It’s raining as I write this, although that’s not a surprise. This is England in winter. Sometimes it seems as if the rain just won’t stop, and yet we have a water problem. Several water problems, in fact.
One is that the UK has a growing population with growing demands for water, but authorities have not built a new reservoir for more than 30 years, since 1992. Chancellor of the Exchequer Rachel Reeves has announced that nine new reservoirs will be built, although that will take another few years and £7.9 billion ($9.7 billion) of investments.
New reservoirs fix only one part of the country’s water problem. When rain hits the ground, water becomes a resource. It has value and then costs, just like any other commodity for human use, enjoyment and profit. But the lovely stretch of the English Channel that I swim in (when the weather is better) is, like other seas around the world, increasingly dirty.
In some places, discharges of sewage mean some beaches in the UK are at times unsuitable for bathing. A water company failed to stop the pollution of Lake Windermere, one of the most beautiful stretches of water in England’s Lake District, for several hours last February. That incident was only reported to the government’s Environment Agency about 13 hours after the problem surfaced.
Something similar happened in 2022, in the equally breathtaking landscape of the Wye Valley. The Wye is the fourth-longest river in the UK. It had its ecological status downgraded largely as a result of chicken manure washed away from local farms. According to a 2024 survey carried out by the Public First research agency, “84 per cent of the British public see water pollution as either a significant issue or somewhat of an issue”, while “three quarters of the public think reform of regulation of the water sector should be the main or one of the main priorities for the government”.
Some of the UK’s water and sewage system dates to reforms instituted in Victorian times after cholera epidemics and what was called 'The Great Stink' of the polluted River Thames in July 1858
A key complaint is that water bills repeatedly rise in the commercially owned UK water system. It used to be publicly owned until former prime minister Margaret Thatcher privatised the water industry in 1989. The result is that consumers pay increasingly high bills to local monopolies, which at times provide a wasteful and failing service.
These companies are regulated by a government watchdog known as Ofwat, but in practice it has proved difficult to persuade the companies to invest more in long-term improvements to the service (including reservoirs and new pipes) rather than pay short-term dividends to investors.
Some of the UK’s water and sewage system dates to reforms instituted in Victorian times after cholera epidemics and what was called “The Great Stink” of the polluted River Thames in July 1858. The smell from the river was so bad that the Houses of Parliament were forced to suspend sittings.
Nowadays, cracked pipes and other supply failures mean that water companies in England and Wales waste about 150 litres of drinking water for every person every day. In 2023, those water companies lost more than 1 trillion litres of water in leaks, according to newspaper reports of the companies’ 2023-24 annual performance. The worst performer leaked 570.4 megalitres a day – a megalitre is 1 million litres – or more than 200 billion litres in total. That is equivalent to just less than a quarter of that company’s entire water supply.
Losing a quarter of your supply in any industry would be astonishing but the figures are, to coin a phrase, eye-watering.
In 2023, the government’s National Infrastructure Commission quantified the need for extra water supplies at about another 1,300 megalitres a day, the equivalent of 5,200 Olympic-sized swimming pools every day. That same year, raw sewage was discharged for 3.6 million hours into rivers and seas. That’s a doubling – a 105 per cent increase – on the previous 12 months.
Meanwhile, data from Companies House, a government agency that maintains the register of companies, shows that water companies' bonuses to senior executives increased from £9.01 million in 2022 to £9.13 million the following year. It may seem puzzling to discover that the biggest UK water company, Thames Water, ended up reporting more than £15 billion of debts. The conclusion many consumers and now politicians have reached is that, in various ways, the UK is often rewarding failure.
For readers in the Middle East, a region that some estimate to have 5 per cent of the world’s population yet just 1 per cent of water supplies, all this may seem simply weird. How can a wet island in the Atlantic Ocean have a water problem? But Britain is not alone.
Western regions in the US, with growing populations in California, Arizona and elsewhere, have a developing water crisis that already means the Colorado River flows mightily through the Grand Canyon but nowadays never reaches the sea at Baja California. There is no water left.
Water disputes, predictably, will be part of the future even in the wet UK, North America and, of course, in areas where water has always been in short supply. The first recorded water war was in Mesopotamia – a dispute between the cities of Lagash and Umma in 2450 BCE. The problem isn’t in the skies. It’s on the ground with humans, and it needs to be fixed.
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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.”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Zayed Sustainability Prize
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund