Eight Turkish army officers are escorted by Greek police as they arrive at the supreme court on January 26, 2017. Louisa Gouliamaki /AFP
Eight Turkish army officers are escorted by Greek police as they arrive at the supreme court on January 26, 2017. Louisa Gouliamaki /AFP

Turkey threatens to scrap migrant deal after Greece ruling



ANKARA // Turkey on Friday threatened to scrap a deal on migrants after the Greek supreme court refused to return eight Turkish army officers allegedly linked to the failed July coup.

“We are now considering what we are going to do,” foreign minister Mevlut Cavusoglu said. “We have a readmission agreement between us and Greece, with the European Union. We are going to take necessary steps, including the cancellation of this readmission agreement.”

Under a landmark agreement signed with the EU last march, Ankara pledged to take back all illegal migrants landing in Greece. The deal helped to stem a massive human influx into the EU, especially from Syria, and became a hot political and social issue in Europe.

There is also an existing agreement between Ankara and Athens on the readmission to Turkey of illegal migrants. But the foreign minister said Turkey could not “look favourably on a country which protects terrorists, traitors, coup plotters. Greece needs to know this”.

The controversy also comes as Greece and Turkey are trying to negotiate the reunification of Cyprus in talks brokered by the United Nations.

In a bitter statement, Mr Cavusoglu accused the Greek judiciary of encouraging “impunity” and ignoring “international law norms and principles” as well as the rights of the victims of the coup.

Referring to Greece’s own history under military rule, he said, “As a country which experienced coups in its past Greece, with this decision, has unfortunately become a country which protects coup plotters.”

The Turkish officers deny any role in the attempted coup and have claimed their lives would be in danger if they returned to Turkey. They have requested asylum in Greece but their applications were originally rejected in July.

However, their appeals are being processed and on Thursday the Greek court blocked their extradition, saying that they would not have a fair trial in Turkey – a ruling that Mr Cavusoglu said was a “political decision” rather than judicial.

The suspects – who landed a helicopter in Greece a day after the botched putsch and asked for asylum – were also ordered to be released from police custody.

Earlier on Friday, the Turkish justice ministry submitted a second extradition request to Greece for the return of the officers.

With a history of enmity, relations between Greece and Turkey – now allies in Nato – have become warmer under Turkish president Recep Tayyip Erdogan. But the foreign minister said the ruling by the Greek court would affect relations “whether we want it to or not”.

* Agence France-Presse

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

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.”

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

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Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai