An Iraqi herder cools his buffaloes in the Diyala River. As Iraq bakes under a blistering summer heatwave, its farmers are battling severe water shortages that are killing their crops and animals. and with it their way of life. AFP
An Iraqi herder cools his buffaloes in the Diyala River. As Iraq bakes under a blistering summer heatwave, its farmers are battling severe water shortages that are killing their crops and animals. and with it their way of life. AFP
An Iraqi herder cools his buffaloes in the Diyala River. As Iraq bakes under a blistering summer heatwave, its farmers are battling severe water shortages that are killing their crops and animals. and with it their way of life. AFP
An Iraqi herder cools his buffaloes in the Diyala River. As Iraq bakes under a blistering summer heatwave, its farmers are battling severe water shortages that are killing their crops and animals. and

Drought sparks fears that millions in Syria and Iraq will go without water


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Millions of people in Syria and Iraq face going without water, electricity and food amid rising temperatures, a lack of rainfall and drought, international aid groups warned on Monday.

The neighbouring nations, both battered by years of conflict and mismanagement, are in need of rapid action to combat severe water shortages, the groups said. Drought is disrupting electricity supplies as low water levels affects dams, impairing essential infrastructure such as health care.

More than 12 million people across the two countries are affected, including 5 million in Syria who are directly dependent on the Euphrates River. In Iraq, drought and the loss of water supply from the Euphrates and Tigris is affecting 7 million people.

Severe drought which persisted through the early 2000s to the mid 2010s has been identified by conflict analysts as one of the triggers for the rise of extremist groups in Iraq and Syria.

Drought hit the Euphrates valley which runs through both countries particularly hard between 2006 and 2009, with catastrophic results for farming communities, a 2013 report by the Centre for Climate Security said.

Thousands of farmers lost their jobs in both countries as crops failed, and migrated to cities where they were unable to find employment. In Syria, this exacerbated deteriorating social conditions that led to widespread uprisings in 2011. In Iraq, a similar rural-urban migration process has been seen in times of severe drought.

Today, about 400 square kilometres of agricultural land is prone to drought, the groups said, as two dams in northern Syria, supplying power to 3 million people, face imminent closure.

Carsten Hansen, regional director for the Norwegian Refugee Council, one of the aid groups behind the warning, said that for hundreds of thousands of Iraqis displaced and many more fleeing for their lives in Syria, the unfolding water crisis “will soon become an unprecedented catastrophe pushing more into displacement”.

Other aid groups included Mercy Corps, the Danish Refugee Council, Care international, Acted and Action Against Hunger. They said several Syrian provinces – including Hassakah, Aleppo and Raqqa in the north and Deir el-Zour in the east – have witnessed a rise in waterborne disease. The areas include displacement settlements housing tens of thousands of people displaced in Syria’s 10-year conflict.

Rubbish gathers in the heavily polluted Litani Rver, in Saghbin, Bekaa valley, eastern Lebanon, June 20, 2021. AP
Rubbish gathers in the heavily polluted Litani Rver, in Saghbin, Bekaa valley, eastern Lebanon, June 20, 2021. AP

Care’s regional chief for the Middle East and North Africa, Nirvana Shawky, urged authorities and donor governments to act swiftly to save lives. The latest crisis comes on top of war, Covid-19 and severe economic decline, she said.

“There is no time to waste,” said Gerry Garvey of the Danish Refugee Council. The water crisis was likely to increase conflict in an already destabilised region, he said.

Severe water shortages have also hit Lebanon, which is mired in the worst economic and financial crisis in its modern history, where more than 4 million people – mainly vulnerable children and families – face a critical lack of clean water in the coming days, the UN's children agency said last week.

Severe fuel shortages have halted the work of thousands of private generators long relied on for electricity in the corruption-plagued country.

Unicef called for urgent restoration of the power supply to keep water services running.

Lebanon's rivers are also heavily polluted. Activists have long warned about pollution levels caused by sewage and waste in the Litani River, the country's longest and a major source of water supply, irrigation and hydroelectricity.

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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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

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The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

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Updated: August 23, 2021, 5:28 PM