• Nearly a third of Pakistan is flooded — an area the size of the United Kingdom — following months of record monsoon rains, which have killed 1,300 people and wreaked havoc. AFP
    Nearly a third of Pakistan is flooded — an area the size of the United Kingdom — following months of record monsoon rains, which have killed 1,300 people and wreaked havoc. AFP
  • Makeshift tents for people displaced due to the floods, which were caused by heavy monsoon rains in Sohbatpur, Balochistan, Pakistan. AFP
    Makeshift tents for people displaced due to the floods, which were caused by heavy monsoon rains in Sohbatpur, Balochistan, Pakistan. AFP
  • People have been left to wade through floodwaters in order to return home in Dadu District, Sindh Province. AFP
    People have been left to wade through floodwaters in order to return home in Dadu District, Sindh Province. AFP
  • Women carry belongings salvaged from their flooded home in the Qambar Shahdadkot District of Sindh Province. AP
    Women carry belongings salvaged from their flooded home in the Qambar Shahdadkot District of Sindh Province. AP
  • Pakistani railway workers repair the track in flooded areas in Sehwan, Sindh Province. EPA
    Pakistani railway workers repair the track in flooded areas in Sehwan, Sindh Province. EPA
  • Families gather outside their tents at a makeshift camp in Sukkur, Sindh Province. AFP
    Families gather outside their tents at a makeshift camp in Sukkur, Sindh Province. AFP
  • Men perform ablution with the flood water in Bajara village, at the banks of Manchar Lake, Sehwan. Reuters
    Men perform ablution with the flood water in Bajara village, at the banks of Manchar Lake, Sehwan. Reuters
  • Nur Mohammad has taken refuge at a school after the rains in Jacobabad, Sindh Province. AFP
    Nur Mohammad has taken refuge at a school after the rains in Jacobabad, Sindh Province. AFP
  • A girl carries her sibling as she walks through floodwaters in Nowshera, Khyber Pakhtunkhwa. Reuters
    A girl carries her sibling as she walks through floodwaters in Nowshera, Khyber Pakhtunkhwa. Reuters
  • A Pakistan soldier drops tents and food aid from a helicopter in Jaffarabad District, Balochistan Province. AFP
    A Pakistan soldier drops tents and food aid from a helicopter in Jaffarabad District, Balochistan Province. AFP
  • People wait for relief supplies being dropped by Pakistan army helicopters. AFP
    People wait for relief supplies being dropped by Pakistan army helicopters. AFP
  • Roads across the country have been damaged by floodwaters, including a vital route in Kalam Valley, Khyber Pakhtunkhwa. AP
    Roads across the country have been damaged by floodwaters, including a vital route in Kalam Valley, Khyber Pakhtunkhwa. AP
  • A Pakistan Air Force doctor examines a patient displaced by the floods at a makeshift medical camp in Rajanpur District, Punjab Province. AFP
    A Pakistan Air Force doctor examines a patient displaced by the floods at a makeshift medical camp in Rajanpur District, Punjab Province. AFP
  • A family sit with their belongings as floodwaters rise in Sohbatpur, in Jaffarabad District. Reuters
    A family sit with their belongings as floodwaters rise in Sohbatpur, in Jaffarabad District. Reuters
  • Makeshift tents in Sohbatpur. AFP
    Makeshift tents in Sohbatpur. AFP
  • People affected by floods move to higher ground on the outskirts of Quetta, Balochistan Province. EPA
    People affected by floods move to higher ground on the outskirts of Quetta, Balochistan Province. EPA
  • Displaced people join a food queue at a tent city set up by the Government of Sindh, Hyderabad. EPA
    Displaced people join a food queue at a tent city set up by the Government of Sindh, Hyderabad. EPA
  • Children attend classes in Sukkur. AP
    Children attend classes in Sukkur. AP


Pakistan should make the case for climate reparations


  • English
  • Arabic

September 14, 2022

The facts are stark and startling. Until very recently, one third of Pakistan was inundated with water. The country’s navy undertook rescue missions in areas that had never previously seen a boat. In the province of Sindh, Pakistan’s breadbasket, 90 per cent of the crops have been ruined. Up to 33 million people have been affected, with 200 bridges damaged or washed away, and large areas of the country still under more than a metre of water. Up to 700 per cent more rain fell than usual in August. The consequent catastrophic floods have caused $30 billion of damage, according to the country’s government.

“The whole area looks like an ocean with no horizon – nothing like this has been seen before,” said Pakistan’s minister for climate change, Sherry Rehman, in an interview with The Guardian last week. “I wince when I hear people say these are natural disasters. This is very much the age of the anthropocene: these are man-made disasters.”

Indeed. This is a dire warning of what climate change may bring in the not-so-distant future. Within decades, rising sea levels may see much of the Thai capital, Bangkok, and Ho Chi Minh City in Vietnam under water. One report predicts that most of the Mekong Delta – hugely important for agriculture and fishing in Vietnam – will be reclaimed by the sea by 2050. At the same time, the glaciers of Central Asia, 7,200 of which are in Pakistan, and which are the source of the region’s mighty rivers such as the Mekong, are melting so fast that one third of them may have disappeared by the end of the century.

