A Ukrainian soldier fires an anti-tank weapon during an exercise in Donetsk. Kyiv has called for the West to send more heavy weapons. AP
A Ukrainian soldier fires an anti-tank weapon during an exercise in Donetsk. Kyiv has called for the West to send more heavy weapons. AP
A Ukrainian soldier fires an anti-tank weapon during an exercise in Donetsk. Kyiv has called for the West to send more heavy weapons. AP
A Ukrainian soldier fires an anti-tank weapon during an exercise in Donetsk. Kyiv has called for the West to send more heavy weapons. AP

US, UK and Canada pledge more artillery for Ukraine


Laura O'Callaghan
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

US President Joe Biden, British Prime Minister Boris Johnson and Canadian Prime Minister Justin Trudeau pledged on Tuesday to send more artillery weaponry to Ukraine in the face of an all-out Russian assault on that country's East.

Mr Biden spoke with Mr Johnson, Mr Trudeau and other allied leaders in a secure video call from the White House Situation Room as the Russian invasion reached a new phase.

Asked by reporters during a visit to New Hampshire if the United States would be sending more artillery to Ukraine, Mr Biden replied yes, according to Reuters.

In the 90-minute video call, the leaders discussed ongoing support for Ukraine in the form of security, economic and humanitarian assistance, the White House said.

"The leaders affirmed their solidarity with the Ukrainian people and condemned the humanitarian suffering caused by Russia’s unprovoked and unjustified invasion," the White House said in a readout of the call.

"They also discussed their co-ordinated efforts to impose severe economic costs to hold Russia accountable."

Mr Biden called the meeting against the backdrop of the battle for the Donbas region, where wide-open farmland lends itself to artillery exchanges more than the urban battles mainly seen in the war to date.

Ukrainian President Volodymyr Zelenskyy is calling on allies to offer more support for his country's military amid fierce clashes in the east of the country.

Mr Biden discussed the crisis with representatives of the G7, Nato and EU, including the leaders of the UK, France, Germany, Italy, Canada, Japan, Poland, and Romania.

Mr Johnson used the call to stress the “critical need” for further military support for Ukraine, Downing Street said.

A spokesman for Mr Johnson said a senior national security told the Cabinet that the offensive in the Donbas was likely to be prolonged and bloody.

"The next phase of the war was likely to be an attritional conflict that could last several months," the spokesman said.

France's President Emmanuel Macron takes part in a videoconference with fellow world leaders on Tuesday. EPA
France's President Emmanuel Macron takes part in a videoconference with fellow world leaders on Tuesday. EPA

Speaking before the online leaders meeting, a Nato military chief said each nation “makes their own choice” when it comes to what types of weapons to send to Ukraine.

Countries have recently started to send heavier weaponry to Ukraine, Lt Gen Lance Landrum, deputy chairman of the Nato military committee, said at the Invictus Games in The Hague.

Asked whether more countries could dispatch anti-aircraft vehicles to Ukraine, he told PA: “I think each nation makes their own choice. Each nation is sending aid to Ukraine in a bilateral relationship with Ukraine.

“The different types of equipment that they send are based on the national sovereign rights in the negotiations that they have with the Ukrainian government.

“But I think that, in general, we have seen an increase in heavier-type weapons, defensive weapons, to help them in their fight, particularly as the fighting escalates in the east.”

Asked how he would assess Ukraine’s military strength, he said it had shown a “huge fighting spirit” and was creative in its tactics.

Lt Gen Landrum was asked what he would say to those frustrated with Nato’s decision not to intervene directly in the war and said the alliance was “focused on the deterrence and defence for the allied nations".

"We are in great support of Ukraine, the Ukrainian forces, the Ukrainian citizens and their government," he said.

Mr Zelenskyy has repeatedly issued warnings about the risk of the war spilling over into other European countries – including Nato members – if Russia's ambitions are not curbed.

On Sunday, Ukraine asked G7 nations to pledge $50 billion in financial support, said Oleh Ustenko, Mr Zelenskyy's economic adviser.

