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The Solaris superyacht linked to sanctioned Russian billionaire Roman Abramovich has been moved from Turkey’s Bodrum port on the Aegean coast to another near by.
Marine Traffic, a ship-tracking website, showed the 140 metre Solaris was anchored near Yalikavak after travelling about 50 kilometres around the Bodrum Peninsula.
The Solaris is one of two vessels linked to Abramovich that are together worth an estimated $1.2 billion and have docked in south-west Turkey in recent weeks.
On Monday, Global Ports Holding, the London-listed operator of Bodrum, said the decision to allow ships to dock was the responsibility of the Turkish authorities.
Abramovich, the owner of Chelsea FC, is one of the most high profile Russians to face international sanctions and asset forfeiture because of alleged links to President Vladimir Putin, whose decision to send troops into Ukraine resulted in weeks of fighting.
In the UK, there were questions about why the Solaris was allowed to dock and then permitted to sail from a port owned by a company listed in London.
Global Ports said it did not receive “any service fee or other payments concerning the berthing of the superyacht at Bodrum Cruise Port”.
Mr Abramovich was an unexpected face among the officials and diplomats gathered in a wing of the former imperial Dolmabahce Palace in Istanbul before peace talks between Russia and Ukraine were held there.
The Kremlin said his presence would “enable certain contacts”, while Turkish President Tayyip Erdogan said Abramovich was sincerely working to end the war.
While his official capacity at the peace talks is vague, he is one of a number of people reported to be have been poisoned at an earlier round of talks.
Abramovich is one of several wealthy Russians who were last month added to EU and UK blacklists following Russia's invasion of Ukraine, which began in February.
Governments are seeking to isolate Mr Putin and his allies for their role in Russia's war against Ukraine.
Turkish Foreign Minister Mevlut Cavusoglu said Russian oligarchs are welcome in Turkey but they must abide by international law if they wish to do business.
Turkey, a member of the Nato military alliance, shares a maritime border with Ukraine and Russia in the Black Sea. It has good ties with both and has offered to mediate.
Ukrainian protesters tried to stop the Solaris from docking.
Two other yachts worth almost $60m moored by the Caribbean island of Antigua have been revealed to belong to Abramovich.
The vessels, the Halo worth $38m and the $20m Garcon, were docked in Antigua’s Falmouth Harbour, and registered with a British Virgin Island company.
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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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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Forced%20Deportations
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Violence%20
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