The UAE will send Dh18.3 million in emergency aid to Mozambique, Zimbabwe and Malawi after Tropical Cyclone Idai tore through the African countries.
Rescue workers in Mozambique were racing against time to move people out of trees and off roofs on Tuesday as rain and powerful winds continued.
The monster storm swept through Mozambique before smashing into Zimbabwe.
Four days after Idai made landfall, flash floods have swept away roads and bridges in the two impoverished countries.
More than 1,000 people are feared to have died in Mozambique alone while scores have been killed and more than 200 are missing in Zimbabwe.
The UAE’s aid contribution consists of food supplies and supplements for children, medical supplies and shelter to assist 600,000 people in the three countries.
Delegations from the Emirates Red Crescent will travel to each of the affected nations and ensure the swift delivery of the emergency supplies.
The donation comes by order of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Monitoring the situation will be Sheikh Hamdan bin Zayed, Ruler's Representative in Al Dhafra and chairman of the Emirates Red Crescent, the state news agency Wam reported.
Britain on Monday said it was giving £6m (Dh29.2m) in emergency aid to Mozambique.
'People are stranded in trees'
Emergency teams in central Mozambique steered boats in an inland sea of floodwater, rescuing survivors from treetops and roofs, even in the dead of night.
The South African military and the Mozambican army have sent their air forces to help save lives.
Rescue SA, a South African charity, said it saved 34 people since Friday night, using three helicopters.
"It is the only way to access the people that are stranded," the charity's Abrie Senekal told AFP.
Its team is having to make life-or-death decisions about who to save, leader Ian Scher said.
"Sometimes we can only save two out of five," Mr Scher said. "Sometimes we drop food and go to someone else who's in bigger danger.
"There's two issues at the same time: people stranded in trees, and people stranded on houses or new islands that have no food. We just save who we can save and the others will perish.
"In the trees, people have to fight with snakes, insects, wildlife."
President Filipe Nyusi on Monday said the Pungwe and Buzi rivers in central Mozambique had burst their banks and engulfed entire villages.
Mr Nyusi said communities were isolated by the floods and bodies were floating on the water.
"This is a real humanitarian disaster," he said. "More than 100,000 people are in danger."
Emma Beaty, co-ordinator of Cosaco, a group of charities, warned of the peril from dams filled to the brim by the floodwater.
"Some dams have broken and others have reached full capacity," Ms Beaty said. "They'll very soon open the floodgates.
"It's a convergence of flooding, cyclones, dams breaking and making a potential wave ... everything's in place so we get a perfect storm."
In neighbouring Zimbabwe, Idai left 98 dead and at least 217 missing, the Information Ministry said.
The most affected area is Chimanimani in Manicaland province, which borders Mozambique.
Families started burying their dead on Monday in damp graves, and survivors with injuries filled hospitals.
Military helicopters were flying people to Mutare, the largest city near Chimanimani.
The storm swept away homes and ripped bridges to pieces, leaving destruction that acting defence minister Perrance Shiri said "resembles the aftermath of a full-scale war".
Some roads were swallowed by enormous sinkholes, while bridges were ripped to pieces by floods.
"There's going to be a large amount of dead people," Mr Scher said. "The locals and the international community don't realise it yet but it will be huge."
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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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Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
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New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)
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