Russian President Vladimir Putin, right, with Steve Witkoff, US President Donald Trump's special envoy, at their talks in Saint Petersburg. AP
Russian President Vladimir Putin, right, with Steve Witkoff, US President Donald Trump's special envoy, at their talks in Saint Petersburg. AP
Russian President Vladimir Putin, right, with Steve Witkoff, US President Donald Trump's special envoy, at their talks in Saint Petersburg. AP
Russian President Vladimir Putin, right, with Steve Witkoff, US President Donald Trump's special envoy, at their talks in Saint Petersburg. AP

Trump tells Russia to 'get moving' as talks conclude on ending Ukraine war


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US and Russia wrapped up the latest talks on ways to end the Ukraine war following a meeting between President Vladimir Putin and Washington's envoy Steve Witkoff in Saint Petersburg late on Friday.

The meeting at the presidential library in Saint Petersburg lasted four-and-a-half hours, state news agencies reported. Kremlin spokesman Dmitry Peskov had said earlier that he expected no diplomatic breakthroughs from the talks. This was Mr Witkoff's third meeting with Mr Putin since February.

A discussion around a possible meeting between US President Donald Trump and Mr Putin might occur, Mr Peskov said.

The Kremlin said the meeting was “focused on various aspects of the Ukrainian settlement”, without adding any further details.

Mr Witkoff has previously said that Mr Putin is a “great leader” and “not a bad guy”.

Following the meeting in Moscow, Mr Trump urged his Russian counterpart to move quicker to end what he said was the country's “senseless war” with Ukraine.

Mr Trump has been pressing Moscow and Kyiv to agree to a ceasefire deal but has failed to win any major concessions from the Kremlin, despite repeated negotiations between Russian and US officials.

The American leader told NBC News last month he was annoyed with his Russian counterpart, while US Secretary of State Marco Rubio said last week that Washington would not tolerate “endless negotiations” with Russia over the conflict.

Russia has to get moving,” Mr Trump wrote on his Truth Social platform, adding that the conflict, which began in February 2022 when Moscow sent troops into Ukraine, was “senseless” and “should have never happened”.

Kyiv and several of its western allies suspect Russia of stalling the talks on purpose.

Ukraine's President Volodymyr Zelenskyy has accused Russia of dragging Beijing into the conflict and on Friday claimed that hundreds of Chinese nationals were fighting at Ukraine front line alongside Russian troops.

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

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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. 

Updated: April 12, 2025, 10:35 AM