Tourists shelter from the sun atop the Acropolis in Athens. Getty Images
Tourists shelter from the sun atop the Acropolis in Athens. Getty Images
Tourists shelter from the sun atop the Acropolis in Athens. Getty Images
Tourists shelter from the sun atop the Acropolis in Athens. Getty Images

Heatwaves could extend into August


Simon Rushton
  • English
  • Arabic

Heatwaves affecting large tracts of the Northern Hemisphere are expected to last into August, the World Meteorological Organisation (WMO) has said.

Climate change also means future heatwaves will become more frequent and be spread across more months, said John Nairn, the WMO’s senior extreme heat adviser.

As southern Europe grapples with successive heatwaves during the peak tourist season, local and national authorities have warned of increased risks to health, potentially even deaths.

Extreme weather has disrupted the lives of millions of people in America, with dangerous heat stretching from Southern California to the Deep South. Asian countries such as China and Middle East countries have also recorded regional temperature surges. The UAE recorded its first 50ºC day of the year last weekend.

More than 61,000 people died from heat-related causes during the summer last year, a comprehensive study published in Nature Medicine journal found.

“We should expect or at least plan for these extreme heatwaves to continue through August,” Mr Nairn said.

“We're on trend in seeing a rise in global temperatures that will contribute to heatwaves increasing in intensity and frequency,” Mr Nairn said.

  • A building destroyed by a wildfire in Mandra, north-west of Athens. Bloomberg
    A building destroyed by a wildfire in Mandra, north-west of Athens. Bloomberg
  • A helicopter sprays water to douse a fire in Dervenochoria, Greece. AFP
    A helicopter sprays water to douse a fire in Dervenochoria, Greece. AFP
  • People try to escape the heat by swimming at Poetto beach in Sardinia, Italy. Bloomberg
    People try to escape the heat by swimming at Poetto beach in Sardinia, Italy. Bloomberg
  • A fireman tries to control a wildfire in New Peramos, near Athens, Greece. AFP
    A fireman tries to control a wildfire in New Peramos, near Athens, Greece. AFP
  • A man cools off at a fountain near the Pantheon in Rome, Italy. Reuters
    A man cools off at a fountain near the Pantheon in Rome, Italy. Reuters
  • A resident inspects his home, which was completely destroyed by fire in Dervenochoria. EPA
    A resident inspects his home, which was completely destroyed by fire in Dervenochoria. EPA
  • Lemurs try to reach iced fruit at the Rome Zoo in Italy. AFP
    Lemurs try to reach iced fruit at the Rome Zoo in Italy. AFP
  • Firefighters and volunteers work to extinguish a burning field during a wildfire in Saronida, south of Athens. Bloomberg
    Firefighters and volunteers work to extinguish a burning field during a wildfire in Saronida, south of Athens. Bloomberg
  • Burnt trees after a wildfire in Kouvaras, near Athens. Reuters
    Burnt trees after a wildfire in Kouvaras, near Athens. Reuters
  • A woman covers herself with a scarf in Avignon, southern France. AFP
    A woman covers herself with a scarf in Avignon, southern France. AFP
  • A boy cools down at the Barcaccia fountain in Rome. AFP
    A boy cools down at the Barcaccia fountain in Rome. AFP
  • People play in the shore of the Aguilar de Campoo reservoir in Spain. AFP
    People play in the shore of the Aguilar de Campoo reservoir in Spain. AFP
  • An umbrella provides shade during a heatwave in Rome. The Italian Health Ministry has put out a red alert. EPA
    An umbrella provides shade during a heatwave in Rome. The Italian Health Ministry has put out a red alert. EPA
  • Cooling off in a fountain in St Peter's square, Vatican City. AFP
    Cooling off in a fountain in St Peter's square, Vatican City. AFP
  • Swanning about in the sun is child's play, near Messina in Sicily. AFP
    Swanning about in the sun is child's play, near Messina in Sicily. AFP
  • The Tijarafe wildfire advances on the Canary Island of La Palma, Spain. Reuters
    The Tijarafe wildfire advances on the Canary Island of La Palma, Spain. Reuters
  • Tourists are hot to trot in a horse-drawn carriage in Seville, Spain. AFP
    Tourists are hot to trot in a horse-drawn carriage in Seville, Spain. AFP
  • A tree provides shelter from the sun in Thessaloniki, Greece, where a four-day heatwave has led to temperatures of up to 44°C. EPA
    A tree provides shelter from the sun in Thessaloniki, Greece, where a four-day heatwave has led to temperatures of up to 44°C. EPA
  • A father and daughter are shrouded by mist from a public fountain in Bucharest, Romania. AP
    A father and daughter are shrouded by mist from a public fountain in Bucharest, Romania. AP

“We've got quite clear indications that they're already growing out into spring.”

Across southern Europe locals and tourists are being warned to be aware of the dangers that the heat poses.

A second heatwave hit Greece as firefighters struggled to contain a wildfire west of Athens that has burnt forests for a fifth day.

More than 100 houses and businesses have been severely damaged by this fire and another near Athens that authorities put out earlier in the week.

Two other blazes in forests on the island of Rhodes and in the Lakonia district in southern Greece were tamed on Friday.

Italy and Spain have also endured unusually hot temperatures that sparked wildfires.

Soaring temperatures are being fuelled by an anticyclone, or area of high air pressure, named Charon after the ferryman of the dead in Greek mythology.

The weather system pushed into the region from North Africa at the weekend, following Cerberus, another anticyclone, which caused extreme temperatures in the same part of the continent last week.

The EU's Copernicus Climate Change Service says 2022 and 2021 were the continent's hottest summers on record. Europe's highest recorded temperature of 48.8ºC was registered in Sicily two years ago.

Heat records are being shattered the world over, and scientists say there is a good chance that 2023 will go down as the hottest year on record, with measurements going back to the middle of the 19th century.

June recorded the warmest global average temperature, according to Copernicus, and the WMO predicted that several records were likely to be broken this summer.

The global organisation said unprecedented sea surface temperatures and low Arctic sea-ice levels were largely to blame.

Human-caused climate change is making the world hotter and is being amplified by the naturally occurring El Nino weather phenomenon.

But the current El Nino started only a few months ago and is still weak to moderate. It is expected to peak during winter.

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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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Updated: July 21, 2023, 6:21 PM