The US Embassy is reflected in a store window showing a photo of Russian President Vladimir Putin in Moscow on Monday. EPA
The US Embassy is reflected in a store window showing a photo of Russian President Vladimir Putin in Moscow on Monday. EPA
The US Embassy is reflected in a store window showing a photo of Russian President Vladimir Putin in Moscow on Monday. EPA
The US Embassy is reflected in a store window showing a photo of Russian President Vladimir Putin in Moscow on Monday. EPA


Putin isn't alone in rethinking the past – so is the West


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March 01, 2022

To understand Russia in 2022, we need to begin in the 1990s.

May 1991 was a springtime of great celebration in the US and UK. The previous summer, Iraq's leader Saddam Hussein misread American diplomatic bumbling and invaded Kuwait. By February 1991, Saddam's army – the fourth largest in the world, supplied with tanks and other heavy weapons by the Soviet Union – was easily defeated by then US president George H W Bush's international coalition. British troops played a significant part.

That spring, Bush welcomed Queen Elizabeth II on a state visit to the American capital. This was not just a high point in the US-UK "special relationship", it was also a time of great western hubris. East Germany had abandoned communism and Germany was united. The Soviet Union was about to collapse, allowing Ukraine and other satellite nations to become independent democracies and capitalist economies. Iraq's Soviet-era heavy weapons were no match for American information-age technology, stealth aircraft and cruise missiles.

The West won the Cold War. And the Queen's address to a joint session of the US Congress was punctuated by numerous standing ovations, as she praised the triumph of western liberal democracy. "Just as our societies have prospered through their reliance on contract, not force, so too will the world be a better place for the spread of that mutual respect and good faith," she said.

Nato is being shaken and ultimately reinvigorated

American diplomats, scholars and commentators spoke of one superpower, the US, a "unipolar world", the triumph of liberal democracy and even the "end of history". But the Soviet commentator Georgy Arbatov prophesied – correctly – that the end of the external threat from communism would allow new internal divisions to take hold within the US. He said: "We are going to do a terrible thing to you. We are going to deprive you of an enemy."

The loss of the unifying Soviet threat meant some of the glue of a common struggle of western democracies against communist enemies crumbled. What was the point of Nato, countries spending money on a defensive alliance against a Soviet threat that no longer existed? Nato did expand eastwards, however, as did the EU. Estonia, Latvia, Lithuania and Poland were among the new accession countries. Others – Georgia and Ukraine in particular – were refused entry to the western club.

But now? Western celebratory hubris from the 1990s is long gone. Vladimir Putin has expanded Russian influence around the world, including the use of private Russian forces acting as mercenaries in various trouble spots. His relationship with the rising superpower China appears to be warm. And now the conflict in Ukraine has done something previously unthinkable – put Russian combat troops into battle in a major ground war in Europe, up to the borders of Nato.

Russia's President Boris Yeltsin, second right, Ukraine's President Leonid Kravchuk, second left, Belarus's leader Stanislav Shushkevich, third left, sign an agreement terminating the Soviet Union. AP Photo
Russia's President Boris Yeltsin, second right, Ukraine's President Leonid Kravchuk, second left, Belarus's leader Stanislav Shushkevich, third left, sign an agreement terminating the Soviet Union. AP Photo
German Chancellor Olaf Scholz has changed his country's defence policy in a very significant way. AP Photo
German Chancellor Olaf Scholz has changed his country's defence policy in a very significant way. AP Photo

Mr Putin offers various reasons for the invasion, but it's worth remembering what he was doing back in 1990 as the West triumphed and the Soviet Union collapsed. The Russian leader was at the time stationed in Dresden, part of communist East Germany until the Berlin Wall came down and Germany was united.

Three years ago, I visited Dresden to interview some of the leaders of the 1990 student protests that helped bring an end to communism. We met at the old headquarters of the feared East German secret police, the Stasi, and then moved a few hundred metres away to a very impressive large house in a wealthy area on the outskirts of Dresden. In 1990, it was Dresden's KGB headquarters.

