• Damage after the shelling of buildings in central Kharkiv, Ukraine. EPA
    Damage after the shelling of buildings in central Kharkiv, Ukraine. EPA
  • Workers from a local construction company weld anti-tank obstacles to be placed on roads around Kyiv as Russia's invasion of Ukraine continues. Reuters
    Workers from a local construction company weld anti-tank obstacles to be placed on roads around Kyiv as Russia's invasion of Ukraine continues. Reuters
  • Anti-war protesters attach sunflowers to barriers in front of the Russian embassy. Reuters
    Anti-war protesters attach sunflowers to barriers in front of the Russian embassy. Reuters
  • Ukrainian volunteers prepare food for displaced people outside Lviv railway station in western Ukraine. AP
    Ukrainian volunteers prepare food for displaced people outside Lviv railway station in western Ukraine. AP
  • A Ukrainian soldier holds an anti-tank launcher north-east of Kyiv. AFP
    A Ukrainian soldier holds an anti-tank launcher north-east of Kyiv. AFP
  • Ukrainian refugees rest at Warsaw East train station in Poland. EPA
    Ukrainian refugees rest at Warsaw East train station in Poland. EPA
  • Children look out from a carriage window as a train prepares to depart from a station in Lviv to the town of Uzhhorod near the border with Slovakia. AFP
    Children look out from a carriage window as a train prepares to depart from a station in Lviv to the town of Uzhhorod near the border with Slovakia. AFP
  • A girl who fled Ukraine is reunited with her father in Medyka, south-eastern Poland. AP Photo
    A girl who fled Ukraine is reunited with her father in Medyka, south-eastern Poland. AP Photo
  • Tears outside a house damaged by a Russian airstrike in Gorenka, on the outskirts of Kyiv. AP Photo
    Tears outside a house damaged by a Russian airstrike in Gorenka, on the outskirts of Kyiv. AP Photo
  • A civil defence member is poised to shoot as a vehicle approaches a checkpoint in Gorenka. AP Photo
    A civil defence member is poised to shoot as a vehicle approaches a checkpoint in Gorenka. AP Photo
  • A Ukrainian civil defence member in the garden of a house damaged by a Russian airstrike. AP Photo
    A Ukrainian civil defence member in the garden of a house damaged by a Russian airstrike. AP Photo
  • Members of the US Army 3rd Infantry Division board a plane bound for Germany in Savannah, Georgia. EPA
    Members of the US Army 3rd Infantry Division board a plane bound for Germany in Savannah, Georgia. EPA
  • Prayers for peace in Ukraine at the Vatican's Saint Peter's Square. AFP
    Prayers for peace in Ukraine at the Vatican's Saint Peter's Square. AFP
  • A woman (right) hugs an arriving passenger from a train carrying refugees at Berlin's central station. EPA
    A woman (right) hugs an arriving passenger from a train carrying refugees at Berlin's central station. EPA
  • Firefighters battle a blaze in a Kharkiv police building hit by shelling. AFP
    Firefighters battle a blaze in a Kharkiv police building hit by shelling. AFP
  • A Ukrainian woman makes a phone call after crossing the Slovakian border. AFP
    A Ukrainian woman makes a phone call after crossing the Slovakian border. AFP
  • A doctor takes shelter in the basement of a Kyiv perinatal centre. Reuters
    A doctor takes shelter in the basement of a Kyiv perinatal centre. Reuters
  • Debris which locals say was caused by shelling in separatist-controlled Horlivka, Donetsk. Reuters
    Debris which locals say was caused by shelling in separatist-controlled Horlivka, Donetsk. Reuters
  • MPs in London give a standing ovation to Ukraine ambassador Vadym Prystaiko, who was in the public gallery. AP
    MPs in London give a standing ovation to Ukraine ambassador Vadym Prystaiko, who was in the public gallery. AP
  • Distraught women and children fleeing Ukraine wait to enter Poland at the Korczowa crossing. Getty
    Distraught women and children fleeing Ukraine wait to enter Poland at the Korczowa crossing. Getty
  • Newborn Ivan lies next to his mother as they shelter in the basement of a Kyiv perinatal centre. Reuters
    Newborn Ivan lies next to his mother as they shelter in the basement of a Kyiv perinatal centre. Reuters
  • Firefighters hand water to people in a Ukrainian train full of refugees in Przemysl, Poland. Reuters
    Firefighters hand water to people in a Ukrainian train full of refugees in Przemysl, Poland. Reuters
  • Ukrainian refugees queue to file for residency permits at Prague's police headquarters. AFP
    Ukrainian refugees queue to file for residency permits at Prague's police headquarters. AFP
  • Firefighters work to contain a blaze in buildings housing the Kharkiv regional police department. AFP
    Firefighters work to contain a blaze in buildings housing the Kharkiv regional police department. AFP
  • A woman and her children sit in a tent in the Kyiv subway, using it as a bomb shelter. AP
    A woman and her children sit in a tent in the Kyiv subway, using it as a bomb shelter. AP
  • Firefighters work to extinguish a blaze at the Kharkiv National University building, which city officials said was damaged by Russian shelling. Reuters
    Firefighters work to extinguish a blaze at the Kharkiv National University building, which city officials said was damaged by Russian shelling. Reuters
