People search for their belongings amid remains of a house destroyed by the floods as they return to their village in Kasba Gujrat, near Muzaffargarh, in Punjab province.
People search for their belongings amid remains of a house destroyed by the floods as they return to their village in Kasba Gujrat, near Muzaffargarh, in Punjab province.
People search for their belongings amid remains of a house destroyed by the floods as they return to their village in Kasba Gujrat, near Muzaffargarh, in Punjab province.
People search for their belongings amid remains of a house destroyed by the floods as they return to their village in Kasba Gujrat, near Muzaffargarh, in Punjab province.

Floods test defences in southern Pakistani city


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SUKKUR, PAKISTAN // Workers piled stones and sandbags to plug leaks in a levee protecting a southern Pakistani city today, as the floods that have destroyed homes, farmland and livelihoods moved slowly toward the sea. A bus carrying people fleeing the water plunged into a flooded ravine in Punjab province, and at least 13 people died. Police official Jawed Amjad said the bus, traveling from Karachi to Peshawar, crashed into the ravine about 3am. He said 29 of the 59 passengers were rescued, 13 bodies were recovered and 17 people were missing. The missing may have been swept away in the rushing waters, he said.

The floods have left about six million people homeless from the mountainous north to the southern plains. The floods are expected to begin draining into the Arabian Sea in the coming days. Today, hundreds of people who had fled the floods blocked a highway near the town of Kot Adu in Punjab province to protest the slow pace of aid deliveries. "No food came here for the last two days ... We can wait - children can't," said Mohammad Iqbal, one of about 400 protesters.

Pakistan's shaky government has come under criticism for its response and will require billions of dollars in foreign aid to rebuild. The scale of the disaster has raised fears that Islamist extremist such as the Taliban may regroup in the misery. The latest town under threat from the Indus River is Shadad Kot in southern Sindh province. On the eastern side of the city, the levee was under pressure from 2.57-metre high waters, said Yaseen Shar, the top administrative official there.

"We are fighting this constant threat by filling the breaches with stones and sand bags but it is a very challenging task," he said. Most of the city's 350,000 people have moved to relief camps or to towns and cities away from the danger. Local charities, the Pakistani army and international agencies are providing food, water, medicine and shelter to the displaced, but millions have received little or help. Aid officials warn that water-borne diseases like cholera now pose a real threat.

Yesterday, the government said the world has given or pledged more than $800 million (Dh2.9 billion) of aid to the country. * AP

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UAE currency: the story behind the money in your pockets
When Umm Kulthum performed in Abu Dhabi

  

 

 

 

Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.

 
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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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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat