Watch: Dubai lashed by heavy rain after alert issued


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Dubai was lashed by heavy rain on Sunday afternoon as strong winds swept across the country during the day.

Early morning drizzle gave way to a deluge across the emirate under darkening skies.

Weather experts sent out an alert about cloudy conditions as parts of the country were affected by rainfall.

Moderate to heavy rain soaked large parts of Al Ain, including Jebel Hafeet, Zakhir and Al Ain City.

The wet weather meant hazardous driving conditions for commuters at the start of a new working week.

  • The sun sets behind the Ain Dubai big wheel after the rain came down in Dubai on November 8. All pictures by Chris Whiteoak / The National
    The sun sets behind the Ain Dubai big wheel after the rain came down in Dubai on November 8. All pictures by Chris Whiteoak / The National
  • The sun sets behind the Ain Dubai big wheel after the rain came down in Dubai on November 8.
    The sun sets behind the Ain Dubai big wheel after the rain came down in Dubai on November 8.
  • Puddles formed on the road in Dubai Marina after a swift bout of heavy rain on November 8.
    Puddles formed on the road in Dubai Marina after a swift bout of heavy rain on November 8.
  • The wet weather did not dampen one resident's enthusiasm for exercise.
    The wet weather did not dampen one resident's enthusiasm for exercise.
  • Drivers had to contend with slippery conditions after the downpour.
    Drivers had to contend with slippery conditions after the downpour.
  • Dubai's shimmering skyline is reflected in a puddle of water formed after an afternoon of rain.
    Dubai's shimmering skyline is reflected in a puddle of water formed after an afternoon of rain.
  • Roads were flooded after a barrage of rain on Sunday afternoon.
    Roads were flooded after a barrage of rain on Sunday afternoon.

The National Centre of Meteorology posted video footage of cars travelling through roads flooded with pools of water as rain continued to pour down.

A NCM spokesperson urged drivers to take care on the roads - with more rainfall expected in the coming days.

“We urge people to stay clear of wadis and mountainous areas during heavy rain and drive cautiously on the roads,” the spokesperson said.

The NCM forecast winds would reach speeds of up to 40 kilometres an hour.

The weather centre said convective clouds would form in the Emirates from 4.30am on Sunday until about 4pm, bringing with it the prospect of rain.

Heavy rain fell across Heavy rain fell over Al Bidya in Fujairah, Khor Fakkan and Kalba in Sharjah, Al Nuaimia in Ajman and Falaj Al mualla in Umm Al Quwain on Sunday.

The Plume Air Report app, which monitors air quality in cities around the world and is endorsed by the Environment Agency Abu Dhabi, displayed an Air Quality Index (AQI) of 34 in Abu Dhabi and 45 in Dubai on Sunday.

The rates suggest that air quality in Abu Dhabi and Dubai were moderately polluted.

The application detected high levels of air pollution in Sharjah, Ajman and Ras Al Khaimah, which can be considered unhealthy for sensitive groups.

Fair to partly cloudy weather is predicted across the country during the week, while humidity is most likely to increase by night with chances of fog formation on Monday morning over some coastal and interior areas, especially in the west.

Sea conditions will be slight to moderate in the Arabian Gulf and the Sea of Oman.

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Name: Dr Hassan Mohsen Elhais

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The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

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45

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$526,382

55

$44,351

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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

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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.”

Barings Bank

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Leeson gambled more than $1 billion in speculative trades,
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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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