Citizens urged to avoid 'offensive' countries



Egypt's Ministry of Foreign Affairs has scolded European embassies in Cairo over their treatment of nationals applying for visas and advised Egyptians to avoid travelling to countries whose missions dealt with them in an "offensive" manner. "The Ministry of Foreign Affairs... has sent a statement to European embassies and consulates in Cairo which criticised their visa procedure with Egyptian citizens," the statement read.

Without singling out individual countries, the ministry said it was "encouraging Egyptians to avoid travel to those countries as much as possible, as long as suitable alternatives exist". "It is hard to imagine that Egyptians would spend money in countries where they are subject to abuse from the moment they present an application for a visa," read the statement, released last week. "Evasion, incompetence and ambiguity in letting applicants know what paperwork is required all lead to the delay of the visas. In many cases this has caused financial losses to numerous Egyptians."

The statement urged European missions to be as hospitable as the Egyptians were to Europeans travelling to Egypt. Egypt allows most Europeans to obtain a visa on arrival, but Egyptians who want to visit Europe must obtain a visa before departure. The process is lengthy and cumbersome, applicants have claimed. Security is usually the reason cited for Europe's stringent entry requirements, which some Egyptian officials concede is a legitimate concern.

"Lets face it, the risks are very high when issuing a tourist visa," said a senior adviser at the Egyptian European Council, who asked not to be named. As a result, Egyptian visitors to Europe, including Britain, encounter lengthy delays in obtaining visas. "I wanted to visit London, so I gave all the paperwork required for the visa process and filled in all the information needed on the application form, and was told it would take two days to process," said Sherif Kabi, an Egyptian engineer who applied for a visa at the British embassy in Abu Dhabi. "It's been two weeks now and there's no sign of the visa, and quite honestly I lost hope."

However, European embassies have suggested that the rigorous application process has as much to do with weeding out economic migrants who frequently overstay their visas and illegally seek employment. "Most people think that the matter is related with security, but from my experience here, I think that those seeking employment on a tourist visa is the real issue," said a spokesman from the British embassy in Cairo.

"In most cases, people fail to bring all the documents required, or say they are travelling for medical treatment when they really have other intentions - that's why the process sometimes takes weeks." The British embassy has taken steps to speed up the application process. It hired a private company this year to take charge of the data collection from applicants. "By having the extra help and someone to organise the data for us, the decision to grant visas becomes faster," said the spokesman.

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  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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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.”

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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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