Ukrainian President Volodymyr Zelenskyy said he would not make an expected trip to Saudi Arabia on Wednesday, in apparent frustration at US and Russian officials who met in Riyadh on Tuesday for extensive talks without the participation of Ukraine.
"We are honest and we are open for peace talks, but I have taken the decision of not visiting Saudi Arabia, and I don't want to indeed create such a false image in the media," the Ukrainian leader told a joint press conference with the Turkish President Recep Tayyip Erdogan after talks in Ankara. Mr Zelenskyy had been expected to visit Saudi Arabia following his meetings in Turkey and talks in the UAE on Monday.
Ukraine told Saudi Arabia of its plans to abort the trip, and that officials from the country would instead visit the Gulf nation on March 10, Mr Zelenskyy said. The change of plan appears to be a response to in-depth talks between US Secretary of State Marco Rubio and his Russian counterpart Sergey Lavrov in Riyadh to which, Mr Zelenskyy said, Ukraine was not invited.
"We were not invited to that meeting, and it was a meeting between Russia and the United States of America in Saudi Arabia, this was a surprise for us," Mr Zelenskyy said. "We learnt this news from the media."
The visit to Turkey comes after the Ukrainian President held talks in Abu Dhabi with President Sheikh Mohamed on Monday. The Russia-US talks focused on conditions to end the conflict that began with Moscow's invasion of Ukraine in February 2022.
Negotiations and diplomatic efforts to end the war "would yield positive results", Mr Zelenskyy said, but maintained that his country would never cede control of land to Moscow. "Ukraine will never recognise the territories invaded by Russia as Russian land," he said. Ukraine was fully committed to peace talks, he said, but they should not happen "behind the scenes".
The conversation with the US officials in Riyadh was, "very useful and very valuable", Mr Lavrov said in a press conference following the meeting. "I have all reasons to believe that the American party now has a better understanding of our position."
Mr Erdogan offered up Turkey as a host country for potential future peace talks between the US, Russia and Ukraine – a nod to the diplomatic mediator role that Ankara has attempted to carve for itself in the continuing war. "For the possible meetings to be held between Russia, Ukraine and America in the upcoming period, our country will be an ideal host," Mr Erdogan told the joint press conference. "This war, which caused the deaths of many innocents and enormous destruction, must now end."
Turkey has provided its domestically produced military drones to Kyiv, while also remaining reliant on Russian oil and gas imports for a significant share of its energy supplies, and boosting economic ties with Russia. Early in the Ukraine war, Turkey and the UN brokered a major deal under which shipments of grain safely navigated the Black Sea despite the conflict, although Russia declined to renew the initial agreement when it expired in July 2023.
Prisoner exchanges have been a key topic at Mr Zelenskyy’s talks with regional leaders so far. He said the UAE's mediation had “saved many lives”.
This month, the UAE mediated an exchange of prisoners, resulting in the release of 150 Russians and 150 Ukrainians, the state news agency Wam reported. This brings the total number of prisoners exchanged between the two countries to 2,883. "If Putin wants to put an end to this war sincerely, first of all, the exchange of prisoners should be carried out," Mr Zelenskyy said in Ankara.
Talks also focused on Ukrainian children whose parents were killed or went missing in the war, and who are now under Turkish guardianship. The country's Ministry of Family and Social Services said in 2022 that there were 1,380 Ukrainian orphans and unaccompanied children being cared for in Turkey, although the current number is not clear. Mr Zelenskyy suggested that efforts for their protection were being led in initiatives by Ukraine's First Lady Olena Zelenska and her Turkish counterpart Emine Erdogan.
The Ukrainian President praised his counterparts during the visits in the UAE and Turkey, reserving criticism for the US and European partners, from whom he said he expected a "guarantorship" and greater support for his country's aims to join the military alliance Nato. Their inertia was – possibly inadvertently – support for Russian foreign policy, he said.
"The European Union, or the USA, for example, could have provided this hope for Ukraine for guarantorship," Mr Zelenskyy said. "We know that USA and some of their European counterparts are not advocating for Ukraine's Nato membership, and this means that they are in alignment with the Russian expectations and Russian foreign policy desires."
Mr Erdogan and Mr Zelenskyy held a meeting at the presidential complex in Ankara before a working dinner between delegations and the press conference, according to a schedule released earlier on Wednesday by the Turkish presidency. The countries also agreed to increase bilateral trade to $10 billion. Turkish companies are "willing to extend their hand" for post-conflict reconstruction in Ukraine, Mr Erdogan added.
Mr Zelenskyy attended the opening of the new Ukrainian embassy building in Ankara, and visited the tomb of the founder of the modern Turkish republic, Mustafa Kemal Ataturk.
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Kandahar%20
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Vikram%20Vedha
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5