Three keen Egyptian cyclists and UAE-based German bike shop owner Wolfgang Hohmann will cycle from Cairo to Sharm El Sheikh, where the UN climate summit Cop27 will take place next month.
The goal of the six-day “Cop27 by bike” expedition that starts on Saturday is to spread awareness about environmental sustainability and build a bridge with Cop28 host UAE.
Egyptian-German organiser Yusef Ahmed, biking enthusiast Galal Zekri, retired ambassador Mohamed Elewa and Mr Hohmann ― known as Wolfi ― will cover approximately 655 kilometres on the cycling tour.
The group will set off from the German International University at the New Administrative Capital, about 35 kilometres east of central Cairo, and finish at Sharm El Sheikh’s International Convention Centre on October 27.
Cop27, which takes place from November 6 to 18, covers various climate-related topics with the main aim of implementing the Paris Agreement to limit global warming.
“Cop27 is about environmentally-friendly action,” Mr Ahmed, 47, tells The National.
He says the Cop27 by bike initiative has three main environmental awareness tags to promote.
“Number one tag would be ‘don’t litter'. Number two is ‘be active’. Number three would be, in general, creating awareness on resource efficiency,” he says.
Day one will cover 97km from the New Administrative Capital to the city of Suez on the Red Sea.
Day two will cover 109km to Ras Sedr on the eastern side of the Gulf of Suez, followed by 205km on day three, all the way to the St Catherine monastery at the foot of Mount Sinai.
The group will take a rest on day four, before cycling 132km on day five to Dahab on the Gulf of Aqaba and 94km on day six to the finish in Sharm El Sheikh.
Mr Ahmed, the founder of a Frankfurt-based consulting company, got the cycling bug after moving back to Egypt three years ago and doing triathlons. He met Mr Hohmann when he bought his bike at Wolfi’s in Dubai.
He got the idea for the Cop27 bike ride about six months ago and has his sights on creating an even larger event in the UAE for next year’s Cop28.
Mr Hohmann, who set up his famous bike shop two decades ago, tells The National he is happy to support the cause and “connect Cop27 with Cop28”.
He hopes to spread the messages of “trying to incorporate a more active lifestyle into your daily routine” and “instead of using fuel, you use your own body”.
“It’s not always up to the government to take actions. It’s us as individuals,” Mr Hohmann says. “If we really work together on this, I think we can make a tremendous difference.”
Mr Ahmed also recruited Mr Zekri, 29, one of Egypt’s most well-known cyclists. At age 21, he cycled across Egypt, clocking up 7,000km over five months.
Mr Zekri is the founder of NS Crossing, which organises an annual 1,000km cycling 12-day expedition from Marsa Matruh on Egypt’s North Coast to Shalateen on the Sudanese border.
He says 80 per cent of the people who join are novice riders who had never completed five kilometres on a bike before. He gives them tips and helps them complete two 100km training rides.
“If you think of the average human, anyone can walk 30km and anyone can ride 100km,” Mr Zekri tells The National.
He filmed 26 episodes for an adventure show on Egyptian station CBC TV highlighting a 1,800km ride from the Mediterranean coast to the Red Sea coast. The first episode aired earlier this month.
Tying in the message of caring for the environment with leading an active lifestyle, he says he witnessed first-hand people throwing rubbish in beautiful spots along the Red Sea.
“People think that someone will pick up after them … We have to start with the basics that we should not litter,” Mr Zekri says.
He is also producing an Arabic YouTube show called “Kilo90” that encourages Egyptian celebrities to try cycling 90km.
The third Egyptian member of the Cop27 bike ride, Mr Elewa, served as an ambassador for 30 years in Gabon, Switzerland, China and Jordan.
Mr Elewa, 54, has embarked on long-distance cycling expeditions since 2017. He has cycled 20,000km in 17 countries on three continents. He is known for using a reclining recumbent bike, but will use a “normal bike” for this ride.
The Cop27 bike ride is supported by several partners, including Mercedes, the German embassy in Cairo and the German-Arab Chamber of Industry and Commerce.
With less than three weeks to go until the Cop27 summit, similar awareness campaigns combined with encouraging an active lifestyle are ramping up.
British-South African endurance swimmer and UN Patron of the Oceans Lewis Pugh started a 160km swim last week from Saudi Arabia’s Tiran Island to the Egyptian Red Sea city of Hurghada. He is urging world leaders to drastically cut emissions and protect coral reefs, which are at risk of extinction within this century.
Mr Pugh was joined by Saudi swimmer and humanitarian Mariam Binladen, making her the first Arab and woman to swim from Saudi Arabia to Egypt, and Egyptian swimmer Mostafa Said.
Egyptian world record holder Ali Abdo started his Ride to Cop27 on October 10 with the aim of covering 20,000km across Egypt on his electric motorcycle.
Finally, the world’s longest non-stop baton relay covering 7,800km from Glasgow to Sharm El Sheikh began on September 30 and will reach Egypt on November 4.
Company%20profile
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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.
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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.”
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
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More from Rashmee Roshan Lall
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The%20specs
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Killing of Qassem Suleimani