• Greek warships take part in military exercises in Eastern Mediterranean sea, as tensions rise with Turkey over the waters. Greek Defense Ministry/AP
    Greek warships take part in military exercises in Eastern Mediterranean sea, as tensions rise with Turkey over the waters. Greek Defense Ministry/AP
  • The Greek air force joined the exercises. Greek Defense Ministry/AP
    The Greek air force joined the exercises. Greek Defense Ministry/AP
  • The Tonnerre is escorted by Greek and French military vessels. Greek National Defence/AP)
    The Tonnerre is escorted by Greek and French military vessels. Greek National Defence/AP)
  • The French Tonnerre helicopter carrier, rear left, is escorted by Greek and French military vessels during a maritime exercise in the Eastern Mediterranean, where Greek and Turkish warships are also closely shadowing each other. (Greek National Defence/AP)
    The French Tonnerre helicopter carrier, rear left, is escorted by Greek and French military vessels during a maritime exercise in the Eastern Mediterranean, where Greek and Turkish warships are also closely shadowing each other. (Greek National Defence/AP)
  • The Turkish seismic research vessel 'Oruc Reis' heading west of Antalya in the Mediterranean Sea. Turkish Defence Ministry/AFP
    The Turkish seismic research vessel 'Oruc Reis' heading west of Antalya in the Mediterranean Sea. Turkish Defence Ministry/AFP
  • Tension are high between Greece and Turkey, over the 'Oruc-Reis' and its mission in the eastern Mediterranean. IHA via AP
    Tension are high between Greece and Turkey, over the 'Oruc-Reis' and its mission in the eastern Mediterranean. IHA via AP
  • Turkey’s claims to the waters, which it says are on its continental shelf, have repeatedly been dismissed as illegal by Greece and its allies. Turkish Defence Ministry/AFP
    Turkey’s claims to the waters, which it says are on its continental shelf, have repeatedly been dismissed as illegal by Greece and its allies. Turkish Defence Ministry/AFP
  • Turkish ships accompany the 'Oruc Reis,' a seismic research vessel. Turkish Defence Ministry/AFP
    Turkish ships accompany the 'Oruc Reis,' a seismic research vessel. Turkish Defence Ministry/AFP
  • Turkish President Recep Tayyip Erdogan has called for dialogue while still pushing ahead with a Mediterranean gas development plan that has outraged Greece. AFP
    Turkish President Recep Tayyip Erdogan has called for dialogue while still pushing ahead with a Mediterranean gas development plan that has outraged Greece. AFP
  • Greek Prime Minister Kyriakos Mitsotakis warned of the potential for a mishap with Greek and Turkish navies both in the area.. EPA
    Greek Prime Minister Kyriakos Mitsotakis warned of the potential for a mishap with Greek and Turkish navies both in the area.. EPA
  • France will strengthen its military presence in the eastern Mediterranean. Reuters
    France will strengthen its military presence in the eastern Mediterranean. Reuters

France and Greece hold joint Mediterranean manoeuvres to check Turkey


  • English
  • Arabic

French and Greek naval vessels conducted joint exercises in the Eastern Mediterranean in response to continuing encroachment by Turkish warships and a seismic research vessel in the area.

A short video released by Greece’s military on Thursday showed Greek frigates conducting manoeuvres with a French vessel and helicopter.

The exercises we meant to raise the forces’ operational readiness and combat ability, the Greek TV channel Skai reported.

The show of support from France at sea follows Paris’s commitment of two Rafale fighter jets and a naval frigate to bolster dozens of Greek ships already on high alert in the Eastern Mediterranean.

Greek Prime Minister Kyriakos Mitsotakis thanked French President Emmanuel Macron as a “true friend of Greece” and a “fervent protector of European values and international law”.

The two spoke with Egyptian President Abdel Fattah El Sisi on Wednesday.

