As Manuel Gimoeo walks out of the depths of Beira’s municipal morgue, draped in a blue bodysuit and orange gloves, a co-worker shouts to him and calls him “chefe,” Portuguese for boss.
The grey-bearded, portly man is the director of the central coastal city’s only depository for bodies, and his team of 22 staffers are working around the clock to deal with the influx of victims killed by Cyclone Idai, which devastated this area of Mozambique last week.
“The work has been quite busy because a lot of bodies have come in and also bodies going out,” he said.
It has been a “very difficult job,” he said, the most arduous since he has been the director of the morgue. “Because it’s never happened [before], it’s an event that scared many people. For us the work has been very intense.”
According to locals, rumours have been spreading on WhatsApp around Beira that the morgue is overflowing and dead bodies have been lying around the building for lack of space. Others have said that bodies were taken to the city’s medical university and put on tables there.
But Mr Gimoeo refutes this. The morgue has the capacity to hold 104 bodies, and it has not yet surpassed that number even after the cyclone’s trail of destruction has killed four times that number. In the late afternoon on Friday, no visitors were present at the mosque to identify and pick up deceased relatives, nor those who waited to find out the fate of their missing loved ones.
In Mozambique, 446 people have been confirmed dead and aid groups say that number will almost certainly rise as receding floodwaters reveal more devastation. With 228,000 displaced people now languishing in organised and informal camps, and reports of disease beginning to emerge, the death toll could climb further in the weeks and months after the cyclone’s landfall.
The 49-year-old morgue director says he has kept the building operating throughout the cyclone, a testament to him and his staff.
The damaged roof of the morgue’s freezer area is covered by roped down blue tarpaulins. Inside the morgue’s front office, a red bucket collects drips from the ceiling that leaks after more than a week of being battered by torrential rain and fierce winds.
Past a large crucifix on the front office wall, hung for prayers before families take their identified relatives away, lies a crematory and a generator that has kept the morgue operational in a city without power. Several staff members look unoccupied, sitting around on benches in the office, while another cleans the floor with chemicals.
While Mr Gimoeo downplays the numbers arriving, the International Committee of the Red Cross (ICRC) warned on Friday that the building was overflowing as the city’s cemeteries were flooding, making burials near impossible.
"The mortuary at the city's main hospital is full and there are dozens of bodies that need to be removed and cared for in a dignified way," it said in a statement.
But the director says the arriving cadavers have had no problems specific to the cyclone, despite the 170 kilometre-per-hour winds that smashed into Beira, and the influx has been managed smoothly by the morgue staff.
“Since the disaster, to manage the bodies hasn’t been a problem,” he said. “No difficulty.”
“The bodies are the same when there is a cycle,” he continued, referring to the process that a dead body goes through. “Because of the low temperature and the pressure, the bodies swell. There is nothing...that is not normal.”
The mortuary cold chamber resembles a scene out of a horror movie. Twelve rows of rusting, white metal doors are matched by an equal number on the other side. In the middle, a dull light emits from a long LED bulb that hangs low after being knocked halfway to the floor by the Category 2 storm.
The bodies are stored at five degrees Celsius but amid the humid, tropical air, the smell is overpowering.
The director offered a wry smile as a newcomer entered the freezer area then, after the grisly stench of the decomposing bodies hit their nose for the first time, he laughed.
“No photos,” the boss said, the grin still etched on his face.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners