ABU DHABI // The sky above the capital turned dark at noon on Tuesday as heavy rain fell across the emirate.
Vehicles slowed and drivers turned on their headlights as pools of water formed on the roads.
“I haven’t seen such rains in my stay here,” said Abu Dhabi resident Mohammed Hanif, who has lived in the capital for 10 years.
“It has continued to rain time and time again since Monday. I can’t go out to carry out my duties because the roads turned slippery and riding a bike in the rain is too dangerous,” said Mr Hanif, a pest controller in the capital.
“I could only do one job this morning but avoided others. I returned to my accommodation and couldn’t take my bike out,” he said.
The National Centre of Meteorology and Seismology on Tuesday reported heavy rain in Abu Dhabi, Dubai and Bani Yas.
Temperatures across the country also fell, with the lowest temperature, 12.3°C, recorded at Jais Mountain at 6am.
Maximum temperatures in the interior on Tuesday hovered between 24°C and 28°C with lows between 14°C and 19°C.
Many parts of the country registered high rainfall between Saturday and Monday, including Khatam Al Shakla 10.2mm, Jebel Hafeet 7mm, Al Showeib 6.2mm, Abo Al Abyath 5.2mm, Al Foa’a 4.2mm and Sir Bani Yas 3.4mm. Sweiha and Ruwais received 3.2mm each.
The NCMS forecast that the rainy weather and thunderstorms would continue until Thursday.
The Met department in Abu Dhabi said: “The unstable weather will continue to affect the UAE and the cloud amount will increase, with thundery clouds associated with fresh to strong winds.”
The centre also warned motorists to exercise caution on roads owing to low visibility caused by heavy rains. It also cautioned people about slippery roads and flooding in valleys.
The rainy weather may also cause flooding in mountainous eastern and northern areas of the country, the centre warned.
Another resident, Hazim Sheikh from Pakistan, said: “It’s good that we got some respite from scorching heat of the country. I feel happy because much of the nice weather is going to continue.
“It’s rare to see such rains here, so it’s lovely to enjoy it,” said Mr Sheikh, who has lived in the country for 15 years.
Col Saif Al Mazrouei, director-general of Dubai Traffic Police, urged motorists to drive cautiously on the roads in rainy weather, to take preventive measures and fully comply with traffic laws and leave enough space between vehicles.
Traffic accidents in wet weather are often quite serious because of reduced visibility, especially if coupled with reckless driving or speeding, he said.
The General Department of Traffic will be taking preventive measures in the coming days, with more patrols on the roads throughout the emirate to alleviate traffic congestion.
Col Al Mazrouei emphasised the need to exercise caution and slow down on wet roads and to ensure that all parts of the vehicle were functional, urging all road users to cooperate with police to ensure smooth traffic flow and for the safety of people and property alike.
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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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December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
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