In this photo provided by the Greek National Defense, two French Rafale fighter jets at Souda airbase on the island of Crete, Thursday, Aug. 13, 2020. AP
In this photo provided by the Greek National Defense, two French Rafale fighter jets at Souda airbase on the island of Crete, Thursday, Aug. 13, 2020. AP

Mr Macron said after the call that he decided to "temporarily reinforce the French military presence in the Eastern Mediterranean in the coming days, in co-operation with European partners including Greece".

Diplomatic manoeuvrings continued before Friday's meeting between EU ministers to discuss the Eastern Mediterranean, and a summit between US Secretary of State Mike Pompeo and his Greek Foreign Minster Nikos Dendias, also on Friday.

The threat of sanctions hangs over Turkey after it sent a research vessel, the Oruc Reis,  into contested Greek waters on Monday, escorted by six warships.

Greece called for the extraordinary meeting of EU foreign ministers to discuss sanctions.

Brussels has imposed such penalties on people linked to Ankara’s earlier drilling activities in the area.

Paris has also sought sanctions against Ankara in the weeks after a June incident in the Mediterranean between the two Nato allies’ naval vessels.

This handout photograph released by the Turkish Defence Ministry on August 12, 2020, shows Turkish seismic research vessel 'Oruc Reis' (C) as it is escorted by Turkish Naval ships in the Mediterranean Sea, off Antalya on August 10, 2020 AFP
This handout photograph released by the Turkish Defence Ministry on August 12, 2020, shows Turkish seismic research vessel 'Oruc Reis' (C) as it is escorted by Turkish Naval ships in the Mediterranean Sea, off Antalya on August 10, 2020 AFP

France claimed its frigate, the Courbet,  was harassed by a Turkish vessel while watching a cargo ship suspected of taking weapons to Libya.

Paris ultimately withdrew the Courbet  from Nato's mission in the Mediterranean over the disagreement.

Tension in the eastern Mediterranean have exposed the divisions between Nato members and have been a perennial headache for the alliance.

Nato Secretary General Jens Stoltenberg on Monday called for the stand-off to be resolved “in a spirit of allied solidarity and in accordance with international law”.

A spokesman for the bloc said there had been no change in its position since.

The dispute between Turkey and Greece stretches back decades and centres on areas bordering the many Greek islands in the region.

Turkey’s claims to the waters, which it says are on its continental shelf, have repeatedly been dismissed as illegal by Greece and its allies.

Map shows competing maritime borders according to agreements made by Athens and Cairo, Tripoli and Ankara
Map shows competing maritime borders according to agreements made by Athens and Cairo, Tripoli and Ankara

Renewed, competing claims by Greece and Turkey over the waters have crossed into the conflict in Libya.

In December Ankara and Libya’s Government of National Accord in Tripoli signed an agreement on maritime borders that favoured Turkey.

In exchange, Ankara promised military support to the government in Tripoli.

Last week Greece and Egypt agreed on their own maritime border deal.

The UAE has thrown its weight behind the Greek-Egyptian deal while Turkey has called the Cairo accord a provocation.

Ankara has indicated that it wants to return to the negotiating table over the competing claims to the resource-rich waters.

Turkey’s President, Recep Tayyip Erdogan, said on Thursday that the only solution to the dispute was through dialogue and negotiation.

Mr Erdogan said Ankara was not chasing any "adventures" in the region.

But at the same time, the Oruc Reis  has continued to carry out surveys in the disputed waters, said the Turkish Energy and Natural Resources Minister, Fatih Donmez.

Mr Erdogan is to speak on Thursday with the German Chancellor Angela Merkel and EU Council President Charles Michel.

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

 

 

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press

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.”

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

MATCH INFO

Uefa Champioons League semi-final, first leg:

Liverpool 5
Salah (35', 45 1'), Mane (56'), Firmino (61', 68')

Roma 2
Dzeko (81'), Perotti (85' pen)

Second leg: May 2, Stadio Olimpico, Rome

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

Bawaal%20
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

Jawan
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