The heatwave baking the US and much of the globe is helping to raise water temperatures in Florida to such an extent that coral reefs are facing an existential threat.
Already hit by the effects of pollution, overfishing, disease and the destructive forces of hurricanes, ever-warmer water is heaping new misery on the fragile marine ecosystem.
In some parts of the Sunshine State, the water is now as hot as a bathtub, hitting 36.5°C near the Upper Keys last week.
Local organisations, including several supported by funding from the UAE, are urgently trying to save Florida's coral, which acts as the ocean's lungs as it pulls carbon dioxide from the atmosphere and pumps out oxygen.
Reefs are also natural barriers, protecting coastlines from flooding and storms, and breeding grounds for fish and other marine life.
Tim Gallaudet, a retired US Navy rear admiral and a leading oceanographer, said water temperatures are far above normal and could harm the corals' ability to reproduce.
“If the high temperatures persist for a few weeks, coral reefs could undergo bleaching or weaken as they expel the algae that inhabit their tissues,” Mr Gallaudet told The National.
“Even if coral bleaching doesn't occur, the conditions are already conducive to additional stress before the expected coral spawning in August.”
July 3 was the hottest day globally since records began, and climate scientists are warning that the world is falling far short of meeting targets to cut emissions and limit temperature rises.
Global sea surface temperatures have been at record highs since April, with the North Atlantic extremely warm since mid-March, meteorologists report.
“We are in uncharted territory and we can expect more records to fall,” Christopher Hewitt, the World Meteorological Organisation's director of climate services, told AP. “This is worrying news for the planet.”
In collaboration with local groups in southern Florida, the UAE has been working for more than three years to protect the Florida Reef Tract, through the Mission: Iconic Reefs initiative.
Mr Gallaudet, who was previously deputy director of the National Oceanic and Atmospheric Administration and is now chief executive of Ocean STL Consulting, said the partnership between the US and the UAE is crucial to marine conservation.
In February 2020, the UAE announced a donation of $3.5 million to support the coral restoration efforts, administered by United Way of Collier and the Keys.
The loss of coral reefs can have cascading effects on the economy and culture of the Florida Keys region, which are deeply rooted in the local marine ecosystem.
The unique habitats generate billions of dollars in recreation and tourism for Florida.
Healthy coral reefs provide a habitat for commercially and recreationally important fish species, and marine animals including spiny lobsters and sea turtles.
“Local efforts have struggled to keep pace with the rate of decline,” Mr Gallaudet said. “This is where the UAE's partnership is instrumental in helping Florida to catch up.”
Marine biologist Jessica Dockery, the Reef Revitalisation Project Liaison at UWCK, said rising sea temperatures, ocean acidification, and more frequent and severe coral bleaching events are all consequences of climate change that can lead to the decline and destruction of coral reefs.
Preserving and restoring coral reefs is crucial for mitigating climate change and for their survival against the effects of climate change impacts.
“The joint effort between the United States and the United Arab Emirates not only aims to address the impacts of climate change, but also to protect and restore these invaluable coral reefs,” Ms Dockery told The National.
“By collaborating on this vital mission, we can secure a brighter future for our oceans, marine life and the communities that rely on them.”
The Florida Keys has the only barrier reef in North America and about 60 per cent of residents are dependent on the marine environment.
Globally, coral bleaching and dying are becoming more frequent with climate change, especially during an El Nino year, with Australia’s Great Barrier Reef losing half of its coral during the last supersized El Nino in 2016.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
SPECS
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The%20specs%3A%202024%20Mercedes%20E200
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Sholto Byrnes on Myanmar politics
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
COMPANY%20PROFILE
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
The%20specs
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Conservative MPs who have publicly revealed sending letters of no confidence
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- Nadine Dorries
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