Kyiv is also considering issuing 0 per cent coupon bonds to help it cover a war-linked budget deficit over the next six months, Mr Ustenko said.

Members of the British Army's 1st Battalion The Royal Welsh carry out training exercises in Estonia. Photo: British Army / Twitter
Members of the British Army's 1st Battalion The Royal Welsh carry out training exercises in Estonia. Photo: British Army / Twitter

“The president has asked G7 countries to provide $50bn in funding for Ukraine. We are using several parallel routes at the same time,” Mr Ustenko said.

Kyiv is also considering whether to request a Special Drawing Rights loan from the International Monetary Fund, he said.

He said Ukraine was recording losses of about $7bn a month, which would add up to about $50bn over a six-month period.

A representative for the Pentagon said “of course they can win this”, when asked about the Ukrainians’ prospects in the war against Russia.

The Russian Defence Ministry said it struck 1,260 targets in Ukraine overnight.

On Tuesday, the UK’s tax authority, HM Revenue and Customs, announced plans to revoke the Moscow Stock Exchange’s status as a recognised stock exchange in response to the invasion.

The move would remove some tax relief for investors.

"Revoking Moscow Stock Exchange’s recognised status sends a clear message – there is no case for new investments in Russia," said Lucy Frazer, the UK's Financial Secretary to the Treasury.