  • An elderly woman comforts a child as they take shelter inside an underground station in Kyiv. Reuters
    An elderly woman comforts a child as they take shelter inside an underground station in Kyiv. Reuters
  • People queue at a pharmacy in central Kyiv. Reuters
    People queue at a pharmacy in central Kyiv. Reuters
  • A woman is consoled by a volunteer after fleeing from Russia's invasion of Ukraine, at the border crossing in Siret, Romania. Reuters
    A woman is consoled by a volunteer after fleeing from Russia's invasion of Ukraine, at the border crossing in Siret, Romania. Reuters
  • A Ukrainian civilian in the city of Zhytomyr practises throwing petrol bombs. Reuters
    A Ukrainian civilian in the city of Zhytomyr practises throwing petrol bombs. Reuters
  • Ukrainian President Volodymyr Zelenskyy poses after an interview with Reuters in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy poses after an interview with Reuters in Kyiv. Reuters
  • A blast is seen at Kyiv's TV tower. Reuters
    A blast is seen at Kyiv's TV tower. Reuters
  • A girl in Siret, Romania, covers herself with a blanket after fleeing from Ukraine. Reuters
    A girl in Siret, Romania, covers herself with a blanket after fleeing from Ukraine. Reuters
  • Ukraine's ambassador to the US, Oksana Markarova, acknowledges applause from US first lady Jill Biden as they attend President Joe Biden's first State of the Union address in Washington. AFP
    Ukraine's ambassador to the US, Oksana Markarova, acknowledges applause from US first lady Jill Biden as they attend President Joe Biden's first State of the Union address in Washington. AFP
  • A man walks past the remains of Russian military vehicles in Bucha, close to Kyiv. AFP
    A man walks past the remains of Russian military vehicles in Bucha, close to Kyiv. AFP
  • Civilians cross a river on a blown-up bridge on Kyiv's northern front. Defending the capital is a 'key priority', Ukraine's president has said. AFP
    Civilians cross a river on a blown-up bridge on Kyiv's northern front. Defending the capital is a 'key priority', Ukraine's president has said. AFP
  • Russian aircraft on the ground at Luninets Airbase, Belarus, about 50 kilometres north of the Ukrainian border. AFP
    Russian aircraft on the ground at Luninets Airbase, Belarus, about 50 kilometres north of the Ukrainian border. AFP
  • People look at the gutted remains of Russian military vehicles on a road in the town of Bucha. AP
    People look at the gutted remains of Russian military vehicles on a road in the town of Bucha. AP
  • A woman with a child who fled from the war in Ukraine reunite with their family after crossing the border in Medyka, Poland. AP
    A woman with a child who fled from the war in Ukraine reunite with their family after crossing the border in Medyka, Poland. AP
  • Animal keeper Kirilo Trantin comforts an elephant at Kyiv Zoo. AP
    Animal keeper Kirilo Trantin comforts an elephant at Kyiv Zoo. AP
  • An armed man stands by the remains of a Russian military vehicle in Bucha. AP
    An armed man stands by the remains of a Russian military vehicle in Bucha. AP
  • Ukrainian families say goodbye as they prepare to board a bus to Poland at Lviv, western Ukraine. AP
    Ukrainian families say goodbye as they prepare to board a bus to Poland at Lviv, western Ukraine. AP
  • Paramedics move a man who was wounded by shelling in a residential area of Mariupol, south-eastern Ukraine. AP
    Paramedics move a man who was wounded by shelling in a residential area of Mariupol, south-eastern Ukraine. AP
  • Rescuers work at the site of a Russian strike in Zhytomyr. Reuters
    Rescuers work at the site of a Russian strike in Zhytomyr. Reuters
  • US actor and director Sean Penn attends a press briefing at the Presidential Office in Kyiv. Reuters
    US actor and director Sean Penn attends a press briefing at the Presidential Office in Kyiv. Reuters
  • Demonstrators participate in a protest against Russia’s invasion of Ukraine at Lafayette Square in Washington. AFP
    Demonstrators participate in a protest against Russia’s invasion of Ukraine at Lafayette Square in Washington. AFP
  • Ukrainian soldiers rest while others eat near the front line with Russian troops in northern Kyiv. AP
    Ukrainian soldiers rest while others eat near the front line with Russian troops in northern Kyiv. AP
  • A barricade made of trams, buses and sand bags is seen through the window of car in the northern part of Kyiv. AP
    A barricade made of trams, buses and sand bags is seen through the window of car in the northern part of Kyiv. AP
  • Members of the European Parliament applaud after Ukrainian President Volodymyr Zelenskyy's speech at a special session to debate its response to the Russian invasion of Ukraine. Reuters
    Members of the European Parliament applaud after Ukrainian President Volodymyr Zelenskyy's speech at a special session to debate its response to the Russian invasion of Ukraine. Reuters
  • Ambassadors and diplomats walk out as Russia's Foreign Minister Sergey Lavrov (on screen) speaks during a recorded message at the 49th session of the UN Human Rights Council in Geneva. EPA
    Ambassadors and diplomats walk out as Russia's Foreign Minister Sergey Lavrov (on screen) speaks during a recorded message at the 49th session of the UN Human Rights Council in Geneva. EPA

FIA says Russian and Belarusian drivers can compete as neutrals


Steve Luckings
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

FIA president Mohammed ben Sulayem says his organisation condemns Russia's military offensive in Ukraine but said Russian and Belarusian drivers could still take part in its competitions as neutrals.

Motorsport's governing body has become the latest sports institution to criticise the conflict in Ukraine that has killed hundreds of civilians.

Ben Sulayem convened an extraordinary meeting of the FIA's World Motor Sport Council (WMSC) on Tuesday to decide the fate of Russian and Belarusian drivers, teams and officials.

It said the participation of any Russian and Belarusian drivers, individual competitors and officials, even in a neutral capacity, was subject to a "specific commitment and adherence to the FIA’s principles of peace and political neutrality".

The meeting also confirmed the cancellation of this year's Russian Formula One Grand Prix in Sochi.

“As you know, the FIA is watching the developments in Ukraine with sadness and shock and I hope for a swift and peaceful resolution to the present situation," said Ben Sulayem.

"We condemn the Russian invasion of Ukraine and our thoughts are with all those suffering as a result of the events in Ukraine."

The Emirati said the WMSC's decision "aligned with the recommendations recently made by the International Olympic Committee" and that it stood with the Ukrainian people and hoped for a "peaceful resolution" to the conflict.

The decision would allow Nikita Mazepin, the only Russian on the grid, to continue to race in Formula One.

The 22-year-old already races under a neutral flag due to doping sanctions imposed on Russia.

But he still faces an uncertain future after his US-owned Haas team removed all branding related to Russian potash producer and title sponsor Uralkali on the final day of last week's Barcelona test.

Uralkali is owned by Mazepin's father and the fate of the partnership and the Russian's continued presence at the team is set to be decided this week.

Haas declined to comment in the wake of the WMSC decisions.

The FIA also decided that representatives of Russian and Belarusian FIA members would have to step aside temporarily "from their roles and responsibilities of elected officers/commissions’ members."

No international or zonal competitions would take place in Russia and Belarus, it said, while Russian and Belarusian teams would also be barred from taking part in international or zonal competitions, until further notice.

It also banned the display of any Russian or Belarusian national symbols, colours, flags or the playing of any anthems at international or zonal competitions.

The WMSC added that no FIA grant would be awarded to the Russian or Belarusian FIA Members, until further notice, while existing FIA grant funding would also be halted.

Earlier on Tuesday, Russian former F1 racer Daniil Kvyat called banning Russian athletes and teams from international sport an "unfair" solution.

The 27-year-old former Red Bull driver said "sport should remain outside politics" and that banning Russian athletes "goes against what sport teaches us in principle: the unity and peace".

"I really hope for a peaceful solution to this situation in Ukraine, and that we can all live in peace," said Kvyat.

"Who else if not us sportspeople will help to glue nations together in the upcoming times?"

  • A monitor displays a projectile striking the regional state administration building in Kharkiv, as the Russian invasion continues. Reuters
    A monitor displays a projectile striking the regional state administration building in Kharkiv, as the Russian invasion continues. Reuters
  • People help a wounded woman in the aftermath of Russian shelling in Kharkiv. EPA
    People help a wounded woman in the aftermath of Russian shelling in Kharkiv. EPA
  • Ukrainian emergency service personnel carry the body of a victim following shelling in Kharkiv. AP
    Ukrainian emergency service personnel carry the body of a victim following shelling in Kharkiv. AP
  • Students who fled the conflict rest in a refugee camp in Voluntari, Romania. AP
    Students who fled the conflict rest in a refugee camp in Voluntari, Romania. AP
  • Members of an Ukrainian civil defence unit pass new assault rifles to the opposite side of a blown-up bridge on Kiev’s northern front. AFP
    Members of an Ukrainian civil defence unit pass new assault rifles to the opposite side of a blown-up bridge on Kiev’s northern front. AFP
  • Civilians cross a river on Kiev's northern front. AFP
    Civilians cross a river on Kiev's northern front. AFP
  • A woman takes photos of a destroyed accommodation building near a checkpoint in Brovary, outside Kiev. AP
    A woman takes photos of a destroyed accommodation building near a checkpoint in Brovary, outside Kiev. AP
  • The city hall of Kharkiv, damaged by Russian shelling. AFP
    The city hall of Kharkiv, damaged by Russian shelling. AFP
  • Debris litters the square outside the damaged Kharkiv city hall. AFP
    Debris litters the square outside the damaged Kharkiv city hall. AFP
  • A Ukrainian woman sleeps on the floor of the railway station in Zahonyi close to the Hungary/Ukraine border. AFP
    A Ukrainian woman sleeps on the floor of the railway station in Zahonyi close to the Hungary/Ukraine border. AFP
  • A medical worker attends to wounded man at a hospital in Brovary, outside Kiev. AP
    A medical worker attends to wounded man at a hospital in Brovary, outside Kiev. AP
  • Refugees from Ukraine in a tent at the Medyka border crossing, Poland. AP
    Refugees from Ukraine in a tent at the Medyka border crossing, Poland. AP
  • Debris outside the regional administration building, which city officials said was hit by a missile, in Kharkiv. Reuters
    Debris outside the regional administration building, which city officials said was hit by a missile, in Kharkiv. Reuters
  • A student evacuated from Ukraine is embraced by her family after arriving at Tunis-Carthage International Airport in Tunisia. AFP
    A student evacuated from Ukraine is embraced by her family after arriving at Tunis-Carthage International Airport in Tunisia. AFP
  • Rescuers in a building damaged by a missile in central Kharkiv. Reuters
    Rescuers in a building damaged by a missile in central Kharkiv. Reuters
  • An ambulance is visible through the damaged window of a vehicle hit by bullets in Kiev, Ukraine. Reuters
    An ambulance is visible through the damaged window of a vehicle hit by bullets in Kiev, Ukraine. Reuters
  • Territorial defence members prepare to head out on patrol in Kiev. EPA
    Territorial defence members prepare to head out on patrol in Kiev. EPA
  • UN Secretary General Antonio Guterres delivers a speech on screen during the opening of the 49th session of the UN Human Rights Council in Geneva, Switzerland. AP
    UN Secretary General Antonio Guterres delivers a speech on screen during the opening of the 49th session of the UN Human Rights Council in Geneva, Switzerland. AP
  • A policeman detains a young demonstrator during a protest against Russia's attack on Ukraine in St Petersburg, Russia. AP
    A policeman detains a young demonstrator during a protest against Russia's attack on Ukraine in St Petersburg, Russia. AP
  • Local residents in Zhytomyr, Ukraine, prepare Molotov cocktails. Reuters
    Local residents in Zhytomyr, Ukraine, prepare Molotov cocktails. Reuters
  • Residents clean a bomb shelter under an out-of-service cinema in central Zhytomyr. Reuters
    Residents clean a bomb shelter under an out-of-service cinema in central Zhytomyr. Reuters
  • Ukrainian volunteers tear cloth into strips to make camouflage nets in Lviv, western Ukraine. AP
    Ukrainian volunteers tear cloth into strips to make camouflage nets in Lviv, western Ukraine. AP
  • Part of the military convoy north-west of Invankiv, Ukraine. AP
    Part of the military convoy north-west of Invankiv, Ukraine. AP
  • Mark Goncharuk, a young boy from Kiev, leaves his father behind as he travels with the rest of his family towards the border. Reuters
    Mark Goncharuk, a young boy from Kiev, leaves his father behind as he travels with the rest of his family towards the border. Reuters
  • People hold an anti-war protest outside the Russian Embassy in Mexico City, Mexico. Reuters
    People hold an anti-war protest outside the Russian Embassy in Mexico City, Mexico. Reuters
  • A crater caused by shelling on the outskirts of Kiev. AFP
    A crater caused by shelling on the outskirts of Kiev. AFP
  • People queue outside a grocery store in the Ukrainian capital. EPA
    People queue outside a grocery store in the Ukrainian capital. EPA
  • Ukrainian soldiers stand at Maidan Nezalezhnosti, or Independence Square, in Kiev. EPA
    Ukrainian soldiers stand at Maidan Nezalezhnosti, or Independence Square, in Kiev. EPA
  • Vladimir Medinsky, the head of the Russian delegation, second left, and Davyd Arakhamia, faction leader of the Servant of the People party in the Ukrainian Parliament, third right, attend the peace talks in the Gomel region of Belarus. AP
    Vladimir Medinsky, the head of the Russian delegation, second left, and Davyd Arakhamia, faction leader of the Servant of the People party in the Ukrainian Parliament, third right, attend the peace talks in the Gomel region of Belarus. AP
  • People who have fled the Russian invasion in Ukraine, clamour to board a bus bound for a refugee centre established in Przemysl, Poland. Reuters
    People who have fled the Russian invasion in Ukraine, clamour to board a bus bound for a refugee centre established in Przemysl, Poland. Reuters
  • Hanna Pavlovna Lukasz, from Mirhord, Ukraine, said her sons, aged 12 and 8, and her 66-year-old mother had been waiting on the Ukrainian side of the border crossing with Medyka, Poland, for four days. AP
    Hanna Pavlovna Lukasz, from Mirhord, Ukraine, said her sons, aged 12 and 8, and her 66-year-old mother had been waiting on the Ukrainian side of the border crossing with Medyka, Poland, for four days. AP
  • A volunteer from Kiev prepares a rear post with trenches in the city. AFP
    A volunteer from Kiev prepares a rear post with trenches in the city. AFP
  • A child being treated for cancer rests in the bomb shelter of the oncology ward at a hospital in Kiev. Getty
    A child being treated for cancer rests in the bomb shelter of the oncology ward at a hospital in Kiev. Getty
  • Police officers check occupants of a suspicious car in Kiev, as Russia's invasion of Ukraine continues. Reuters
    Police officers check occupants of a suspicious car in Kiev, as Russia's invasion of Ukraine continues. Reuters
  • A woman from Ukraine uses a phone to listen to a speech by President Volodymyr Zelenskyy at a refugee shelter in Beregsurany, Hungary. Reuters
    A woman from Ukraine uses a phone to listen to a speech by President Volodymyr Zelenskyy at a refugee shelter in Beregsurany, Hungary. Reuters
  • Shelves empty of bread after a curfew was lifted as Russia's invasion of Ukraine continues, in Kiev. Reuters
    Shelves empty of bread after a curfew was lifted as Russia's invasion of Ukraine continues, in Kiev. Reuters
  • Ukrainian Defence Minister Oleksii Reznikov, left, and President Zelenskyy. AFP
    Ukrainian Defence Minister Oleksii Reznikov, left, and President Zelenskyy. AFP
  • Snow-covered shoes donated for those fleeing the Russian invasion of Ukraine at the border crossing in Medyka, Poland. Reuters
    Snow-covered shoes donated for those fleeing the Russian invasion of Ukraine at the border crossing in Medyka, Poland. Reuters
  • People who have fled Ukraine wait for a bus to transport them away from the border crossing in Medyka. Reuters
    People who have fled Ukraine wait for a bus to transport them away from the border crossing in Medyka. Reuters
  • Norwegian soldiers of the Nato-enhanced forward presence battalion pose at a military plane as they arrive at an airport in Kaunas, Lithuania. AP
    Norwegian soldiers of the Nato-enhanced forward presence battalion pose at a military plane as they arrive at an airport in Kaunas, Lithuania. AP
  • A person fleeing Ukraine sits during snowfall at a temporary camp in Przemysl, Poland. Reuters
    A person fleeing Ukraine sits during snowfall at a temporary camp in Przemysl, Poland. Reuters
  • Footage reportedly of Russian Buk missile system vehicles on a road before a drone strike near Malyn, Ukraine. Reuters
    Footage reportedly of Russian Buk missile system vehicles on a road before a drone strike near Malyn, Ukraine. Reuters
  • An explosion after what are said to be Russian Buk missile system vehicles on a road are struck by a drone. Reuters
    An explosion after what are said to be Russian Buk missile system vehicles on a road are struck by a drone. Reuters
  • The monument to Russian troops from the Second World War, after the figures’ hands were painted red, at the Red Army memorial in Sofia, Bulgaria. EPA
    The monument to Russian troops from the Second World War, after the figures’ hands were painted red, at the Red Army memorial in Sofia, Bulgaria. EPA
  • The Peace Tower on Parliament Hill in Ottawa, Canada, is lit up with the colours of Ukraine’s national flag in a show of support. AP
    The Peace Tower on Parliament Hill in Ottawa, Canada, is lit up with the colours of Ukraine’s national flag in a show of support. AP
  • Russian President Vladimir Putin visits the construction site of the National Space Agency on the premises of the Khrunichev State Research and Production Space Centre, in Moscow. EPA
    Russian President Vladimir Putin visits the construction site of the National Space Agency on the premises of the Khrunichev State Research and Production Space Centre, in Moscow. EPA
  • A man looks out from a train, at the railway station in Lviv, Ukraine. The UN has estimated the conflict could produce as many as four million refugees. AP
    A man looks out from a train, at the railway station in Lviv, Ukraine. The UN has estimated the conflict could produce as many as four million refugees. AP
  • A Ukrainian boy waits for his mother after passing the border crossing point in Siret, northern Romania. EPA
    A Ukrainian boy waits for his mother after passing the border crossing point in Siret, northern Romania. EPA
  • Russian policemen detain a demonstrator in St Petersburg, during a protest against the country's military actions in Ukraine. EPA
    Russian policemen detain a demonstrator in St Petersburg, during a protest against the country's military actions in Ukraine. EPA
  • Ukrainian soldiers at a check point in the city of Zhytomyr. Reuters
    Ukrainian soldiers at a check point in the city of Zhytomyr. Reuters
  • Residents prepare petrol bombs to defend the city, in Uzhhorod, Ukraine. Reuters
    Residents prepare petrol bombs to defend the city, in Uzhhorod, Ukraine. Reuters
  • A pro-Russian fighter sits inside a tank in the separatist self-proclaimed Luhansk People's Republic, in the Luhansk region, Ukraine. Reuters
    A pro-Russian fighter sits inside a tank in the separatist self-proclaimed Luhansk People's Republic, in the Luhansk region, Ukraine. Reuters
  • Russian President Vladimir Putin, right, speaks to Defence Minister Sergei Shoigu, second left, and Head of the General Staff of the Armed Forces and First Deputy Defence Minister Valery Gerasimov, left, during their meeting in Moscow. AP
    Russian President Vladimir Putin, right, speaks to Defence Minister Sergei Shoigu, second left, and Head of the General Staff of the Armed Forces and First Deputy Defence Minister Valery Gerasimov, left, during their meeting in Moscow. AP
  • Ukrainians and supporters gather during a demonstration in front of the Greek Parliament in Athens against the Russian military's operation in Ukraine. AFP
    Ukrainians and supporters gather during a demonstration in front of the Greek Parliament in Athens against the Russian military's operation in Ukraine. AFP
  • Ukrainian Territorial Defence fighters test an automatic grenade launcher taken from a destroyed Russian infantry mobility vehicla after a battle in Kharkiv. AFP
    Ukrainian Territorial Defence fighters test an automatic grenade launcher taken from a destroyed Russian infantry mobility vehicla after a battle in Kharkiv. AFP

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.”

Pots for the Asian Qualifiers

Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

The specs: 2018 Jeep Grand Cherokee Trackhawk


Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Schedule for show courts

Centre Court - from 4pm UAE time

Johanna Konta (6) v Donna Vekic

Andy Murray (1) v Dustin Brown

Rafael Nadal (4) v Donald Young

 

Court 1 - from 4pm UAE time

Kei Nishikori (9) v Sergiy Stakhovsky

Qiang Wang v Venus Williams (10)

Beatriz Haddad Maia v Simona Halep (2)

 

Court 2 - from 2.30pm

Heather Watson v Anastasija Sevastova (18)

Jo-Wilfried Tsonga (12) v Simone Bolelli

Florian Mayer v Marin Cilic (7)

 

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

MATCH INFO

Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')

Leeds United 0 

TOURNAMENT INFO

Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia

UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Updated: March 02, 2022, 6:21 AM