• Rescuers help residents cross a bridge to safety in Tubay town, Agusan del Norte, southern Philippines. Photo: AP Photo
    Rescuers help residents cross a bridge to safety in Tubay town, Agusan del Norte, southern Philippines. Photo: AP Photo
  • Residents leave their homes next to a swollen river in Cagayan de Oro, Mindanao island, amid heavy rains brought about by Typhoon Rai. Photo: AFP
    Residents leave their homes next to a swollen river in Cagayan de Oro, Mindanao island, amid heavy rains brought about by Typhoon Rai. Photo: AFP
  • A Philippine Coast Guard helps a resident in Typhoon Rai in Cagayan De Oro. Photo: Reuters
    A Philippine Coast Guard helps a resident in Typhoon Rai in Cagayan De Oro. Photo: Reuters
  • Residents are helped to higher grounds. Photo: AFP
    Residents are helped to higher grounds. Photo: AFP
  • Siargao island sustained winds of 185 kilometres per hour. Photo: EPA
    Siargao island sustained winds of 185 kilometres per hour. Photo: EPA
  • A woman is rescued from her home. Photo: EPA
    A woman is rescued from her home. Photo: EPA
  • As the typhoon hit, authoritities were warning residents to avoid large crowds as the first cases of the Omicron coronavirus variant were reported. Photo: AP Photo
    As the typhoon hit, authoritities were warning residents to avoid large crowds as the first cases of the Omicron coronavirus variant were reported. Photo: AP Photo
  • Local tourists with their belongings arrive to take shelter at a sports complex turned into an evacuation centre in Dapa town, Siargao island. Photo: AFP
    Local tourists with their belongings arrive to take shelter at a sports complex turned into an evacuation centre in Dapa town, Siargao island. Photo: AFP
  • Residents bed down for the night at the sports complex. Photo: AFP
    Residents bed down for the night at the sports complex. Photo: AFP

Typhoon Rai lashes Philippines as tens of thousands forced to flee


  • English
  • Arabic

Tens of thousands of people in the Philippines have fled their homes and beachfront resorts as a powerful typhoon lashed the archipelago on Thursday.

Authorities say more destructive winds and torrential rain could follow.

Typhoon Rai was driven by powerful winds as it barrelled towards central and southern regions of the vast archipelago, the state weather agency said.

It said the storm made landfall at 1.30pm local time on Siargao Island, with sustained winds of 185kph and gusts of up to 230kph.

"Destructive typhoon-force winds ... may bring moderate to heavy damage to structures and vegetation," the weather agency said.

More than 45,000 people have sought emergency shelter as the storm charged across the Pacific Ocean, the national disaster agency said. Officials said about 10,000 villages lie in the projected path of the typhoon, which has a 400-km-wide rain band and is one of the strongest to hit the country this year.

Those felling included domestic tourists visiting the country's famous beaches and diving spots. Foreign travellers are still banned from entering the Philippines under Covid-19 restrictions.

The Philippines is among the hardest-hit countries by the pandemic in South-east Asia, with confirmed infections of more than 2.8 million and more than 50,000 deaths.

Crowding in evacuation centres was complicating efforts to keep people safely distanced after health authorities detected the country’s first infections caused by the Omicron variant of the coronavirus.

Visual tracking of Typhoon Rai at the Quezon City Emergency Operations Centre in Metro Manila. EPA
Visual tracking of Typhoon Rai at the Quezon City Emergency Operations Centre in Metro Manila. EPA

The typhoon has led to scores of flights being cancelled and dozens of ports temporarily closed as the weather bureau said several metre-high storm surges in the sea could cause "life-threatening flooding" in low-lying coastal areas.

Several southern and central provinces were on typhoon alert. Residents were warned to stay away from coastal and low-lying villages and other high-risk areas due to possible flash floods, landslides and tidal surges in or near the typhoon’s path.

The coastguard said it has prohibited sea voyages in high-risk regions, leaving about 4,000 passengers and ferry and cargo ship workers stranded. Coastguard personnel and boats were on standby, it said.

Rai, locally named Odette, arrived late in the typhoon season, with most cyclones developing between July and October. It is expected to sweep across the Visayas region and Mindanao and Palawan islands, before arriving over the South China Sea on Saturday and heading towards Vietnam.

The Philippines – ranked as one of the world's most vulnerable places to the effects of a warming planet – is lashed by an average of 20 storms and typhoons every year, which typically wipe out harvests, homes and infrastructure in already impoverished areas.

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Origin
Dan Brown
Doubleday

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Match info

Athletic Bilbao 0

Real Madrid 1 (Ramos 73' pen)

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90 2')

Barcelona 0

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

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.”

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Updated: December 16, 2021, 9:29 AM