Pakistan has contributed less than 1 per cent to global greenhouse gas emissions

There can be little doubt that destructive climate change is the result of 150 years of rapid industrialisation, most of which was driven by the rich countries of the West. Pakistan, by contrast, has contributed less than 1 per cent to global greenhouse gas emissions. Yet, as Ms Rehman put it: “Global warming is the existential crisis facing the world and Pakistan is ground zero.” Calls for climate reparations, from Ms Rehman and others, deserve to be addressed. Commitments to help frontline countries mitigate the risks of extreme weather events is one thing. But states suffering now from the adverse effects of the development of advanced nations can rightly ask why the aforementioned wealthy should not pay for the damage their growth has caused.

Who could disagree with Ms Rehman when she said: “There is so much loss and damage with so little reparations to countries that contributed so little to the world’s carbon footprint that obviously the bargain made between the Global North and Global South is not working.” The UN Climate Change Conference, Cop27, is due to be held in Egypt in November, and as current chair of the Group of 77 developing countries, Pakistan will be in a position to push hard for the rich polluters to pay up.

Meanwhile, some countries have been doing their best to address the humanitarian disaster in Pakistan. The Associated Press news agency reported that “authorities say the UAE has been one of the most generous contributors and sent so far 26 flights carrying aid for flood victims". Readers of this newspaper will have seen extensive coverage of the crisis, which has left the country facing acute shortages of food and nearly 700,000 people forced to move to relief camps and temporary accommodation.

But in many developed countries, this cataclysmic event has hardly seemed to be much of a priority, or even a concern. Fatima Bhutto, the activist-writer niece of the assassinated Pakistani prime minister Benazir Bhutto, wrote bitterly that: “While it has been touching to see how ordinary people from far-away countries have shown solidarity with Pakistan, donating what they can to flood relief efforts, the silence from major international figures and western media at large has been dispiriting, if not unsurprising. The week the flood hit, there were more newspaper column inches devoted to a Finnish prime minister who likes to party than to the fact that a third of Pakistan was submerged.”

UN Secretary General Antonio Guterres, Pakistan Prime Minister Shehbaz Sharif and Pakistan Foreign Minister Bilawal Bhutto Zardari talk to displaced men at an aid camp in Larkana last week. Reuters
UN Secretary General Antonio Guterres, Pakistan Prime Minister Shehbaz Sharif and Pakistan Foreign Minister Bilawal Bhutto Zardari talk to displaced men at an aid camp in Larkana last week. Reuters

Since then, UN Secretary General Antonio Guterres has visited the country and called for “massive support from the international community”, but Ms Bhutto’s point still stands. Imagine the shock if one third of France was under water, for instance. Pakistan may be further away from London or New York than Paris, but with British Pakistanis numbering about 1.2 million and about half a million Pakistani Americans, the flooding could not be more concerning for significant communities in the US and UK. Yet, the attention paid to the situation in Pakistan has been meagre.

No wonder Ms Bhutto continued: “We are simmering with rage now. What else can you feel when €880 million [$894m] was raised in a day and a half after the cathedral of Notre Dame suffered a fire but an entire country of drowning poor must beg for climate aid and assistance?”

An unpalatable reality appears to emerge. When western countries welcomed Ukrainians with open arms, while trying to keep desperate refugees from the Middle East out, the scales fell from the eyes of many of my friends in Malaysia – perhaps especially those who had spent a lot of time in Europe and America. “Is this how they really see us?” was the collective question. Given the reaction to what is happening in Pakistan now, it is hard to escape the conclusion that the answer was and is yes.

But Mr Guterres had words that should set them right, for the wealthy world cannot escape the time bomb its own development set off. “We are heading into a disaster,” he said. “We have waged war on nature and nature is striking back in a devastating way. Today in Pakistan. Tomorrow in any of your countries.”

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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UAE currency: the story behind the money in your pockets
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

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

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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.”

Mane points for safe home colouring
  • Natural and grey hair takes colour differently than chemically treated hair
  • Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
  • When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
  • Most modern hair colours are technique-based, in that they require a confident hand and taught skills
  • If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Miss Granny

Director: Joyce Bernal

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

RESULT

Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')

Man of the match: Diogo Jota (Liverpool)

Indoor Cricket World Cup

Venue Insportz, Dubai, September 16-23

UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

MATCH INFO

Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)

Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

Moonfall

Director: Rolan Emmerich

Stars: Patrick Wilson, Halle Berry

Rating: 3/5

UAE currency: the story behind the money in your pockets
Building boom turning to bust as Turkey's economy slows

Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.

Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.

The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.

After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.

The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.

The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.

But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.

It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Company%20profile
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Updated: September 14, 2022, 4:00 AM