• In this photo taken on Wednesday, Nov. 27, 2013, a woman washes up dishes in her kitchen in the yard of a house in the village of Vesyoloye, outside Sochi, Russia. As the Winter Games are getting closer, many Sochi residents are complaining that their living conditions only got worse and that authorities are deaf to their grievances.(AP Photo/Alexander Zemlianichenko)
    In this photo taken on Wednesday, Nov. 27, 2013, a woman washes up dishes in her kitchen in the yard of a house in the village of Vesyoloye, outside Sochi, Russia. As the Winter Games are getting closer, many Sochi residents are complaining that their living conditions only got worse and that authorities are deaf to their grievances.(AP Photo/Alexander Zemlianichenko)
  • A man is hanging out a piece of cloth to dry in the yard of the 5a Akatsiy house as a freight train drives past. Alexander Zemlianichenko / AP Photooto
    A man is hanging out a piece of cloth to dry in the yard of the 5a Akatsiy house as a freight train drives past. Alexander Zemlianichenko / AP Photooto
  • Irina Kharchenko walks in the yard of her house beside the screen separating the yard of her house and a federal highway in the village. Alexander Zemlianichenko / AP Photo
    Irina Kharchenko walks in the yard of her house beside the screen separating the yard of her house and a federal highway in the village. Alexander Zemlianichenko / AP Photo
  • A woman washes up dishes in her kitchen in the yard of a house in the village of Vesyoloye. Alexander Zemlianichenko / AP Photo
    A woman washes up dishes in her kitchen in the yard of a house in the village of Vesyoloye. Alexander Zemlianichenko / AP Photo
  • A new highway is seen on the fringes of the Olympic park in Sochi, Russia. Alexander Zemlianichenko / AP Photo
    A new highway is seen on the fringes of the Olympic park in Sochi, Russia. Alexander Zemlianichenko / AP Photo
  • The emblem of the USSR hangs on the door of the outhouse in the yard of the railroad house in the village of Vesyoloye. Alexander Zemlianichenko / AP Photo
    The emblem of the USSR hangs on the door of the outhouse in the yard of the railroad house in the village of Vesyoloye. Alexander Zemlianichenko / AP Photo
  • A submarine from an amusement arcade on the beach in central Sochi, Russia. Alexander Zemlianichenko / AP Photo
    A submarine from an amusement arcade on the beach in central Sochi, Russia. Alexander Zemlianichenko / AP Photo
  • Alexandra Krivchenko, left, Nadezhda Kurovskaya, center, Irina Kharchenko, right, residents of 5a Akatsiy street drink tea in the village of Vesyoloye outside Sochi. Alexander Zemlianichenko / AP Photo
    Alexandra Krivchenko, left, Nadezhda Kurovskaya, center, Irina Kharchenko, right, residents of 5a Akatsiy street drink tea in the village of Vesyoloye outside Sochi. Alexander Zemlianichenko / AP Photo

Sochi's dark side


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The residents of 5a Akatsy Street have lived for years with no running water or sewage system, while building work for the 2014 Winter Olympic Games has made their lives even more miserable.

A new motorway cuts them off from the city centre and even their communal outhouse was torn down because it was too close to the new road and therefore an eyesore.

The slum is part of a hidden dark side in the host city for the Winter Games, which stands side by side with the glittering new construction projects hailed by the president, Vladimir Putin, as a symbol of Russia’s transformation from a dysfunctional Soviet leviathan to a successful, modern economy.

Yet away from the luxury malls, sleek stadiums and high-speed trains, thousands of ordinary people in the Sochi area live with squalor and environmental waste: villagers living next to an illegal dump filled with Olympic construction waste; families whose homes are sinking into the earth; city dwellers suffering chronic power cuts despite promises to improve electricity.

The Games, which begin next month, were promoted as a unique opportunity to bring investment to the Black Sea resort and improve living standards for its 350,000 residents.

