A guard tower overlooking the border fence encircling Spain's North African enclave of Ceuta, which lies on the Strait of Gibraltar, surrounded by Morocco. AFP
A guard tower overlooking the border fence encircling Spain's North African enclave of Ceuta, which lies on the Strait of Gibraltar, surrounded by Morocco. AFP
A guard tower overlooking the border fence encircling Spain's North African enclave of Ceuta, which lies on the Strait of Gibraltar, surrounded by Morocco. AFP
The reopening will start gradually from May 17, Spanish Interior Minister Fernando Grande-Marlaska told reporters on Thursday.
Crossings will be initially limited to residents of Europe's passport-free Schengen area and their family members. They will be expanded to cross-border workers by the end of the month.
The Spanish enclaves of Ceuta and Melilla sit on the northern shores of Morocco's Mediterranean coast. Together they form the EU's only land borders with Africa.
Thursday's announcement came as Madrid and Rabat are working to mend relations after a months-long spat, mainly over migrants coming from Morocco.
The two cities have long been a flashpoint in the diplomatic relations between both countries.
Madrid asserts that both territories are integral parts of Spain. The two cities were granted self-government and regarded autonomous in 1995.
Tensions soared in the summer of last year after thousands of migrants crossed into Ceuta from Morocco through land borders and the city’s main maritime entry point in the south. Spain then deployed troops to restore order and sent back a large number of migrants to Morocco.
The European country says it will deal firmly with illegal crossings and crack down on people smuggling gangs.
A man is held by soldiers of the Spanish Army at the border of Morocco and Spain at the Spanish enclave of Ceuta. A record 6,000 migrants entered Ceuta illegally on Monday, 1,500 of whom were minors. AP Photo
A Spanish soldier helps a migrant as troops are deployed along the coast in Ceuta. EPA
Migrants manage to grab onto a boat of the Moroccan authorities near the coast of Fnideq in an attempt to cross over to Ceuta. EPA
A Spanish Civil Guard holds onto a migrant who swam onto the Spanish enclave of Ceuta. AFP
A Spanish soldier stands in front of Moroccan migrants. Reuters
Red Cross members and Spanish soldiers carry a migrant into an ambulance. AFP
Spanish officers try to stop people swimming into Spanish territory at Ceuta. AP Photo
Moroccan migrants climb up a rocky cliffside in the northern town of Fnideq as they attempt to cross the border from Morocco to Ceuta. AFP
Moroccan migrants walk into shallow waters in the northern town of Fnideq. AFP
Two migrants are met by a Spanish civil guard in Ceuta. Reuters
Hundreds of young Moroccans wait to cross the border with Spain. EPA
About 3,000 Moroccan citizens illegally entered Spain's north African enclave of Ceuta. AFP
Spain says it will return anyone from the country who illegally enters its north African enclave by water. AFP
Before the pandemic, Ceuta and Melilla used to attract traders and workers as local economics depend on the cross-border movement of goods. Most of the migrants are said to be from Morocco.
Spain’s decision to open the borders of Ceuta and Melilla with Morocco also comes after signs of a thaw in relations over Western Sarah, a former Spanish colony claimed by Morocco in 1976.
On March 18, the Spanish government announced publicly and for the first time its support to a 2007 initiative taken by Morocco to grant the disputed Western Sarah autonomy.
It described the Moroccan plan as the “serious and credible” effort taken so far to resolve the dispute.
That decision was a reversal of Spain’s longstanding position of neutrality on the region, a sparsely populated desert area situated on the northwest coast of Africa.
Moroccan King Mohammed VI, centre, with Spain's Prime Minister Pedro Sanchez, second left, Crown Prince Moulay Hassan, second right, Prince Moulay Rachid, the king's brother, right, and Morocco's Prime Minister Aziz Akhannouch, left, before an Iftar meal at the King Royal residence in Sale, Morocco, in April 7. Royal Palace/AP
Morocco’s King Mohammed VI decided then to send back the Moroccan ambassador to Spain 10 months after she was recalled and hosting Spanish Prime Minister Pedro Sanchez in an April visit to Rabat.
Morocco administers around 80 per cent of the 266,000 square kilometres of the sparsely populated desert region with the remainder held by the Algerian supported the self-declared Sahrawi Arab Republic founded by the Polisario Front.
The Polisario waged a guerrilla war against Moroccan troops until a UN-brokered ceasefire in 1991.
Rabat is offering to grant Western Sahara autonomy, while Polisario is demanding a referendum on full independence.
The breakaway state is not recognised by the UN and Morocco’s claim to the region is supported by a number of Arab and African states.
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
Uefa Champions League semi-finals, first leg
Liverpool v Roma When: April 24, 10.45pm kick-off (UAE) Where: Anfield, Liverpool Live: BeIN Sports HD Second leg: May 2, Stadio Olimpico, Rome
Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel
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 line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11 What time: Each day’s play is scheduled to start at 2pm UAE time. TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
