A cow stands in a flooded field in the al-Qanaa village in Sudan's southern White Nile state on September 14, 2021. AFP
A cow stands in a flooded field in the al-Qanaa village in Sudan's southern White Nile state on September 14, 2021. AFP
A cow stands in a flooded field in the al-Qanaa village in Sudan's southern White Nile state on September 14, 2021. AFP
A cow stands in a flooded field in the al-Qanaa village in Sudan's southern White Nile state on September 14, 2021. AFP

Rainstorms near Nile damage thousands of Sudanese homes


Mina Aldroubi
  • English
  • Arabic

Five thousand Sudanese families face displacement after their homes were damaged due to torrential rain and flooding, local news reports said on Thursday.

Heavy rainstorms fell in various regions of the country; in the River Nile state, Khartoum, El Gezira and South Darfur. There was extensive damage to buildings, agricultural projects and main roads linking a number of villages to the capital were cut off.

The River Nile state Civil Defence Department said two female bodies had been found on Thursday after they were reported missing.

They were on a tourist bus that was swept away by the river north of Shendi as it travelled between Khartoum and Port Sudan on Tuesday.

Some of the passengers were rescued but there are still many people missing, the department said, adding that it expected to find more bodies in the coming days.

The United Nations estimates that at least six people have been killed and 28,000 have been affected by flooding in Central Darfur in the past week.

“The rainy season usually lasts up to September, with the peak of rains and flooding observed between August and September”, the UN office for the Co-ordination of Humanitarian Affairs in Sudan (OCHA) said.

“At least six people died, and an unconfirmed number of people were injured when their houses collapsed due to the heavy rains or were washed away by the flash floods,” OCHA said in a statement.

Approximately 2,800 houses were destroyed, and more than 1,620 houses were damaged, it said.

“Rains and floods also damaged 63 water sources, 73 wells, as well as an unconfirmed number of farms, affecting people’s livelihoods,” it said.

The UN agency said nearly 38,000 people across the country have been affected by heavy rains and flooding since the rainy season began in May.

Human rights activist Bakri Al Tom said people were living in difficult humanitarian and health conditions because there is limited access to the affected areas.

He said “the accumulation of water has led to the spread of harmful insects. More than 15 villages were affected around the city of Barir, 311km north of Khartoum, in addition to dozens of villages around the cities of Damer and Shendi.”

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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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Updated: August 11, 2022, 1:48 PM