-lying topography, an active waterfront, lack of space and dense infrastructure both above and below ground mean flood-risk development will not come cheap.

When finalised, the project as a whole will aim to protect 70 per cent of the city at a cost of approximately $500 million (Dh1.84 billion). Mayor Blasio has said plans will go ahead even if federal funds are not available.

Preventing 'cataclysmic' effects of global warming

In a statement released by NYCEDC, the mayor commented on the vulnerability of Lower Manhattan, saying: “We not only have to reduce emissions to prevent the most cataclysmic potential effects of global warming, we have to prepare for the ones that are already inevitable.” He added: “Our actions will protect Lower Manhattan into the next century.”

Redevelopment work will start on the Battery's esplanade in 2020. Courtesy NYCEDC
Redevelopment work will start on the Battery's esplanade in 2020. Courtesy NYCEDC

The study projects that by the 2050s, 37 per cent of Lower Manhattan will be at risk from storm surge, while 50 per cent of properties will also be at risk. By 2100, rising sea levels would expose 20 per cent of the lower borough to marine flooding.

According to States at Risk – an organisation set up to predict climate change impact in the United States – New York City currently has 431,000 people at risk of coastal flooding. By 2050, this is projected to grow to 228,000 due to rising sea levels. And that’s not even taking the 13.67 million tourists that the city receives each year into consideration.

As one of the most-visited cities on the planet, New York will also implement a series of temporary measures to protect against the upcoming flood season. These will include barriers, flood walls and dams in South Street, the Financial District and the Two Bridges neighbourhoods.

Battery Park City will also being plans to reconstruct its esplanade and open space with construction due to start in 2020.

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Countries offering golden visas

UK
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Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Avedis Hadjian, (IB Tauris)
 

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.”

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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