People rest on a beach as smoke and flames rise after explosions at a Russian military air base in Novofedorivka, Crimea, on Tuesday. Reuters
People rest on a beach as smoke and flames rise after explosions at a Russian military air base in Novofedorivka, Crimea, on Tuesday. Reuters
People rest on a beach as smoke and flames rise after explosions at a Russian military air base in Novofedorivka, Crimea, on Tuesday. Reuters
People rest on a beach as smoke and flames rise after explosions at a Russian military air base in Novofedorivka, Crimea, on Tuesday. Reuters


Will the Crimea explosions escalate the Ukraine war?


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August 11, 2022

By any standard, the series of blasts that struck a key Russian air base in the Crimean peninsula on Tuesday represents a significant escalation in the Ukraine conflict, one that raises questions about Mosow’s ability to defend key bases.

At a time when many Russians remain oblivious to the deadly carnage being wrought by the six-month-long conflict, the image of thick plumes of smoke rising from Russia’s Novofedorivka air base near the Black Sea resort of Saky was witnessed by crowds of holiday makers sunning themselves on the nearby beaches.

While the precise cause of the blasts has still to be confirmed, there is mounting speculation that the base was subjected to a skillfully executed Ukrainian attack, while the Kremlin insists that it was the result of a munitions dump exploding.

Either way, once the dust had settled, satellite images showed that the base had been severely hit, with large areas of the airfield suffering extensive damage and a significant number of Russian warplanes knocked out of action.

The fact that a major Russian air base, used to provide vital air cover for its forces, has suffered such extensive damage inevitably raises suspicions that the attack was the work of the Ukrainian military.

An infrared overview of Saki air base in Novofedorivka, Crimea, on Wednesday. Reuters
An infrared overview of Saki air base in Novofedorivka, Crimea, on Wednesday. Reuters
A Ukrainian attack inside Crimea demonstrates a growing sense of confidence among Ukrainian commanders

Kyiv was not slow to exploit the propaganda benefits of the incident, with its air force claiming that at least nine warplanes had been destroyed. "Saky! Minus nine aircraft of the invaders," the Air Force Command wrote on Facebook. Crimea’s Health Department said that one person was killed and six others injured in the explosions.

And while Ukrainian officials have been reluctant to claim responsibility, fearing that it might provoke a significant Russian response, Kyiv has made it abundantly clear that it regards Russian bases in Crimea, which Moscow occupied and annexed in 2014, as being legitimate targets.

In his nightly address just hours after the explosions, Ukrainian President Volodymyr Zelenskyy insisted his country’s ultimate ambition was to retake the peninsula. “This Russian war against Ukraine and against all of free Europe began with Crimea and must end with Crimea – its liberation,” he said. "We will never give it up … the Black Sea region cannot be safe while Crimea is occupied."

While Kyiv might be reluctant to confirm its role in the devastation, all the indications suggest it was the result of a carefully executed operation by its military. Initial reports claimed the damage had been caused by a series of long-range missile strikes carried out after Kyiv had taken delivery of its latest batch of sophisticated western weaponry.

An anonymous government official also told The Washington Post that the attack had been carried out by an elite team of special forces operating deep behind enemy lines. The official declined to share details on how the raid was conducted.

Moscow’s insistence that the explosions at the base were the result of an accident was quickly dismissed by western leaders. “That air force base has been used by [the] Russian air force to bomb Ukrainian targets,” British Defence Secretary Ben Wallace said. “It’s absolutely legitimate for Ukraine to take lethal force, if necessary, but take force in order to regain not only its territory, but also to push back its invader.”

Mr Wallace was speaking as Britain announced it was increasing its military aid to Ukraine by sending it more of its M270 multiple-launch rocket systems. This month, the US announced it was sending an extra $1 billion worth of military equipment, including America’s High Mobility Rocket System (Himars), which have a longer range than Russian missile systems, and have enabled the Ukrainians to thwart Russia’s attempts to seize control of territory to the south and east of the country.

Ukrainian President Volodymyr Zelenskyy speaks during the donor conference for Ukraine at Christiansborg Palace in Copenhagen on Thursday. AP Photo
Ukrainian President Volodymyr Zelenskyy speaks during the donor conference for Ukraine at Christiansborg Palace in Copenhagen on Thursday. AP Photo

With the help of this sophisticated weaponry, the Ukrainian military has not only frustrated the Russian advance in the Donbas region, but also put itself in a position to launch an offensive to recapture the strategically important city of Kherson on the Dnipro River.

Moreover, if it transpires that Ukraine did carry out the Saky attack, it would represent a significant intensification in Kyiv's war-fighting capabilities.

To date, it has confined its efforts primarily to defending Ukrainian territory, hitting Russian positions close to its border with the aim of disrupting Moscow's war effort. By contrast, the Russians have regularly launched cruise missiles deep inside Ukraine – including on Kyiv – in a bid to disrupt its military operations and weaken its morale.

An Ukrainian attack inside Crimea, however, is an entirely different proposition. It demonstrates both a growing sense of confidence among Ukrainian commanders, as well as a willingness to extend the fighting deep into Russian-controlled territory.

The extensive damage to Saky could have an impact on Moscow’s ability to defend Kherson, widely seen as the gateway to the Crimea, which was captured by Russian forces in the early days of the war, and whose recapture now appears to be one of Kyiv’s main priorities.

But while the Ukrainians believe the tide of the conflict is beginning to turn in their favour, Moscow seems in no mood to give up on its quest to defeat Ukraine, especially on the sensitive issue of Crimea.

Only weeks ago, former Russian president Dmitry Medvedev, now serving as deputy national security adviser, promised to unleash “judgment day” if Ukraine ever attacked Crimea. So if Kyiv really did carry out the Saky attack, it should prepare itself for a significant Russian response.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%2C%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E285hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E353Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh159%2C900%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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

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.”

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

The five pillars of Islam
SQUADS

Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed

Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran

EA Sports FC 24
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

UAE currency: the story behind the money in your pockets
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
The specs: 2018 Jeep Compass

Price, base: Dh100,000 (estimate)

Engine: 2.4L four-cylinder

Transmission: Nine-speed automatic

Power: 184bhp at 6,400rpm

Torque: 237Nm at 3,900rpm

Fuel economy, combined: 9.4L / 100km

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Kill%20Bill%20Volume%201
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
Updated: August 11, 2022, 3:00 PM