Looking back at those promises, many residents, weary from years of living in the midst of Russia’s biggest construction project in modern history, say they have yet to see any improvement in their lives.

“Everyone was looking forward to the Olympics,” says Alexandra Krivchenko, a 37-year-old mother of three who lives on Akatsy Street. “We just never thought they would leave us bang in the middle of a federal motorway.”

Elsewhere in Sochi and surrounding villages, people have seen the quality of their life decline because of Olympic construction. In the village of Akhshtyr, residents complain about an illegal landfill operated by an Olympics contractor that fouled the air and a stream that feeds the water supply.

In the village of Mirny, just outside the Olympic Park, rumbling lorries have damaged foundations and caused homes to subside. Sochi residents also complain about widespread environmental damage, including the destruction of forests and the contamination of a river running down to the sea.

Near the Olympic Park, a popular sandy beach was paved over for the development of a port that was never built.

The Winter Games are intended to showcase Russia’s resurgence from the collapse of the Soviet Union two decades ago. From drab sanatoriums to gleaming ski resorts. From outdoor markets with counterfeit clothes to boutiques filled with international brands. When the mayor of Sochi was asked last year what had changed for the better, Anatoly Pakhomov talked about a new shopping mall and a Louis Vuitton store.

Amid such pride in status symbols, Sochi has fallen well short in providing basic necessities, residents say.

Two giant power stations have been commissioned to provide electricity for the Olympic venues and the city, but power shortages across the city are still common. Russia’s energy minister says the grid is still being built and is unlikely to come online before Saturday, less than two weeks before the opening ceremonies.

Thousands of people whose homes were demolished to make way for Olympic construction have been relocated, but many others are still waiting for new homes. Meanwhile, even as investment has poured into Olympic facilities, Sochi’s slum dwellings remain standing. The city government says that more than 100 apartment buildings and private homes have been classified as uninhabitable.

For many residents, the Sochi they live in bears little resemblance to the city they see on national television.

“It’s a parallel universe that locals, to a great extent, have no access to,” said Olga Beskova, editor of the local website Sochinskiye Novosti, or Sochi News.

“It has very little to do with how Sochi lives every day. So far, city streets are all dug up, residents have a lot of problems, and it’s hard to see a happy ending after all of this construction.”

The people on Akatsy Street have petitioned for decades to get the government to classify the 1941 barrack-like building as uninhabitable and provide them with new housing. They put up a red “SOS!” sign in a desperate effort to call attention to their plight.

While the city authorities insist that the government roads management agency is responsible for relocating them; the road agency shifts responsibility back to the town hall.

The Akatsy house, in the village of Vesyoloye, is about three kilometres from the Olympic Park, where the arenas and main stadium are located. Like thousands of private houses in Sochi, the property is not connected to city water or sewage systems, with residents making do by drilling wells and building outhouses.

Adding humiliation to hardship, the roads agency secured a court ruling ordering them to pull down their common outhouse, which stood on the edge of the new motorway. Ms Krivchenko’s neighbour, Irina Kharchenko, whose family is seeking justice for 5a Akatsy in court, said the judge told them to “get yourselves a bio toilet”.

Across railway tracks is another barracks-type house with no indoor plumbing, where 56-year-old Vladimir Zarytovsky has been living for 43 years. Since a road for the Olympics was built nearby, the house and garden have become prone to flooding.

“You have to put on rubber boots if you want to go to the toilet,” Mr Zarytovsky said, pointing to foot-high water marks on the walls of the wooden outhouse and outdoor kitchen.

His 29-year-old son, Igor, lives elsewhere with his wife and two children, but said he still loves the crumbling house where he grew up.

What he resents is what he describes as the lies on Russian state television.

“I watch Channel One and get the feeling that I am living in paradise,” he said.

“It’s disgusting to hear the governor and the mayor singing songs to Putin, telling him that everything is fabulous.”

* Natakiya Vasilyeva, Associated Press

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Director: Laxman Utekar

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

Rating: 1/5

A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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.”

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What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.