A rainy morning for some the day before Agnes is due to arrive. PA
A rainy morning for some the day before Agnes is due to arrive. PA
A rainy morning for some the day before Agnes is due to arrive. PA
A rainy morning for some the day before Agnes is due to arrive. PA

Storm Agnes to hit UK with strong wind and heavy rain


Simon Rushton
  • English
  • Arabic

Strong winds and heavy rain are forecast to batter Britain as Storm Agnes, the first named storm of the season, sweeps across the country.

Agnes will first hit western regions of the UK and Ireland on Wednesday, with the most powerful winds expected on the Irish Sea coasts.

All of Scotland, Wales and Northern Ireland are under the warning from noon on Wednesday until 7am on Thursday.

Large parts of Northern England, the East Midlands, South-west England counties and Oxfordshire are also on alert from the same time.

The Met Office warning reads: “A deep area of low pressure named Storm Agnes is expected to approach south-west Ireland early on Wednesday and track across northern parts of the UK before clearing early [on] Thursday.

“There is some uncertainty on the precise track and depth of the low, however, the most likely outcome at present is, for a wide swath, 80 to 95kph gusts to affect inland areas, perhaps locally stronger over and to the lee of hills in the north.”

Ireland has warned small boats that wind speeds will reach force seven or higher.

Agnes is a remnant from a system named Tropical Storm Ophelia by US weather officials that brought heavy rain and wind to parts of east coast America last weekend.

Agnes will maintain strong winds as it crosses the UK on Wednesday and into Thursday.

Scotland, Wales, Northern Ireland and northern England will also be hit by heavy rain, with the possibility of up to 60mm in high-altitude areas of Scotland.

Met Office chief meteorologist Steve Ramsdale said: “Exposed coastal areas could see gusts of 100-120kph with a small chance of a few places seeing around 130kph.”

Storm Agnes will bring some heavy rain, with the highest totals more likely in Scotland, northern England, Wales and Northern Ireland. About 60mm of rain could fall over high ground in Scotland.

Met Office spokesman Stephen Dixon said: “The west of Wales could see about 20mm of rain and towards the south-west [of the UK] a little bit less, but these showers could be fairly heavy in nature. Northern Ireland could see an excess of 30mm of rainfall in a relatively short period of time.”

Forecasters have warned of the potential for some damage to buildings from strong winds, as well as the possibility of power cuts.

Transport disruption is expected, with some roads and bridges likely to close.

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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Updated: September 26, 2023, 12:55 PM