Ukrainian President Volodymyr Zelenskyy addressed the World Economic Forum in Davos, the day after Donald Trump's inauguration as US President. AP
Ukrainian President Volodymyr Zelenskyy addressed the World Economic Forum in Davos, the day after Donald Trump's inauguration as US President. AP
Ukrainian President Volodymyr Zelenskyy addressed the World Economic Forum in Davos, the day after Donald Trump's inauguration as US President. AP
Ukrainian President Volodymyr Zelenskyy addressed the World Economic Forum in Davos, the day after Donald Trump's inauguration as US President. AP

Ukrainian President Zelenskyy tells Europe to ‘put paid to Iranian threat’


Tim Stickings
  • English
  • Arabic

Ukrainian President Volodymyr Zelenskyy told European countries on Tuesday to “put paid” to Iran's threat and make Syria a partner as he warned they were in danger of “losing this century” to the US and China.

In an unusually critical speech towards his European allies, Mr Zelenskyy told them they were “falling behind” the US and China in the tech and artificial intelligence race. He said that while Europe might worry about a loss of American support under President Donald Trump, nobody in Washington fears the opposite.

“Will President Trump even notice Europe?", Mr Zelenskyy asked dignitaries at the World Economic Forum in Davos. “Europe can’t afford to be second or third in line for its allies. If that happens, the world will start moving forward without Europe, and that’s a world that won’t be comfortable or beneficial for all Europeans.”

Mr Zelenskyy leader said it was “not clear whether Europe will even have a seat at the table when the war against our country ends”. Mr Trump is expected to seek a swift end to the war between Ukraine and Russia, who both insist their territorial demands must be respected in any peace talks.

US President Donald Trump is expected to seek a swift end to the war between Russia and Ukraine. EPA.
US President Donald Trump is expected to seek a swift end to the war between Russia and Ukraine. EPA.

Iranian President Masoud Pezeshkian last week signalled to Russia that his country too would support a “political settlement” to the conflict. Tehran is under US and European sanctions for allegedly supplying the Kremlin with drones to assist its three-year military assault against Ukraine.

“For now, thankfully, the influence of Iran’s regime is weakening. This gives hope for Syria and Lebanon. And they should too become examples of how life can recover after war,” Mr Zelenskyy said at Davos.

He said Ukraine was supporting the “new Syria” by providing aid from its grain ports after the fall of Bashar Al Assad's regime. “Europe could totally step in as a security donor for Syria – time to stop getting headaches from that direction,” he said. “And Europe together with America should put paid to the Iranian threat.”

