ABU DHABI // Typhoon Bopha smashed into the southern Philippines yesterday with winds of more than 200 kilometres per hour destroying homes, uprooting trees and killing at least 52 people.
Filipino expatriates in the UAE watched with concern as the strongest storm to hit the country this year brought scenes of devastation.
Cornelio Nambatac said that although his family had prepared for Bopha, he still worried about their safety.
"The strong winds toppled trees and ripped off roofs," said Mr Nambatac, 40, an Abu Dhabi government employee from Cagayan de Oro. "My family is OK but we're hoping it won't be a repeat of Sendong," he said, referring to the devastating storm that struck the Philippines in December last year.
Typhoon Washi, known locally as Sendong, claimed the lives of more than 1,200 people and affected more than a million others.
Liza Mazo, a regional civil defence official, said more casualties were expected to be discovered as search-and-rescue teams fanned out in Typhoon Bopha's wake.
ABS-CBN television said 43 of the deaths occurred in one southern town that was in the direct path of Bopha's 210 kilometre an hour winds soon after it hit land on Mindanao island's east coast at dawn. But the relatively low death toll in the immediate aftermath of the typhoon was due in part to an early evacuation.
Mr Nambatac's three sisters, their husbands, four nieces and a nephew survived Washi's fury last year. They had to climb on to the roof of their two-storey home in the middle of the night as floodwaters entered their house.
"They have since learned from that experience," he said. "They've stocked up on food and potable water and moved all the electronic items to the second floor."
Yesterday, the commercial centre of Cagayan de Oro was flooded as rivers overflowed after heavy rain.
Nolan Dalapo, 47, a library and research assistant at Abu Dhabi University, started monitoring news of the typhoon on Saturday.
Last year, his siblings' homes in Cagayan de Oro were damaged in the floods, and they lost all their belongings.
"They all live near the river so I've asked them to temporarily move to our family home," Mr Dalapo said. "My former colleagues are not taking any chances and are staying at evacuation centres."
Schools were shut in Mindanao and across large areas of the central Philippines, with some of the schoolrooms serving as evacuation centres or to store relief supplies.
Bopha is the 16th typhoon in Philippine territory this year, and the strongest yet. It made landfall at dawn yesterday in the southern province of Davao Oriental.
With a storm cloud covering of 500km, Bopha was moving west-northwest yesterday and was expected to move out into the South China Sea by tomorrow.
Jerry Villamor, 22, a salon worker in Abu Dhabi, called his mother in Davao City after watching the news on television.
"Our house is located on higher ground but it's near the sea," he said. "I hope my family and the residents in the area are all safe."
Annabel Marquizo, a nanny in Abu Dhabi who is from the gold-mining province of Compostela Valley, which includes the New Bataan town, said her brother was still missing as of last evening.
"He works in a mine and couldn't be contacted by my family until now," she said last night. "A coconut tree fell on our house, which is badly damaged. Many of our neighbours were injured and some died."
rruiz@thenational.ae
* With additional reporting by Associated Press, Reuters and Agence France-Presse
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Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
more from Janine di Giovanni
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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MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.