The freak weather struck at 5.10pm, sending residents dashing for cover as debris swept across streets and snapped trees. EPA
The freak weather struck at 5.10pm, sending residents dashing for cover as debris swept across streets and snapped trees. EPA
The freak weather struck at 5.10pm, sending residents dashing for cover as debris swept across streets and snapped trees. EPA
The freak weather struck at 5.10pm, sending residents dashing for cover as debris swept across streets and snapped trees. EPA

Iran freak sandstorm kills four, plunges 50,000 homes into darkness


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To see video of sandstorm, click here

TEHRAN // A massive sandstorm and record winds killed at least four people in Tehran on Monday, plunging the Iranian capital into darkness, knocking out power supplies, damaging buildings and causing massive disruption.

The freak weather struck at 5.10pm (4.50pm UAE time), sending residents dashing for cover as debris swept across streets and snapped trees.

State media attributed the fatalities to falling trees and reported winds of 110 kilometres per hour.

It also warned Tehranis to stay indoors.

Amin Sabernia, Iran’s chief emergency official, announced the deaths and said at least 27 people were injured, 10 of them in a road accident when the gloom suddenly descended.

Two people injured in the storm were in critical condition, reported state media.

Almost 7,000 emergency workers were deployed within the hour, officials said.

Ahad Vazifeh, who is in charge of government weather forecasts, warned of bad weather until Wednesday.

“This is like an apocalyptic Hollywood movie. I’m scared,” a woman running into a shop in the capital’s central business district to escape the gales said seconds after the storm hit.

A man inside the same building said: “I’ve never seen anything like this. I was afraid it was an omen of things to come.”

Residents of earthquake-prone Iran usually make such comments when they fear a strong tremor is imminent.

After a 15-minute period of gloom, the sandstorm began to lift and rains lashed down amid strong winds.

Pictures posted on social media showed a giant sand cloud approaching the city, before it turned dark and the outside temperature plunged from 33°C to 18°C.

An electricity official quoted on ISNA news agency said power had been lost in at least 50,000 homes.

Flights out of Tehran were delayed, Fars news agency said.

Internet and telephone services were interrrupted, with lines going down before returning intermittently.

About 90 minutes after the initial storm, the winds appeared to ease and more cars were seen on the streets, although many people opted to stay inside office buildings.

Road monitoring services showed large areas of Tehran gridlocked shortly as the storm hit as people were headed home during rush-hour traffic.

* Agency France-Presse

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  • It’s So Easy
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  • Estranged
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  • Slither (Velvet Revolver cover)
  • Rocket Queen
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  • November Rain
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  • The Seeker (The Who cover)
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• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
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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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