Britain on Saturday accused Russia of seeking to install a pro-Kremlin leader in Ukraine, and said Moscow's intelligence officers had been in contact with a number of former Ukrainian politicians as part of plans for an invasion.
The UK Foreign Office declined to provide evidence to back its accusations, which came at a time of high tensions between Russia and the West over Russia's massing of troops near its border with Ukraine. Moscow has insisted it has no plans to invade.
The British government said it had information Russia was considering Ukrainian politician Yevhen Murayev as a potential candidate to head a pro-Moscow leadership.
"We will not tolerate Kremlin plot to install pro-Russian leadership in Ukraine," British Foreign Secretary Liz Truss said on Twitter. "The Kremlin knows a military incursion would be a massive strategic mistake & the UK and our partners would impose a severe cost on Russia."
A UK Foreign Ministry source said it was not usual practice to share intelligence matters, and the details had only been declassified after careful consideration to deter Russian aggression.
The Russian Foreign Ministry dismissed the comments as "disinformation", accusing Britain and Nato of "escalating tensions" over Ukraine.
"We urge the Foreign Office to cease these provocative activities, stop spreading nonsense and finally concentrate its efforts on studying the history of the Mongol-Tatar yoke," the ministry said on its verified Facebook account.
The British claims came a day after the US and Russian diplomats failed to make a major breakthrough in talks to resolve the crisis over Ukraine, although they agreed to keep talking. Russia has made security demands on the US, including a halt to Nato's eastward expansion and a pledge that Ukraine will never be allowed to join the Western military alliance.
Claims denied
US National Security Council spokeswoman Emily Horne said Russia's "plotting is deeply concerning".
"The Ukrainian people have the sovereign right to determine their own future, and we stand with our democratically-elected partners in Ukraine," she said.
Mr Murayev, 45, is a pro-Russian politician who opposes Ukraine's integration with the West. According to a poll by the Razumkov’s Centre think tank conducted in December 2021, he was ranked seventh among candidates for the 2024 presidential election with 6.3 per cent support.
"You’ve made my evening. The British Foreign Office seems confused," Mr Murayev told Britain's Observer newspaper. "It isn’t very logical. I’m banned from Russia. Not only that but money from my father’s firm there has been confiscated."
Invasion plan allegation
Britain, which this week supplied 2,000 missiles and a team of military trainers to Ukraine, also said it had information that Russian intelligence services were maintaining links with "numerous" former Ukrainian politicians, including senior figures with links to ex-president Viktor Yanukovich.
Mr Yanukovich fled to Russia in 2014 after three months of protests against his rule and was sentenced in absentia to 13 years in jail on treason charges in 2019.
"Some of these have contact with Russian intelligence officers currently involved in the planning for an attack on Ukraine," the British foreign office said.
Prime Minister Boris Johnson's Downing Street office also said the British leader was planning to increase pressure on Moscow this week by calling for European counterparts to come together with the US to face down Russian aggression.
Earlier, RIA news agency had reported that Ms Truss would visit Moscow in February to meet her Russian counterpart Sergey Lavrov, while Russian Defence Minister Sergei Shoigu and his British counterpart Ben Wallace have also agreed to hold talks.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
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Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
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Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com