Tunisia's President Kais Saied was criticised for his comments. Reuters
Tunisia's President Kais Saied was criticised for his comments. Reuters
Tunisia's President Kais Saied was criticised for his comments. Reuters
Tunisia's President Kais Saied was criticised for his comments. Reuters

Tunisia’s President Saied claims ‘Zionist influence’ evident in naming of Storm Daniel


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Tunisia’s President Kais Saied has sparked controversy for criticising the naming choice of Storm Daniel that hit eastern Libya and killed thousands of people, and called it as a showcase of "growing Zionism influence" in the region.

"Did they not wonder about the naming? Daniel is a Hebrew prophet," Mr Saied said in a cabinet meeting on Monday.

"The Zionist movement has penetrated to attack the mind and thinking, from Daniel to Abraham."

Mr Saied explained that he does not think that the choice of a Hebrew prophet name for a storm is arbitrary, also making a reference to the Abraham Accords, which established relations between Israel and some Arab countries.

While the name Daniel has a Hebrew origin, it is a popular name for non-Jews in many countries where they are a minority, including Russia, Ireland and the US, where Jewish people make up almost three per cent of the population.

Storm Daniel was named by Greece’s Hellenic National Meteorological Service following a list of alphabetically arranged names, which is part of an efficient naming system that meteorologists have been using to identify storms for decades.

According to the World Meteorological Organisation, "tropical cyclones are named according to the rules at regional level. In the Atlantic and in the Southern hemisphere [Indian Ocean and South Pacific], tropical cyclones receive names in alphabetical order, and women and men's names are alternated."

Meanwhile, Tunisia has expressed on several occasions its opposition to any potential establishment of ties with Israel and said that the option would never be discussed.

Since his electoral campaign in 2019, Mr Saied has been an avid opponent of the continuing attempts to push towards further normalisation between Israel and other Arab states.

“Normalisation does not exist as a concept for me, it is an act of grand treason,” Mr Saied said during the cabinet meeting.

“The issue is not with Jews, the issue is with the international Zionist movement."

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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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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Final: England v South Africa, Saturday, 1pm

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
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MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

Water waste

In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.

Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.

A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.

The Emirates is the world’s third largest per capita water consumer after the US and Canada.

Updated: September 19, 2023, 2:49 PM