The UAE Space Agency is to harness satellite data to map out a trail of destruction caused by extreme weather events around the globe and develop early warning systems to limit the future impact of climate change.
The agency has joined forces with Planet Labs, a leading US-based Earth-imaging company, to compile a technology-driven Loss and Damage Atlas that will highlight the stark consequences of climate change and support efforts to mitigate its impact on vulnerable nations.
The initiative is in support of the Loss and Damage Fund, agreed at the Cop 27 environment summit in Egypt last year, which aims to compensate developing countries for damages incurred due to weather events such as flooding and droughts.
It is in line with the UAE's wider vision to accelerate the fight against climate change, as the world prepares to convene in Dubai for Cop28 from November 30 to December 12.
The Loss and Damage Atlas will be developed by UAE-based start-ups, institutes and universities, and the first demonstration of its capabilities will take place during Cop28.
The advanced technology was devised to offer assistance to developing nations hit hard by climate change, state news agency Wam reported on Friday.
It also aims to widen the availability of early warning systems for hazardous events such as extreme weather, water security issues and other climate-related events.
A cutting-edge weapon in climate fight
“Our strategic collaboration and partnership with Planet Labs represents a robust step towards building a sustainable and climate-resilient future,” said Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, and chairwoman of the UAE Space Agency.
“Moreover, it reflects our commitment to strengthening our analytical capabilities to combat climate change and make better-informed decisions.
“We understand the importance of tackling global climate challenges. Thus, we will use cutting-edge technology, space data, and satellites to map the loss and damage from climate change and help establish early warning systems.
“The project also supports our plans to build capacities and adapt to the accelerating climate changes, as well as helping other countries to develop plans and strategies to limit future climate changes.”
Developers of the atlas said it would play a key role in quantifying damages inflicted by extreme weather events and further the advancement of early warning systems to limit their impact.
Under the agreement, Planet Labs will provide each participating country with access to PlanetScope satellite data.
This will allow the countries to use a near-daily country-level imagery scan with a 3m-resolution and witness gradual change happening, such as coastal erosion.
The company's SkySat Tasking capabilities will be used, which identify specific areas of interest and capture fine details – with a resolution of 50cm – of swiftly changing events, such as the immediate effects of flood damage.
Devastation of climate change
Satellite imagery revealed the devastating impact of flooding in Pakistan last summer, which left about a third of the country under water.
Heavy monsoon rains caused flash floods along the Indus and Kabul rivers that swept away homes, roads, crops and bridges.
Prime Minister Shehbaz Sharif called the flooding “the worst in the history of Pakistan” and estimated it could cost at least $10 billion to recover from the damage.
Images released by space technology company Maxar Technologies showed the levels of destruction along the banks of the Indus River, which runs almost the length of the country.
Flash floods along the banks of the river, caused by monsoon rains, devastated areas in the southern province of Sindh and the eastern province of Punjab.
The crisis in Pakistan further demonstrated the need for the world to take action on climate change and demonstrated the importance of pushing forward with a loss and damage fund to assist the worst-affected nations.
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.”
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
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