US President Joe Biden on Thursday announced nearly $8 billion in military aid to Ukraine, with the package coming at a critical moment in the war against Russia.
“We have to strengthen Ukraine's defences,” Mr Biden told reporters before a meeting with Ukrainian President Volodymyr Zelenskyy, adding he had directed the Pentagon to allocate to Kyiv all remaining security system funding for Ukraine.
“This will strengthen Ukraine's position in future negotiations … We look ahead to help Ukraine succeed in the long term.”
Mr Biden pledged to “provide Ukraine with the support it needs to win this war”.
The aid is part of a spending package approved in April after a drawn-out fight with Republicans in Congress. Mr Biden said all of the $60 billion approved for Ukraine would be disbursed before he leaves office in January.
The package includes $5.5 billion to be allocated before the end of the fiscal year and $2.4 billion under the Ukraine Security Assistance Initiative, which allows the US to buy weapons for Kyiv from private companies instead of withdrawing them from its own stockpile.
Ukraine will be receiving more air-defence systems, drone systems and air-to-ground munitions, as well as another Patriot air-defence battery. Mr Biden also directed the Pentagon to increase training for Ukrainian F-16 pilots.
“Let me be clear: Russia will not prevail in this war. Russia will not prevail. Ukraine will prevail, and we'll continue to stand by you every step of the way,” Mr Biden said.
Mr Zelenskyy thanked Mr Biden and the US for its “strong support”.
“We have a strong security agreement with United States and we are grateful for it, and we will fully implement it,” he said. “And it's very important that we share the same vision for Ukraine's security future in the EU and Nato, and Ukraine is doing an unprecedented number of reforms on this path.”
Mr Zelenskyy said he had raised his “plan of victory” with Mr Biden and that they would be discussing the details in their meeting to “strengthen the plan; co-ordinate our positions, use and approaches”.
He is pushing the US and other western allies to allow his troops to use long-range missiles to strike deeper into Russia, which Mr Biden has repeatedly refused to approve.
"History has shown us, if we allow aggressors like [Russian President Vladimir] Putin to take land with impunity, they keep going, and Putin could set his sights on Poland, the Baltic states and other Nato allies," Vice President Kamala Harris said later, speaking alongside Mr Zelenskyy.
"We also know that other would-be aggressors around the world are watching to see what happens in Ukraine ... As history is so clear in reminding us, the United States cannot and should not isolate ourselves from the rest of the world. Isolation is not insulation."
On Capitol Hill, Mr Zelenskyy's reception was somewhat awkward, indicating that consistent military support for Ukraine is far from certain.
He held a private meeting with bipartisan congressional leaders on Thursday morning, as tension over Ukraine festers between Republicans.
Republican Speaker of the House Mike Johnson, an ally of Kyiv-sceptical presidential candidate Donald Trump, refused to attend the meeting after demanding Mr Zelenskyy fire his US ambassador Oksana Markarova.
Ms Markarova visited a Pennsylvania weapons factory that included only Democrats, prompting Mr Johnson to accuse her of partisanship.
“Support for ending Russia’s war against Ukraine continues to be bipartisan, but our relationship is unnecessarily tested and needlessly tarnished when the candidates at the top of the Republican presidential ticket are targeted in the media by officials in your government,” Mr Johnson wrote in a letter to Mr Zelenskyy.
This is the latest row between Mr Zelenskyy and Republicans, in a struggle between the party's traditional anti-Russia hawks and some of Mr Trump's far-right allies, who appear to have sympathetic views towards Moscow.
Mr Zelenskyy told The New Yorker he believes Mr Trump's running mate, Senator JD Vance, is “too radical” and suggested he “read up” on the history of the Second World War.
Mr Vance has been a critic of funding for Ukraine and this month outlined his vision for ending the war, suggesting: “Russia gets the guarantee of neutrality from Ukraine – it doesn't join Nato.”
Mr Trump on Wednesday said Ukraine should have made concessions to Moscow before Russia's February 2022 attack, adding that even “the worst deal would’ve been better than what we have now”.
Mr Zelenskyy is expected to use his Washington visit to present a “victory plan”, which Ukrainian officials have said includes calls on western allies to put more political and economic pressure on Russia to reach a negotiated settlement to end the war.
Vice President Kamala Harris, the Democratic candidate, will meet Mr Zelenskyy later on Thursday. She has pledged to continue to support Ukraine should she win.
On Wednesday, on the margins of the UN General Assembly in New York, Mr Biden vowed to support Kyiv “now and in the future” as G7 leaders pledged to underwrite Ukraine's postwar recovery.
Mr Zelenskyy this week addressed the UN General Assembly and urged nations to seek “real, just peace”, instead of “a lull” in fighting.
He said there is no alternative to the “peace formula” first presented two years ago, which calls for the withdrawal of all Russian forces from Ukraine, the release of prisoners and accountability for war crimes.
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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.”
More from Neighbourhood Watch
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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.
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The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
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