• A young Ethiopian skateboarder, part of the Ethiopia Skate organisation, at the National Museum area of Addis Ababa on March 12, 2015. The once unknown sport in Addis Ababa is attracting fans and the support of skateboarders worldwide. Zacharias Abubeker/AFP Photo
    A young Ethiopian skateboarder, part of the Ethiopia Skate organisation, at the National Museum area of Addis Ababa on March 12, 2015. The once unknown sport in Addis Ababa is attracting fans and the support of skateboarders worldwide. Zacharias Abubeker/AFP Photo
  • Ethiopian musician Israel Dejene Male, owner of Megabiskate, poses with local children from the Shiro Meda neighbourhood of Addis Ababa on March 3, 2015. 'There’s nothing for the kids in the neighbourhood, nothing to inspire them,' said Israel Dejene, who teaches local children how to skateboard. Zacharias Abubeker/AFP Photo
    Ethiopian musician Israel Dejene Male, owner of Megabiskate, poses with local children from the Shiro Meda neighbourhood of Addis Ababa on March 3, 2015. 'There’s nothing for the kids in the neighbourhood, nothing to inspire them,' said Israel Dejene, who teaches local children how to skateboard. Zacharias Abubeker/AFP Photo
  • A young Ethiopian skateboarder sits in the Bole area of Addis Ababa on March 2, 2015. Zacharias Abubeker/AFP Photo
    A young Ethiopian skateboarder sits in the Bole area of Addis Ababa on March 2, 2015. Zacharias Abubeker/AFP Photo
  • Skateboarding offers moments of fun and escape for the young people living here. Zacharias Abubeker/AFP Photo
    Skateboarding offers moments of fun and escape for the young people living here. Zacharias Abubeker/AFP Photo
  • An Ethiopian skater, part of the Ethioskate organisation, performing stunts in the Sarbet area of Addis Ababa on March 12, 2015. Zacharias Abubeker/AFP Photo
    An Ethiopian skater, part of the Ethioskate organisation, performing stunts in the Sarbet area of Addis Ababa on March 12, 2015. Zacharias Abubeker/AFP Photo
  • Skateboarders from the Ethiopia Skate organisation watch one of their friends skating in the Bole area of Addis Ababa. Zacharias Abubeker/AFP Photo
    Skateboarders from the Ethiopia Skate organisation watch one of their friends skating in the Bole area of Addis Ababa. Zacharias Abubeker/AFP Photo
  • The highland city of hills and steep roads is a good place to learn, despite its streets being sometimes crowded with livestock or lorries feeding its building boom. Zacharias Abubeker/AFP Photo
    The highland city of hills and steep roads is a good place to learn, despite its streets being sometimes crowded with livestock or lorries feeding its building boom. Zacharias Abubeker/AFP Photo

Skaters in the streets of Ethiopia flip perceptions


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  • Arabic

ADDIS ABABA // Swerving around potholes and speeding through chaotic traffic makes skateboarding in the crowded streets of Ethiopia’s capital a risky game.

Yet growing numbers of fans are taking up this once unknown sport in Addis Ababa and attracting the support of skateboarders worldwide.

In the bustling market district of Shiro Meda, groups of children rattle down the hills, flipping boards painted in the colours of Ethiopia — green, yellow and red — as they show off the latest tricks they have learnt.

It’s a tough area, and skateboarding offers moments of fun and escape for the young people living here.

“There’s nothing for the kids in the neighbourhood, nothing to inspire them,” said Israel Dejene, founder of a local skateboarding group, who was inspired by watching children slide down the pavements with bits of plastic fixed to the bottom of their shoes for fun.

“These skate sessions are the only positive thing they can do,” added Mr Dejene, who named his “Megabiskate” project after the Ethiopian word “megabi”, meaning someone who gives life to others.

The group aims to use the sport to help the children, as “a tool to engage the kids, to develop self-esteem, confidence and an alternative lifestyle to the troubles” on the streets.

“Skateboarding creates a positive community, it teaches them to teach each other tricks and promotes a good self-image,” added the dreadlocked Rastafarian musician, who discovered the sport during a visit to Sweden. It was there that he was fascinated by “this board that seemed attached to the feet in the air”.

The project has won international admirers: American professional skateboarders Tony Hawk and Nyjah Huston visited in February bringing with them dozens of boards.

Their visit was widely reported on social media, putting the spotlight on Ethiopia’s small but growing community of skateboarders and inspiring still more to join.

The highland city of hills and steep roads is a good place to learn, despite its streets being sometimes crowded with livestock or lorries feeding its building boom.

“I live on the top of the mountain, when I leave my house I’m going down for miles of hills at high speed. Addis Ababa is huge for skating,” said Yared Gobeze, a young skater.

Yared joined Ethiopia Skate, a group of skateboarders who meet several times a week in the streets of the capital, doing tricks on boards mostly donated by skaters in Austria and the United States.

“As soon as people see a new sport that they cannot picture in Africa they’re amazed and happy to see it there. It’s amazing,” Yared said.

Some 200 skaters take part, with large and cheering crowds gathering to watch them as they jump curbs, fly down stairs and often fall hard on the ground without any protection.

“We just try to use whatever there is in Addis — even if the spots are pretty bad we just make the best out of it,” said Abenezer Temesgen, one of Ethiopia’s skate pioneers.

Some even block the flow of cars to skate across or down the road, as stunned motorists watch the youngsters speed past, flipping up onto curbs on battered boards.

Well-dressed young women snap photographs of the stunts with their mobile phones, while raggedy children plead for a board, and their turn to try.

“Skating is growing — now we’ve got hundreds of kids skating,” Mr Temesgen said, noting that the emergence of skateboarding in Ethiopia also reflects a yearning for normality, to be like other nations and other young people.

“We’ve been known for being poor, but Ethiopia is bigger than that,” he added. “You can’t represent Ethiopia just by being poor. Coming here skating with the kids makes me love my country.”

* Agence France-Presse

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.”

The%20specs
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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RESULTS

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar

Griselda
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What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

Checks continue

A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.

Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.

Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

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Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)