At least 18 people have been killed in Morocco and two in Algeria after severe thunderstorms across the region caused major flooding.
Seventeen prefectures and provinces have been affected and searches are under way for four missing people, Morocco’s Interior Ministry spokesman Rachid Khalfi said.
He said the highest death toll had been recorded in the city of Tata, south-east of the coastal city of Agadir and close to the Sahara, where 10 people died.
Two people died in the coastal city of Tiznit, in the west, and three more – including two Canadian and Peruvian citizens – in the eastern city of Errachidia, towards the border with Algeria.
Authorities also retrieved the bodies of two people, including a Spanish national in Tinghir in the centre east and one person in Taroudant in the south west.
Fifty-six homes have collapsed and 93 roads damaged, which led to a disruption in traffic and completely cut off access to some villages. Electricity, drinking water and telecom networks have been affected, Mr Khalfi said on Sunday evening.
“The volume of precipitation that we have witnessed in the past two days is equivalent to the number that these regions usually experience for an entire year,” he said.
According to the Moroccan General Directorate of Meteorology, 47mm of rain has been recorded in the Ouarzazate province, while Tagounite near the Algerian border had almost 170mm.
The heavily damaged city of Tata recorded 250mm of rain, with 203mm in Tinghir, central Morocco, and 114mm in Figuig, on the border with Algeria, local outlets reported.
These storms and floods in Morocco come exactly a year after a devastating 6.8 magnitude quake hit El Haouz district in Marrakesh, in the west of the country, killing nearly 3,000 people.
Earlier this month, the Moroccan government received heavy criticism after stating that it has only been able to replace 1,000 out of the estimated 55,000 lost homes in the region. Survivors continue to live in precarious conditions, many still in tents.
The poor response to the earthquake has led to fears that the victims of Monday's flooding will fail to receive the help they need. Remote areas with already worn out infrastructure bear the brunt of such natural disasters.
Meanwhile, Algeria’s civil defence announced on Sunday that they had retrieved the body of a 10 year old who drowned after a river overflowed in the southern governorate Tamanrasset.
“The situation is catastrophic, we didn't imagine that such a thing could happen overnight and that the entire city would be affected,” Ibrahim Mourad, Algerian Minister of Interior told the state-owned Algerian TV, on a visit to the flood-ravaged city of Bechar.
Authorities have sent 2,200 civil defence officers and the Algerian military “to get the situation under control”, Mr Mourad said.
He added that 120mm of rain had been recorded so far and that damage includes the collapse of bridges, houses and shops, and the complete shutdown of some sections of railway lines.
Authorities also said a 13-year-old boy died in the city of Tendouf, on the southern border with Morocco.
Tunisian authorities have also warned citizens of the risk of flooding in some western governorates.
Videos posted online show heavy rain and rivers overflowing in the Siliana and Beja governorates in the north-west, as well as Sidi Bouzid and the city of Bouficha in the centre of the country.
According to international expert Anis Ben Bayana, such serious repercussions show the importance of preparing for climate change.
“These extreme weather phenomena that are happening are the result of climate change and there is no doubt in that, but it’s humans' incapacity to prepare for it that makes its repercussions quite devastating and fatal,” Mr Ben Bayana told The National.
He said developing and developed countries are going to keep facing such problems unless they prepare for and adapt to extreme and sudden weather conditions
“Infrastructure and the planning of entire cities must change in a way that it could adapt to heavy rains coming at once in a short period of time, and all climate change-linked problems,” Mr Ben Bayana said.
“Violations of forests’ regulations and ongoing cutting down of the trees, which absorb carbon monoxide and prevent landslides, to build houses must also stop.”
All three countries have been suffering from severe droughts for the past six years. Severe thunderstorms frequently cause flooding in the region, but dam levels continue to remain critically low.
On Monday, dams in Morocco were less than 28 per cent full, despite two days of heavy rain. In Tunisia, dams are barely 23 per cent full, said the Ministry of Agriculture on Monday.
Mr Ben Bayana said such low dam levels are normal, in a region that has been suffering from droughts for the past few years.
"Dams cannot start filling up bare lands," he said. "The soil must absorb the water it needs first. Plants would also consume lots of water after such long period of drought, and we must not forget the groundwater tables that have been exhausted."
BMW M5 specs
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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
The%20specs%3A%202024%20Mercedes%20E200
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Sholto Byrnes on Myanmar politics
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
COMPANY%20PROFILE
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
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