• President Sheikh Mohamed is received by Abdel Fattah El Sisi, President of Egypt, on arrival at Al Alamein. All photos: Presidential Court
    President Sheikh Mohamed is received by Abdel Fattah El Sisi, President of Egypt, on arrival at Al Alamein. All photos: Presidential Court
  • Sheikh Mohamed and Abdel Fattah El Sisi stand for the national anthem at Al Alamein.
    Sheikh Mohamed and Abdel Fattah El Sisi stand for the national anthem at Al Alamein.
  • The leaders discussed bilateral co-operation and the many opportunities to grow and enhance the strategic partnership between the UAE and Egypt.
    The leaders discussed bilateral co-operation and the many opportunities to grow and enhance the strategic partnership between the UAE and Egypt.
  • They also exchanged views on several issues, dossiers of common concern and the latest regional and international developments.
    They also exchanged views on several issues, dossiers of common concern and the latest regional and international developments.

UAE and Egypt to stage three-day event to mark 50 years of ties


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The UAE and Egypt will stage a major event in Cairo next week to mark 50 years of friendship between the Middle East neighbours.

The three-day celebration will be held from October 26 to 28 under the slogan of 'Egypt and the UAE — one heart'.

Ministers and officials from both countries will be among more than 1,800 leading Emirati and Egyptian figures, drawn from sectors such as business, media and creative industry.

Mohammed Al Gergawi, Minister of Cabinet Affairs, said firm foundations for the long-standing ties were laid down by the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.

“The UAE-Egypt historical relations represent a distinguished model for the bilateral relations between Arab countries based on integration and common interests,” said Mr Al Gergawi.

  • President Sheikh Mohamed, King Abdullah II of Jordan, Egyptian President Abdel Fattah El Sisi, King Hamad of Bahrain and Iraqi Prime Minister Mustafa Al Kadhimi view a model of a resort in El Alamein, Egypt, which was inaugurated on August 24. All photos: UAE Presidential Court
    President Sheikh Mohamed, King Abdullah II of Jordan, Egyptian President Abdel Fattah El Sisi, King Hamad of Bahrain and Iraqi Prime Minister Mustafa Al Kadhimi view a model of a resort in El Alamein, Egypt, which was inaugurated on August 24. All photos: UAE Presidential Court
  • Sheikh Mohamed, King Abdullah, King Hamad, Mr El Sisi and Mr Al Kadhimi attend a reception at El Alamein International Airport.
    Sheikh Mohamed, King Abdullah, King Hamad, Mr El Sisi and Mr Al Kadhimi attend a reception at El Alamein International Airport.
  • Sheikh Mohamed is received by Mr El Sisi before the reception at El Alamein International Airport.
    Sheikh Mohamed is received by Mr El Sisi before the reception at El Alamein International Airport.
  • Sheikh Mohamed views a model of the Regal Heights Hotel during the hotel's inauguration ceremony.
    Sheikh Mohamed views a model of the Regal Heights Hotel during the hotel's inauguration ceremony.
  • Sheikh Mansour bin Zayed, UAE Deputy Prime Minister and Minister of the Presidential Court, and Sheikh Nasser bin Hamed, a prominent member of the Bahraini royal family, at the inauguration ceremony.
    Sheikh Mansour bin Zayed, UAE Deputy Prime Minister and Minister of the Presidential Court, and Sheikh Nasser bin Hamed, a prominent member of the Bahraini royal family, at the inauguration ceremony.
  • President Sheikh Mohamed views a model of the Regal Heights.
    President Sheikh Mohamed views a model of the Regal Heights.
  • Sheikh Mohamed, King Abdullah, King Hamad, Mr El Sisi and Mr Al Kadhimi look at a model of the Regal Heights Hotel.
    Sheikh Mohamed, King Abdullah, King Hamad, Mr El Sisi and Mr Al Kadhimi look at a model of the Regal Heights Hotel.
  • The newly opened Regal Heights Hotel.
    The newly opened Regal Heights Hotel.
  • Sheikh Hazza bin Zayed, Deputy Chairman of the Abu Dhabi Executive Council, with Jordanian Prime Minister Bisher Al Khasawneh during the inauguration ceremony.
    Sheikh Hazza bin Zayed, Deputy Chairman of the Abu Dhabi Executive Council, with Jordanian Prime Minister Bisher Al Khasawneh during the inauguration ceremony.
  • Sheikh Mohamed and Mr El Sisi look at the model of the Regal Heights Hotel.
    Sheikh Mohamed and Mr El Sisi look at the model of the Regal Heights Hotel.
  • Sheikh Mohamed and Mr El Sisi look at the model of the Regal Heights Hotel.
    Sheikh Mohamed and Mr El Sisi look at the model of the Regal Heights Hotel.
  • Sheikh Mohamed, King Abdullah, King Hamad, Mr El Sisi and Mr Al Kadhimi at the ceremony.
    Sheikh Mohamed, King Abdullah, King Hamad, Mr El Sisi and Mr Al Kadhimi at the ceremony.
  • President Sheikh Mohamed and King Hamad view the model.
    President Sheikh Mohamed and King Hamad view the model.
  • Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Dr Anwar Gargash, diplomatic adviser to the President, at the inauguration ceremony in Egypt.
    Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Dr Anwar Gargash, diplomatic adviser to the President, at the inauguration ceremony in Egypt.
  • Sheikh Mohamed, King Hamad and Mr Al Kadhimi receive flowers as Mr El Sisi watches on.
    Sheikh Mohamed, King Hamad and Mr Al Kadhimi receive flowers as Mr El Sisi watches on.
  • Sheikh Abdullah, right, speaks with Prime Minister Al Kadhimi.
    Sheikh Abdullah, right, speaks with Prime Minister Al Kadhimi.
  • President Sheikh Mohamed speaks with King Hamad of Bahrain, left, Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, third left, King Abdullah II of Jordan, Egyptian President Abdel Fattah El Sisi and Iraqi Prime Minister Mustafa Al Kadhimi during the inauguration ceremony.
    President Sheikh Mohamed speaks with King Hamad of Bahrain, left, Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, third left, King Abdullah II of Jordan, Egyptian President Abdel Fattah El Sisi and Iraqi Prime Minister Mustafa Al Kadhimi during the inauguration ceremony.
  • Sheikh Mohamed takes in the view from the Regal Heights hotel.
    Sheikh Mohamed takes in the view from the Regal Heights hotel.
  • A fireworks display brings the inauguration ceremony to a close.
    A fireworks display brings the inauguration ceremony to a close.
  • The dazzling display lights up the night sky.
    The dazzling display lights up the night sky.

