Seven people have been found dead, as authorities continued a major clean-up operation on Friday after the UAE recorded its heaviest rainfall in 30 years.
More than 800 people were rescued and thousands more placed in temporary accommodation in Sharjah, Ras Al Khaimah and Fujairah after a summer deluge led to widespread flooding.
“We regret to announce that six people of Asian nationalities have been found dead as a result of the floods that took place in these emirates,” Brig Gen Dr Ali Salem Al Tunaiji, director general of the Ministry of Interior's Federal Central Operations, said on Friday.
A later statement from the ministry said a seventh Asian resident had been found dead following a search operation. The ministry added that evacuation efforts in affected emirates continue.
“Field units are still carrying out evacuations in some of these [Fujairah, Sharjah and RAK] areas,” Brig Gen Al Tunaiji said. “There are also shelters for some individuals whose homes have been exposed to floods.
“The good thing is that nearly 80 per cent of individuals whose homes have been affected by the flood have returned for the past two days. There are some roads that have been opened between affected areas in the UAE. There is only a main road linking Fujairah and Khor Fakkan city. Work is under way, [and] within a short period of time this road will be reopened.”
The National Emergency, Crisis and Disasters Management Authority (Ncema) said on Thursday that 20 hotels in those areas have the capacity to house an additional 1,885 people, if needed.
The weather has eased in Fujairah but large pools of standing water are still a challenge for motorists.
As residents hope for the calm after the storm, efforts will continue to clear flooded roads, repair damaged properties and return people to their homes.
Emergency response teams have been working non-stop to assist people affected by the hazardous conditions.
Hundreds were rescued from overflowing wadis in Ras Al Khaimah, while Dubai Police were drafted in to support relief efforts in Fujairah.
Images released by authorities showed rescue teams taking children and pets to safety as homes were overwhelmed by flash floods.
Officials assured the public that emergency and clean-up teams are working around the clock to help those in the most flood-affected areas.
Sheikh Hamdan bin Zayed, the Ruler’s Representative in Al Dhafra Region and chairman of the Emirates Red Crescent, instructed the ERC and its centres across the country to provide all forms of logistical and field support to Emirati teams supporting those affected by the rain, in addition to putting the authority’s workers and volunteers on standby.
He also directed the authority’s teams to be placed under the command of the relevant authorities, assess the situation on the ground and develop plans for evacuation, shelter and psychological support, as well as provide the humanitarian needs of those affected whenever necessary.
ERC field teams have been present since Wednesday in the affected areas in the Northern Emirates to provide the necessary support and assistance.
More rain but conditions to ease
There is expected to be more rain in the Northern Emirates on Friday, but it is believed the worst of the weather has now passed.
The unsettled weather is expected to continue into next week at least. The NCM has forecast strong winds, dust clouds and a chance of rain until Monday.
“We expect a chance of rain over the next few days, especially in the east, as the low-pressure systems are still active,” an NCM forecaster told The National on Thursday.
“But we don’t anticipate falls of rain like yesterday.”
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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Oman, UAE, Namibia
Al Amerat, Muscat
Results
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UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
MATCH INFO
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