World Economic Forum in Davos – in pictures

  • US President Donald Trump is shown on screen as he addresses a plenary session remotely in Davos, Switzerland. EPA
    US President Donald Trump is shown on screen as he addresses a plenary session remotely in Davos, Switzerland. EPA
  • Participants queue to enter the Congress Hall. EPA
    Participants queue to enter the Congress Hall. EPA
  • Iraqi President Abdul Latif Rashid. EPA
    Iraqi President Abdul Latif Rashid. EPA
  • Special police stationed on the roof of the Congress Hotel in Davos. EPA
    Special police stationed on the roof of the Congress Hotel in Davos. EPA
  • Former UK prime minister Tony Blair and Syrian Foreign Minister Asaad Al Shibani at the Annual Meeting of World Economic Forum in Davos. AP
    Former UK prime minister Tony Blair and Syrian Foreign Minister Asaad Al Shibani at the Annual Meeting of World Economic Forum in Davos. AP
  • Javier Milei, Argentina's President, during an interview at Bloomberg House at the event. Bloomberg
    Javier Milei, Argentina's President, during an interview at Bloomberg House at the event. Bloomberg
  • Spain's Prime Minister Pedro Sanchez on the podium. AFP
    Spain's Prime Minister Pedro Sanchez on the podium. AFP
  • Iran's Vice President for Strategic Affairs Mohammad Zarif addresses the audience. AFP
    Iran's Vice President for Strategic Affairs Mohammad Zarif addresses the audience. AFP
  • German Chancellor Olaf Scholz, left, and Ukrainian President Volodymyr Zelenskyy. Getty Images
    German Chancellor Olaf Scholz, left, and Ukrainian President Volodymyr Zelenskyy. Getty Images
  • Israel's President Isaac Herzog at the annual meeting in Davos. AP
    Israel's President Isaac Herzog at the annual meeting in Davos. AP
  • Saudi Arabia's Minister of Foreign Affairs Prince Faisal bin Farhan, during the 55th annual meeting of the World Economic Forum in Davos. Reuters
    Saudi Arabia's Minister of Foreign Affairs Prince Faisal bin Farhan, during the 55th annual meeting of the World Economic Forum in Davos. Reuters
  • The Prime Minister and Foreign Minister of Qatar, Sheikh Mohammed bin Abdulrahman, attends the Annual Meeting of the World Economic Forum in Davos. Reuters
    The Prime Minister and Foreign Minister of Qatar, Sheikh Mohammed bin Abdulrahman, attends the Annual Meeting of the World Economic Forum in Davos. Reuters
  • President of South Africa Cyril Ramaphosa speaks at a plenary session. EPA
    President of South Africa Cyril Ramaphosa speaks at a plenary session. EPA
  • Khaldoon Al Mubarak, chief executive of Mubadala Investment Co, during a panel session in Davos. Bloomberg
    Khaldoon Al Mubarak, chief executive of Mubadala Investment Co, during a panel session in Davos. Bloomberg
  • Former British prime minister Theresa May at the 55th annual World Economic Forum. EPA
    Former British prime minister Theresa May at the 55th annual World Economic Forum. EPA
  • Brian Moynihan, chief executive officer of Bank of America Corp, at the forum. Bloomberg
    Brian Moynihan, chief executive officer of Bank of America Corp, at the forum. Bloomberg
  • Ruth Porat, chief financial officer of Alphabet Inc, at Bloomberg House. Bloomberg
    Ruth Porat, chief financial officer of Alphabet Inc, at Bloomberg House. Bloomberg
  • Amir Yaron, governor of Israel's central bank, at the WEF in Davos. Bloomberg
    Amir Yaron, governor of Israel's central bank, at the WEF in Davos. Bloomberg
  • Ngozi Okonjo-Iweala, director general of the World Trade Organisation in Davos. Bloomberg
    Ngozi Okonjo-Iweala, director general of the World Trade Organisation in Davos. Bloomberg
  • From left, Rachel Morison, editor at Bloomberg News, Belgium's Prime Minister Alexander De Croo, Ester Baiget, chief executive of Novozymes, Marc Ferracci, France's Industry and Energy Minister, Martin Lundstedt, chief executive of Volvo, and Anna Borg, chief executive of Vattenfall AB, during a panel session at the World Economic Forum. Bloomberg
    From left, Rachel Morison, editor at Bloomberg News, Belgium's Prime Minister Alexander De Croo, Ester Baiget, chief executive of Novozymes, Marc Ferracci, France's Industry and Energy Minister, Martin Lundstedt, chief executive of Volvo, and Anna Borg, chief executive of Vattenfall AB, during a panel session at the World Economic Forum. Bloomberg
  • Rafael Grossi, director general of International Atomic Energy Agency, speaks at the WEF. Bloomberg
    Rafael Grossi, director general of International Atomic Energy Agency, speaks at the WEF. Bloomberg
  • Mina Al-Oraibi, editor-in-chief of The National, left, Mohamed Kande, global chairman of PwC, second left, Ravi Kumar S, chief executive of Cognizant, second right, and Luc Triangle, general secretary of the International Trade Union Confederation, right, during the panel session titled, Who Benefits from Augmentation? Photo: WEF
    Mina Al-Oraibi, editor-in-chief of The National, left, Mohamed Kande, global chairman of PwC, second left, Ravi Kumar S, chief executive of Cognizant, second right, and Luc Triangle, general secretary of the International Trade Union Confederation, right, during the panel session titled, Who Benefits from Augmentation? Photo: WEF
  • Filippo Grandi, UN High Commissioner for Refugees, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
    Filippo Grandi, UN High Commissioner for Refugees, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
  • Bandar Bin Mohammed Al Thani, Governor of the Qatar Central Bank, during the session called Banks: Change on All Fronts? Photo: WEF
    Bandar Bin Mohammed Al Thani, Governor of the Qatar Central Bank, during the session called Banks: Change on All Fronts? Photo: WEF
  • Masomah Ali Zada, chef de mission of the Refugee Olympic Team, France, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
    Masomah Ali Zada, chef de mission of the Refugee Olympic Team, France, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
  • Watching the inauguration of Donald Trump as US President on screens, at the Ukraine House, during the World Economic Forum in Davos. AP
    Watching the inauguration of Donald Trump as US President on screens, at the Ukraine House, during the World Economic Forum in Davos. AP
  • Waleed Al Muhairi, deputy group chief executive of Mubadala Investment Company, during a Bloomberg Television interview before the WEF. Bloomberg
    Waleed Al Muhairi, deputy group chief executive of Mubadala Investment Company, during a Bloomberg Television interview before the WEF. Bloomberg

