Warning on 'gap' in climate research



DUBAI // The Government needs more scientific research to better prepare for the pending impact of climate change, a Dubai-based expert warned yesterday. Preliminary studies show the Middle East could be among the worst hit by weather fluctuations, particularly in terms of water scarcity and rising sea levels, said Tanzeed Alam, the climate change and sustainability manager for Emirates Wildlife Society (EWS) and the Worldwide Fund for Nature (WWF).

"Most of the UAE's development is on the coast," said Mr Alam. "What would a future world look like? There is a gap in evidence in this area. There is no local data generated." Mr Alam, speaking at a panel organised as part of the Mission Green Earth: Stand Up and Take Action 2008 campaign, said the Environment Agency - Abu Dhabi (EAD) was expected to publish a study on the impact of climate change soon.

"Without looking at long-term records it is impossible to judge the impact of climate change on the country," he said. "What we do know is the Middle East will experience increasing temperatures. What that means in terms of the humanitarian health impact, in terms of health care costs, and with rising sea levels, what that means for the UAE's coastal developments during the next 20 years, is very important."

The UAE has one of the highest per capita commercial energy consumption rates in the world, reports the EAD, although improvements in technology and a transition to using more natural gas in power plants cut carbon dioxide emissions from 32.6 tonnes per person in 1990 to 25.1 tonnes in 2002. In 2006, the WWF Living Planet Report found that the UAE had the world's largest ecological footprint; using 11.9 global hectares per person. Considering the world average is 1.8 global hectares per person, the report suggests that if every person in the world lived as people in the UAE do, seven planets would be needed to absorb their waste.

The UAE has since started developing a range of sustainability programmes, including Abu Dhabi's Masdar Initiative - the world's first carbon-neutral, car-free city. The Government has also applied the Leadership in Energy and Environmental Design green building rating system to all new buildings in Dubai and Abu Dhabi. Mr Asam, with EWS and WWF, has been working with the Government and each emirate to gather information for the next Living Planet Report, due in several years.

In the meantime, he called on individuals to reconsider their lifestyles. "There is plenty people can do," he said, "from cutting back on the amount of electricity they use, to reducing air conditioning, changing to low-energy bulbs, buying more energy-efficient vehicles." The Government also needs to encourage businesses to change their ways, he added. So far more than 122,000 people in the UAE have pledged to participate in the Stand Up and Take Action campaign from Friday to Sunday. They will be planting trees and posing for photos in an attempt to get in the Guinness World Records for the most people supporting the Millennium Development Goal for a sustainable environment.

The International Association for Human Values and Art of Living, which are organising the event, confirmed that the Dubai Municipality, the parks and recreations department of Abu Dhabi Municipality, the Knowledge and Human Development Authority and Sharjah Airport Free Zone would also be involved. Visit www.missiongreenearth.ae for more information. loatway@thenational.ae

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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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MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

UAE currency: the story behind the money in your pockets
Pakistan v New Zealand Test series

Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza

New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner

Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)

Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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