The UAE has sent an additional 250 tonnes of aid to assist Ukraine. Wam
The UAE has sent an additional 250 tonnes of aid to assist Ukraine. Wam
The UAE has sent an additional 250 tonnes of aid to assist Ukraine. Wam
The UAE has sent an additional 250 tonnes of aid to assist Ukraine. Wam

UAE sends 250 tonnes of aid to support Ukraine


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The UAE has sent a ship loaded with 250 tonnes of vital aid to support those impacted by the war in Ukraine.

The shipment – which includes personal supplies, lighting equipment and blankets – left the Emirates on Monday and will arrive in Poland and Romania by sea before being transported to Ukraine.

The Office of International Affairs, in co-ordination with the Ministry of Foreign Affairs, is preparing a further donation of school supplies, including computers for pupils.

The UAE has sought to deliver assistance to the country since the war with Russia began.

In October 2022, the UAE pledged $100 million in humanitarian aid to Ukraine following an order from President Sheikh Mohamed.

The move came a day after Sheikh Mohamed spoke with Ukrainian President Volodymyr Zelenskyy.

Sheikh Mohamed said the Emirates would continue to provide humanitarian and economic assistance to mitigate the impact of the conflict with Russia.

UAE delivers key support

The UAE has established an air bridge to ensure essential supplies can reach those hit hardest by the crisis.

About 550 tonnes of aid – including food and medical supplies, 2,520 generators and six ambulances – have been transported on 11 aid flights to Ukraine so far.

Further relief has been delivered to refugees seeking sanctuary in neighbouring Poland, Moldova and Bulgaria.

In June, a UAE delegation visited Mr Zelenskyy in Ukraine on an official trip.

Led by Mariam Al Mheiri, Minister of Climate Change and Environment, the officials conveyed the greetings of Sheikh Mohamed, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and other UAE leaders.

Mr Zelenskyy expressed his gratitude to the UAE for its support during the country's crisis, highlighting Sheikh Mohamed's commitment to maintaining stability in the region.

The meeting, held in Kyiv, also included discussions about the humanitarian situation in Ukraine.

Ms Al Mheiri also met Olena Zelenska, Ukraine's first lady. They talked about the UAE’s humanitarian support for children affected by the Ukrainian crisis.

The two also discussed new projects to rebuild and renovate damaged hospitals and schools, and developments related to the “family type orphanages” project, which the UAE supported by allocating $4 million to construct 10 buildings that can accommodate about 100 children.

UAE delegation visits Ukraine in June – in pictures

Company%20profile
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The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Results

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

The Baghdad Clock

Shahad Al Rawi, Oneworld

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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.”

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F1 2020 calendar

March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.

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Updated: August 01, 2023, 12:51 PM