SHUSHA, Nagorno-Karabakh // With broken buildings and near-empty streets, this city of a few thousand has a desolate air, despite its spectacular mountain setting on a plateau overlooking the centre of Nagorno-Karabakh, a disputed region between Azerbaijan and Armenia.
Before the war over control of the region erupted in 1988 between Muslim ethnic Azeris and Christian ethnic Armenians, there were 25,000 people living in Shusha. At the time, Nagorno-Karabakh was an ethnic Armenian majority region within Azerbaijan. Shusha was the only large settlement in Nagorno-Karabakh with an Azeri majority. Now, the only residents of Shusha are 4,000 Armenians; all of the Azeris fled during the fighting.
But Shusha, or Shushi as Armenians call it, is on the brink of the kind of renewal that has transformed Stepanakert, the enclave's capital that lies 16km to the north. Since a ceasefire was agreed in 1994, with Armenia in de facto control, Stepanakert has turned into an attractive and leafy city with a string of new hotels, a modern assembly building and countless street cafes, even though Armenia and Azerbaijan are officially still at war over the region.
To promote Shusha's regeneration, Nagorno-Karabakh's unrecognised ethnic Armenian government is moving ministries to the city, and at least one new hotel is planned as more tourists arrive, mostly diasporan Armenians from countries such as France, as well as those from Armenia itself.
Also, funds from an annual telethon in November organised by the Hayastan All Armenian Fund, an international organisation set up by Armenian presidential decree in 1992, will go to Shusha. Most of those who now live there are ethnic Armenians who fled Azerbaijan as the conflict intensified.
Armen Asryan, an ethnic Armenian, left the Azerbaijani capital Baku in 1988, first going to Russia before coming to Nagorno-Karabakh, where his parents originate, in 1997.
The 40-year-old, a soft spoken cobbler, said for him the city was "not a depressing place".
"I have come to my own land," he said from his ground-floor workshop beneath an apartment block.
"There wasn't a chance to live in Stepanakert, but here the government gave us a free flat. It was ruined. There were no windows. We restored everything.
During the war, when ethnic Armenians backed by Armenia fought Azerbaijan, Shusha was an Azeri stronghold and the source of many of the shells that landed on Stepanakert, forcing its residents to live in bunkers. Armenians took the city in an offensive in 1992 that resulted in heavy casualties on both sides.
Ashot Ghoulian, chairman of the Nagorno-Karabakh national assembly, said government ministries were currently too heavily concentrated in Stepanakert. He said ministries covering such areas as culture, youth and sport were moving to Shusha.
"Some of them will be in already existing buildings of great architectural value, maybe restored, and some buildings will be constructed for ministries," he said.
Moving the ministries will help "activate the life" in Shusha, Mr Ghoulian added, although given the city's strong historical Azeri links, it may not be a popular move with Azerbaijan.
"The most important reason why we want to activate the life of Shushi is the role Shushi played in the life of Armenian Karabakh earlier," he said.
Shusha dates from the mid-18th century and went on to develop separate quarters for its Muslim and Christian residents. Clashes between Azeris and Armenians began in the early 20th century and intensified after the First World War, when Azerbaijan claimed Nagorno-Karabakh.
After a revolt in 1920, at a time when Nagorno-Karabakh was claimed by the short-lived Azerbaijan Democratic Republic, as many as 20,000 of the city's Armenian population were allegedly killed by authorities, an event Mr Ghoulian describes as a "massacre". The enclave became an autonomous region within the later Azerbaijan Soviet Socialist Republic.
"In 1920, 45,000 people were living in Shushi, but by 1921 the population had decreased to 12,000 people," Mr Ghoulian said.
"Nobody rejects that people of Azeri origin were living in Shushi [before the Nagorno-Karabakh war], but that was a result of the conflict of the past century. Today, nobody should distort that historical fact.
"Conflicts always change the demographic situation. Shushi is a city with a tragic fate. Even centuries ago the city was fought over."
The city's Ghazanchetsots Cathedral has been restored since the conflict ended and is now one of the few pristine-looking buildings in the city. Despite the Muslim residents of Shusha having fled, there are still several mosques, although the minaret of one of them is badly damaged.
While Shusha still appears to be a broken city, Mr Asryan said it showed signs of improvement.
"During the past five years it has developed," he said. "There is more transport here. Many buildings are restored now and more people live here compared to previous years.
"It was obvious it would be difficult to live here but now it's developing."
dbardsley@thenational.ae
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
More on animal trafficking
COMPANY%20PROFILE
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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
Elvis
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
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Casket match The Undertaker v Chris Jericho
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
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Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- 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
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young