The arrival five years ago of more than a million migrants in Europe caused widespread chaos and, despite a significant decline in arrivals, tensions and divisions have continued between EU countries over migration.
Migrants increasingly start arriving in Europe from 2011, the year the conflict in Syria began. But it is in 2015 that the situation takes on dizzying proportions.
In April 2015 some 800 migrants from West Africa drown when a trawler sinks, in the worst disaster in the Mediterranean for decades. In late summer the number of arrivals rises and it tops a million over the year, with more than 850,000 going via Greece.
Fearing a humanitarian disaster, Germany's Chancellor Angela Merkel opens the country's doors, sparking criticism from other countries who fear the decision will create an influx. But soon Berlin reintroduces border controls, followed by other countries.
With difficulty, EU leaders agree in September on quotas for the distribution of asylum seekers from Italy and Greece, despite opposition from several Eastern European countries. But the temporary plan will prove laborious and conflictual in practice.
Fences start appearing along the migrant route, such as in Hungary and Slovenia.
In March 2016 the borders shut down along the Balkans route from Macedonia to Austria, which migrants have been using since the summer as a means to reach northern Europe.
On March 18, a hard-won deal between the EU and Turkey lifts some of the pressure: in exchange for financial assistance and political concessions, Ankara agrees for all migrants arriving in Greece to be systematically returned.
Over the year the number of migrants arriving in Europe falls drastically to less than 390,000. But tens of thousands find themselves stuck in Greece.
As the passage through Greece dries up, Libya becomes the key migrant route to the Mediterranean, and Italy becomes the main gateway to Europe.
Deals between Rome and Libyan authorities and militias in mid-2017 are a game-changer: support for the Libyan coastguard leads to a massive drop in arrivals, but also sparks criticism as migrants suffer detention and violence in Libya.
Spain now becomes the main entry point to Europe.
In Italy in June, when an anti-migrant coalition including the far-right is sworn into government, one of its first actions is to refuse to allow the Aquarius rescue ship carrying 630 migrants to dock.
After a turbulent week at sea, the migrants are taken in by Spain, but the case leads to heightened tensions, particularly between Rome and Paris.
The decision in June 2018 by Italy's far-right interior minister Matteo Salvini to close access to Italian ports raises tensions further.
For more than a year migrant rescue ships are blocked in the Mediterranean for weeks until deals are reached between countries to take them in. In June 2019 a Sea-Watch rescue boat defies Mr Salvini's orders and enters Italian waters despite the threat of a hefty fine.
Italy's government changes at the end of the summer 2019 and the country's ports reopen. In September Germany, France, Italy and Malta agree to automatically share the number of migrants who land in Italy or Malta, but the deal is later suspended due to the coronavirus pandemic.
In 2019 fewer than 129,000 migrants arrive in Europe.
In February 2020, Turkey opens its border with Greece, leading tens of thousands of people to cross from Turkey.
Fearing a repeat of 2015, the EU "strongly rejects" Turkey's "blackmail".
But the widespread closure of borders due to the virus crisis limits opportunities for migrants to cross into Europe, and the pandemic also leads to Italy and Malta closing their ports in April, and a scarcity of rescue boats.
At the same time, the pandemic accelerates the use of small boats for crossings in the central Mediterranean. The International Organisation for Migration warns of the risks that "invisible shipwrecks are occurring out of sight".
On a smaller scale – but in a sign that half a decade after the migrant crisis, Europe is far from having settled the issue – there is a sharp rise in migrant crossings of the Channel, causing tensions between Paris and London.
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.”
KILLING OF QASSEM SULEIMANI
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
The fake news generation
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE currency: the story behind the money in your pockets
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Superliminal%20
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
SECRET%20INVASION
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