• A satellite image shows the Grand Ethiopian Renaissance Dam on the Blue Nile river in July, 2020. Maxar Technologies via AP
    A satellite image shows the Grand Ethiopian Renaissance Dam on the Blue Nile river in July, 2020. Maxar Technologies via AP
  • The project - which began in 2011 - has become a flashpoint between Ethiopia and several of its neighbours. Maxar Technologies via Reuters
    The project - which began in 2011 - has become a flashpoint between Ethiopia and several of its neighbours. Maxar Technologies via Reuters
  • For Ethiopia, the dam will make a huge difference to power generation, doubling annual output and connecting millions of Ethiopian families to the grid. AFP
    For Ethiopia, the dam will make a huge difference to power generation, doubling annual output and connecting millions of Ethiopian families to the grid. AFP
  • Egypt maintains that the dam on the Blue Nile, the River Nile's main tributary, will jeopardise its water supply. AFP
    Egypt maintains that the dam on the Blue Nile, the River Nile's main tributary, will jeopardise its water supply. AFP
  • The $4 billion is about 90 per cent completed. Maxar Technologies via Reuters
    The $4 billion is about 90 per cent completed. Maxar Technologies via Reuters
  • An aerial view Grand Ethiopian Renaissance Dam on the Blue Nile River in Guba, northwest Ethiopia, on the 20th July. AFP
    An aerial view Grand Ethiopian Renaissance Dam on the Blue Nile River in Guba, northwest Ethiopia, on the 20th July. AFP

Egypt criticises Ethiopia over claim Gerd dam dispute has become Arab-African conflict


Hamza Hendawi
  • English
  • Arabic

Egypt rebuked Ethiopia on Wednesday for branding their dispute over a Nile dam being built by Addis Ababa as an Arab-African conflict, saying the Horn of Africa country had no right to speak for the entire continent.

The Egyptian Foreign Ministry also disputed what it called "false claims" by Ethiopia that Cairo and Khartoum had agreed with Addis Ababa during past negotiations on details of the filling of the Grand Ethiopian Renaissance Dam, or Gerd.

An Arab summit held in Saudi Arabia last week adopted a resolution supporting the position of Egypt and Sudan in their dispute with Ethiopia over the dam.

The Egyptian statement, released by ministry spokesman Ahmed Abu Zeid, said Ethiopia's assertion that the resolution amounted to an Arab-African dispute was a "desperate attempt to drive a wedge between Arab and African nations".

It also reminded the Ethiopians of Egypt's role in the 1950s and 1960s in support of African liberation movements and its current offer of technical assistance to African nations.

That the African Union is based in Addis Ababa, it added, does not give Ethiopia the right to speak for African countries.

The Egyptian Foreign Ministry was responding to a statement by its Ethiopian counterpart on Monday that said Addis Ababa received with dismay news of the Arab League resolution.

