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Cyprus President Nikos Christodoulides travelled to Egypt and Jordan on Tuesday to seek support for the revival of a proposed maritime aid corridor between the Eastern Mediterranean island and Gaza.
Mr Christodoulides met Egyptian President Abdel Fattah El Sisi in Cairo and was expected to fly to Amman to meet Jordan's King Abdullah II.
Mr El Sisi's office said the two leaders reviewed the escalation in Gaza and Cairo's efforts to achieve a permanent ceasefire between Israel and Hamas. The statement made no mention of the Cypriot aid proposal.
“Egypt is prepared to receive and co-ordinate all international aid for the Gaza Strip,” Mr El Sisi told Mr Christodoulides.
Egypt maintains working relations with Hamas and has connections with its armed wing, the Ezzedine Al Qassam Brigades, while Jordan borders the occupied West Bank. In 1979, Egypt became the first Arab nation to sign a peace treaty with Israel. Jordan followed 15 years later.
Ties between Cyprus and the two Arab countries strengthened over the past few years, as Cyprus sought their support in maritime disputes with Turkey.
In Amman, King Abdullah said after meeting Mr Christodoulides that Israel should be condemned worldwide for attempting to create coercive conditions that could displace the Palestinians in Gaza.
“The king renewed his rejection of forcible displacement of Palestinians inside the Gaza Strip or outside it,” the official Jordanian news agency reported.
He repeated his calls for an immediate ceasefire and warned that Israel's bombing of Gaza was leading to a “dangerous deterioration” in the situation.
After meeting US Secretary of State Antony Blinken at Larnaca airport last month, Mr Christodoulides said the US viewed the Cypriot aid corridor proposal as “important”.
“Everyone supports this initiative, the European Union, the United States,” he said in November. “When we say that we’re a bridge to the region, we’re showing this in practice. It’s every important for our country.”
Mr Christodoulides said his government was working with neighbouring authorities, including Israel, Egypt, Jordan and the Palestinian Authority, as well as the US, France, the EU and the UN, to put the initiative in place.
There has yet to be any formal Israeli acceptance.
Cyprus government spokesman Constantinos Letymbiotis said Israeli Prime Minister Benjamin Netanyahu “saw the initiative in a positive light”, after a telephone call with Mr Christodoulides in November.
Cyprus was talking to fellow EU member countries and Arab states to sketch out the details of its plan to ferry aid from its main port of Limassol to Gaza once conditions on the ground allowed it, he said.
The proposal seeks to address Gaza’s water, electricity and fuel supply needs. Ships would be vetted at the point of departure at Limassol port to ensure that nothing transported could be used as a weapon by Hamas.
Cypriot officials presented the plan to other EU countries in November at an international donor conference for Gaza in Paris, which was attended by Egypt and Jordan.
Hamas is on EU and US lists of terrorist organisations.
The UN said more than 1.5 million Palestinians had been displaced in Gaza by the Israeli bombing campaign launched after October 7, when Hamas killed about 1,200 people in a surprise attack on southern Israel.
With Palestinian sources putting the death toll in Gaza from the war at more than 16,000, the Israeli army said on Tuesday that it was taking “aggressive action” in the southern sector of the enclave.
Civilians are no longer able to use Salah Al Din road, a key route for evacuation, as the army advances in the north and east of Khan Younis.
“The road constitutes a battlefield, so it is extremely dangerous to go there,” Israeli army spokesman Avichay Adraee said on social media platform X.
The Associated Press contributed to this report
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RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
Mohammed bin Zayed Majlis
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The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
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.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter