Ukrainian President Volodymyr Zelensky, left, and his Turkish counterpart, Recep Tayyip Erdogan, review the Guard of Honour during their meeting at the Mariinsky Palace in Kiev last week. EPA
Ukrainian President Volodymyr Zelensky, left, and his Turkish counterpart, Recep Tayyip Erdogan, review the Guard of Honour during their meeting at the Mariinsky Palace in Kiev last week. EPA
Ukrainian President Volodymyr Zelensky, left, and his Turkish counterpart, Recep Tayyip Erdogan, review the Guard of Honour during their meeting at the Mariinsky Palace in Kiev last week. EPA
Ukrainian President Volodymyr Zelensky, left, and his Turkish counterpart, Recep Tayyip Erdogan, review the Guard of Honour during their meeting at the Mariinsky Palace in Kiev last week. EPA


Turkey's trapeze act in Ukraine


  • English
  • Arabic

February 07, 2022

They’d probably be foes in any other universe.

One’s an ageing conservative; the other’s a progressive-minded comedian. One’s a lifelong politician who’s been in charge for nearly two decades; the other leveraged celebrity to win the top political post less than three years ago. One’s a Muslim regularly accused of anti-Semitism; the other’s Jewish and lost relatives in the Holocaust. One pals around with Russian President Vladimir Putin; the other views him as his nemesis.

Yet last week, Turkish President Recep Tayyip Erdogan and his Ukrainian counterpart, Volodymyr Zelenskiy, met for more than three hours, signed a landmark free trade deal and proclaimed each other true friends.

Maybe each respects the way the other stands up to countries they view as bullies. Over the past decade, few countries have been as pushy with a neighbour as Russia has been with Ukraine – witness Crimea, the Donbas and the 130,000 Russian troops twiddling their thumbs along the Ukrainian border in recent weeks.

Mr Erdogan’s nemesis is the West, more specifically the US-Nato-EU triumvirate that has sought to dictate Ankara’s behaviour almost since the country’s founder, Mustafa Kemal Ataturk, embraced secularism and western modernity. One might say that just as Mr Erdogan seeks greater independence by breaking from Ataturk’s West-leaning precedent, Mr Zelenskiy hopes to cement Ukraine’s independence by finalising its break from Russia.

The two states do share some history. In the 15th century, Crimea, led by Turkic Muslim Tatars, came under the control of the Ottoman Empire. In the 16th century, the Ottomans took control of Odessa, largely to halt the advance of Russian tsars. Around that time, a slave girl from western Ukraine caught the eye of young Sultan Suleiman. He took the unusual step of marrying Roxelana, who emerged as one of the most influential women of the Ottoman era − an era often invoked by Mr Erdogan.

Because of the way the tsars snatched bits of the crumbling Ottoman Empire − Crimea, the Balkans and the Caucasus − Turkish leaders have for centuries seen Ukraine as a bulwark against Russian expansionism. Despite oft-friendly ties with Russia today, Turkey has persistently backed Ukrainian claims on Crimea, due to the Tatar connection, and quietly supported the Ukrainian Orthodox Church’s 2018 split from the Russian Orthodox Church after 300 years.

More recently, Ankara has sold Kiev some two dozen of its advanced drones, which made an impact in eastern Ukraine in October, upsetting Moscow but giving Turkey another showcase for the pride of its defence sector. During Mr Erdogan’s visit, they agreed to build a facility outside Kiev that will produce Turkish drones with Ukrainian engines.

Turkey is already among the top foreign investors in Ukraine, with annual trade now expected to reach $10 billion. The countries established passport-free travel in 2017 and last year, the number of Ukrainian tourists visiting Turkey doubled to two million. “Rather than pouring oil on the flames, we are acting with the logic of how can we cool tensions,” Mr Erdogan, who tested positive for Covid-19 on Saturday, said in Kiev.

Ukraine's President Volodymyr Zelenskiy looks on while Defence Minister Andriy Taran and CEO of the Turkish defence technology company Baykar Haluk Bayraktar sign a memorandum to establish joint training and maintenance centres for Turkish armed drones in Kiev. Reuters
Ukraine's President Volodymyr Zelenskiy looks on while Defence Minister Andriy Taran and CEO of the Turkish defence technology company Baykar Haluk Bayraktar sign a memorandum to establish joint training and maintenance centres for Turkish armed drones in Kiev. Reuters

The Turkish leader has repeatedly offered to mediate the stand-off, even while arming Ukraine risks upsetting Russia. We don’t yet know where it is, but there will surely be a line Ankara will not cross, as Moscow has leverage on the two issues that have most hurt Mr Erdogan domestically: the troubled economy and growing resentment towards more than four million refugees.

Russia is Turkey’s largest supplier of natural gas and tourists, so if Turkey were to join Nato’s planned sanctions against Moscow, Moscow could potentially throw the Turkish economy into a tailspin. Russia could also encourage Syrian President Bashar Al Assad to launch a major offensive in Syria’s Idlib province, potentially driving two million more refugees into an increasingly xenophobic Turkey.

A parade of western leaders has visited Kiev in recent days to reiterate their support and last week, the US committed to sending 3,000 troops to Poland and Romania. Other Nato members have been deploying warships, fighter jets and troops to the Black Sea and neighbouring states, though Turkey is not among them, much as it refrained from joining western sanctions for Russia’s Crimea annexation in 2014.

