SpaceX founder and Tesla chief executive Elon Musk speaks via video during the Mobile World Congress in Barcelona, Spain, last year. Reuters
SpaceX founder and Tesla chief executive Elon Musk speaks via video during the Mobile World Congress in Barcelona, Spain, last year. Reuters
SpaceX founder and Tesla chief executive Elon Musk speaks via video during the Mobile World Congress in Barcelona, Spain, last year. Reuters
SpaceX founder and Tesla chief executive Elon Musk speaks via video during the Mobile World Congress in Barcelona, Spain, last year. Reuters

Elon Musk says SpaceX to continue funding Starlink services in Ukraine


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Elon Musk said Space Exploration Technologies (SpaceX) will continue to fund its Starlink broadband service in Ukraine in an apparent step back from seeking support from the US Department of Defence.

The shift comes a day after Mr Musk confirmed on Twitter that the closely held company had told the Pentagon it couldn’t fund the system indefinitely that has helped Ukraine combat Russia’s invasion.

The defence department confirmed on Friday it was in talks with SpaceX. It also said the US is looking at other options.

“The hell with it,” Mr Musk tweeted on Saturday. “Even though Starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding Ukraine govt for free.”

Withdrawing support of Starlink threatened a key means of communication used by Ukraine’s military forces in areas that don’t otherwise have cellular service.

Ukraine has 20,000 Starlink terminals that have been provided by USAID, Poland, the EU and private companies, according to an October 5 report from state-run news agency Ukrinform that cited Ministry of Digitalisation data.

Poland purchased 11,700 Starlink terminals for Ukraine, including 5,000 acquired by state-controlled refiner PKN Orlen, according to Janusz Cieszynski, the government official in charge of cyber security.

Mr Musk angered Ukrainians by suggesting last week that the country should seek a negotiated solution to the invasion by Russia that would include ceding Crimea — which was annexed by Moscow in 2014 — for good.

He also tweeted a poll on whether citizens of recently annexed and occupied parts of eastern Ukraine and Crimea should decide if they want to live in Russia or Ukraine, days after Ukraine, Europe and the US denounced annexation moves by President Vladimir Putin.

Earlier on Saturday, Mr Musk stated that the amount SpaceX was requesting to give Ukraine a “major battlefield advantage” was less than the cost of one new GPS satellite.

Ukraine has 20,000 Starlink terminals that have been provided evenly by USAID, Poland, the EU and private companies. Photo: SpaceX
Ukraine has 20,000 Starlink terminals that have been provided evenly by USAID, Poland, the EU and private companies. Photo: SpaceX
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Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)

Rosewood and Transparent — heart issues

24: Legacy — PTSD;

Superstore and NCIS: New Orleans — wheelchair-bound

Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

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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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Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

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Price, base / as tested: Dh182,178
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Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
How tumultuous protests grew
  • A fuel tax protest by French drivers appealed to wider anti-government sentiment
  • Unlike previous French demonstrations there was no trade union or organised movement involved 
  • Demonstrators responded to online petitions and flooded squares to block traffic
  • At its height there were almost 300,000 on the streets in support
  • Named after the high visibility jackets that drivers must keep in cars 
  • Clashes soon turned violent as thousands fought with police at cordons
  • An estimated two dozen people lost eyes and many others were admitted to hospital 
Updated: October 16, 2022, 4:33 PM