Jacksonville, Florida: as a parting shot to Florida ,Irma causes record flooding in the Jacksonville area on September 11, 2017.  Photo:  DroneBase via AP
Jacksonville, Florida: as a parting shot to Florida ,Irma causes record flooding in the Jacksonville area on September 11, 2017. Photo: DroneBase via AP

Irma is gone at last,after reducing Caribbean islands and the Florida Keys to a disaster zone



Storm-battered Florida began the long road to recovery on Tuesday, as aid began arriving in cities hit by the hurricane and residents were allowed to start returning to the upper islands of the Florida Keys, one of the worst-affected regions.

Almost two thirds of homes across the state remain without power two days after Hurricane Irma tore up Florida’s peninsula. Authorities warned of fuel shortages across the south-east of the US as a result of Hurricane Irma arriving so soon after Hurricane Harvey knocked out refining facilities and terminals in Texas.

Irma, since downgraded to a tropical storm, has been linked to 11 deaths across the US. The latest was a 55-year-old man who died when his chainsaw became entangled in a fallen branch, causing it to kick up and cut his carotid artery. But now the hundreds of thousands of people who fled the impending wall of wind at the end of last week can think about returning home and beginning the clean-up.

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All around Fort Lauderdale, which missed the eye of the storm, people who stayed behind spent Tuesday raking up fallen branches, repairing fences and returning satellite dishes to roofs. InJacksonville, the storm caused record flooding

Further south, residents of the Florida Keys know they could be returning to a disaster zone. It was here that Irma roared ashore on Key Cudjoe as a powerful category four storm on Sunday morning. Officials have been checking the integrity of bridges that connect the island chain to the mainland and to each other and are now allowing residents and business owners to begin returning to Key Largo, the main island at the northern end of the chain, as well as the towns of Tavernier and Islamorada, further to the south.

However, returnees were warned that recovery efforts would be painstakingly slow and the advice was not to stay long.

Brock Long, head of the Federal Emergency Management Agency (FEMA), said: “This is going to be a frustrating event. It's going to take some time to let people back into their homes particularly in the Florida Keys.”

A local county commissioner also said that people had been killed there. "We are finding some remains," Heather Carruthers told CNN, without providing further details.

Meanwhile, the US aircraft carrier Abraham Lincoln arrived off the east coast of Florida. It was due to be joined by two amphibious assault ships as part of an effort to distribute food to people in the Keys and to help remove about 10,000 residents who did not leave before the storm.

President Donald Trump took to Twitter to praise the recovery effort.

“The devastation left by Hurricane Irma was far greater, at least in certain locations, than anyone thought — but amazing people working hard,” he wrote.

Elsewhere, several southern airports — including Fort Lauderdale and Miami International — resumed limited passenger services. Utility companies reported more than seven million homes and businesses remain without electricity in Florida and neighbouring states and warned that it could take weeks to restore a full service.

In all, the repair bill will run into tens of billions of dollars in damage and lost economic output. The cost of insurance pay-outs alone could amount to $40 billion (Dh 146 billion), according to the catastrophe modelling firm AIR Worldwide.

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In Fort Lauderdale, lorries from the local power company could be seen travelling in convoy before first light as they set about trying to restore electricity supplies. Their first priority was restoring power to traffic lights, many of which had failed, thus raising the risk of accidents.Stores gradually began to open.

“We were open yesterday,” said Nelson, owner of American Coffee Shop, one of the few diners open in the immediate aftermath. “I had to get the milk myself, driving all over town to find somewhere open.”

The longest car line was not for the handful of petrol stations that had supplies, but for a McDonald’s drive-thru in North Fort Lauderdale.

Many across the state are counting their blessings. It could have been much worse if Irma had continued on its predicted course and slammed into Miami as a category four or five storm. Instead it tracked west, dumping its rain and fury on the unpopulated Everglades, and weakening rapidly over land. But it still set records as the longest-lasting powerful hurricane or typhoon ever recorded anywhere in the world.

Phil Klotzblache, a research scientist at Colorado State University, said it maintained winds of 300kph for 37 hours making it the "the longest any cyclone around the globe has maintained that intensity on record". The previous record was held by Typhoon Haiyan, which devastated the Philippines in 2013.

Irma also held hurricane status for almost 12 days and for more than three days was a category five storm, putting it on a par with a hurricane that struck Cuba in 1932.

Caribbean islands bore the brunt of that intense power. Irma was responsible for nearly 40 deaths, a number that has been ticking upward day by day.

Sir Richard Branson, the British billionaire, said most of the buildings and vegetation on his private island Necker had been destroyed or damaged.

In a statement posted on Virgin’s website he added that he was looking at ways to help aid agencies in their emergency response, having seen "first-hand how ferocious and unforgiving this storm was".

He and his team hunkered down in a wine cellar to escape the storm as it barrelled through the Caribbean and the 50 or so British Virgin Islands last week.

“We will do whatever we can to support and assist our local community through this extremely testing time. If our really strong buildings sustained such damage, I am so worried for elsewhere in the BVI and Caribbean,” he said.

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Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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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