ATHENS //Khalid felt "at home" on the streets of Athens and Sheila saw "encouraging signs" of economic recovery in Greece, but Clemence admitted to feeling "overwhelmed" by the "human impact of the crisis."
International students gathered in the Greek capital this spring to take part in field trips organised by their respective universities in New York and Paris.
They were there to observe the effects of the economic crisis in Greece, a country that has become a case study for those reading economy, political science and journalism.
In just a week or 10 days, they were to see, discuss and above all understand what happened in this small country that brought into question the very idea of European Union and shook the foundations of the international financial structure.
"I can't help feeling like a tourist," said 21-year-old Khalid Esmail, frustrated after a week of meetings with Greek political experts and decision-makers.
The young Canadian, a student at the Menton branch of Paris's Institute of Political Studies who specialises in Mediterranean studies, has adopted an unconventional approach to the project.
"I chose to study the country through a very specific medium - street art," he said.
Khalid tried to define the rage he saw sprayed onto walls around Athens, graffiti that bears witness to a crisis that has prompted some Greeks to migrate and plunged others into poverty.
Sheila Lalani, 26, and Dyanna Salcedo, 30, are American MBA students at New York's Columbia University.
Together with their group, they met Greek economic experts and even the finance minister, Yannis Stournaras, who negotiated Greece's entry into the euro zone amid Cyprus's banking crisis.
Their theme was "business strategy during a crisis". They met Greek business leaders who have made their way onto the world stage, a jewellery company that is opening one store per week in China or the chief executive of the world leader in mobile advertising, explained th trip's organiser, Katerina Sokou. She is a former journalist at the Greek newspaper Kathimerini who is now studying at Columbia.
"My sentiment is that the leaders we met are very optimistic" regarding the future and economic growth in Greece, a country facing a sixth year of continuous recession, Dyanna said.
"It seems they don't have any other choice ... the country desperately needs to grow."
Sheila, who was as charmed by the orange trees in full bloom as she was distressed by the Greek capital's dilapidated buildings and streets, said she felt "privileged" to be in Athens during the continuing Cyprus crisis. In Greece, she believed there were "encouraging signs" for growth in the tourism industry and infrastructure.
"The question now is to know how much longer the country can take the recession," said Dyanna.
"Nobody wants to think about what would happen" if Greece cannot fulfil its commitments and has to leave the euro zone, she added.
For a group of nearly 50 students from the Paris-based Centre of Journalism Studies, the trip to Greece was about more than just analysing the crisis.
Each year, they undertake an internship in a different country, where they publish a journal; in Greece, the students are writing for the Parthenon Post.
They all experienced some sort of cultural shock during their trip.
Some, who had the televised images of violent 2012 protests in mind, were pleasantly surprised by Greek hospitality, the shaded terraces and the temperate spring.
Others, fans of ancient history, were moved to find themselves in the cradle of democracy.
"Covering a protest below the Acropolis is no small thing for a journalist," said 23-year-old Clemence Fulleda.
She was nonetheless "overwhelmed" from her very first day, after a student protest that she found to be distressing.
She found herself facing a lost generation - the generation she belonged to.
Greece tops all European countries in unemployment rates, with a general rate of 28 per cent that rises to nearly 60 per cent for those up to 25 years old.
"Students and their parents, all without exception, said they had no future in Greece, that they scraped through, without me even asking them ... People are at the end of their tether. I had not realised ... it is a shock."
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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.”
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m