Measure time in the chapters of a book on idyllic Crete



We saw Agia Fotia before we reached it as our tiny car turned a corner on the high mountain road. The village is set in a small bay hundreds of metres below and accessible by one steep and narrow track with no barrier to prevent unfamiliar drivers from hurling over the cliff. This thrill is part of its charms - Agia Fotia has only two taverns, two small self-catering hotels, one beach bar, a white-washed church and a shop.

The south-eastern corner of Crete could not be a better advert for the perfect beach hideaway if it had been dreamed up by the Greek tourism board anxious to repair the country's image after months of street riots in Athens, which saw police firing tear gas at angry protesters. Athens feels very far away. Even Crete's capital Heraklion on the north end of the island is a lively metropolis compared to this small village.

Here, the pace of life is measured in how long it takes to finish reading a chapter of a book lying under an umbrella on the grey sands, mopping up a plate of grilled sardines then walking back to the beach to swim it off in the warm sea. Crete is in the south of the Aegean, Greece's largest island and its most popular. About one quarter of the 16 million tourists who visit the country every year come here.

Most elect to stay on the north coast, an eyesore of cheap resorts in Heraklion, Hania or Rethymno catering to pasty-skinned package holidaymakers arriving on chartered flights from north European climes. The canny give all of that a miss and head south. Agia Fotia is a two-hour journey, a nail-biting experience through mountain ranges which cut an east-west swathe across the island. The scenery alone is worth the drive: mountain roads framed by ripening pear trees and expanses of silvery grey olive orchards. Occasionally you flash past blinding white houses, balanced on cliffs with dizzying views of the coast, owned some very lucky and very rich folks.

There are 6,000 Greek islands but only 227 are inhabited, surrounded by the inviting waters of the Ionian and Aegean seas. Not surprisingly, tourism contributes 18 per cent of the nation's gross domestic product but this year sunseekers are staying away. After three people were killed in a public riot in Athens on May 5, there were 6,000 hotel cancellations on Crete and nearby Rhodes even though there have been no demonstrations on the island. That is a shame.

We stayed at Markos Studios, a small block of self-catering studio flats run by a friendly Dutch couple next to the beach. The rooms were clean and spacious. Each had a wide terrace with brilliant views of the sea and cliffs. For €46 (Dh212) per night, it was a bargain. We arrived at a perfect time, late June, just as the peak season should have been starting but it did not feel crowded at all. The only small cloud on the horizon was the need to get food supplies at Ierapetra, the nearest town and a 20-minute drive. But as someone who spends Saturday mornings guiding a trolley around a supermarket, it was a joy to wander around the open-air farmers' market which is open until lunchtime and browse through the fresh fruit and vegetables grown on the island.

Agia Fotia's beach is public and most days it was full of young Greek families and couples. There are sun loungers available for rent at €3 (Dh14) per day. The water is clean and clear and if you want to get away from the crowd you can escape to the small cove nearby. After a long morning of sunbathing and reading, we lazily made our way up the hill to the River Tavern, run by a Greek family. To get to the restaurant you must walk past their large vegetable plot. The daily specials were based on whatever had come out of the ground that morning: chicken and okra, spinach patties and courgette balls. The food was simple and good and most of the main courses cost no more than €8 (Dh37).

For the more energetic, many parts of Crete have footpaths for ramblers and you can spend hours walking along the coast exploring its bays and coves. Or wander through small villages fixed in time with sleepy squares and taverns. The dramatic and beautiful Samaria Gorge is a 16-kilometre-long national park on the south-west end of Crete which is popular for day hikes. The entrance fee is €5 (Dh23). The island has history too. You can experience ancient Greek culture at Knossos, five kilometres south of Heraklion and the palace of the mythical Minotaur owned by King Minos.

The British archaeologist Sir Arthur Evans excavated the site in the early 20th century with £250,000 of his own money but some historians criticise his reconstructions as fantastical. The entrance fee is €10 (Dh46) and you need several hours - preferably early in the morning to avoid the midday heat - to do the site justice. When I returned to Dubai longing for some salty sea air I found a website selling private islands which sought to reassure me that buying a Greek island is not as expensive as one might imagine.

"Greek islands are the ultimate status symbol, evoking images of sunglass-sporting shipping magnates sipping champagne on the deck of enormous yachts," says privateislandsonline.com. "In reality, Greek islands are relatively affordable, costing as little as two million dollars - less than a ski chalet in Aspen or a walk up on the Upper East side." One 13-hectare island on the Ionian sea is listed for €1.1 million. Tempting, but still a bit out of my price range - so I'll have to content myself with a future visit to Agia Fotia.

RESULTS

5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m

Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)

5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m

Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer

6pm: Maiden (PA) Dh 70,000 (D) 1,600m

Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain

6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m

Winner: Oss, Jesus Rosales, Abdallah Al Hammadi

7pm: Handicap (PA) Dh 70,000 (D) 1,400m

Winner: ES Nahawand, Fernando Jara, Mohamed Daggash

7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m

Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi

8pm: Maiden (PA) Dh 70,000 (D) 1,000m

Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.

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.”

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 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million