  • A sign that reads 'Children' is fixed on to a car windscreen riddled with bulletholes in Irpin, Ukraine. AFP
    A sign that reads 'Children' is fixed on to a car windscreen riddled with bulletholes in Irpin, Ukraine. AFP
  • A woman weeps next to her husband's coffin at a cemetery in Irpin. AFP
    A woman weeps next to her husband's coffin at a cemetery in Irpin. AFP
  • Residents walk amid debris of a charred Russian tank next to destroyed houses in the village of Zalissya. AFP
    Residents walk amid debris of a charred Russian tank next to destroyed houses in the village of Zalissya. AFP
  • Volunteers distribute food to residents in Zalissya. AFP
    Volunteers distribute food to residents in Zalissya. AFP
  • A man walks past a damaged apartment building in the southern port city of Mariupol. Reuters
    A man walks past a damaged apartment building in the southern port city of Mariupol. Reuters
  • Tamara, 71, cries in front of a destroyed apartment building in Mariupol. Reuters
    Tamara, 71, cries in front of a destroyed apartment building in Mariupol. Reuters
  • Local residents push a cart with a child past destroyed buildings in Mariupol. Reuters
    Local residents push a cart with a child past destroyed buildings in Mariupol. Reuters
  • A record player sits among debris inside an apartment in Mariupol. Reuters
    A record player sits among debris inside an apartment in Mariupol. Reuters
  • Residents carry belongings past a destroyed building in Mariupol. Reuters
    Residents carry belongings past a destroyed building in Mariupol. Reuters
  • Security guards help an injured man following a Russian bombing of a factory in Kramatorsk. AP
    Security guards help an injured man following a Russian bombing of a factory in Kramatorsk. AP
  • A man receives first aid treatment. AP
    A man receives first aid treatment. AP
  • Soldiers collect explosives after recent battles in the village of Moshchun, close to Kyiv. AP
    Soldiers collect explosives after recent battles in the village of Moshchun, close to Kyiv. AP
  • The Komodor logistics park lies in ruins after being bombed and burnt during the Russian invasion near Makarov. Getty Images
    The Komodor logistics park lies in ruins after being bombed and burnt during the Russian invasion near Makarov. Getty Images
  • A room in a kindergarten stands windowless in Makarov. Getty Images
    A room in a kindergarten stands windowless in Makarov. Getty Images
  • A vehicle draped with a Ukrainian flag passes over a war-damaged bridge in Makarov. Getty Images
    A vehicle draped with a Ukrainian flag passes over a war-damaged bridge in Makarov. Getty Images
  • A man sits in a basement that was used as a bomb shelter in the village of Kukhari. EPA
    A man sits in a basement that was used as a bomb shelter in the village of Kukhari. EPA
  • Local residents clean the area around a destroyed farm in Kukhari. EPA
    Local residents clean the area around a destroyed farm in Kukhari. EPA
  • Nadia looks at her husband's coffin at a cemetery in Bucha. He was killed during the war. AFP
    Nadia looks at her husband's coffin at a cemetery in Bucha. He was killed during the war. AFP
  • Mangled buildings in Irpin point to the ravages of the ongoing war. Getty Images
    Mangled buildings in Irpin point to the ravages of the ongoing war. Getty Images
  • A burnt apartment tower in Irpin. Getty Images
    A burnt apartment tower in Irpin. Getty Images
  • Family members grieve during the funeral of Ruslan Nechyporenko, 47, in Bucha. Getty Images
    Family members grieve during the funeral of Ruslan Nechyporenko, 47, in Bucha. Getty Images
  • An abandoned Russian military position in Borodyanka town near Kyiv. EPA
    An abandoned Russian military position in Borodyanka town near Kyiv. EPA
  • Heavily pregnant Dr Marta Kopan, who fled Kyiv with her husband Dr Maxim Motsya and their three-year-old son Makar, narrates their ordeal at a relative's place in Lviv. AP
    Heavily pregnant Dr Marta Kopan, who fled Kyiv with her husband Dr Maxim Motsya and their three-year-old son Makar, narrates their ordeal at a relative's place in Lviv. AP
  • A Ukrainian officer searches for unexploded explosives as he passes by an Antonov An-225, the world's biggest cargo aircraft, destroyed during the war on the outskirts of Kyiv. AP
    A Ukrainian officer searches for unexploded explosives as he passes by an Antonov An-225, the world's biggest cargo aircraft, destroyed during the war on the outskirts of Kyiv. AP
  • A woman stands amid the destruction caused when a civilian building was hit by a Russian missile in Lviv, western Ukraine. Getty Images
    A woman stands amid the destruction caused when a civilian building was hit by a Russian missile in Lviv, western Ukraine. Getty Images
  • Ukrainian soldiers on an armoured personnel carrier, near the front line with Russian troops, in Izyum district, Kharkiv region, north-eastern Ukraine. AFP
    Ukrainian soldiers on an armoured personnel carrier, near the front line with Russian troops, in Izyum district, Kharkiv region, north-eastern Ukraine. AFP
  • Ukrainian refugees arrive at the Siret border crossing between Romania and Ukraine. AFP
    Ukrainian refugees arrive at the Siret border crossing between Romania and Ukraine. AFP
  • Ukranian soldiers in a trench look out across the front line near Kharkiv. AFP
    Ukranian soldiers in a trench look out across the front line near Kharkiv. AFP
  • Cars destroyed in Russian attacks, in Irpin, near Kyiv. The scene of fierce fighting, the town was occupied by Russian forces. Reuters
    Cars destroyed in Russian attacks, in Irpin, near Kyiv. The scene of fierce fighting, the town was occupied by Russian forces. Reuters
  • Damaged and destroyed vehicles at Illich Iron and Steel Works Metallurgical Plant, in an area controlled by Russian-backed separatists in besieged south-eastern city Mariupol. AP
    Damaged and destroyed vehicles at Illich Iron and Steel Works Metallurgical Plant, in an area controlled by Russian-backed separatists in besieged south-eastern city Mariupol. AP
  • Russian military vehicles in an area controlled by Moscow-backed separatists near Mariupol. AP
    Russian military vehicles in an area controlled by Moscow-backed separatists near Mariupol. AP
  • An elderly woman waits do be evacuated from a hospice in Chasiv Yar city, in Donetsk, eastern Ukraine. At least 35 residents have been helped to flee from the region that has been under attack for weeks. AP
    An elderly woman waits do be evacuated from a hospice in Chasiv Yar city, in Donetsk, eastern Ukraine. At least 35 residents have been helped to flee from the region that has been under attack for weeks. AP
  • A Ukrainian Interior Ministry serviceman collects unexploded shells, grenades and mines, following fierce fighting in Hostomel. AP
    A Ukrainian Interior Ministry serviceman collects unexploded shells, grenades and mines, following fierce fighting in Hostomel. AP

Germany, a member of the G7 and Nato, appears to be sceptical about pledging to ship more weapons to Ukraine.

