A handout photograph taken and relased by the Turkish Defence Ministery on July 9,2019 shows a Turkish Navy warship patroling next to Turkey's drilling ship "Fatih" dispatched towards the eastern Mediterranean near Cyprus. - Turkey will "increase" its activities off Cyprus after the EU approved measures to punish Ankara for drilling operations in the eastern Mediterranean, the Turkish foreign minister said on July 16, 2019. (Photo by DEFENCE MINISTERY PRESS SERVICE / TURKISH DEFENCE MINISTRY / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / TURKISH DEFENCE MINISTRY" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
A handout photograph taken and relased by the Turkish Defence Ministery on July 9,2019 shows a Turkish Navy warship patroling next to Turkey's drilling ship "Fatih" dispatched towards the eastern Mediterranean near Cyprus. - Turkey will "increase" its activities off Cyprus after the EU approved measures to punish Ankara for drilling operations in the eastern Mediterranean, the Turkish foreign minister said on July 16, 2019. (Photo by DEFENCE MINISTERY PRESS SERVICE / TURKISH DEFENCE MINISTRY / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / TURKISH DEFENCE MINISTRY" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
A handout photograph taken and relased by the Turkish Defence Ministery on July 9,2019 shows a Turkish Navy warship patroling next to Turkey's drilling ship "Fatih" dispatched towards the eastern Mediterranean near Cyprus. - Turkey will "increase" its activities off Cyprus after the EU approved measures to punish Ankara for drilling operations in the eastern Mediterranean, the Turkish foreign minister said on July 16, 2019. (Photo by DEFENCE MINISTERY PRESS SERVICE / TURKISH DEFENCE MINISTRY / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / TURKISH DEFENCE MINISTRY" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
A handout photograph taken and relased by the Turkish Defence Ministery on July 9,2019 shows a Turkish Navy warship patroling next to Turkey's drilling ship "Fatih" dispatched towards the eastern Medi

Ankara's Morsi comments inflame Egypt-Turkey tension


Hamza Hendawi
  • English
  • Arabic

Egypt has slammed “preposterous” comments by the Turkish foreign minister about events surrounding the removal in 2013 of president Mohammed Morsi, saying they ran contrary to Turkey’s claim of seeking better relations with Cairo.

Egyptian Foreign Ministry spokesman Ahmed Hafez said Mevlut Cavusoglu’s comments to CNN amounted to “preposterous claims meant to serve ideological objectives”.

Mr Hafez said Egypt completely rejected the “negative” approach adopted by Ankara in relation to the June 2013 removal of Morsi, a member of the Muslim Brotherhood, by the military, then led by current President Abdel Fattah El Sisi, after only one year.

“Continuing to talk about Egypt in this negative tone and with so much contradiction confirms the lack of credibility in regard to any claim about striving to create a suitable climate for relations based on respect and commitment to the rules of international legitimacy,” he said.

Relations between Egypt and Turkey have deteriorated since Morsi’s removal, with Cairo accusing Ankara of supporting radical groups in the region and meddling in domestic affairs of Arab nations.

At present, relations are tense over Turkey’s military intervention in Libya, Egypt’s western neighbour, where Cairo and Ankara support rival sides in its continuing conflict.

Tension has been heightened by Turkey’s attempts to muscle in on Egypt’s strategic partnership with Cyprus and Greece, both at odds with Ankara, to develop natural gasfields in the eastern Mediterranean.

Egypt and Greece last month signed an agreement defining their exclusive economic zones, furthering their ambition to tap into into the gas reserves along with Cyprus and Israel and further isolating Turkey.

Ankara's tension with Greece has risen in recent months over their maritime borders in the Aegean Sea and the gasfields.

In December, a maritime demarcation agreement between Ankara and Libya’s in Tripoli was denounced as illegal by Cairo and Athens.

The accord significantly expanded Turkey’s continental shelf, infringing on the ambitious energy plans by Greece and its allies.

Turkey has explored for gas off the shores of Cyprus, of which it has occupied a third since 1974 when it invaded after a short-lived, Greek-inspired coup.

The EU responded to Turkey’s drilling in waters off Cyprus, a member of the bloc, by imposing sanctions.

The bloc is divided over whether more effective punitive actions against Turkey should be introduced.

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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

PROVISIONAL FIXTURE LIST

Premier League

Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm 

Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm  

Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm 

Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm 

Monday, June 22 Manchester City v Burnley 11pm (Sky)

Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm 

Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm

Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm

Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm 

Monday June 29 Crystal Palace vs Burnley 11pm

Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm 

Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm

Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm

 

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

UAE currency: the story behind the money in your pockets
yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

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Squads

India: Kohli (c), Rahul, Shaw, Agarwal, Pujara, Rahane, Vihari, Pant (wk), Ashwin, Jadeja, Kuldeep, Shami, Umesh, Siraj, Thakur

West Indies: Holder (c), Ambris, Bishoo, Brathwaite, Chase, Dowrich (wk), Gabriel, Hamilton, Hetmyer, Hope, Lewis, Paul, Powell, Roach, Warrican, Joseph