“The West, until now, has not made any contribution to resolving this issue,” Mr Erdogan said on the weekend. “I can say they are only making things worse.”

  • Russian and Belarus troops held joint combat training at firing ranges in Belarus as tensions remain high under the looming threat of war with Ukraine. AP Photo
    Russian and Belarus troops held joint combat training at firing ranges in Belarus as tensions remain high under the looming threat of war with Ukraine. AP Photo
  • A soldier drives an armoured vehicle at Brestsky firing range, Belarus. AP Photo
    A soldier drives an armoured vehicle at Brestsky firing range, Belarus. AP Photo
  • A Ukrainian serviceman carries out checks not far from the pro-Russian militant-controlled city of Donetsk, Ukraine. EPA
    A Ukrainian serviceman carries out checks not far from the pro-Russian militant-controlled city of Donetsk, Ukraine. EPA
  • A Russian military vehicle drives off a railway platform after arriving in Belarus. AP Photo
    A Russian military vehicle drives off a railway platform after arriving in Belarus. AP Photo
  • A soldier takes aim during a Russian and Belarusian military drill at Brestsky firing range. AP Photo
    A soldier takes aim during a Russian and Belarusian military drill at Brestsky firing range. AP Photo
  • A Ukrainian serviceman repairs a shelter near Donetsk, Ukraine. EPA
    A Ukrainian serviceman repairs a shelter near Donetsk, Ukraine. EPA
  • Aircraft are lined up on 'USS Harry S Truman' in the Adriatic Sea. The Truman strike group is operating under Nato command and control along with several other Nato allies for co-ordinated maritime manoeuvres, anti-submarine warfare training and long-range training. Reuters
    Aircraft are lined up on 'USS Harry S Truman' in the Adriatic Sea. The Truman strike group is operating under Nato command and control along with several other Nato allies for co-ordinated maritime manoeuvres, anti-submarine warfare training and long-range training. Reuters
  • Russian soldiers attend the Yurginsky training ground in the Kemerovo region, Russia. AP Photo
    Russian soldiers attend the Yurginsky training ground in the Kemerovo region, Russia. AP Photo
  • A Ukrainian serviceman lays flowers where one of his friends was killed in 2017 near Avdiivka. Anatolii Stepanov / AFP
    A Ukrainian serviceman lays flowers where one of his friends was killed in 2017 near Avdiivka. Anatolii Stepanov / AFP
  • A Ukrainian serviceman stands guard in a dugout on the frontline with the Russia-backed separatists near Avdiivka. AFP
    A Ukrainian serviceman stands guard in a dugout on the frontline with the Russia-backed separatists near Avdiivka. AFP
  • This satellite image shows troops gathered at a training ground in Pogonovo, Russia. AP Photo
    This satellite image shows troops gathered at a training ground in Pogonovo, Russia. AP Photo
We don’t yet know where it is, but there will surely be a line Ankara will not cross with Moscow

In recent days, Russia has added dozens more tactical battalions to its forces along the border, while in the Black Sea, it has reportedly gathered the largest Russian naval grouping since the fall of the Soviet Union. Moscow has repeatedly stated that its massing of forces did not originate as a threat to Kiev, but as a response to Nato expansion, which it sees as a security threat.

Yet, the Kremlin seems to reserve a special place in its heart for Ukraine. With the 1994 Budapest Memorandum, Ukraine gave up its nuclear arsenal in exchange for a commitment by Russia, along with the US and UK, to respect its independence, sovereignty and existing borders, and refrain from the use of force, or even the threat of force, against it.

But Moscow twice helped install pro-Russian leaders in Kiev before Ukrainians pushed back with revolutions, in 2004 and 2014. Then came the Crimea annexation and the Russian-backed conflict in eastern Ukraine, which has led to more than 14,000 dead, according to the UN.

Now we have the current stand-off. “True sovereignty of Ukraine is possible only in partnership with Russia,” Mr Putin wrote in a 5,000-word treatise last year. “Together we have always been and will be many times stronger and more successful. For we are one people.”

Perhaps Ukraine’s steely grip on its fragile democratic independence in the face of a persistent threat sends the message to Turkey that its defiance to the West is just. For Ukraine, Turkey’s independent foreign policy may represent the dream of allying with great powers without being subsumed by them.

Whatever their reasons, it’s good for both that opposites attract.

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

'Texas Chainsaw Massacre'

Rating: 1 out of 4

Running time: 81 minutes

Director: David Blue Garcia

Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham

'Operation Mincemeat' 

Director: John Madden 

 

Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton

 

Rating: 4/5

 

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.”

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

UAE currency: the story behind the money in your pockets
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E400bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E563Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh320%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
  • 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
  • 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE currency: the story behind the money in your pockets
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

The specs: 2019 Cadillac XT4

Price, base: Dh145,000

Engine: 2.0-litre turbocharged in-line four-cylinder engine

Transmission: Nine-speed automatic

Power: 237hp @ 5,000rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 8.7L / 100km

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

 

 

UAE currency: the story behind the money in your pockets
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.

Updated: February 07, 2022, 3:34 PM