One of the 1990 German protest leaders told me that a group of several thousand of them surrounded the headquarters until a KGB official opened the door. He very calmly instructed the protesters that the KGB was packing its bags and moving out but if any protester was crazy enough to try to enter the property they would be shot. The calm voice was that of Lt Colonel Vladimir Putin. The students took the threat seriously.

The events I described at the beginning of the piece as well as the Dresden story explain some of the very different mindsets of 30 years ago and their results, a legacy that is changing our world in 2022.

Mr Putin spent the past three decades trying to recreate his sense of Russia's destiny as a great power. He abandoned communism and embraced muscular revisionism, which western governments initially failed to recognise. To this day, he resents the failures of a weak Russia in the 1990s and wishes to rearrange the map of a continent in order to – as he would put it – rectify past mistakes. Others see it very differently. Over the past two years, I have talked with citizens of the Baltic republics who believe that the Nato umbrella will keep them safe, and with those in Georgia who fear that because they are denied Nato membership, they are the next targets for Moscow's new world order.

The late Arbatov's observation can now be turned on its head. Nato is being shaken and ultimately reinvigorated. European states, especially Germany, will begin to abandon their 20th-century illusions and implement big increases in defence spending.

It's not just Mr Putin who must rethink the past.

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

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Ads on social media can 'normalise' drugs

A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.

The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.

Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.

Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.

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.”

DUBAI WORLD CUP RACE CARD

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

10pm Handicap $135,000 (T) 1,400m

 

The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

9.25pm Art Du Val

10pm: Beyond Reason

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)

 

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

Brief scoreline:

Toss: South Africa, elected to bowl first

England (311-8): Stokes 89, Morgan 57, Roy 54, Root 51; Ngidi 3-66

South Africa (207): De Kock 68, Van der Dussen 50; Archer 3-27, Stokes 2-12

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

MEYDAN CARD

6.30pm Maiden Dh165,000 (Dirt) 1,600m

7.05pm Conditions Dh240,000 (D) 1,600m

7.40pm Handicap Dh190,000 (D) 2,000m

8.15pm Handicap Dh170,000 (D) 2,200m

8.50pm The Entisar Listed Dh265,000 (D) 2,000m

9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m

10pm Handicap Dh185,000 (D) 1,400m

 

The National selections

6.30pm Majestic Thunder

7.05pm Commanding

7.40pm Mark Of Approval

8.15pm Mulfit

8.50pm Gronkowski

9.25pm Walking Thunder

10pm Midnight Sands

SPEC%20SHEET%3A%20APPLE%20TV%204K%20(THIRD%20GENERATION)
%3Cp%3E%3Cstrong%3ECPU%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2064GB%2C%20Wi-Fi%20only%3B%20128GB%2C%20Wi-Fi%20%2B%20ethernet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%2C%20ethernet%20(Wi-Fi%20%2B%20ethernet%20model%20only)%2C%20IR%20receiver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20HDMI%2C%20ethernet%20(128GB%20model%20only)%3B%20Siri%20remote%20(charging%20via%20USB-C)%3B%20accessibility%20features%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20SDR%2FDolby%20Vision%2FHDR10%2B%20up%20to%202160p%20%40%2060fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPeripherals%3A%3C%2Fstrong%3E%20Compatible%20with%20HD%2FUHD%20TVs%20via%20HDMI%2C%20Bluetooth%20keyboards%2C%20AirPods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPhoto%3A%3C%2Fstrong%3E%20GIF%2C%20HEIF%2C%20JPEG%2C%20TIFF%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColour%3A%3C%2Fstrong%3E%20Black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20TV%204K%2C%20Siri%20remote%2C%20power%20cord%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh529%2C%20Wi-Fi%20only%3B%20Dh599%2C%20Wi-Fi%20%2B%20ethernet%3C%2Fp%3E%0A
Updated: March 01, 2022, 4:00 AM