Live updates: Follow the latest on Israel-Gaza
Gaza woke up to further devastation on Tuesday after heavy rain battered the enclave overnight, submerging tents and shelters that house thousands of displaced families in a mixture of rain and sewage.
Civil defence authorities declared a state of emergency, overwhelmed by calls for help from Gazans whose makeshift homes were swallowed by flooding.
“There are cases of drowning caused by the floods, and water mixed with sewage has overflowed in multiple areas across the Gaza Strip,” Mahmoud Basal, a spokesperson for civil defence authorities, told The National.
“Unfortunately, we cannot respond to all the distress calls due to a lack of resources and specialised equipment for these emergencies. Adding to the challenge, we are severely short on fuel, which limits our ability to mobilise vehicles.”
Hundreds of shelters and thousands of tents, along with other homes already damaged from more than a year of war, were inundated, the Civil Defence Directorate reported.
“Our teams can do little more than evacuate citizens from their damaged shelters to other locations, which are often also unfit for habitation,” Mr Basal said. “Families remain exposed to the elements, under pouring rain and in freezing conditions.”
Most temporary shelters in Gaza are erected on unstable, sandy soil, which quickly becomes waterlogged. Civil defence officials urged the international community to take immediate action to help.
Tahani Masoud, a 31-year-old mother of two living in a tent in central Gaza, said her family did not have mattresses, blankets or any means of keeping warm.
“Last night and this morning, the rain was so heavy that we were literally drowning,” she told The National. “My children, aged four and two, coughed all night, their little bodies never warming up, not even for a minute.”
“Imagine sewage water flooding into our tent, not just rainwater. The sewage systems have overflowed, and the stench is unbearable. It’s like the Israelis are determined to kill us in every possible way. And here, no one feels our suffering – everyone just watches as we live through this agony.”
In Gaza city, drainage and sewerage systems, heavily damaged by the war, cannot cope with rain. More than 175,000 metres of sewerage networks and 15,000 metres of stormwater drainage systems have been destroyed by Israeli bombing.
Asim Al Nabih, a spokesperson for the city's municipal authorities, said: “The situation in the tents is beyond imagination. Diseases are spreading amidst the rain, and we lack the means to help the displaced or alleviate their suffering. Since the start of the war, the municipality has been repeatedly targeted and has received no new aid or equipment to support the displaced.
“We lack the infrastructure to handle the volume of rainwater or operational facilities for treating sewage. Every aspect of this crisis is a tragedy, and those in tents bear the brunt of it.”
Saed Al Za’anin, a 38-year-old father of four, has been living in a tent in Al Shati camp in Gaza city for two months, after fleeing his home in Beit Lahia.
“Since we moved into the tent, we haven’t known a single moment of relief. The kids haven’t gone a day without getting sick,” he told The National.
“The cold is unbearable. Rainwater seeps into the tent while we sleep, soaking our bodies and leaving us vulnerable to illnesses like colds, coughs, the flu and stomach infections. The contamination makes it worse. The tent is a death trap. It’s nothing but misery, fear and illness.”
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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.”
Heather, the Totality
Matthew Weiner,
Canongate
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 specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now