Three business tycoons have resigned from a major philanthropy group that funds causes in Israel as they face sanctions tied to Russia's invasion of Ukraine.
Mikhail Fridman, Petr Aven and German Khan will relinquish their roles at Genesis Philanthropy Group, the organisation said.
"In order to assure the ability of GPG to stay true to its mission and build on the foundation we have created over the past 15 years, all three have resigned from the board of directors," the group's chairman of the board Gennady Gazin and chief executive Marina Yudborovsky said, AFP reported.
Genesis is registered in the UK but is a major funder of causes in Israel including the Yad Vashem Holocaust memorial.
The three men have been listed under international sanctions over suspected ties to Russian President Vladimir Putin.
Mr Fridman, who was born in Ukraine, is one of Russia's richest men, and Russian-born Mr Aven stepped down earlier this month from the LetterOne investment fund they co-founded.
They deny any "financial or political relationship" with the Russian president.
Mr Fridman and Mr Khan, who was also born in Ukraine, are co-founders of Alfa-Bank, Russia's largest private lender.
Genesis, which says it "seeks to strengthen Jewish identity among Russian-speaking Jews worldwide", has pledged $10 million to help Jews affected by the crisis in Ukraine.
Mr Gazin, also born in Ukraine, is not affected by the sanctions, and said he would stay on and the resignations would not affect Genesis's commitments.
Moscow's invasion of Ukraine has put a new spotlight on wealthy Jewish Russians in Israel said to be connected to Mr Putin.
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Firefighters put out a major blaze caused by Russian shelling at a food warehouse in Severodonetsk, a city in eastern Ukraine's Luhansk region. AFP -

Irina Zubchenko walks her dog Max amid the destruction caused by the shelling of a shopping center in Kyiv. AP -

Ukrainian refugee Masha, 6, plays at the border crossing in Budomierz, Poland. Reuters -

A charred Russian armoured personnel carrier on the front line in the Kyiv region. Reuters -

A volunteer takes position at a checkpoint in a district of Kyiv as Russian forces try to encircle the Ukrainian capital. AFP -

Residents of Kyiv retrieve belongings from their homes in a five-storey residential building that partially collapsed after shelling by Russian artillery. AFP -

Police officers in Moscow detain a woman as she protests against Russia's invasion of Ukraine. AFP -

A resident of the village of Krasylivka after Russian bombardment, part of Moscow's effort to move on Kyiv. AFP -

Tetiana Chornovol, a former Ukrainian MP, prepares to take position with an anti-tank missile on the front line in the Kyiv region. Reuters -

A rescue worker at a shopping mall in Kyiv after a Russian air strike. Reuters -

Ukrainian firefighters rescue a person buried beneath rubble after an explosion at a shopping centre in Kyiv. Reuters -

Ukrainian police officers stand near a warehouse that was hit by the debris of a downed rocket in Kyiv. AFP -

Graves are dug in a street in the besieged southern port city of Mariupol. Reuters -

Pro-Russia militia fighters travel by tank to the outskirts of Mariupol. Reuters -

Milana, 6, who is recovering from leg wounds sustained when a Russian rocket hit her house on February 28, killing her mother, watches volunteers dressed as clowns at a children's hospital in Kyiv. Getty -

Tetyana and other residents wait in Kyiv, after being relocated from Irpin town. EPA -

Rescuers carry a Ukrainian soldier saved after 30 hours trapped in the wreckage of a military school hit by Russian rockets, in Mykolaiv. AFP -

A Ukrainian refugee arrives with her dog at the reception centre about three kilometres from the Moldova-Ukraine border. EPA -

Volunteers in Kyiv prepare packages with food and other goods for Ukrainian soldiers and civilians in cities across the country. EPA -

Residents walk between damaged residential buildings in Mariupol. Reuters -

Participants illuminate the Ernst Happel Stadium in Vienna with the lights of their smartphones, during the charity concert We Stand with Ukraine. AFP -

Yana Hladiychuk of Ukraine with a "Stop War" message on her face after the women's pole vault, on the second day of the World Athletics Indoor Championships in Belgrade. Getty -

An Ukrainian girl in tears after crossing the border in Siret, northern Romania. AFP -

A satellite image shows the aftermath of the Russian air strike on the Mariupol Drama Theatre. EPA/Maxar Technologies -

A woman takes cover in a military trench as a Russian jet fighter flies overhead, near the military school hit by Russian rockets the day before, in Mykolaiv. AFP -

A man walks amid debris in front of a Kyiv residential apartment complex that was heavily damaged by a Russian attack on March 18. Getty -

Residents carry water from a food warehouse, which is under the control of the breakaway Donetsk People's Republic, on the outskirts of Mariupol. AP -

Rescuers work at the site of the National Academy of State Administration building damaged by shelling in Kharkiv. AP -

A satellite image shows artillery strikes and burning fields in Chernihiv. AP / Maxar Technologies -
A resident assesses her damaged flat in Mariupol. Reuters -

Kyiv's mayor Vitali Klitschko keeps people away from a five-storey residential building that partially collapsed after shelling on March 18. AFP -

Russian President Vladimir Putin addresses crowds at a concert in Moscow to mark the eighth anniversary of the annexation of Crimea. AP -

Ukrainian policemen secure a residential area in Kyiv. Sergei Supinsky -

Ukrainian President Volodymyr Zelenskyy. AP -

A cloud of smoke rises after an explosion in Lviv, western Ukraine, on March 18. AP -

Zinaida Pivtsova, 75, who fled the war in Ukraine, takes shelter in a sports stadium in Przemysl, south-east Poland. AP -

A police officer at abandoned residential buildings in Kyiv. AP -

Inside a shell-damaged school in Kyiv. AP -

A woman cries before starting to clean the site where a bomb damaged residential buildings in Kyiv. AP Photo / Rodrigo Abd -

A woman from Ukraine sits in a car with her children as a volunteer takes them to a hostel in Budapest, Hungary. AP -

An abandoned flat in Kyiv. AP -

A man removes a curtain inside a school in Kyiv. AP -

A worker sets up a billboard with the colours of the Ukrainian flag in Novoiavorisk, near Lviv. AP -

Olga plays with her daughter Vedeneya in an empty park in Kyiv. AP
The Yad Vashem Holocaust memorial suspended ties with billionaire Roman Abramovich this month, just weeks after it had announced a historic partnership that museum officials said made him their second-largest donor.
Mr Abramovich, who holds Russian and Israeli citizenship, was photographed at Tel Aviv airport on Monday.
Israeli Prime Minister Naftali Bennett flew to Moscow to meet Mr Putin this month and has attempted to mediate between the Russian leader and Ukrainian President Volodymyr Zelenskyy.
Israel has resisted imposing sanctions on Russia, despite requests from Ukraine and the US.
Israeli leaders say they need to preserve security co-ordination with Moscow, which has troops operating in neighbouring Syria.
Mr Zelenskyy is scheduled to speak via video call to Israel's Knesset, or parliament, on Sunday.
Whiile you're here
Damien McElroy: Anti-science attitudes in America are proving lethal
Editorial: What makes the UAE such a good place to test vaccines?
Editorial: The fight against Covid-19 should be guided by science
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tomorrow 2021
The%20stats%20and%20facts
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

