The UAE is in the middle of a cold snap, with low temperatures of 2ºC forecast in the mountains of Ras Al Khaimah this week, and rain sweeping in from the west by Wednesday.
Cloudy conditions are expected until Friday, with rain forecast by the National Centre of Meteorology on Wednesday, Thursday and Friday, and noticeably cooler conditions across the Emirates, with lows of 14ºC forecast every day until Friday in Dubai and 15ºC in Abu Dhabi.
It follows a cold weekend, with temperatures in Jebel Jais dropping to 1.8ºC on Sunday, according to the NCM. The mercury rose slightly on Monday morning, with the UAE's lowest temperature of the day being 3.4ºC, recorded in the Raknah area of Al Ain at 7.15am.
Temperatures have dropped significantly since the turn of the year, NCM data shows. For comparison, the lowest temperature in the UAE on December 31 was 10.7ºC, in the vast desert region of Al Dhafra, in Abu Dhabi.
The chilly conditions and frost at the UAE’s tallest peak may be no surprise, but elsewhere in the Emirates there has also been a distinct feeling of winter in the air. Clear skies have coincided with temperatures dropping to 13ºC overnight in Al Ain, and 14ºC in Abu Dhabi and Dubai.
Daytime temperatures are set to remain at about 24ºC for much of the week across the country, but rain is likely to arrive from Wednesday.
Dubai and the Northern Emirates are most likely to be hit by rain showers as clouds form over coastal areas. Thursday is likely to bring a further chance of rain, with light to moderate winds from the north.
More rain is forecast on Friday, in northern and eastern areas of the country, with fog expected to drift in on Saturday morning.
Snow may be a rare sight in the UAE, but light flurries have been seen in the mountains of the north. In February 2017, Jebel Jais received a blanket of snow, with snow returning three years later in the winter of 2020.
The coldest temperature in the Emirates was recorded in January 2021, when it was a very icy minus 2ºC in Raknah.
Winter season arrives
The UAE typically experiences an increase in unsettled weather and a drop in temperatures during the winter, which typically begins in late December and continues until the middle of March.
The NCM recently shared its climate outlook January, in which it forecasts rain and says average temperatures will be in line with those recorded during the first month of the year.
The UAE is expected to receive about 11.5mm of rain during the month. The average temperature – taking into account day and evening forecasts – will be 18.3ºC.
While the country has experienced a chilly and relatively rainy start to the year, the unsettled start to 2025 pales in comparison to the extreme weather felt in January last year. A 10-hour rainstorm brought chaos to the roads on Saturday, January 11, causing long traffic jams and flooding.
Rain fell throughout Friday and the early hours of Saturday, leaving many roads waterlogged. Preliminary readings from Dubai showed that 150mm of rain had fallen every hour for two-and-a-half hours.
Another January deluge was recorded in 2023, with yellow and amber alerts issued as downpours caused flooding in some areas. On Sheikh Zayed Road in Dubai, floodwater covered parts of the 12-lane motorway, leading to long queues of traffic.
January deluge in 2020 – in pictures
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Cons: Love
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Bahrain
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Cons: Phillips
Pens: Phillips 2
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.”
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.