Dutch ice skaters test the thickness of ice along Amsterdam's frozen Keizersgracht canal.
Dutch ice skaters test the thickness of ice along Amsterdam's frozen Keizersgracht canal.

Snow traps thousands in Bosnian villages as adverse weather hits Europe



SARAJEVO // Bosnia used helicopters yesterday to evacuate the sick and deliver food to thousands of people left stranded by its heaviest snowfall ever, while Pope Benedict XVI donned an overcoat to bless the few pilgrims who braved Rome's cold weather to visit St Peter's Square.

"The snow is beautiful, but let's hope spring comes soon," the pope told the congregation, looking out over remnants of Rome's biggest snowstorm since 1986.

Across Eastern Europe, thousands of people continued to dig out from heavy snow that has fallen during a cold snap that struck more than a week ago and has killed hundreds of people.

In Ukraine, the hardest hit area, temperatures have fallen as low as -36°C. The government said yesterday that the country's death toll now stands at 131. About 2,300 other Ukrainians have sought treatment for frostbite or hypothermia.

At the other end of Europe, Britain had its first snowfall of the winter on Saturday — up to 16 centimetres — forcing London's Heathrow Airport to cancel flights and stranding many drivers overnight on highways. Stansted, Birmingham and Luton airports suspended operations overnight as snow piled up on runways, but resumed operations yesterday.

In Bosnia, more than 100 remote villages have been cut off by 2 metres of snow in the mountains. More than 1 metre fell in Sarajevo, where a state of emergency has been declared.

Three helicopters cruised over eastern Bosnia yesterday, delivering food and picking up people who needed to be evacuated. Sarajevo has been paralysed since Friday evening and authorities have ordered schools closed. Residents have volunteered to remove snow and ice from the trams that are stuck along the city's tracks.

In Serbia, officials said 70,000 people remain cut off. So far, 32 municipalities throughout the country have introduced emergency measures, said emergency official Predrag Maric. In Montenegro, the north of the country remained cut off, although emergency crews have managed to clear some of the blocked roads.

The situation also had improved somewhat in Croatia, where bus traffic towards the coast resumed, even as snow slowed traffic throughout the country. In the coastal town of Split, dozens of people sought medical help for injuries sustained on ice and snow. Snow is extremely rare in Split, which is on the Adriatic coast.

Snow also has fallen on Spain's Balearic Islands in the Mediterranean.

In Rome, the pope managed to keep his Sunday appointment at the window of his studio overlooking St Peter's Square, still covered with snow from the day before. Meanwhile, Rome's mayor is being criticised for the lack of snow ploughs and salters. But the city counters that it cannot spend millions of euros on equipment that might not be used in decades.

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

UAE currency: the story behind the money in your pockets

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 BIO

Age: 33

Favourite quote: “If you’re going through hell, keep going” Winston Churchill

Favourite breed of dog: All of them. I can’t possibly pick a favourite.

Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?

Favourite colour: All the colours that dogs come in

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now