Greece's long-running financial crisis may be catastrophic for the country, but it has presented holidaymakers with the chance to bag a few bargains of late. The emir of Qatar is no exception.
According to recent media reports, Sheikh Hamad bin Khalifa Al Thani has spent €8.5 million (Dh40.5m) on six Greek islands in the Ionian Sea.
According to the British newspaper The Guardian, he bought the first island, Oxia, for just under €5m, despite an initial price tag of €7m and settled on a price for the other five, known as Echinades, last week.
However, it took the emir 18 months to negotiate the red tape.
"Greece is that kind of place," Ioannis Kassianos, Ithaca's Greek-American mayor was quoted by The Guardian as saying: "Even when you buy an island, even if you are the emir of Qatar, it takes a year-and-a-half for all the paperwork to go through."
The newspaper reported the emir first made inquiries about buying the islands after mooring his yacht off Ithaca four summers ago.
"They have a fund with a couple of hundred million in it," said Mr Kassianos. "And as far as I know they want to buy all 18 of the islands, the whole lot."
The website, Private Islands Online, describes the five Echinades islands as totally unaffected by industry, with no major sea lines in the vicinity.
"The turquoise water is crystal clear, perfect for swimming, sailing, water sports, fishing and deep sea diving. The beautiful pristine beaches, lush vegetation complete the picture of paradise," it said.
The largest island is ideal for a luxury resort, the website added.
However, the emir intends to turn the chain into a home from home and has brought in architects to draw up the plans. But a disagreement has developed over the size of the property.
"There is a stupid law because in Greece we do everything upside- down," Mr Kassianos told The Guardian.
"That law says that whatever the size of your land, your home can be no bigger than 250 square metres. The emir has reacted to this saying his WC is 250 sq metres and his kitchen alone has to be 1,000 sq metres, because otherwise how is he going to feed all his guests?"
Three years ago, at the start of the euro crisis, Qatar pledged to invest up to €5 billion in a range of sectors in Greece, including property, tourism and transport. But persistent delays led the Arabian Gulf country to pull out of the projects.
Last month, the Greek prime minister Antonis Samaras flew to Qatar to reinstate relations, leading to the Gulf country's decision to participate in an international tender to develop the former international airport in Athens. According to The Guardian, Qatar has also shown interest in buying the beachfront Astir Palace hotel in the Greek capital.
The Echinades were not the only islands of interest to the emir. According to reports he was also interested in buying the Ionian isle of Skorpios, about 30 kilometres from his new islands, where Jacqueline Kennedy married the Greek shipping magnate Aristotle Onassis.
However, the deal fell through after his granddaughter, Athina Onassis, refused to reduce the price, according to The Guardian. She is selling the island for €200m.
gduncan@thenational.ae
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AT4 Ultimate, as tested
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
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Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
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The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
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Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company%20Profile
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Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
Killing of Qassem Suleimani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
WHAT IS A BLACK HOLE?
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
The specs
Engine: 4.0-litre flat-six
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Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
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No Shame
Lily Allen
(Parlophone)
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
KILLING OF QASSEM SULEIMANI
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
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