Milady beach in Biarritz, south-western France, on August 23, as the heatwave sweeps across the country. AFP
Milady beach in Biarritz, south-western France, on August 23, as the heatwave sweeps across the country. AFP
Milady beach in Biarritz, south-western France, on August 23, as the heatwave sweeps across the country. AFP
Milady beach in Biarritz, south-western France, on August 23, as the heatwave sweeps across the country. AFP

French heatwave sets late-summer temperature record


Soraya Ebrahimi
  • English
  • Arabic

A heatwave across France brought an all-time high temperature for late summer on Tuesday, the weather authority said.

Before a peak in the August hot spell expected in the second half of the week, the nationwide average temperature over 24 hours hit 26.9°C, Meteo France announced Wednesday.

Such continuously high temperatures have never been recorded so late in summer, the weather bureau said.

Monday had already brought temperatures topping the previous 26.6°C record set in 2012.

Nineteen of mainland France's 96 departments were on red alert for heat on Wednesday, with 37 others at the lower orange warning level.

"A lasting and intense heatwave is in place across the southern two thirds of the country," Meteo France said.

Maximum temperatures in southern regions including the Rhone valley, the Occitanie region bordering Spain and the Aquitaine region around Bordeaux could reach 42°C, the authority said.

Southern France wildfire - in pictures

  • French firefighters survey a house destroyed by wildfire in Saint-Andre, near Argeles-sur-Mer. All photos: AFP
    French firefighters survey a house destroyed by wildfire in Saint-Andre, near Argeles-sur-Mer. All photos: AFP
  • Officials on Tuesday said the villages of Saint-Andre, Sorede and the town of Argeles were in the path of approaching wildfires. AFP
    Officials on Tuesday said the villages of Saint-Andre, Sorede and the town of Argeles were in the path of approaching wildfires. AFP
  • A scorched campsite in Saint-Andre. AFP
    A scorched campsite in Saint-Andre. AFP
  • Fire spread across 500 hectares in the Pyrenees-Orientales region. AFP
    Fire spread across 500 hectares in the Pyrenees-Orientales region. AFP
  • Survivors who fled are being housed in temporary accommodation. AFP
    Survivors who fled are being housed in temporary accommodation. AFP
  • More than 3,000 tourists have been evacuated from campsites. AFP
    More than 3,000 tourists have been evacuated from campsites. AFP
  • The smouldering remains of a house in the aftermath of the fire. AFP
    The smouldering remains of a house in the aftermath of the fire. AFP
  • Firefighters inspect the damage. AFP
    Firefighters inspect the damage. AFP
  • A firefighter douses the flames. AFP
    A firefighter douses the flames. AFP

Meteo France said much of the south would see temperatures coming close to or touching 40°C on Thursday, with minimum temperatures passing 20°C.

While the south is bearing the brunt of the heatwave, the north is not escaping weather-related misery altogether.

Parts of the north-west – although not Brittany – were being placed on orange alert from midnight on Wednesday for risk of severe gales accompanied by hailstorms and heavy rain.

Meteo France warned of wind gusts reaching 100kph.

The specs

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Power: 258hp from 5,000-6,500rpm

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Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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.”

Company%20profile
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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

FIXTURES

Saturday
5.30pm: Shabab Al Ahli v Al Wahda
5.30pm: Khorfakkan v Baniyas
8.15pm: Hatta v Ajman
8.15pm: Sharjah v Al Ain
Sunday
5.30pm: Kalba v Al Jazira
5.30pm: Fujairah v Al Dhafra
8.15pm: Al Nasr v Al Wasl

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Updated: August 23, 2023, 10:53 PM