Turkey hopes a new deal with the EU on refugees will be agreed before the end of this month after a row between the two sides led to thousands of migrants attempting to make their way into Europe.
Turkish President Recep Tayyip Erdogan said on Tuesday that he was due to meet Germany’s Chancellor Angela Merkel, French leader Emmanuel Macron and possibly UK Prime Minister Boris Johnson at a summit in Istanbul on March 17.
He said Turkey would not be closing its western border for the time being, instead repeating a previous comment that Greece must open its own gates.
Mr Erdogan made the remarks to journalists on his way back from Brussels where he had met senior EU officials to discuss the crisis at Turkey's border with Greece.
The meeting followed a decision by Ankara last month to stop preventing migrants from crossing over its western border with Greece. Around 30,000 migrants attempted to get into the EU in just over one week.
Greece and the EU sent reinforcements to the border, which saw clashes as security forces used tear gas to hold back migrants trying to cross.
In an interview with Anadolu news agency, Turkish foreign minister Mevlut Cavusoglu said a previous deal struck between Ankara and Brussels to prevent migrants trying to get into the bloc needed to be updated in light of a crisis in Idlib, northern Syria.
"If we are to come up with a roadmap with the EU, we expect them to be sincere," Mr Cavusoglu said.
"It is not only about keeping migrants in return for more money," he said. “It comprises several issues from visa-free travel to ensuring the voluntary return of refugees.”
Mr Cavusoglu said a new agreement could be ratified at an EU leaders’ summit on March 26.
"We are ready for constructive work," he said.
Turkey and the EU agreed a deal in 2016, which saw Brussels offer 6 billion euros to help look after the almost 4 million Syrian refugees living in the country.
Ankara says it has not received all the money, and that other pledges on improved visa and trade rules have not been met. The EU insists it is disbursing the funds.
The Turkish government is also frustrated with the EU for what it sees as not enough support for its military efforts in Syria, where its troops are fighting against Russian-backed forces of the Syrian regime. The decision to open its western border came after at least 33 Turkish soldiers were killed by regime forces.
Mr Erdogan left his meeting in Brussels on Monday without appearing at a joint news conference.
After the talks, European Commission President Ursula von der Leyen told reporters: "Clearly we do have our disagreements, but we have spoken plainly and we have spoken openly to each other."
However, Ms von der Leyen has accused Turkey of politicising the border to gain EU concessions.
She said the 2016 deal “remains valid and we need to implement missing elements”.
The EU has agreed to take in up to 1,500 child refugees currently living in overcrowded camps on the Greek islands in the Aegean Sea.
Berlin will take in 80 to 100 children from the refugee camps, a German official said on Tuesday, with the focus on minors who are sick or younger than 14 and unaccompanied.
Greece, which is struggling to accommodate thousands of asylum-seekers, was warned by fellow EU member Bulgaria not to build a refugee camp on its border.
Bulgaria's defence minister Krasimir Karakachanov said the plans were “unreasonable” and would create “additional tensions”.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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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Taylor Swift
(Big Machine Records)