  • A satellite image taken on June 26, 2020 shows a close-up view of the Grand Ethiopian Renaissance Dam on the Blue Nile. Maxar Technologies via Reuters
    A satellite image taken on June 26, 2020 shows a close-up view of the Grand Ethiopian Renaissance Dam on the Blue Nile. Maxar Technologies via Reuters
  • The construction site of the Grand Ethiopian Renaissance Dam in Guba in the North West of Ethiopia, seen in November 2017. AP
    The construction site of the Grand Ethiopian Renaissance Dam in Guba in the North West of Ethiopia, seen in November 2017. AP
  • The Grand Ethiopian Renaissance Dam on the Blue Nile River in Guba, northwest Ethiopia. AFP
    The Grand Ethiopian Renaissance Dam on the Blue Nile River in Guba, northwest Ethiopia. AFP
  • An aerial view of water levels at the Grand Ethiopian Renaissance Dam in Guba, Ethiopia, 2020. AFP
    An aerial view of water levels at the Grand Ethiopian Renaissance Dam in Guba, Ethiopia, 2020. AFP
  • The Blue Nile River is seen as the Grand Ethiopian Renaissance Dam reservoir fills near the Ethiopia-Sudan border, in this broad spectral image taken on November 6, 2020. Reuters
    The Blue Nile River is seen as the Grand Ethiopian Renaissance Dam reservoir fills near the Ethiopia-Sudan border, in this broad spectral image taken on November 6, 2020. Reuters
  • The Grand Ethiopian Renaissance Dam has been a source of discord for years. AP
    The Grand Ethiopian Renaissance Dam has been a source of discord for years. AP
  • The GERD dam on the Blue Nile in Ethiopia has been under construction since 2011. EPA/MAXAR TECHNOLOGIES
    The GERD dam on the Blue Nile in Ethiopia has been under construction since 2011. EPA/MAXAR TECHNOLOGIES
  • The Grand Ethiopian Renaissance Dam on the Blue Nile River is considered by Ethiopia to be integral to its energy supply, but neighbouring countries say it jeopardises their own water resources. AFP
    The Grand Ethiopian Renaissance Dam on the Blue Nile River is considered by Ethiopia to be integral to its energy supply, but neighbouring countries say it jeopardises their own water resources. AFP
  • This frame grab from a video obtained from the Ethiopian Public Broadcaster (EBC) on July 20 and July 21, 2020 and released on July 24, 2020 shows an aerial view of water levels at the Grand Ethiopian Renaissance Dam in Guba, Ethiopia. AFP
    This frame grab from a video obtained from the Ethiopian Public Broadcaster (EBC) on July 20 and July 21, 2020 and released on July 24, 2020 shows an aerial view of water levels at the Grand Ethiopian Renaissance Dam in Guba, Ethiopia. AFP
  • A view of northwestern Ethiopia that focuses on the status of the Grand Ethiopian Renaissance Dam (GERD) and the Blue Nile River on July 11, 2020. AFP
    A view of northwestern Ethiopia that focuses on the status of the Grand Ethiopian Renaissance Dam (GERD) and the Blue Nile River on July 11, 2020. AFP
  • A handout satellite image shows a closeup view of the Grand Ethiopian Renaissance Dam (GERD) and the Blue Nile River in Ethiopia June 26, 2020. Maxar Technologies via Reuters
    A handout satellite image shows a closeup view of the Grand Ethiopian Renaissance Dam (GERD) and the Blue Nile River in Ethiopia June 26, 2020. Maxar Technologies via Reuters
  • The foreign ministers of Egypt, Ethiopia and Sudan will return to Washington this week for another round of talks to reach an agreement on the Grand Ethiopian Renaissance Dam after missing the deadline last month. Reuters
    The foreign ministers of Egypt, Ethiopia and Sudan will return to Washington this week for another round of talks to reach an agreement on the Grand Ethiopian Renaissance Dam after missing the deadline last month. Reuters
  • The Blue Nile river flows near the site of the planned Grand Renaissance Dam near Assosa in Ethiopia. AP
    The Blue Nile river flows near the site of the planned Grand Renaissance Dam near Assosa in Ethiopia. AP
  • The Grand Renaissance Dam hydroelectric project in Ethiopia. Egypt belives Adis Abbaba is being deliberatley slow in negotiations. William Lloyd George / AFP
    The Grand Renaissance Dam hydroelectric project in Ethiopia. Egypt belives Adis Abbaba is being deliberatley slow in negotiations. William Lloyd George / AFP
  • A combination picture of handout satellite images shows a view of the Grand Ethiopian Renaissance Dam (GERD) July 25, 2017 (top left), July 20, 2018 (top right), July 3, 2019 (bottom left), July 9, 2020 (bottom right) in Ethiopia, in these Sentinel-1 satellite imageries obtained by Reuters on July 14, 2020.
    A combination picture of handout satellite images shows a view of the Grand Ethiopian Renaissance Dam (GERD) July 25, 2017 (top left), July 20, 2018 (top right), July 3, 2019 (bottom left), July 9, 2020 (bottom right) in Ethiopia, in these Sentinel-1 satellite imageries obtained by Reuters on July 14, 2020.

"This resolution is an affront to the African Union and its member states ... it runs contrary to the cherished and shared history of the people of Africa and the Arab world," the Ethiopian ministry said. The resolution, it added, was a "deliberate mischaracterisation" of Ethiopia's position over the dam.

Egypt is concerned that the Gerd will reduce its share of the Nile's water, a possibility that would badly hurt its agricultural sector and disrupt its delicate food balance.

Both Egypt and Sudan want Ethiopia to enter a legally binding agreement on the filling and operation of the dam. Ethiopia, however, insists that guidelines should suffice. It has filled the dam three times in as many years without giving Cairo and Khartoum advance warning.

It plans a fourth filling this summer.

The last round of negotiations between the three countries collapsed in 2021 in the Democratic Republic of Congo.

The Ethiopian statement accused Egypt of using the Arab League to put pressure on Ethiopia over the Gerd dispute. That, it added, "represents [Egypt's] lack of good faith".

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A

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.”

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Updated: June 01, 2023, 11:39 AM