NICOSIA // Walking down Nicosia’s bustling Ledra Street feels a lot like being on many other European high streets. Locals and tourists linger in cafes, shoppers clutching bags bulging with purchases wander from store to store and music wafts down the pedestrianised promenade.
But slipping down side streets brings visitors to another world, one not seen in other European Union countries today: alleys are blocked off with barricades of barrels, sandbags and barbed wire. Openings for rifles peer into an abandoned no-man’s land. Bullet holes pockmark some buildings. Signs warn visitors not to cross the line or snap photographs.
Nicosia has long been the world’s last divided capital, outliving Cold War Berlin and a bombed-out Beirut that was ripped in two by a civil war in the 1970s and 80s. And with the recent capture of the rebel half of Aleppo by Syrian government forces, it once again stands as the world’s only major city in a state of indefinite division.
Ethnic Greeks and Turks have coexisted on Cyprus since the Ottoman Empire conquered it in the 16th century. But violence between the two communities broke out in the years leading up to independence from British rule in 1960 and continued after, with ethnic Greeks pushing for union with Greece and Turks advocating partition. Villages were razed and civilians killed as Greek and Turkish partisans fought, and areas of the island where Greeks and Turks had lived side by side began to segregate.
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Cyprus peace talks
■ Will Cyprus talks bring Turkey closer to EU membership?
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Turkish troops invaded Cyprus in 1974 as part of a “peacekeeping” operation, days after an Athens-backed military coup on the island. By the time a final ceasefire was agreed, Turkish forces had captured about a third of the island. A buffer zone between the two sides was established, patrolled by United Nations peacekeepers, dividing the country and its capital. In 1983, the Turkish Republic of Northern Cyprus was declared – a country recognised only by Turkey.
Despite the bloody history and the topography of war that remains in place along the border, tempers have largely calmed over the decades. The Turkish north continues to call the events of the 1960s a genocide and the Greek south considers the north to be under occupation, but violence has been absent for a long time.
The border between the north and south has been open for more than a decade, allowing citizens of each territory to visit the other side.
Continuing down Ledra Street, past the Starbucks, McDonald’s, KFC and H&M outlets brings visitors to one of these border crossings. After a quick check of documents by Greek Cypriot officials, you walk across no-man’s land for a few seconds – past graffiti reading “one Cyprus” and “the war is over” – before entering northern Cyprus.
In just a few metres, greetings change from a polite “ya sas” to a polite “merhaba”, prices from euros to lira, and street food from souvlaki and gyro to kebab and doner.
Turkish Cyprus is on the same time zone as Ankara. But while the clocks go forward an hour on entering the Turkish Republic of Northern Cyprus, time seems to go back several years. Instead of the multinational chains and boutiques on the Greek side of Ledra Street there is a bazaar atmosphere, with goods spilling from shops on to the streets. Old mosques and caravanserais make Europe seem far away. It all feels like being in Turkey – because, well, it is.
While the two sides of the island could not be more different, there have been efforts to reunite them.
Last week, Greek Cypriot and Turkish Cypriot leaders met in Geneva for yet another attempt to reach a deal that would bring the island back together, in what the new UN secretary general Antonio Guterres has called “a historic opportunity”.
The peace talks include Turkey and Greece as well as Britain, the island’s former ruler.
While there is optimism from those involved in the reunification talks, major questions remain unresolved: who would be responsible for security on a reunited island and what would happen to the tens of thousands of Turkish troops in the north? How would power in government be shared fairly? How would the reunited state deal with the issue of private property that was seized during the unrest? What are the implications of reunification on Greek Cyprus’s membership of the European Union?
None of these questions is easily answered, and at least one has already emerged as a potential breaking point for the negotiations.
On Friday, Greece said there could be no settlement in Cyprus so long as “occupying” Turkish troops remained on the island. Turkish president Recep Tayyip Erdogan shot back by saying withdrawal of the troops was “out of the question”.
Despite the disagreement, talks are to resume on Wednesday.
On the ground, the divisions appear deeper than language, food and time zones.
Painted on the side of a mountain looming over Nicosia and Greek Cyprus is a huge Turkish Cypriot flag. Next to it and also visible from Greek Cyprus are the words “how happy is the one who says ‘I am a Turk’” – the words of Mustafa Kemal Ataturk, the founder of the Turkish republic. Lit up at night, the flag can be seen far into the Greek part of the island.
On the southern side of the island, Greek flags are a common sight.
Even amid the search for a resolution, divisions deepen. Northern Cyprus’s decision to align its time zone with the Turkish mainland and underscore its Turkishness only came in November.
And despite its claim of independence, northern Cyprus remains firmly under Ankara’s control.
Here are the same red military-zone signs seen so frequently in Turkey’s restive south-east, along with the familiar presence of Turkish troops. Stencils of Ataturk adorn walls. And as on the mainland, dissent is not tolerated.
On New Year’s Eve, prominent Turkish fashion designer Barbaros Sansal was in northern Cyprus when he uploaded a video to social media, apparently mocking the time zone change while lashing out at Turkey’s corruption and the frequent violations of press freedom. After asserting that he was about to go celebrate the new year a second time over in Greek Cyprus (due to the time zone change), Mr Sansal ended his video by saying “drown in your own [excrement] Turkey”.
Although he was in northern Cyprus – supposedly a separate country from Turkey – Mr Sansal was arrested just as quickly and as predictably as he would have been in Anatolia. He was “deported” to Turkey, where a waiting mob on the tarmac of Istanbul’s Ataturk Airport beat him before he was rearrested by Turkish authorities again.
If the current talks in Geneva collapse, another attempt at reunification may be a long way off. As Espen Barth Eide, the UN envoy for Cyprus, put it, “The choice now is very much about using this opportunity, or losing it.”
jwood@thenational.ae
*With additional reporting from Agence France-Presse
Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
KILLING OF QASSEM SULEIMANI
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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MATCH INFO
Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
Company%20Profile
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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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.”
Manchester United v Club America
When: Thursday, 9pm Arizona time (Friday UAE, 8am)
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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