Russian forces in Ukraine will struggle to fight in the winter because they have been poorly equipped and ill-treated, the Ukrainian Foreign Minister told the World Policy Conference in Abu Dhabi.
Plunging temperatures and heavy snow have created new challenges in the invasion that began in February, with many towns and cities across Ukraine left without power due to Russian bombing raids.
Addressing the conference from Kyiv by video link, Ukrainian Foreign Minister Dmytro Kuleba, whose home has been among those without power, said more than half of Ukraine’s power generation facilities have been damaged or destroyed.
“One of the reasons Ukraine has been able to repel these Russian attacks is because we have never relied on the weather or the seasons,” he said.
We want nothing more than what belongs to us by history and by law. That is our borders
Dmytro Kuleba,
Ukrainian Foreign Minister
“The stakes are very high and nothing can stop our great soldiers or our people, who have suffered enormously.
“We know our army needs to be well-equipped in the winter, just as in the summer.
“The difference between us and the Russians is that we take better care of our soldiers, with better food and uniforms to survive in this environment.
“We have seen how poorly equipped the Russian soldiers are, and also how poorly treated they are — this is a disgrace of the Russian army.
“Many Russian soldiers will suffer enormously because of the cold weather.
“Winter is a game-changer, we know that [Russian President Vladimir] Putin has not accepted the reality that Russia is losing the war and that Russia will not win.”
Mr Kuleba said Russia was using "Second World War-era warfare" by sending poorly trained soldiers, prisoners and private mercenaries such as the Wagner Group to fight.
“They are sent in as cannon fodder — they are called 'one timers',” he said.
He said that showed "human life does not matter to Russia".
“This is the biggest difference with Ukraine. Our people are precious to our country.”
International support
Mr Kuleba said Ukraine had formally applied to join Nato and would also seek to join the EU.
He appealed for support in donations of transformers, generators and spare parts to help rebuild the country's energy infrastructure.
He said Ukrainian forces would fight for as long as it took to defeat Russia.
“If someone breaks into your apartment, you do not put a time on when they must leave — you fight until it is done. We must end this war as soon as possible,” he said.
“We want nothing more than what belongs to us by history and by law. That is our borders.
“In practice, that goes back to restoring its borders.
“This must happen unconditionally. A strategic victory involves the entire international community and it depends on how we can get Russia to play by the rules.
“The people in Russia must decide how they can help to make this change. Without the international community supporting this, it is impossible to imagine victory.
“If Russia is allowed to do this, other counties will think it is OK to invade and extend their borders.”
He criticised countries purchased Russian gas at discounted rates.
India is among the nations to have bought discounted Russian crude oil and made it clear it would prioritise its own energy needs.
China and India have become the largest buyers of Russian oil, benefiting from discounted rates.
“You can say 100 times this is not your war, but when food prices go up and people suffer from this due to the block on exports from Ukraine, it cannot be ignored,” Mr Kuleba said.
“Others try to benefit by paying for discounted Russian oil and gas. Countries have the right to do so, but they are making profits on people in Ukraine dying.
“Without this war and the sanctions, Russia would not be offering its oil at discount.”
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Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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.”
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
We Weren’t Supposed to Survive But We Did
We weren’t supposed to survive but we did.
We weren’t supposed to remember but we did.
We weren’t supposed to write but we did.
We weren’t supposed to fight but we did.
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.
We weren’t supposed to return but WE ARE.
Amira Sakalla
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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