Russia on Friday held its first royal wedding since the 1917 Bolshevik revolution toppled the Romanov monarchy, with aristocrats travelling from across Europe for the lavish ceremony.
Grand Duke George Mikhailovich Romanov, 40, and his Italian fiance Rebecca Virginia Bettarini, 39, exchanged their vows at Saint Isaac's cathedral in the former imperial capital Saint Petersburg in the presence of dozens of European royals.
Hundreds of foreign guests travelled to Russia's second city for the Orthodox Christian ceremony, including Queen Sofia of Spain, Prince Rudolph and Princess Tilsim of Liechtenstein, and the former king and queen of Bulgaria.
The guest list of 1,500 people included other prominent names such as Konstantin Malofeev, a monarchist and billionaire close to the Kremlin, and Russian foreign ministry spokeswoman Maria Zakharova.
Ahead of the wedding, Romanov said the couple chose to tie the knot in Saint Petersburg because it was the first place in the country where the family returned in the early 1990s.
Scroll through the gallery above for more pictures from the royal wedding.
"It is very, very close to our family," he told Saint Petersburg news website Fontanka ahead of the wedding.
Saint Petersburg is "the history of Russia," he said, "the history of the House of Romanov."
Born in Madrid, Romanov is the son of Grand Duchess Maria Vladimirovna Romanova, the self-proclaimed heir to Russia's imperial throne.
She is the granddaughter of Grand Duke Kirill, a cousin of Nicholas II, the last Russian tsar who was executed along with his wife Alexandra and five children by the Bolsheviks in 1918.
The last wedding in Russia of an heir to the Romanovs was that of Nicholas II and Alexandra, 127 years ago.
Buried after their execution in a place long kept secret by the Soviet authorities, their bodies and those of their children were transferred in 1998 to the Peter and Paul Cathedral in Saint Petersburg.
The family was canonised by the Orthodox Church in 2000 as martyrs.
Romanov, who graduated from Oxford and spent much of his life in France, met Bettarini in Brussels, where he worked in the European Parliament. He also held jobs at Russian mining giant Norilsk Nickel.
Bettarini converted to the Orthodox faith last year and took the name Victoria Romanovna. Her wedding dress on Friday featured the coat of arms of the Russian Empire, embroidered in gold.
The couple moved to Russia three years ago, settling first in the Moscow suburbs before relocating to the city centre next to the Kremlin.
Romanov now works on several charity projects. He said he believes European and Russian royals could help Moscow and the West mend fraying ties.
"I think that we can be ambassadors of goodwill."
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2017: Golden State bt Cleveland 4-1
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2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
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Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
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Favourite sport: soccer
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
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Sector: Laundry
Employees: 170
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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.”