Tourists visit the Acropolis hill and 2,500-year-old Parthenon temple. AP
Tourists visit the Acropolis hill and 2,500-year-old Parthenon temple. AP
Tourists visit the Acropolis hill and 2,500-year-old Parthenon temple. AP
Tourists visit the Acropolis hill and 2,500-year-old Parthenon temple. AP

Acropolis of Athens will limit visitors from September due to overcrowding


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Visits to the Acropolis of Athens, Greece's most popular archaeological site, will be capped starting next month at a maximum of 20,000 people daily and subject to varying hourly entry limits.

Greece's Culture Minister Lina Mendoni said the controls are needed to prevent bottlenecks and overcrowding at the Unesco World Heritage site. As many as 23,000 people a day have been squeezing into the monument complex, mostly large groups visiting before noon.

“That's a huge number,” said Mendoni. “Obviously tourism is desirable for the country, for all of us. But we must work out how excessive tourism won't harm the monument.”

The new entry limits will be implemented on a trial basis from September 4, and will come permanently into effect from April 1, 2024, the minister said. There will be no limit on how long visits may last, although Mendoni said people who come with organised tours or from cruise ships, who account for about 50 per cent of the daily visitor count, spend an average of 45 minutes at the site.

More than 3 million people visited the ancient Acropolis hill last year, according to Greece's statistics authority. AP
More than 3 million people visited the ancient Acropolis hill last year, according to Greece's statistics authority. AP

Half of the Acropolis' foot traffic currently arrives between 8am and noon, said Mendoni. Under the new system, 3,000 people will be granted access from 8am-9am, 2,000 during the next hour and the numbers will vary throughout the day until closing time at 8pm.

“The measure will address the need to protect the monument, which is the main thing for us, as well as [improving] visitors' experience of the site,” she said.

Similar caps will be imposed for other popular archaeological sites, Mendoni said. The decision followed consultations with tour and cruise operators and was delayed due to Greece's June 25 general election, she said.

More than 3 million people visited the site last year, according to Greece's statistics authority.

Greek authorities closed access to the Acropolis and other ancient sites during midday hours last month at the height of a heatwave that also caused huge wildfires across the country. They also installed awnings as sun protection for people lining up to see the Acropolis’ fifth-century BC temples. Mendoni said those steps would be repeated, if necessary.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The biog

Siblings: five brothers and one sister

Education: Bachelors in Political Science at the University of Minnesota

Interests: Swimming, tennis and the gym

Favourite place: UAE

Favourite packet food on the trip: pasta primavera

What he did to pass the time during the trip: listen to audio books

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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.”

Updated: August 03, 2023, 8:19 AM