Hurricane Ida intensified over warm Gulf of Mexico waters and headed towards the US Gulf Coast on Saturday, prompting tens of thousands of people in south-eastern state Louisiana to flee to safety.
Forecasters said it could make a US landfall as an “extremely dangerous” Category 4 storm on the five-step Saffir-Simpson scale, generating winds of 225 kilometres an hour, heavy downpours and a tidal surge that could plunge much of the Louisiana shoreline under water.
Ida's pace had accelerated overnight and carried top winds approaching 140kph as it headed north-west, the National Hurricane Centre said on Saturday morning.
The storm will continue to intensify rapidly over Gulf waters before coming ashore late on Sunday.
Flooding from Ida's storm surge – high water driven by the hurricane's winds – could reach between three and 4.5 metres around the mouth of the Mississippi River, with lower levels extending east along the adjacent coastlines of Mississippi and Alabama, the NHC said.
Officials ordered widespread evacuations of low-lying and coastal areas, leading petrol stations to run dry and massive queues to form on highways leading from the shore.
Forecasters expect coming winds will cut power to hundreds of thousands of homes in the area.
Lifelong Gulf resident Hailey DeLaune, 29, said she and her partner spent Friday evening boarding up the windows of his house in Gulfport, Mississippi, and gathering provisions to ride out the storm.
“Hurricanes have always been part of my life,” said the high school teacher, who was born during 1992's Category 5 Hurricane Andrew.
“You just run through your list and hope for the best.”
Louisiana governor John Bel Edwards, whose state is already reeling from a public health crisis stemming from a fourth wave of the Covid-19 pandemic, urged residents to ready themselves for the hurricane.
“Now is the time to finish your preparations,” he told a Friday news conference. “By nightfall tomorrow night, you need to be where you intend to ride out the storm.”
Mr Edwards declared a state of emergency and US President Joe Biden issued a pre-landfall federal emergency declaration at the Louisiana governor's request.
It authorised the US Department of Homeland Security and the Federal Emergency Management Agency to co-ordinate disaster relief efforts in the state.
Mr Edwards also said he had authorised the activation of all 5,000 troops in the Louisiana National Guard for emergency deployments as needed.
On Friday, Ida smashed into Cuba's small Isle of Youth, off the south-western end of the Caribbean island nation, toppling trees and tearing roofs from dwellings.
Jamaica was flooded by heavy rains, and there were landslides after the passage of the storm.
Many roads were impassable, forcing some residents to abandon their homes.
Ida, the ninth named storm and fourth hurricane of the 2021 Atlantic hurricane season, may well exceed the strength of Hurricane Laura, the last Category 4 storm to strike Louisiana, by the time it makes landfall, forecasters said.
The region was devastated in August 2005 by Hurricane Katrina, which killed more than 1,800 people.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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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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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.