• A satellite image shows the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia on Tuesday, July 28, 2020. Maxar Technologies via AP
    A satellite image shows the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia on Tuesday, July 28, 2020. Maxar Technologies via AP
  • A satellite image of the Grand Ethiopian Renaissance Dam and reservoir behind it on June 26, 2020. Maxar Technologies via Reuters
    A satellite image of the Grand Ethiopian Renaissance Dam and reservoir behind it on June 26, 2020. Maxar Technologies via Reuters
  • A satellite image of the Grand Ethiopian Renaissance Dam and reservoir behind it 16 days later on July 12, 2020. Maxar Technologies via Reuters
    A satellite image of the Grand Ethiopian Renaissance Dam and reservoir behind it 16 days later on July 12, 2020. Maxar Technologies via Reuters
  • The Grand Ethiopian Renaissance Dam and the Blue Nile River in Ethiopia on July 12, 2020. Maxar Technologies via Reuters
    The Grand Ethiopian Renaissance Dam and the Blue Nile River in Ethiopia on July 12, 2020. 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
  • 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
  • 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 supports Sudan's international arbitration proposal in dam dispute with Ethiopia


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Egypt said on Wednesday it endorsed a Sudanese proposal to internationalise arbitration in a years-long dispute with Ethiopia over a huge dam Addis Ababa is building on the Blue Nile.

Egyptian Foreign Minister Sameh Shukry said Cairo backed the formation of an international quartet –  the US, the EU, the UN and the African Union – to help to reach a deal on the filling and operation of the Grand Ethiopia Renaissance Dam.

The dispute centres on how much water Ethiopia will release downstream if a multi-year drought occurs and how the three countries would settle any future disputes. Egypt and Sudan also want a legally binding agreement to control the dam's filling and operation, while Ethiopia insists on guidelines only.

Mr Shukry said Egypt wants to develop the negotiating mechanism to reach a “legally binding agreement at the earliest possible opportunity”.

He announced Egypt’s position during a meeting on Wednesday in Cairo with Alphonse Ntumba Luaba, co-ordinator of the unit in charge of Democratic Republic of the Congo’s current leadership of the African Union.

There were no immediate comments from Washington, Brussels, or the UN.

Sudan announced its proposal this year after AU-led talks failed to achieve progress. Since then, Khartoum has become increasingly vocal against Ethiopia's plans to start the second filling during the next rainy season.

Prime Minister Abdalla Hamdok said this month that the dam threatens at least 20 million Sudanese, about half the country's population.

Sudan wants Ethiopia to co-ordinate and share data on the dam's operation to avoid flooding and protect its own power-generating dams on the Blue Nile, the main tributary of the Nile River. The Blue Nile meets the White Nile in central Sudan, from where the Nile winds north through Egypt and flows into the Mediterranean Sea.

There was no comment from Ethiopia, which left a US-led attempt to mediate the dispute, alleging bias. The administration of former president Donald Trump last year sanctioned Ethiopia over the dam's first filling before reaching a deal with Egypt and Sudan.

On Friday, President Joe Biden’s administration said it had de-linked the sanctions from the dam dispute.

About 85 per cent of the Nile’s flow originates from Ethiopia. Officials hope the dam, now more than three-quarters complete, will reach full power-generating capacity in 2023, helping to pull millions of its people out of poverty.

Egypt, the Arab world’s most populous country with more than 100 million people, called the dam an existential threat and worries that it will reduce its share of the Nile's waters. The country relies almost entirely on the Nile to supply water for agriculture and its people.

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.”

Men’s singles 
Group A:
Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)

Women’s Singles 
Group A:
Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)

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
Results:

6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)

7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed

7.40pm: Handicap (T) $145,000 1,000m | Winner: Faatinah, Jim Crowley, David Hayes

8.15pm: Dubawi Stakes Group 3 (D) $200,000 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar

8.50pm: Singspiel Stakes Group 3 (T) $200,000 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor

9.25pm: Handicap (T) $175,000 1,400m​​​ | Winner: Another Batt, Connor Beasley, George Scott

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

if you go
Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5