The New York governor says his state would need US$42 billion (Dh154.2bn) to recover from the damage wreaked in late October and prevent future catastrophe.
The New York governor says his state would need US$42 billion (Dh154.2bn) to recover from the damage wreaked in late October and prevent future catastrophe.
The New York governor says his state would need US$42 billion (Dh154.2bn) to recover from the damage wreaked in late October and prevent future catastrophe.
The New York governor says his state would need US$42 billion (Dh154.2bn) to recover from the damage wreaked in late October and prevent future catastrophe.

Superstorm warnings in New York 'for more than a dozen years'


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WASHINGTON // The climate scientist, Michael Oppenheimer, stood along the Hudson River and watched his research come to life as Hurricane Sandy blew through New York.

Just eight months earlier, the Princeton University professor reported that what used to be once-in-a-century devastating floods in New York would soon happen every three to 20 years. He blamed global warming for pushing up sea levels and changing hurricane patterns.

New York "is now highly vulnerable to extreme hurricane-surge flooding", he wrote.

For more than a dozen years, Mr Oppenheimer and other climate scientists have been warning about the risk for big storms and serious flooding in New York. A 2000 federal report about global warming's effect on the United States warned specifically of that possibility.

Still, they say it is unfair to blame climate change for Sandy and the destruction it left behind. They cautioned that they cannot yet conclusively link a single storm to global warming, and any connection is not as clear and simple as environmental activists might contend.

"The ingredients of this storm seem a little bit cooked by climate change, but the overall storm is difficult to attribute to global warming," said Andrew Weaver, a climate scientist at Canada's University of Victoria.

Some individual parts of Sandy and its wrath seem to be influenced by climate change, several climate scientists said.

First, there's sea-level rise. Water levels around New York are a nearly 30 centimetres higher than they were 100 years ago, said the climate scientist Michael Mann, of Penn State University.

Add to that the temperature of the Atlantic Ocean, which is about 1.1°C warmer on average than a century ago, said Katharine Hayhoe, a climate scientist at Texas Tech University. Warm water fuels hurricanes.

And Sandy zipped north along a warmer-than-normal Gulf Stream that travels from the Caribbean to Ireland, said Jeff Masters, a meteorology director for the private service Weather Underground.

Meteorologists are also noticing more hurricanes late in the season and even after the season. A 2008 study said the Atlantic hurricane season seems to be starting earlier and lasting longer but found no explicit link to global warming. Normally there are 11 named Atlantic storms. The past two years have seen 19 and 18 named storms. This year, with one month to go, there are 19.

After years of disagreement, climate scientists and hurricane experts have concluded that as the climate warms, there will be fewer total hurricanes. But those storms that do develop will be stronger and wetter.

Sandy took an unprecedented sharp left turn into New Jersey. Usually storms keep heading north and turn east harmlessly out to sea. But a strong ridge of high pressure centred over Greenland blocked Sandy from going north or east, according to the National Hurricane Centre.

Jennifer Francis of Rutgers University, an expert in how a warming Arctic affects extreme weather patterns, said recent warming in the Arctic may have played a role in enlarging or prolonging that high pressure area. But she cautioned it is not clear whether the warming really had that influence on Sandy.

While components of Sandy seem connected to global warming, "mostly it's natural, I'd say it's 80, 90 per cent natural", said Gerald North, a climate professor at Texas A&M University.

"These things do happen, like the drought. It's a natural thing."

For his published research, Mr Oppenheimer looked at New York's record flood of 1821. Sandy flooded even higher. This week's damage was augmented by the past century's sea-level rise, which was higher than the world average because of unusual coastal geography and ocean currents. Mr Oppenheimer walked from his Manhattan home to the river Monday evening to watch the storm.

"We sort of knew it could happen, but you know that's different from actually standing there and watching it happen," Mr Oppenheimer said. "You don't really imagine what this looks like until you see it."

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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Delhi Daredevils 174-4 (20 ovs)
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Delhi won the match by 11 runs

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2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

GAC GS8 Specs

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Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

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Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

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The specs: 2018 Audi RS5

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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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.”

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5