The UN secretary general has warned that climate change is out of control, after unofficial data analysis showed that the week leading up to Wednesday was the hottest on record globally.
The average temperature around the world was 17.18°C on Tuesday, according to figures released by the US National Centres for Environmental Prediction.
This passed the previous record, which had been set the previous day of 17.01°C.
“If we persist in delaying key measures that are needed, I think we are moving into a catastrophic situation, as the last two records in temperature demonstrate,” Antonio Guterres said.
The average temperature for the seven days leading up to Wednesday was 0.04°C higher than in any previous week in 44 years of record-keeping, according to data released by the University of Maine.
The UN secretary general’s comments come as the UAE gears up to host the Cop28 climate-change conference later this year.
China has been hit by four separate heatwaves in the past month, while hundreds died in India as a result of extreme heat.
There have also been almost 20,000 wildfires in North America this year, according to the US National Interagency Fire Centre.
This has caused worsening air quality for almost 100 million people, due to tinder dry conditions in forests.
Dhaka, in Bangladesh, recorded its highest temperatures for 60 years, when it reached 40°C, resulting in power cuts and school closures.
In the UAE, doctors warned residents to take extra care as temperatures pushed up towards 50°C.
A UAE-based expert warned of the worsening effects of climate change.
“Indeed the acceleration of global warming is out of control and signs of this have been observed in different parts of the world, from extreme temperatures in US, to extreme flooding in Spain and lowest sea ice extent on record,” said Dr Diana Francis, who heads the environmental and geophysical sciences lab at Khalifa University in Abu Dhabi.
“Climate change extremes will still increase even if emissions started to go down in the coming years.
“This is due to the latency in the climate system response.”
She also explained how the GCC region was suffering from the effects of climate change.
“The Middle East and the Arabian Peninsula region has been warming twice as fast as the rest of the world over the past two decades,” she said.
“This means that the region has less time to adapt to global warming and its impacts from extreme temperatures during summer, which add to the already extreme heat as well as extreme rainfall and associated flooding in winter, and severe dust storms caused by droughts.”
The National reported on Friday that Dr Sultan Al Jaber, the President-designate for Cop28, had said there needs to be greater support for developing nations vulnerable to extreme events linked to climate change.
Dr Al Jaber, who is also the UAE's Minister of Industry and Advanced Technology, was speaking during a visit to Pakistan.
“At Cop28, the world’s focus must be fixed on the needs and hopes of people, their voices must be heard and we must respond to their demands with ambition and action,” Dr Al Jaber said.
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.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
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Napoleon
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