European leaders fear betrayal of Ukraine and harbour deep suspicions of the US administration's mediation role in intensifying peace talks.
The transcript of a phone call that took place on Monday between heads of government, which was leaked to German weekly Der Spiegel, revealed that serious doubts were shared across countries.
“There is a possibility that the US will betray Ukraine on the issue of territory without clarity regarding security guarantees,” French President Emmanuel Macron reportedly said, according to an English-language transcript of the phone call. He added that there was “a great danger” for Ukrainian President Volodymyr Zelenskyy.
Russia’s demands for territorial concessions, including land it has not conquered in the Donbas region, are one of the most sensitive points in the negotiations. Mr Macron's office has issued a denial, saying he “did not express himself in those terms”.
The transcript of the call is not public, although it is known that several calls took place between European leaders during Mr Zelenskyy's visit to Paris on Monday.
The Elysee said at the time that four calls took place: the first between Mr Macron, Mr Zelenskyy, and UK Prime Minister Keir Starmer. They were then joined by leaders from Denmark, Poland, Italy, Norway, Finland, Denmark, the Netherlands, the EU Council and the EU Commission. Finally, US President Donald Trump's special envoy Steve Witkoff and Ukrainian lead negotiator Rustem Umerov joined in. Later, Mr Macron debriefed Mr Trump in a one-on-meeting.
The calls were part of a European effort to co-ordinate positions on the talks while also showing their support to Kyiv. Europeans had not been included in the elaboration of an initial 28-point peace plan, which they discovered last month in leaked press reports.
They were angered by several points in the plan, including the US intention to use Russian frozen assets located in Europe. The plan has been significantly altered since.
'Playing games'
Der Spiegel says it spoke to two participants that confirmed the content of the call was accurately reported but declined to confirm specific quotes, citing the confidentiality of the meeting.
German Chancellor Friedrich Merz allegedly warned Mr Zelenskyy to be “extremely careful in the coming days”. “They are playing games, both with you and with us,” Mr Merz said, probably referring to the two US negotiators, Mr Witkoff and the President's son-in-law, Jared Kushner.
Their meeting with Russian President Vladimir Putin on Wednesday brought no breakthrough but went “reasonably well”, according to Mr Trump. The view in Europe is that Mr Putin is trying to give the US administration the illusion that he is willing to negotiate but is not ready to make concessions to end the war.
Some European leaders reportedly hoped to meet the two emissaries on their way back from Moscow to Miami, where talks with a Ukrainian delegation are set to continue following a first meeting on Sunday.
The expected stopover, however, did not take place. On Wednesday, Mr Umerov debriefed European officials in Brussels, in parallel to a meeting of Nato foreign ministers at the alliance's headquarters.
In a highly unusual move, US Secretary of State Marco Rubio skipped the Nato meeting and was represented instead by his deputy, Christopher Landau, who had berated the alliance over the summer in a now deleted post on X that said: “Nato is still a solution in search of a problem.”
Mr Merz's office told Der Spiegiel that it would not comment on “circulated snippets of the conversation”.
The report also highlighted the apparent discrepancy between the public praise heaped by western leaders on Mr Trump's initiatives on Ukraine and their alleged lack of trust in those efforts.
Two leaders with good relations with the US President were particularly singled out: Finnish President Alexander Stubb, who enjoys golfing with Mr Trump, and Nato Secretary General Mark Rutte, who famously called Mr Trump “daddy” at the June Nato summit in The Hague.
“We mustn't leave Ukraine and Volodymyr alone with these guys,” Mr Stubb said to which Mr Rutte responded: “I agree with Alexander; we must protect Volodymyr.” Mr Stubb declined to comment, and Mr Rutte did not respond to a request for comment from Der Spiegel.
Speaking on arrival at a meeting of Nato foreign ministers on Wednesday, Mr Rutte said: “I'm really glad that the US President broke the deadlock with Putin, started this whole peace process. It was only the US, under the leadership of President Trump, who could do this.”
As part of its build-up of military spending in the wake of the Ukraine war, Germany completed Israel's largest ever defence export deal. The German Army on Wednesday put into service its new ultra-high-altitude Arrow 3 air defence system to handle the ballistic missile threat it faces from the east.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs
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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
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When: The one-off Test starts on Friday, May 11
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