Soaring temperatures are baking much of the Middle East this week, wreaking havoc on the lives of millions in the region, where chronic power shortages compound the unforgiving climate.
From Cairo and Beirut to Baghdad and Amman, residents are showing hallmark ingenuity to deal with the heat: escaping to the cooler Lebanese mountains, jumping in the Tigris and Euphrates rivers in Iraq or putting together makeshift air conditioners.
In Egypt, some of the usually bustling streets of the capital were eerily quiet on Thursday with temperatures at their highest in at least five years, 43°C.
Beaches in sea resorts along the Mediterranean and the Red Sea had only a small fraction of the holidaymakers who flock there each summer, with most electing to stay indoors and switch on air conditioners.
The resultant high consumption of electricity led to power cuts in some resorts along the Mediterranean.
Authorities in Egypt, Jordan and Iraq have advised people to stay indoors and keep themselves hydrated.
“I am stressed out,” said a 70-year-old mother of three who lives in a densely populated central Cairo district. “The power went out at dawn and only came back at 10.30 this morning. I woke up the very moment my fan stopped whirring.”
Making things worse for Egypt’s 100 million people, temperatures are not expected to drop soon.
“The heatwave will stay with us for at least another week,” said Director of the Centre for Weather Analysis and Forecasts at the Egyptian Meteorological Authority, Mahmoud Shaheen. “Temperatures are 5-7°C, higher than normal for this time of year.”
In Iraq, where some of the world’s hottest weather has been recorded, the temperature of 50°C were registered in the south of the country. The capital, Baghdad, reached 46°C on Thursday, weather service spokesman Amir Al Jabiri said.
Temperatures are not forecast to drop before Sunday, he told The National.
That each and every summer brings searing heat has not equipped Iraqis to cope, particularly in recent years when lengthy power cuts – some lasting up to 15 hours – have made summer much more difficult to bear.
Iraqis, often praised for their resilience, carry on with their lives.
Ice cream, watermelon and cold drinks vendors make a crisp business roaming the streets and junctions of Baghdad. Shopkeepers in some parts of the city set up makeshift showers on pavements for anyone to use. Men and boys across much of the country swim in the Tigris or the Euphrates to cool off.
Iraqis with deep pockets head to the temperate climate of the mostly mountainous Kurdish region in the north. Mohammed Hassan, 51, a businessman from Baghdad, is one of those.
“We can’t cope with this temperature, the power cuts and high humidity. So, I bought an apartment in Dahouk [in Kurdistan] to stay there during the hottest months of summer,” said Mr Hassan, a father of three, who escaped there last month.
“Here, we can have fun visiting the resorts and going up the mountains.”
In Jordan, the temperature in the farming region of Ghor, south of the Dead Sea, soared to 45°C on Thursday. Amman, the capital, registered a peak of 37°C; too high for a city that sits 700 metres above sea level, but high enough to trigger power cuts due to heavy demand.
Thursday’s heat in the capital forced orthodontist Rania Ali to call her patients to cancel their appointments because of the power cuts.
“There has been no electricity since the morning. I called the electricity company and they said they cannot promise that power will be back today,” Dr Ali said.
Jordan’s power monopoly, the Jordan Electricity Company, said the total load on the network across the country was 3,200 megawatts on Thursday morning, compared with an all-time high of 3,630 megawatts last year.
In Beirut, temperatures this week hovered around the mid-30s but the city’s notorious humidity – close to 60 per cent on Thursday – made it feel more like 37°C. Power cuts, for years part of life in Lebanon, have made the heat far more difficult to cope with.
The cash-strapped national electricity company, Electricite du Liban, produces only a few hours of power a day. Normally, private generators would kick in but they are struggling because of a fuel shortage.
One popular solution is to buy an electric fan, but they remain prohibitively expensive for a large part of the impoverished population.
Columnist and podcast producer Ronnie Chatah bought one in May in anticipation of the heat and power cuts.
He has cobbled together a makeshift air-conditioning unit by placing frozen water bottles in front of the fan. “Otherwise, it’s a living hell,” he said.
Renewable energy solutions are even less affordable than electric fans.
A resident from France told The National he had received a quote to install solar panels on the roof of his office for $5,800. He declined, saying it would be easier to leave Lebanon.
Walid Kawas, 36, a taxi driver from Beirut, said he takes his wife and daughter for a drive with the air conditioning switched on.
But using the car to cool off brings Mr Kawas another problem: Lebanon’s growing fuel shortage, which causes long queues outside filling stations.
“But it’s good. At least, I have the AC on while I wait.”
Sunniva Rose in Beirut, Sinan Mahmoud in Baghdad and Khaled Yacoub Oweis in Amman contributed to this report
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
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.”
Racecard
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Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
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