Western nations are planning for contingencies in case of Russian military action in Ukraine, even as talks in Paris indicate a conflict can still be averted. For weeks, experts and officials have warned that we have not been this close to a war in eastern Europe in more than three decades – basically since the end of the Cold War.
Adding to the general anxiety, the Doomsday Clock is set at 100 seconds to midnight. It is the closest the clock has ever been to catastrophe. The clock was first set at seven minutes to midnight amid nuclear tension between the US and the Soviet Union, but moved back to 17 minutes to midnight at the end of the Cold War. We are in a bizarre echo of that tense historical era which we had hoped was long gone.
Now Russia is accused of mobilising troops for an invasion of Ukraine. Kiev’s anxiety is natural given many Ukrainians consider that 7 per cent of its territory is already occupied – in Crimea, to the south and Donbas, in eastern Ukraine.
Moscow has a list of conditions that it wants met in return for de-escalating tensions on its border with Ukraine: a guarantee that Ukraine never be allowed to join Nato, and that the security alliance pull its forces back from countries in eastern European that joined after the Cold War.
The US and Nato have rejected these conditions and have warned Moscow that any attack would trigger fresh economic sanctions. Nato says Russia seeks to create a two-tier Nato, which it finds unacceptable. At the same time Nato is calling this crisis “a defining moment for Euro-Atlantic security”. Its forces, including those of the US, are on standby and additional ships and fighter jets have been sent to eastern Europe as an added deterrence.
"We discussed our joint efforts to deter further Russian aggression, such as preparations to impose severe economic costs on Russia and reinforce security on the eastern flank,” US President Joe Biden said after a meeting on the crisis with his team last weekend.
Moscow is unimpressed. "The United States is escalating tensions," a spokesperson said. "We are watching these US actions with great concern." The propaganda war is in full swing. Although neither side could be described as winning it, Nato, at least, can say it is more relevant now than it has been at any other time in the past five years.
Everywhere, there is much concern about where the Ukraine impasse could lead, even if it doesn’t end up in a full-blown conflict. Reuters reported that a trade group – representing Chevron, General Electric and other big US corporations and separately, energy companies – are all trying to mitigate the impact of possible sanctions on Russia on their businesses. Both in Washington and in the capitals of Europe, moves are being made to deal with a reduction in Russian gas supplies in an already tight market.
There is an imbalance in the cost of escalation that will be largely borne by European nations, and not just in access to energy. The US, UK and Canada, which have been the most vocal in their warnings to Moscow, would not suffer directly but they would still not relish being bogged down in another war so soon after Nato powers have left Afghanistan.
Sanctions have the potential to hurt Russia. It would seem there is enough incentive to stave off disaster. More talks are planned in Berlin in two weeks between Ukraine and Russia. This is “a good sign”, according to officials. The US is attempting to look tough while also saying diplomacy is its preferred route out of the crisis.
Even when there is a resolution, the consequences of the stress of the past few weeks may be felt for years to come. While not suggesting the Ukrainians should be left unsupported in any way, there are signs of a split among western powers in terms of priorities. All countries are already under enormous pressure thanks to the pandemic. It is also worth recalling how the US backing for the 2003 Iraq invasion divided world powers. The Middle East has lived with the ramifications of that misalignment ever since.
Even more worryingly, the likely fall-out from Ukraine is already a distraction from potentially more destabilising crises. Both Russia and the US are needed badly elsewhere. In terms of the potential for a fresh conflict this year, International Crisis Group has, for example, highlighted the threat from ISIS and Al Qaeda-linked groups in Africa. Other hotspots are Afghanistan, Myanmar, Haiti, Ethiopia and, as seen in the first weeks of this year, Yemen.
Terrorism remains arguably the biggest threat today. Yes, Ukraine matters and how the US and Russia show support for allies during difficult times is crucial for world stability. The fight against Covid-19 is not over; adding to which, snow storms and extreme weather have put people in the region in peril. More lives are bound to be lost. A collective response will be needed especially as the next humanitarian crisis may be just around the corner. Leaders of great powers would do well to keep this in mind as they choose what to do next.
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
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
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
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
Sri Lanka-India Test series schedule
1st Test July 26-30 in Galle
2nd Test August 3-7 in Colombo
3rd Test August 12-16 in Pallekele
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.”
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)