LIMASSOL // Bronzed Russian tourists roast on the beaches of Limassol, a Cypriot resort where many wealthy compatriots running offshore businesses have pumped countless millions into prime real estate.
"Limassolgrad", as the city is dubbed, is home to Russian schools, restaurants, beauty parlours and a large Russian Orthodox church.
There are even fur coat boutiques doing brisk business despite the sweltering 35°C heat.
Long-standing economic and diplomatic ties bind Russia, a global power with a population of 141 million, and Cyprus, a small and divided but strategically located Mediterranean island of fewer than a million people.
That quirky relationship is now set to become even closer.
Moscow said last week that cash-strapped Cyprus had requested a €5 billion (Dh22bn) rescue loan, primarily to shore up its oversized banking sector that has been battered by heavy exposure to Greece's economic meltdown.
That request has caused unease in Brussels, raising questions over the allegiances of Cyprus, which assumed the European Union's rotating presidency this month.
Days earlier, Cyprus also solicited help from the EU's firewall funds.
Until now, Cyprus has not said how much it needs in total, but local media speculate the figure could be about €10bn, more than half its €17.3bn GDP.
President Demetris Christofias, the EU's only communist leader, insists there is nothing wrong in tapping Brussels and Moscow simultaneously for an economic lifeline.
"Let's hope we can manage both," he said last week. But Kremlin gold, he argued, will have no strings attached, while EU aid could come with "harsh" conditions, like the austerity measures foisted on Greece, Ireland and Portugal.
"The Russians, as good friends of Cyprus, want to take care of us," he proclaimed. "We are grateful to the Russian Federation for their ongoing and absolute support without anything in exchange."
Mr Christofias has also put out feelers to China for a loan.
A European diplomat quipped in response: "The only free cheese is to be found in a mousetrap."
Many Cypriots are also concerned. "Being viewed as Russia's satellite is a very high price to pay for avoiding unpopular [austerity] measures," the Cyprus Mail said in a recent editorial.
Cyprus's conservative opposition agrees with Brussels that Nicosia must reform its pension system and bloated public sector to make the country's predominantly capitalist and historically resilient economy competitive again.
Russia loaned Cyprus €2.5bn last year, with no EU-style demands for economic reform.
If Moscow follows through on the latest request, Cyprus will then be beholden to Russia for an amount equivalent to nearly half its GDP.
Mr Christofias, 65, studied in Soviet-era Moscow and once lightheartedly described himself as "the red sheep" of Europe.
He has played down concerns about any influence Moscow could gain by making such loans.
He assured his European partners last week "the Russia of today is not the Soviet Union of the past" and that Moscow has embraced capitalism.
There has been speculation that in return for financial support, Moscow could demand a stake in Cyprus's recently discovered offshore gasfields that Brussels hoped would help break Europe's energy dependence on Russia.
Cyprus insists a Russian loan will not influence the bidding process to develop its gas riches but Nicosia has not ruled out Russian participation in an €8 to €10bn natural gas terminal Cyprus is planning to build.
Others see a more immediate incentive for Russia to come to Cyprus's aid.
"Cyprus serves as a very useful tax haven for a considerable part of the Russian wealthy elite and they want to keep it that way," said Hubert Faustmann, a political analyst at the University of Nicosia.
At 10 per cent, Cyprus has the EU's lowest corporate tax rate, which Nicosia insists must survive any meddling by the bloc.
On paper, Cyprus is one of the largest investors in Russia worldwide, accounting for 20 per cent of its foreign direct investment last year, more than China.
Most of this money invested in Russia through Cyprus is Russian cash being repatriated.
Politically, Moscow has been a staunch ally. At the UN Security Council, where Russia is a permanent member, it has consistently supported the Greek Cypriots, who represent the island internationally.
Economic ties, meanwhile, date back decades to when Cyprus swapped wine in bulk with the Soviet Union in return for tractors.
In the early 1990s, large numbers of Russian businessmen arrived in Cyprus after the collapse of communism.
Russian tourists are big business. In 2010, an estimated 234,000 Russians visited.
That figure soared by 50 per cent the following year and even more are expected this year. Only Britain, the island's former colonial master, provides more holidaymakers. But Russian tourists spend more and, according to hospitality workers, are bigger tippers than the British and less fussy than Germans.
mtheodoulou@thenational.ae
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
GRAN%20TURISMO
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Company%20Profile
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