• A man rides his bicycle during a brief downpour in the Mussaffah industrial area in Abu Dhabi. Victor Besa / The National
    A man rides his bicycle during a brief downpour in the Mussaffah industrial area in Abu Dhabi. Victor Besa / The National
  • Rain fell in Abu Dhabi as unsettled summer weather continued across the country. Victor Besa / The National
    Rain fell in Abu Dhabi as unsettled summer weather continued across the country. Victor Besa / The National
  • The National Centre of Meteorology issued a forecast for rain in the morning, accompanied by strong winds that could reach 45 kilometres per hour. Victor Besa / The National
    The National Centre of Meteorology issued a forecast for rain in the morning, accompanied by strong winds that could reach 45 kilometres per hour. Victor Besa / The National
  • Abu Dhabi is expected to have a maximum temperature of 42°C in the next few days. Victor Besa / The National
    Abu Dhabi is expected to have a maximum temperature of 42°C in the next few days. Victor Besa / The National
  • Low clouds hung over Dubai and the Northern Emirates. Pawan Singh / The National
    Low clouds hung over Dubai and the Northern Emirates. Pawan Singh / The National
  • Temperatures hovered at around 36ºC in Dubai. Pawan Singh / The National
    Temperatures hovered at around 36ºC in Dubai. Pawan Singh / The National

UAE weather alert as heavy rain, high winds and floods hit Al Ain


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Heavy rain, floods and high winds hit Al Ain and other eastern parts of the UAE on Tuesday.

The National Centre of Meteorology posted footage showed motorists trying to navigate through torrential downpours under leaden skies.

Some motorists were forced to pull over to the side of the road because of the intensity of the rain.

Storm Centre, a popular UAE social media channel that tracks extreme weather, posted similar videos showing flooded roads in Al Ain and heavy showers across the east and around the border with Oman.

Dramatic footage widely shared on social media from Al Ain showed branches being ripped from trees by powerful gusts of wind amid torrential rain in the area.

The NCM gave a warning to residents to stay away from areas where flash floods occurred and cautioned that heavy rains could cut visibility.

The conditions are expected to persist for the next few days.

“[There is] a chance of rainfall over some eastern, northern and southern areas, with a decrease in temperatures over some areas eastward,” was the forecast for Wednesday.

More rain and winds of up to 40 kilometres an hour that could whip up dust clouds are forecast over the next few days.

Low pressure systems are drifting across from India, which is currently experiencing the monsoon.

Some of these systems also cause the phenomenon known as “khareef”, which brings the plant growth that turns parts of southern Oman. It can also bring rainfall to the UAE.

Oman has also been lashed by storms and winds over the past few days.

Rain in the UAE - in pictures

  • A rainbow at Expo 2020 Dubai on a cloudy, rainy day for much of the country from Abu Dhabi city to the Northern Emirates on Sunday, January 16. Chris Whiteoak / The National
    A rainbow at Expo 2020 Dubai on a cloudy, rainy day for much of the country from Abu Dhabi city to the Northern Emirates on Sunday, January 16. Chris Whiteoak / The National
  • A worker shelters beneath an umbrella in Dubai. Chris Whiteoak / The National
    A worker shelters beneath an umbrella in Dubai. Chris Whiteoak / The National
  • Downtown Dubai awoke to rain. Chris Whiteoak / The National
    Downtown Dubai awoke to rain. Chris Whiteoak / The National
  • Showers in Jumeirah, Dubai, made a day at the beach unappetising. Ruel Pableo for The National
    Showers in Jumeirah, Dubai, made a day at the beach unappetising. Ruel Pableo for The National
  • Cyclists brave the weather in Deira. Ruel Pableo for The National
    Cyclists brave the weather in Deira. Ruel Pableo for The National
  • A car park in Dubai. Chris Whiteoak / The National
    A car park in Dubai. Chris Whiteoak / The National
  • Showers in Abu Dhabi on Sunday morning. Victor Besa / The National
    Showers in Abu Dhabi on Sunday morning. Victor Besa / The National
  • Police urged drivers to take care on the roads as rain fell across the UAE. Victor Besa / The National
    Police urged drivers to take care on the roads as rain fell across the UAE. Victor Besa / The National
  • Temperatures were expected to reach a maximum of 26°C in Abu Dhabi. Victor Besa / The National
    Temperatures were expected to reach a maximum of 26°C in Abu Dhabi. Victor Besa / The National
  • Rain on Al Reem Island in Abu Dhabi. Victor Besa / The National
    Rain on Al Reem Island in Abu Dhabi. Victor Besa / The National
  • Showers fell on various parts of Abu Dhabi before sunrise. Victor Besa / The National
    Showers fell on various parts of Abu Dhabi before sunrise. Victor Besa / The National
  • People make their way to work during the rain on Sunday morning. Victor Besa / The National
    People make their way to work during the rain on Sunday morning. Victor Besa / The National
  • Forecasters said it would rain throughout the day. Victor Besa / The National
    Forecasters said it would rain throughout the day. Victor Besa / The National
  • It has been an exceptionally wet start to 2022 for the UAE, with more than 18 months' worth of rain falling in only a few days earlier in the month. Victor Besa / The National
    It has been an exceptionally wet start to 2022 for the UAE, with more than 18 months' worth of rain falling in only a few days earlier in the month. Victor Besa / The National
  • Almost the entire Abu Dhabi emirate was blanketed in dense fog at the weekend. Victor Besa / The National
    Almost the entire Abu Dhabi emirate was blanketed in dense fog at the weekend. Victor Besa / The National
  • People make their way on a street in Abu Dhabi. Victor Besa / The National
    People make their way on a street in Abu Dhabi. Victor Besa / The National
  • A man crosses a road in the capital. Victor Besa / The National
    A man crosses a road in the capital. Victor Besa / The National
  • Many people were wearing warm clothes, as chilly temperatures accompanied the rains. Victor Besa / The National
    Many people were wearing warm clothes, as chilly temperatures accompanied the rains. Victor Besa / The National
  • A man rides an electric bike in the rain. Victor Besa / The National
    A man rides an electric bike in the rain. Victor Besa / The National
  • Women make their way amid the rains. Victor Besa / The National
    Women make their way amid the rains. Victor Besa / The National
  • An almost deserted beach in Abu Dhabi during the wet weather. Victor Besa / The National
    An almost deserted beach in Abu Dhabi during the wet weather. Victor Besa / The National
THURSDAY FIXTURES

4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)

 

 

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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Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

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U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh

UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith

The years Ramadan fell in May

1987

1954

1921

1888

Scores

Rajasthan Royals 160-8 (20 ov)

Kolkata Knight Riders 163-3 (18.5 ov)

Updated: July 06, 2022, 11:32 AM