Pakistan flood death toll continues to rise



The death toll from Pakistan's worst floods in living memory topped 900 today as outbreaks of waterborne disease emerged and penniless survivors sought refuge from the raging torrents. A total of 862 people have been killed by monsoon rains, flash floods and landslides around the northwest province of Khyber Pakhtunkhwa, and at least 47 have died in Pakistani-administered Kashmir, officials said. Up to one million people have been affected in all, according to the UN, with thousands of homes and vast swathes of farmland destroyed in a region of Pakistan already reeling from years of extremist bloodshed.

"This is the worst flood in the province of Khyber Pakhtunkhwa in the country's history," provincial information minister Mian Iftikhar Hussain said. Hundreds of survivors were finding shelter in schools in Peshawar, the main city in northwest Pakistan, and in Muzaffarabad, the capital of Pakistani Kashmir, after escaping the floods with children on their backs. Pakistani television and photographs shot from helicopters showed people clinging to the walls and rooftops of damaged houses as gushing waters rampaged through villages.

Muqaddir Khan, 25, who fled the floods with nine relatives, said in Peshawar that he had lost everything. "I laboured hard in Saudi Arabia for three years and set up a small shop which was swept away by flooding in minutes," Mr Khan said. Razia Bibi, 48, said she and her family had a sleepless night watching the floodwaters rise. "My house has now gone under water and I could escape with only a few belongings," Mrs Bibi said.

Pakistan's weather bureau said an "unprecedented" 312 millimetres (12 inches) of rain had fallen in 36 hours in the northwest but predicted only scattered showers during coming days. In neighbouring Afghanistan, flash floods have killed at least 65 people and affected more than 1,000 families, officials said. More than 3,700 houses have been swept away by the floods in Pakistan and the number of people made homeless is rising, the provincial minister said.

* AFP

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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First leg: Liverpool 5 Roma 2

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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. 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Engine: 2.0-litre four-cylinder turbo

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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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