• A satellite image of the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia. Maxar Technologies via AP
    A satellite image of the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia. Maxar Technologies via AP
  • A satellite image of the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia. Maxar Technologies via AP
    A satellite image of the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia. Maxar Technologies via AP
  • A 2013 photo showing the Blue Nile river flowing near the site of the Grand Ethiopian Renaissance Dam near Assosa in the Benishangul-Gumuz region of Ethiopia. AP, File
    A 2013 photo showing the Blue Nile river flowing near the site of the Grand Ethiopian Renaissance Dam near Assosa in the Benishangul-Gumuz region of Ethiopia. AP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • Construction workers are seen at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    Construction workers are seen at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • A view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
    A general view of construction work at the site of the Grand Ethiopian Renaissance Dam near Assosa, Ethiopia. AFP, File
  • Sudan's Minister of Irrigation and Water Resources Yasir Mohamed (C) takes part in a video meeting over the Grand Ethiopian Renaissance Dam on June 9, 2020. AFP
    Sudan's Minister of Irrigation and Water Resources Yasir Mohamed (C) takes part in a video meeting over the Grand Ethiopian Renaissance Dam on June 9, 2020. AFP
  • Egyptian Foreign Minister Sameh Shukry. AP
    Egyptian Foreign Minister Sameh Shukry. AP
  • The Nile in the Sudanese capital, Khartoum. AFP
    The Nile in the Sudanese capital, Khartoum. AFP
  • The Nile in the Sudanese capital, Khartoum. AFP
    The Nile in the Sudanese capital, Khartoum. AFP
  • The Nile in the Sudanese capital, Khartoum. AFP
    The Nile in the Sudanese capital, Khartoum. AFP
  • A pleasure boat carrying tourists and locals sails on the Nile at sunset in Aswan, Egypt. AP, file
    A pleasure boat carrying tourists and locals sails on the Nile at sunset in Aswan, Egypt. AP, file
  • Sayed Ahmed Abdoh poles his boat to check fish traps in the Nile, near Abu Al Nasr village, about 770 kilometres south of Cairo, in Egypt. AP, file
    Sayed Ahmed Abdoh poles his boat to check fish traps in the Nile, near Abu Al Nasr village, about 770 kilometres south of Cairo, in Egypt. AP, file
  • An aerial view shows the Nile before sunset in the Egyptian capital, Cairo. AFP
    An aerial view shows the Nile before sunset in the Egyptian capital, Cairo. AFP
  • An aerial view shows the Nile before sunset in the Egyptian capital, Cairo on June 20, 2020. AFP
    An aerial view shows the Nile before sunset in the Egyptian capital, Cairo on June 20, 2020. AFP

Sudan formally asks US, EU and UN to mediate Nile dam talks


Hamza Hendawi
  • English
  • Arabic

Sudan has formally asked the United Nations, the United States, the European Union and the African Union to form a quartet to mediate in negotiations with Ethiopia and Egypt over a disputed Nile dam being built by Addis Ababa.

It first suggested the creation of the quartet earlier this month, as a way to break the deadlock in the drawn-out negotiations over filling and operating the dam.

Egypt, Sudan’s ally to the north and a fellow downstream nation, supported Sudan’s proposal, but Ethiopia rejected it, saying it wanted an African solution for an African problem.

Sudan's Prime Minister Abdalla Hamdok wrote to the four members of the proposed quartet at the weekend, saying their participation will provide the "required guarantee to build confidence" and enhance the expertise available on rules governing transnational rivers, a Sudanese Foreign Ministry statement late on Monday said.

It said this is intended to bolster, not replace, the African Union as the lead sponsor of the negotiations. The Democratic Republic of Congo, the current AU chairman, is taking the lead.

Years of negotiations between the three Nile Basin nations over the massive hydroelectric dam broke down late last year, with Ethiopia refusing to enter a legally-binding agreement on mechanisms dealing with persistent drought and future disputes. It insists that guidelines should be enough.

Ethiopia is home to the source of the Blue Nile – which accounts for more than 80 per cent of the Nile's water.

The Grand Ethiopian Renaissance Dam (Gerd) is built less than 20 kilometres from the Sudanese border.

That proximity has been a source of alarm to Sudan, which is demanding that Addis Ababa shares data on the Gerd's operation to avoid possible flooding in its eastern region and the disruption of its own power-generating dams on the Blue Nile.

Egypt maintains that the dam would lead to a deep decline in its share of the Nile waters, a prospect that could wipe out hundreds of thousands of jobs and disrupt the delicate balance required to supply food for its 100 million people.

Cairo had said that Gerd poses an existential threat to Egypt, which depends on the Nile for more than 90 per cent of its water needs.

The AU has over the past year been the sole sponsor of the negotiations, but has failed to narrow the gap between Egypt and Sudan on one side and Ethiopia on the other.

Before that, the US sponsored the negotiations, hammering out a deal last year that Egypt accepted but which Ethiopia refused to sign at the last minute. It accused the US of favouring the Egyptians.

Sudan, whose position on the Gerd was perceived to be pro-Ethiopia at the time, also refused to sign.

EU, US and World bank representatives have been involved in the negotiations since then, but only as observers. If adopted, the latest Sudanese move will bring UN officials into the negotiations for the first time.

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Egypt

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Information can be found through VFS Global.

Jordan

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In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

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COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
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Chinese Grand Prix schedule (in UAE time)

Friday: First practice - 6am; Second practice - 10am

Saturday: Final practice - 7am; Qualifying - 10am

Sunday: Chinese Grand Prix - 10.10am

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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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.”

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Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final