NICOSIA // Jubilant Greek Cypriots rang celebratory church bells when Jimmy Carter won the White House in 1976. The barbed wire that sliced across the island was just two years old and many hoped Mr Carter, a champion of human rights, would solve the Cyprus problem.
Those hopes, naive in retrospect, rusted along with the barbed wire. But this week, Mr Carter, 84, will show he has not forgotten the divided island. The man who brokered the 1979 Israeli-Egyptian peace treaty visits Cyprus today. He will be accompanied by another Nobel peace laureate, Desmond Tutu, the charismatic South African Anglican archbishop who campaigned energetically against apartheid, and Lakhdar Brahimi, 74, the Algerian former foreign minister who brokered the 1989 agreement that ended Lebanon's civil war.
The trio are members of the Elders: 12 world-renowned and independent leaders with long experience in peace processes. They offer their skills, wisdom and moral authority to support the resolution of conflicts around the world and tackle global challenges (www.theelders.org).
The group was formed last year by Nelson Mandela, South Africa's former president, on his 89th birthday, and his wife, Graca Machel, a Mozambique-born international advocate for women's and children's rights.
The trio's mission in Cyprus is to bolster the latest attempt to put the island back together again. Mediators hail the current process as the best chance of a peace deal in a generation. For the first time in 34 years, each side is represented by a moderate leader committed to a settlement.
"After decades of division, this is a time of hope for the people of this beautiful island. These opportunities don't come around very often," said Mr Tutu, who turned 77 yesterday.
But decades of failure have spawned disillusionment among ordinary Cypriots and the local media are dominated by those who predict doom. So the Elders' intriguing visit comes as a pleasant surprise to diplomats in Nicosia who hope it will be a morale-booster to encourage ordinary people and the media to have more faith.
"The process definitely needs all the support it can get and this visit should give it a good push," a senior UN official said.
Anastasia Papadakis was a 15-year-old schoolgirl when Mr Carter won the White House. She was among 167,000 Greek Cypriots - one in three of her community - displaced by the 1974 Turkish invasion, which divided the island along religious and ethnic lines after a short-lived coup in Cyprus engineered by the military junta then ruling Greece. At least 40,000 Turkish Cypriots were also uprooted by earlier inter-communal violence and the invasion.
Ms Papadakis took to the streets in celebration, confident that Mr Carter would help her family to return to her ancestral home. "I won't celebrate when Carter comes, but I welcome his visit. Any help in solving the Cyprus problem is appreciated," she said.
The flattering attention of three distinguished elder statesmen should galvanise international interest in a Cyprus settlement, diplomats said. The division of the small but strategically located island is a major obstacle to Turkey's aspiration of joining the European Union while jousting between Nicosia and Ankara is hampering co-operation between the European Union and Nato in such trouble spots as Afghanistan and Kosovo.
After months of preparatory work, peace talks were formally launched on Sept 3 by Demetris Christofias, the Greek Cypriot president, and Mehmet Ali Talat, who heads the Turkish Cypriot community. Both are pragmatic leftists who have known each other for years, call each other "comrade" and share a degree of trust.
Their aim is to reunite Cyprus as a bi-zonal, bi-communal federation. The talks so far have focused on governance and power-sharing, a core issue viewed as a good starting point because it was less contentious than such others as security, territorial adjustments and property rights.
But even these talks have snagged over differences on how much power should be centrally controlled and how much devolved to the future federation's constituent states.
"There is concern momentum is being lost," a western envoy said. "And it's not helpful that the two leaders snipe at each other when they come out of meetings."
The Elders will meet Mr Christofias and Mr Talat - who meet again on Friday - as well as political party leaders, youth groups from the estranged communities and civil society representatives.
Mr Carter said: "Today's young people are the ones who will live with the outcome of their leaders' work. The first time in their lives that they will cast a ballot may even to be to vote on the outcome of the current peace process. I hope that day is not too far off."
The three will also stroll along Ledra Street, a shopping artery in the historic heart of Nicosia that had long been a symbol of division. Mr Christofias and Mr Talat agreed to open a crossing point along the street in April: it has since transformed into a bustling meeting point that fizzes and crackles with good-natured energy.
The last concerted drive to reunite Cyprus ended acrimoniously in 2004 when Tassos Papadopoulos, the hardline Greek Cypriot former leader, led his people in rejecting a UN settlement plan that was deemed pro-Turkish and unworkable.
The blueprint was endorsed by the Turkish Cypriots. That plan was named after Kofi Annan, the former UN secretary general, who arbitrated when the two sides failed to agree. He is one of the Elders, but diplomats note wryly that he will not accompany his three colleagues to Cyprus.
Any deal now will be homemade, with the UN acting only as facilitator. Similarly, the trio will not participate in negotiations. But Mr Tutu said: "We will do what we can to ensure that the foresight and courage of Mr Talat and Mr Christofias are acknowledged in Cyprus, in the region and around the world."
One jaded diplomat quipped that the Elders are also seeking acknowledgement. "Their visit is all PR with little substance. They want a success," he said.
A local newspaper columnist warned them that a resolution in Cyprus is a mission impossible. "Once these guys have touched down, had the tour, received a history lesson from both sides and enjoyed a three-day UN debrief, they will be reaching for the Prozac," he wrote.
It is too early to be so cynical, said Hubert Faustmann, an associate professor of international relations at the University of Nicosia. "Admittedly, their visit is not of major significance. But it's an important and very positive symbolic gesture."
mtheodoulou@thenational.ae
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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.”
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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"
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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