A Greek court has dropped espionage charges against 24 activists involved in rescuing migrants, including a Syrian refugee and competitive swimmer who inspired a Netflix film.
In the ruling read to the chamber, the court admitted procedural faults.
They included insufficient translation of prosecution documents, and a lack of access to interpreters for the defendants.
The ruling came hours after the United Nations called for the charges to be dropped.
The European parliament branded the trial, which began in November 2021, as "the largest case of criminalisation of solidarity in Europe".
The activists, however, still face an investigation on charges of human trafficking, money laundering, fraud, and the unlawful use of radio frequencies.
Among those charged is Syrian swimmer Sarah Mardini, whose family story and dramatic crossing of the Aegean Sea in 2015 inspired Netflix film The Swimmers.
The film traces the journey of Ms Mardini and her sister, Olympic swimmer Yusra, as they flee the civil war in Damascus in 2015 and make a harrowing journey to Berlin.
Ms Mardini, who has lived in exile in Germany since 2015, was arrested in 2018 while volunteering for a search-and-rescue organisation on Lesbos, where they assisted people in distress at sea.
"I was arrested because I was handing over water and blankets and translating for the refugees arriving every night on the shoreline," she said in a TED interview.
Ms Mardini and fellow volunteer Sean Binder spent more than three months in jail in Lesbos after their arrest on misdemeanour charges that included espionage, forgery and unlawful use of radio frequencies.
The two are also under investigation for felony offences, but prosecutors have not brought any of the more serious charges against them.
About 50 humanitarian workers currently face prosecution in Greece, following a trend in Italy, which has also criminalised the provision of aid to migrants.
Greece, which had about a million migrants and refugees cross to its shores from nearby Turkey at the height of the refugee crisis in 2015, has clamped down on migration, erecting a fence along much of its land border with Turkey and increasing sea patrols near its islands.
Greek officials say they have a strict but fair migration policy.
They also deny, despite increasing evidence to the contrary, conducting illegal summary deportations of people arriving on Greek territory without allowing them to apply for asylum, a procedure known as “pushbacks”.
The country’s conservative government, elected in 2019, has vowed to make the country "less attractive" to migrants.
Part of that strategy involves extending an existing 40km wall on the Turkish border in the Evros region by 80km.
Tens of thousands of people fleeing Africa and the Middle East try to enter Greece, Italy and Spain in the hope of better lives in the European Union.
Despite in-depth investigations by media and NGOs, alongside abundant testimony from alleged victims, Greek authorities consistently deny pushing back people trying to land on its shores.
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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.”
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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Living in...
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