Europe should also spend as much on security as is “truly needed”, Mr Zelenskyy said as he called for Ukraine and its allies to jointly produce air defences. “We need a completely new, bolder approach to tech companies and technological development. If we waste time, Europe will lose this century,” he said.

“Europe is often more focused on regulation than on freedom, but when smart regulation is needed, Brussels hesitates. We should ensure maximum tech development in Europe and together make all significant decisions for the whole Europe. From weapons production to tech development, Europe must lead.”

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

WIDE%20VIEW
%3Cp%3EThe%20benefits%20of%20HoloLens%202%2C%20according%20to%20Microsoft%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EManufacturing%3A%3C%2Fstrong%3E%20Reduces%20downtime%20and%20speeds%20up%20onboarding%20and%20upskilling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEngineering%20and%20construction%3A%3C%2Fstrong%3E%20Accelerates%20the%20pace%20of%20construction%20and%20mitigates%20risks%20earlier%20in%20the%20construction%20cycle%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20care%3A%3C%2Fstrong%3E%20Enhances%20the%20delivery%20of%20patient%20treatment%20at%20the%20point%20of%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducation%3A%3C%2Fstrong%3E%20Improves%20student%20outcomes%20and%20teaches%20from%20anywhere%20with%20experiential%20learning%3C%2Fp%3E%0A
Match info

Costa Rica 0

Serbia 1
Kolarov (56')

The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):

1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)

2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)

3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)

4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)

5. Nico Hulkenberg (GER/Renault)  1:29.480 (14)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

The specs

Engine: 4-litre twin-turbo V8

Transmission: eight-speed PDK

Power: 630bhp

Torque: 820Nm

Price: Dh683,200

On sale: now

NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
%3Cp%3E%E2%80%A2%20Agreements%20on%20energy%20and%20water%20supply%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Applied%20service%20fees%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customer%20data%20and%20information%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Prohibition%20of%20service%20disconnections%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customer%20complaint%20process%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Management%20of%20debts%20and%20customers%20in%20default%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Services%20provided%20to%20people%20of%20determination%20and%20home%20care%20customers%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Match info

Uefa Champions League Group H

Juventus v Valencia, Tuesday, midnight (UAE)

Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars

Race card

6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
The biog

Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs: 2018 Jaguar F-Type Convertible

Price, base / as tested: Dh283,080 / Dh318,465

Engine: 2.0-litre inline four-cylinder

Transmission: Eight-speed automatic

Power: 295hp @ 5,500rpm

Torque: 400Nm @ 1,500rpm

Fuel economy, combined: 7.2L / 100km

Mubadala World Tennis Championship 2018 schedule

Thursday December 27

Men's quarter-finals

Kevin Anderson v Hyeon Chung 4pm

Dominic Thiem v Karen Khachanov 6pm

Women's exhibition

Serena Williams v Venus Williams 8pm

Friday December 28

5th place play-off 3pm

Men's semi-finals

Rafael Nadal v Anderson/Chung 5pm

Novak Djokovic v Thiem/Khachanov 7pm

Saturday December 29

3rd place play-off 5pm

Men's final 7pm

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.”

Updated: January 21, 2025, 4:26 PM