Parts of the beachfront in the Mediterranean city of Alexandria in Egypt flooded on Thursday as residents prepared for a torrential storm forecast to land in the next two days.
During autumn and winter, Alexandria is typically affected by violent storms, which have been given names by the fishermen, whose jobs are often hardest hit by such events.
Storms typically take place during the first week of December and are often among the more serious storms to sweep through the city each winter.
The Storm of Qassem, named after a fisherman who drowned during particularly bad weather decades ago, comes after another this month, known among the city’s natives as the Storm of the Sweep because of its characteristic strong winds and flash floods that “sweep” the entire city.
“The Storm of Qassem is right on schedule this year and we Alexandrians are not surprised in the slightest,” Khaled Mohamed, 34, tells The National.
"The city has grown significantly over the past decade or so and become much more densely populated than it used to be. I think this is why there is more damage being seen on the news this year."
A statement from the country’s meteorological authority said the peak of the storm is expected on Saturday but from Friday consistent showers of rain will fall on the city and these will intensify over the next 24 hours.
In a number of videos shared on social media on Thursday, vast waves could be seen sweeping parts of the city’s beachfront, some several metres high and strong enough to sweep rows of tables and chairs from a beachfront cafe, as the Mediterranean's waters flooded a beachside parking garage and some of the cars it housed.
While Alexandrians are used to such kinds of storms, hundreds took to social media last month to ask the government to upgrade the city’s drainage system, which many feel is ill-equipped to handle the sheer size of the city’s seasonal floods.
Authorities used vacuum tankers to suck up pools of water left over by the Storm of the Sweep, which last month claimed the lives of two sewage workers.
A statement from the governor’s office on Thursday aimed to reassure residents that Alexandria was capable of handling the severe storms.
However, some residents of the coastal city are more anxious about the weather this year amid growing debates about climate change, both on the international front and on the country’s various public forums.
“I’ve been in this city for over 70 years now, and I can tell you with the utmost certainty that these storms have gotten worse over the decades,” says resident Ahmed El Wakeel, 76.
“Winters in Alexandria used to be so romantic, now it’s just chaos every year. Many residents just opt to stay home now because of how unpredictable these storms have gotten over the years.”
Responding to forecasts from the country’s leading weather experts, authorities this week reinforced the concrete barricades on the beachfront to prevent the waters of the Mediterranean from flooding the city during winter.
Maj Gen Mahmoud Nafeh, chairman of the board of directors of the Alexandria Sanitation Company announced on Tuesday a city-wide state of emergency in preparation for the coming storm.
Photos on social media showed teams of public workers on standby with their vacuum tankers to pump out flood waters and keep traffic moving.
Alexandria's governor Mahmoud El Sherif on Wednesday night told a popular talk show that preparations for the Storm of Qassem were put in place two days ago in co-ordination with the Egyptian Meteorological Authority.
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory