Flash floods have killed at least 120 people in Afghanistan and Pakistan, and damaged houses, infrastructure and farmland since Friday, according to authorities.
While losses in both countries are devastating, the disaster will hit Afghanistan particularly hard, a country largely cut off from international assistance since the Taliban regained control of the country in 2021, after two decades of war with a US-led coalition and western-backed government.
“Our estimates show that around 70 people lost their lives and around 56 were injured as a result of heavy rains and floods across 23 provinces of Afghanistan,” Janan Sayeq, spokesperson of the Taliban-run Disaster Management Authority, told The National.
Other estimates put the death toll at around 88.
“In addition, 2,627 houses, 3 mosques and 4 schools have been partially or completely damaged.”
Devastated by the continuing humanitarian crisis and enduring drought in the country, most families affected by the floods are in urgent need of humanitarian assistance.
“Together with aid organisations, we are trying to provide help for those affected by the recent floods considering their urgent needs such as food, shelter and rehabilitation of their agricultural land,” Mr Sayeq said.
Despite prolonged drought in Afghanistan causing harvest failure, sudden deluges can also destroy existing crops.
“It’s peak vegetable season in this region and wheat will be ready for collection soon. The continuing rain will destroy most of it, causing great loss for the farmers,” Sardar Agha, a farmer from Laghman province in eastern Afghanistan, the country’s main agricultural region, told The National.
“The crops in our field are all that we have and if we lose them, we will have nothing to feed our families with for most of the year.”
According to estimates by the country’s disaster management authority, more than 19,000 hectares of agricultural land have been destroyed so far and more than 2,000 livestock have died since the weekend.
This will affect food security across the country, as more than half of the population is already in need of humanitarian assistance, according to UN estimates.
In a statement on Thursday, Afghanistan’s aviation ministry warned of the possibility of more heavy rains and floods in 29 out of 34 provinces of the country in the coming two days.
Due to mountainous geography, thin vegetation cover in many areas and insufficient infrastructure, Afghanistan is especially vulnerable to deluges. Many communities in remote areas are particularly at risk, lacking proper road access and threatened by landslides.
The preparedness and response capacity is also very low in the country, after most international funding stopped after the Taliban regained power.
“We had many problems in our life. With the recent floods, we lost our houses and our livestock,” 54-year-old Haji Gul from Uruzgan province told The National.
“We won’t be able to build our house without support from the government. If we can’t get help soon, our children may die. We need food, water, and a place to live in.”
Experts suggest that the steps taken so far to prevent floods have been limited and are not enough to control the devastating situation, particularly in the face of increasing climate change impacts, that include an increase in the frequency and intensity of rainfall.
“Afghanistan doesn’t have the required infrastructure to store rainwater and prevent floods,” Noorudin Jalali, a Kabul-based environmentalist, told The National. “Most people in rural areas reside in at-risk places close to rivers and streams and they don’t have the means to receive timely information about floods and associated risks. Thus, the damages are inevitable.”
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.”
The National in Davos
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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If you go...
Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.
Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
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