“These strong ties are not limited to the diplomatic and leadership level only, but also include the peoples of the two countries.”

“The Founding Father, the late Sheikh Zayed, laid the strong bonds of brotherhood and friendship with Egypt. Today, thanks to President Sheikh Mohamed and President Abdel Fattah El Sisi, bilateral relations between the brotherly countries have become stronger and more prosperous in various sectors.”

The event's agenda will include an economic forum attended by ministers, businessmen and economists from both countries.

It will centre on the strong economic ties between the UAE and Egypt.

A culture forum held on the second day of the gathering will highlight deep connections across the fields of media, arts, history and sport.

The UAE more than doubled its investments in Egypt during the first half of the 2021-22 fiscal year, after a series of government-backed initiatives and forays by private companies, it was announced in August.

The value of Emirati investments in Egypt, the Arab world's third-largest economy, rose to $1.9 billion in the first six months of the fiscal year, up by about 169 per cent from $712.6m in the same period a year earlier, Egypt's Central Agency for Public Mobilisation and Statistics said in a statement on its website.

The value of trade between the two countries increased by 1.4 per cent year-on-year to $1.2bn during the first quarter of 2022, the government agency said.

Sheikh Mohamed visited Egypt in August for high-level talks with Mr El Sisi.

The two discussed co-operation and the opportunities to grow and enhance the strategic partnership between the UAE and Egypt, especially in the economic and development fields.

During the tour, Sheikh Mohamed and Mr El Sisi inspected the Regal Heights Hotel, which is part of an investment project in El Alamein City.

King Hamad of Bahrain, King Abdullah II of Jordan, and Mustafa Al Kadhimi, Prime Minister of Iraq, also attended the site with the presidents.

The leaders were briefed about the five-star hotel and watched a fireworks display and parachute performance.

The UAE and Egypt are also close allies in the global fight against climate change.

The UN Climate Change Conference 2022 — known as Cop27 — is to be held in Sharm El Sheikh, Egypt, in November, with the UAE staging the event in 2023.

The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)

 

 

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

Company%20profile
%3Cp%3E%3Cbr%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Khodar%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%20and%20Alexandria%2C%20in%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ayman%20Hamza%2C%20Yasser%20Eidrous%20and%20Amr%20El%20Sheikh%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20agriculture%20technology%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24500%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Saudi%20Arabia%E2%80%99s%20Revival%20Lab%20and%20others%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%2035%3C%2Fp%3E%0A
The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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.”

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Saturday's results

Women's third round

  • 14-Garbine Muguruza Blanco (Spain) beat Sorana Cirstea (Romania) 6-2, 6-2
  • Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
  • 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4. 6-0
  • Coco Vandeweghe (USA) beat Alison Riske (USA) 6-2, 6-4
  •  9-Agnieszka Radwanska (Poland) beat 19-Timea Bacsinszky (Switzerland) 3-6, 6-4, 6-1
  • Petra Martic (Croatia) beat Zarina Diyas (Kazakhstan) 7-6, 6-1
  • Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
  • 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4, 6-0

Men's third round

  • 13-Grigor Dimitrov (Bulgaria) beat Dudi Sela (Israel) 6-1, 6-1 -- retired
  • Sam Queery (United States) beat Jo-Wilfried Tsonga (France) 6-2, 3-6, 7-6, 1-6, 7-5
  • 6-Milos Raonic (Canada) beat 25-Albert Ramos (Spain) 7-6, 6-4, 7-5
  • 10-Alexander Zverev (Germany) beat Sebastian Ofner (Austria) 6-4, 6-4, 6-2
  • 11-Tomas Berdych (Czech Republic) beat David Ferrer (Spain) 6-3, 6-4, 6-3
  • Adrian Mannarino (France) beat 15-Gael Monfils (France) 7-6, 4-6, 5-7, 6-3, 6-2
Updated: October 19, 2022, 6:38 AM