Chancellor Olaf Scholz was last week accused by his coalition partners of stalling on commitments to arm Ukrainian forces.

Mr Scholz initiated a historic reversal of Germany’s previous frugal defence policy in the early stages of the invasion. But he has since appeared hesitant to push beyond initial supplies of protective equipment, munitions and rockets for Ukraine.

His position risks undermining his country’s image abroad as a reliable ally, said Anton Hofreiter, who leads the German parliament’s Europe committee.

“The problem is in the chancellery,” he told RTL television.

“We must now finally begin supplying Ukraine with what it needs, and that includes heavy weapons.”

Spanish Prime Minister Pedro Sanchez will travel to Kyiv this week to meet Mr Zelenskyy, a government source in Madrid said.

Mr Sanchez will be the latest in a series of world leaders to travel to the Ukrainian capital since Russian forces withdrew from surrounding towns and villages.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

The%20Killer
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EDavid%20Fincher%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Fassbender%2C%20Tilda%20Swinton%2C%20Charles%20Parnell%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%C2%A0%3C%2Fp%3E%0A
Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

WHAT%20ARE%20THE%20PRODUCTS%20WITHIN%20THE%20THREE%20MAJOR%20CATEGORIES%3F
%3Cp%3E%3Cstrong%3EAdvanced%20materials%3A%3C%2Fstrong%3E%20specifically%20engineered%20to%20exhibit%20novel%20or%20enhanced%20properties%2C%20that%20confer%20superior%20performance%20relative%20to%20conventional%20materials%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20components%3A%3C%2Fstrong%3E%20includes%20semiconductor%20components%2C%20such%20as%20microprocessors%20and%20other%20computer%20chips%2C%20and%20computer%20vision%20components%20such%20as%20lenses%20and%20image%20sensors%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20products%3A%3C%2Fstrong%3E%20includes%20personal%20electronics%2C%20smart%20home%20devices%20and%20space%20technologies%2C%20along%20with%20industry-enabling%20products%20such%20as%20robots%2C%203D%20printing%20equipment%20and%20exoskeletons%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Strategy%26amp%3B%3C%2Fem%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

Fireball

Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.

A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.

"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.

Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.

THE BIO

Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

Favourite colour: Blue

Jebel Ali results

2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m

Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)

2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m

Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard

3pm: Handicap (TB) Dh 64,000 (D) 1,600m

Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe

3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m

Winner: Gabr, Sam Hitchcott, Doug Watson

4pm: Handicap (TB) Dh 96,000 (D) 1,800m

Winner: Just A Penny, Sam Hitchcock, Doug Watson

4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m

Winner: Torno Subito, Sam Hitchcock, Doug Watson

5pm: Handicap (TB) Dh 76,000 (D) 1,950m

Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Women’s World T20, Asia Qualifier, in Bangkok

UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final

(The winners will progress to the Global Qualifier)

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

STAR%20WARS%20JEDI%3A%20SURVIVOR
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
MATCH INFO

Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

Bio

Age: 25

Town: Al Diqdaqah – Ras Al Khaimah

Education: Bachelors degree in mechanical engineering

Favourite colour: White

Favourite place in the UAE: Downtown Dubai

Favourite book: A Life in Administration by Ghazi Al Gosaibi.

First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.

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.”

Wednesday's results

Finland 3-0 Armenia
Faroes Islands 1-0 Malta
Sweden 1-1 Spain
Gibraltar 2-3 Georgia
Romania 1-1 Norway
Greece 2-1 Bosnia and Herzegovina
Liechtenstein 0-5 Italy
Switzerland 2-0 Rep of Ireland
Israel 3-1 Latvia

Updated: April 19, 2022, 8:12 PM