A man removes a fallen branch from the roof of a house during Cyclone Emnati in Fort Dauphin, Madagascar. Photo: of Louise du Plessis, Twitter @Louisedp3137 via Reuters
A man removes a fallen branch from the roof of a house during Cyclone Emnati in Fort Dauphin, Madagascar. Photo: of Louise du Plessis, Twitter @Louisedp3137 via Reuters
A man removes a fallen branch from the roof of a house during Cyclone Emnati in Fort Dauphin, Madagascar. Photo: of Louise du Plessis, Twitter @Louisedp3137 via Reuters
A man removes a fallen branch from the roof of a house during Cyclone Emnati in Fort Dauphin, Madagascar. Photo: of Louise du Plessis, Twitter @Louisedp3137 via Reuters

Emnati strikes: Madagascar hit by fourth cyclone in a month


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Madagascar was battered by its fourth cyclone in a month on Tuesday night and into Wednesday, further hampering recovery efforts and putting lives in danger.

Winds from Cyclone Emnati reached up to 135 kilometres per hour when it made landfall on the island's eastern Fianarantsoa Province, between Manakara City and Farafagana City. It later moved inland, losing some power as it went.

Three prior storms over the past five weeks have led to more 200 deaths in Madagascar as well as in Mozambique and Malawi in mainland Africa.

Tropical Storm Ana struck on January 22, Tropical Cyclone Batsirai on February 5 and Tropical Storm Dumako on February 15.

“In the last few years, we have noted more warming of the oceans,” Evans Mukolwe, an African meteorological expert who is a consultant for the UN’s intergovernmental authority on climate prediction, told AP.

“This change in climatic patterns in the Indian Ocean normally leads to an increase of cyclones in the south-western part.

“Climate change is having severe impacts on Africa.”

In preparation for the storm, the government issued a red alert and moved more than 30,600 people to emergency shelters. Thousands were already homeless after the previous storms.

The UN weather agency said eight to 12 more cyclones are expected in Madagascar and the southern African region by the time cyclone season ends in May. The agency had previously warned of more intense “high-impact tropical cyclones, coastal flooding and intense rainfall linked to climate change".

Cyclone Idai and Cyclone Kenneth caused massive destruction and hundreds of deaths in Mozambique and neighbouring countries in 2019, leading the UN weather agency to send a task force to the region.

One of the poorest countries in the world, the southern region of the Indian Ocean island nation has been ravaged by drought, the worst in 40 years, the UN reported.

Africa’s islands and coastal cities are at risk of more extreme weather in the coming years, the UN’s intergovernmental panel on climate change said.

A little more than 50 major African cities are exposed to severe climate-related threats posed by sea level and air temperature rises, which could lead to severe coastal flooding, marine heatwaves, ocean acidification and reduced oxygen levels, the panel said in a report.

“Sea level rise coupled with storm surges and waves will exacerbate coastal inundation and the potential for increased saltwater intrusion into aquifers,” said the report.

The surface of the Indian Ocean has warmed faster than the global average which is forecast to give rise to more cyclones and more droughts.

Cyclone Batsirai — in pictures

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)

 

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UAE currency: the story behind the money in your pockets
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

MATCH INFO

Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')

Man of the match: Theo Walcott (Everton)

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

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BIG SPENDERS

Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

Updated: February 23, 2022, 5:07 PM