• 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.

Ethiopia began second filling of GERD dam in early May, says Sudan official


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Ethiopia began the second phase of filling its Grand Renaissance Dam in early May by holding back water to fill its reservoir, a senior Sudanese official said on Tuesday.

The main phase of the second filling of the controversial dam is expected in July and August after seasonal rains fall in Ethiopia, the official at Sudan's irrigation ministry told Reuters.

The 6,450 MW hydropower project is being built on the Blue Nile, the Nile River’s main tributary, just 30km from Sudan's border.

Ethiopia, Egypt and Sudan have been locked in talks over the operation of the dam for a decade, with the downstream nations fearing water scarcity and even risk of flooding if a solid agreement is not reached.

The latest round of talks stalled in April, and fiery rhetoric has escalated the crisis in the weeks since.

But Ethiopia has said it will push ahead with a second phase of filling in July and August, even if no agreement is reached.

Ethiopian officials have made no comment on the claims that the dam is being filled.

The claim from Sudan came as Egyptian military forces arrived in the Sudanese capital of Khartoum ahead of a joint military drill.

Sudanese and Egyptian forces will hold the manoeuvres dubbed “Guardians of the Nile” from mid-next week to the end of the month aimed at “strengthening bilateral relations and unifying methods on dealing with threats that both countries are expected to face," Sudan's state news agency SUNA reported on Tuesday.

The report did not say how many troops would participate. Apart from those that landed at Khartoum Air Base, another contingent of soldiers and army vehicles were expected to arrive by sea.

In March, Egypt’s President Abdel Fattah El Sisi warned his country’s share of the Nile waters was “untouchable” and that there would be “instability that no one can imagine” in the region if Ethiopia fills the reservoir without an international agreement.

Cairo and Khartoum have called for the US, UN, and the European Union to help reach a legally binding deal after African Union involvement in the process failed to reach a deal. The agreement would spell out how the dam is operated and filled, based on international law and norms governing cross-border rivers.

Egypt relies on the Nile for more than 90 per cent of its water supplies. Ethiopia says the $5 billion dam is essential, and that the vast majority of its population lacks electricity.

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

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.

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
COMPANY%20PROFILE
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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.”

Tell Me Who I Am

Director: Ed Perkins

Stars: Alex and Marcus Lewis

Four stars

Stage results

1. Julian Alaphilippe (FRA) Deceuninck-QuickStep  4:39:05

2. Michael Matthews (AUS) Team BikeExchange 0:00:08

3. Primoz Roglic (SLV) Jumbo-Visma same time 

4. Jack Haig (AUS) Bahrain Victorious s.t  

5. Wilco Kelderman (NED) Bora-Hansgrohe s.t  

6. Tadej Pogacar (SLV) UAE Team Emirates s.t 

7. David Gaudu (FRA) Groupama-FDJ s.t

8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t     

9. Bauke Mollema (NED) Trek-Segafredo  s.t

10. Geraint Thomas (GBR) Ineos Grenadiers s.t

Results
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