United Nations chief Antonio Guterres visited several flood-hit areas of Pakistan on Saturday as he rounded off a two-day trip aimed at raising awareness of the disaster.
Record monsoon rains and melting glacier in northern mountains triggered floods that have killed nearly 1,400 people and swept away houses, roads, railway tracks, bridges, livestock and crops.
Huge areas of the country are under water and hundreds of thousands of people have been forced from their homes. The government says the lives of nearly 33 million have been disrupted and estimates the damage at $30 billion.
Both the government and Mr Guterres have blamed the flooding on climate change.
"Pakistan and other developing countries are paying a horrific price for the intransigence of big emitters that continue to bet on fossil fuels," Mr Guterres said on Twitter shortly before leaving the Pakistani capital to see some of the most flood-affected areas.
"From Islamabad, I am issuing a global appeal: Stop the madness. Invest in renewable energy now. End the war with nature."
The UN secretary general travelled to the southern province of Sindh before flying over some of the worst-affected areas en route to Balochistan, another badly hit province in western Pakistan.
"It is difficult not to feel deeply moved to hear such detailed descriptions of tragedy," Mr Guterres said after landing in Sindh, according to a video released by the office of Prime Minister Shehbaz Sharif.
"Pakistan needs massive financial support. This is not a matter of generosity, it is a matter of justice."
"Pakistan needs massive financial support. This is not a matter of generosity, it is a matter of justice."
UN Secretary General Antonio Guterres
A video released by Information Minister Maryam Aurangzeb showed Mr Guterres seated next to Mr Sharif viewing flood-damaged areas from an aircraft window.
"Unimaginable," Mr Guterres said while surveying the damage.
Pakistan received 391 millimetres of rain in July and August — nearly 190 per cent more than the 30-year average. Sindh received 466 per cent more rain than the average.
The effect of the torrential rain has been twofold: destructive flash floods in rivers in the mountainous north, and a slow accumulation of water in the southern plains.
Thousands of temporary campsites have mushroomed on slivers of dry land in the south and west — often roads and railway tracks.
With people and livestock cramped together, the camps are ripe for outbreaks of disease, with many cases of mosquito-borne dengue reported, as well as scabies.
"If he comes and sees us, Allah will bless him," Rozina Solangi, a 30-year-old housewife from a flooded village near Sukkur in Sindh, told AFP on Friday.
"All the children, men and women are roasting in this scorching heat. We have nothing to eat, there is no roof on our heads. So he must do something for us poor."
Mr Guterres said the world needed to understand the impact of climate change on low-income countries.
"Humanity has been waging war on nature and nature strikes back," he said.
"Nature strikes back in Sindh, but it was not Sindh that has made the emissions of greenhouse gases that have accelerated climate change so dramatically," he said.
"There is a very unfair situation relative to the level of destruction."
Floods threaten Pakistan's world heritage site of Mohenjo Daro - in pictures
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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- 5 wins in 22 months as pro
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- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
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Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
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Friday, February 1
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
KILLING OF QASSEM SULEIMANI
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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