The Berlin regional senate banned the showing of Ukrainian and Russian flags near memorials during the weekend of the 77th anniversary of the end of second World War in Germany. EPA
The Berlin regional senate banned the showing of Ukrainian and Russian flags near memorials during the weekend of the 77th anniversary of the end of second World War in Germany. EPA
The Berlin regional senate banned the showing of Ukrainian and Russian flags near memorials during the weekend of the 77th anniversary of the end of second World War in Germany. EPA
The Berlin regional senate banned the showing of Ukrainian and Russian flags near memorials during the weekend of the 77th anniversary of the end of second World War in Germany. EPA


Symbolism in the Ukraine war is making peace elusive


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May 11, 2022

If former US president Franklin D Roosevelt were alive today, he might have valuable ideas about how to solve the war in Ukraine. He might also be distraught. In one of the most famous anti-war speeches of all time, delivered by him in 1936, he told an American audience: "I have seen war ... I have seen 200 limping, exhausted men come out of line – the survivors of a regiment of one thousand that went forward 48 hours before. I have seen children starving. I have seen the agony of mothers and wives. I hate war."

Knowing first-hand the horrors of First World War, he spent much of his presidency between 1933 and 1945 using diplomacy to try to prevent another. But the very particular conditions in Europe in the run-up to the Second World War meant that even the engagement of the most powerful country on Earth was not enough. And when conflict did erupt, Roosevelt eventually did not shy away from the fight, deploying millions of US troops.

He also sent billions of dollars in military aid to US allies, including Britain, China and the Soviet Union, as part of the "lend-lease" system. It was pivotal to the Allies' victory and to restoring peace in Europe. Eighty years later, in a sign of how damaging the war in Ukraine is becoming, that same term, which many assumed to be consigned to history, has made a comeback. On Monday, US President Joe Biden signed an updated version, known as the Ukraine Democracy Defense Lend-Lease Act. It comes as the US is on the verge of sending $33 billion to Ukraine – possibly more – to help it fight Russia's invasion that began in February.

  • Thousands of Russian soldiers march during the Victory Day parade in Red Square in central Moscow, which marks the 77th anniversary of the Soviet Union's victory over Nazi Germany in the Second World War. Reuters
    Thousands of Russian soldiers march during the Victory Day parade in Red Square in central Moscow, which marks the 77th anniversary of the Soviet Union's victory over Nazi Germany in the Second World War. Reuters
  • Russian President Vladimir Putin watches the Victory Day military parade in Red Square in central Moscow. Reuters
    Russian President Vladimir Putin watches the Victory Day military parade in Red Square in central Moscow. Reuters
  • A T-34 Soviet-era tank powers along in Red Square. Reuters
    A T-34 Soviet-era tank powers along in Red Square. Reuters
  • Russian armoured vehicles, including MSTA-S self-propelled howitzers, drive through Red Square. Reuters
    Russian armoured vehicles, including MSTA-S self-propelled howitzers, drive through Red Square. Reuters
  • Vladimir Putin shakes hands with spectators before the parade in Moscow. Reuters
    Vladimir Putin shakes hands with spectators before the parade in Moscow. Reuters
  • A Russian Yars intercontinental ballistic missile launcher parades through Red Square. AFP
    A Russian Yars intercontinental ballistic missile launcher parades through Red Square. AFP
  • Russian T-72B3M tanks parade through Red Square. AFP
    Russian T-72B3M tanks parade through Red Square. AFP
  • Russian servicemen march in Red Square. AFP
    Russian servicemen march in Red Square. AFP
  • Russian Defence Minister Sergey Shoigu salutes soldiers as he is driven along Red Square in central Moscow. AFP
    Russian Defence Minister Sergey Shoigu salutes soldiers as he is driven along Red Square in central Moscow. AFP
  • A security service officer aims his sniper rifle while securing the area in Moscow. AP Photo
    A security service officer aims his sniper rifle while securing the area in Moscow. AP Photo
  • Vladimir Putin arrives to watch the Victory Day military parade at Red Square in central Moscow. AFP
    Vladimir Putin arrives to watch the Victory Day military parade at Red Square in central Moscow. AFP
  • Veterans and guests watch the Victory Day military parade at Red Square in central Moscow. AFP
    Veterans and guests watch the Victory Day military parade at Red Square in central Moscow. AFP
  • Russian servicewomen march on Red Square during the parade in central Moscow. AFP
    Russian servicewomen march on Red Square during the parade in central Moscow. AFP
  • People carry portraits of their relatives who were Second World War soldiers as they take part in the Immortal Regiment march in the far eastern Russian city of Vladivostok. AFP
    People carry portraits of their relatives who were Second World War soldiers as they take part in the Immortal Regiment march in the far eastern Russian city of Vladivostok. AFP
  • Russian servicemen shout during the Victory Day military parade in Red Square. AFP
    Russian servicemen shout during the Victory Day military parade in Red Square. AFP
  • Military veterans watch the Victory Day parade in Red Square in Moscow. AFP
    Military veterans watch the Victory Day parade in Red Square in Moscow. AFP
  • A boy wearing a Red Army-styled uniform watches a military parade in Vladivostok. Reuters
    A boy wearing a Red Army-styled uniform watches a military parade in Vladivostok. Reuters

On its own, Monday's legislation is largely symbolic. But symbolism matters in war, particularly this one, and it is coming thick and fast. Also on Monday, Russia held Victory Day, one of the most important dates in the country's calendar, which celebrates the Soviet Union's crucial role in defeating the Nazis. President Vladimir Putin used the event's keynote address to thank Russian forces currently fighting against what he claimed are "neo-Nazis" in Ukraine's government and armed forces. In a video released the same day, Ukrainian President Volodymyr Zelenskyy in turn accused Russia of adopting "Nazi philosophy".

There have been yet more references to the Second World War in recent weeks. British Prime Minister Boris Johnson said that Ukraine's efforts are its "finest hour", a reference to a speech made by Winston Churchill, the UK's emblematic wartime prime minister.

The fact that 15 presidents later, lend-lease is being revived is ultimately a sign of long-term diplomatic failure and complacency about the importance of peace in Europe. Lend-lease might have been a good policy in a very bad time, but its recipients were still devastated after their wars ended. Britain never recovered from the debt it had to pay the US. The last repayment was made in 2006. Russia lost 27 million of its citizens. And for all of Europe, an age of peace did not follow the defeat of the Nazis. For decades, the continent, indeed much of the world, was divided by the Cold War and filled to the brim with nuclear weapons.

The past few weeks might have seen plenty of historical references from capitals across the world, but there have been far fewer indications of a diplomatic plan to end fighting, or even an idea of what victory or compromise for both sides would look like. For now, Europe and the world can only be increasingly reminded of Roosevelt's belief that peace is never guaranteed and needs constantly to be preserved.

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.”

FIXTURES

All games 6pm UAE on Sunday: 
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)

5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami

6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami

6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel

7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel

7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar

Updated: May 11, 2022, 3:43 AM