Migrants arrive on a bus at the port of Mytilini on the Greek island of Lesbos on Monday during the first day of the implementation of the deal between EU and Turkey. Petros Giannakouris / AP
Migrants arrive on a bus at the port of Mytilini on the Greek island of Lesbos on Monday during the first day of the implementation of the deal between EU and Turkey. Petros Giannakouris / AP
Migrants arrive on a bus at the port of Mytilini on the Greek island of Lesbos on Monday during the first day of the implementation of the deal between EU and Turkey. Petros Giannakouris / AP
Migrants arrive on a bus at the port of Mytilini on the Greek island of Lesbos on Monday during the first day of the implementation of the deal between EU and Turkey. Petros Giannakouris / AP

First wave of migrants returned to Turkey under EU deal


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Lesbos, Greece // Greece shipped more than 200 migrants back to Turkey on Monday in the first wave of deportations under a hugely controversial deal aimed at easing Europe’s worst postwar migration crisis.

The orderly return of the 202 migrants aboard three chartered Turkish ferries stood in stark contrast to the journey many have taken over perilous seas in flimsy life jackets aboard crowded and leaky rubber dinghies.

Two boats left the Greek island of Lesbos at dawn, and another from the island of Chios, carrying mostly economic migrants from Pakistan and Afghanistan who Turkey will eventually deport to their home countries.

The grim-faced deportees were boarded onto the boats by security guards from the EU’s Frontex border agency wearing sanitary face masks.

Facing an unprecedented influx that has threatened to tear the bloc apart, the EU clinched a last-ditch deal with Turkey to take back all migrants landing in Greece after March 20.

In a heavily criticised swap deal, the EU has pledged to rehouse one Syrian in the bloc for every one deported from Greece, with numbers capped at 72,000.

And the EU kept its side of the pact with 32 asylum seekers from Syria flying into the German city of Hanover.

European leaders hope this will discourage migrants from risking the crossing that has claimed 366 lives this year alone and break up the lucrative racket that smuggled about one million migrants into Europe last year.

However rights groups have slammed the pact as inhumane and a blow to the right to request asylum, and protesters on Lesbos brandished banners reading: “Stop the dirty deal”, “stop deportations” and “wake up Europe”.

The first to be deported under the deal arrived at the Turkish Aegean resort of Dikili to a heavy security presence on the harbourside.

“The taking of fingerprints, the landing at the port, medical checks ... the transport of the 202 people in buses to reception centres in Kirklareli [on the Bulgarian border], is all taking place successfully,” said Mustafa Toprak, governor of Turkey’s Izmir region.

Yorgos Kyritsis, Greece’s migration spokesman, said the first wave contained citizens from Iran, Congo, Sri Lanka, Bangladesh, India, Ivory Coast and Somalia.

Only two were from Syria and they had requested to return for personal reasons, Mr Kyritsis said.

Turkish EU Affairs Minister Volkan Bozkir said the non-Syrian migrants would be sent to Kirklareli for checks ahead of deportation to their own countries.

“People who have migrated for purely economic reasons are to be sent back according to the rules,” he said.

“We will apply to the countries of the illegal migrants. They can be our guests for a while and then bit by bit we will send them back.”

The first group of migrants was already seen boarding buses for the long drive to Kirklareli.

Despite the controversy surrounding the deal, it appeared to be reducing the flow.

Turkey’s Interior Minister Efkan Ala said at the weekend that the numbers crossing had already fallen substantially in the last 10 days to just 300 people a day.

But some decided to chance it despite the risk of being sent back, and the Turkish coastguard on Monday blocked a boatload of about 60 mostly Afghan migrants.

Those in Greece are now rushing to speed up their asylum requests to avoid deportation.

“Lawyers came to talk to us through the fence and explain that it was best to do that,” said Toufik, an Afghan in the Moria migrant camp on Lesbos.

German Chancellor Angela Merkel has a particular interest in the deal, as her country accepted a record 1.1 million migrants last year after she refused to cap refugee numbers, earning her criticism at home and within the EU.

In return for its assistance in implementing the deal, Turkey will receive billions in EU aid, accelerated visa-free travel for its citizens and progress in its bid for membership of the bloc.

*Agence France-Presse

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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

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Warn others to prevent further harm

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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.

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Sole survivors
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New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
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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.”