UAE weather: rain expected for most of the week

UAE residents can expect a wet week ahead with rain forecast for most of the country until Friday.

Wednesday and Thursday will experience the brunt of the heavy downpour, with the majority predicted in the afternoon.

Much colder temperatures are also forecast for the end of the week, dropping as low as 9°C in Dubai on Friday night.

On Monday, Abu Dhabi and Dubai can expect temperatures go as low as 14°C and 16°C respectively, and as cold as 10°C further north.

Highs will range between 22°C in Fujairah and 25°C in Dubai. Abu Dhabi will be slightly cooler at 23°C.

Tuesday will feel slightly warmer in Abu Dhabi, reaching highs of 24°C. The capital will also experience some showers.

According to Windy.com, Wednesday is when most of the rainfall will hit the Emirates, especially in the afternoon around 3pm and continue into the evening.

Authorities have warned motorists to be careful on the roads during bad weather, advising people to avoid valleys and other areas that may flood as a result of the heavy rain.

After some respite overnight, more heavy rain is predicted at the same time on Thursday when temperatures will drop, reaching highs of only 20°C in Abu Dhabi and 21°C in Dubai, with lows of 14°C and 13°C respectively.

Friday could experience some lingering light showers, but it will feel much chillier at night, with a low of 9°C forecast in Dubai.

Some rain could spill over into Saturday but Sunday is expected to be dry and clear.

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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.”

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UAE weather: rain expected for most of the week

Heavier downpours are due on Wednesday and Thursday afternoon

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