The United States will establish a permanent army headquarters in Poland as part of enhanced Nato plans in the face of Russian aggression in Europe, President Joe Biden said on Wednesday.
Nato leaders discussed plans to overhaul and boost the alliance’s defences at the alliance's Madrid summit, including establishing a new force model that would place about 300,000 troops on high alert to deal with any future threats.
As well as the Polish base for the Fifth Army Corps, Mr Biden said his country would also maintain an additional rotational brigade of thousands of troops in Romania and bolster deployments in the Baltic states. The US will send two more F-35 squadrons to the UK and add to air-defence systems in Germany and Italy. That adds to 100,000 American troops already in Europe.
“In a moment where Putin has shattered peace in Europe and attacked the very, very tenets of the rule-based order of the United States and our allies — we’re stepping up,” Mr Biden said at the summit. “The steps we’re taking during this summit are going to further augment our collective strength.” The Russian president is “getting the NATO-ization of Europe," he added.
Nato will be "strengthened in all directions across every domain - land, air and sea," he said. Biden visited Poland in March and told US troops deployed there that they were "in the midst of a fight between democracies and oligarchs."
Poland, which has long sought a permanent US military base on its soil, on Wednesday said the move would send a clear signal to the Russians.
"It is a success which comes from long and consistent negotiations on this matter and, at the same time, a very clear sign that the Americans intend to increase, not decrease, their presence in Poland," said Jakub Kumoch, the Polish president's foreign policy adviser.
"Something that seemed impossible to many is becoming a fact today," Deputy Foreign Minister Marcin Przydacz wrote on Twitter. "We have a PERMANENT U.S. presence in Poland ... It is also a clear signal to Moscow."
Russian forces struck targets in the Mykolaiv region of southern Ukraine on Wednesday and intensified attacks on fronts across the country.
Ukrainian President Volodymyr Zelenskyy told the Nato leaders his country needed more weapons and money to defend itself against Russia, warning that Moscow's ambitions did not stop at Ukraine.
In a video link-up from the capital Kyiv, demanded more weapons from the West and said Ukraine needed $5 billion per month for its defence and protection.
Russia would set its sights on other countries, he warned, saying Moscow wanted to "enslave" NATO-member Lithuania.
"This not a war being waged by Russia against only Ukraine. This is a war for the right to dictate conditions in Europe - for what the future world order will be like," he said.
Russia said Wednesday it would not be intimidated by US military reinforcements in Europe as tensions spiral over Moscow's military intervention in Ukraine.
"I think that those who propose such solutions are under the illusion that they will be able to intimidate Russia, somehow restrain it - they will not succeed," Deputy Foreign Minister Sergei Ryabkov said.
"The security of countries where additional contingents will appear will not be strengthened. The prospect of stabilisation will be distant. Risks will increase," he added.
He said Russia would respond.
Arriving at the summit in Madrid, UK Prime Minister Boris Johnson said Mr Putin was getting "more Nato", not less, as a result of his actions in Ukraine.
On Tuesday, Nato Secretary General Jens Stoltenberg said countries need to significantly increase their defence spending in a “more dangerous and unpredictable world”, where Ukraine is paying the price for freedom.
The alliance had already on Tuesday night moved one step closer to bolstering its eastern front with Russia after Turkey dropped its opposition to Swedish and Finnish bids to join. Once members, the Nordic countries will augment the alliance with their Nato-standard militaries and high level of integration. Both countries are also boosting defence spending.
President Recep Tayyip Erdogan emerged from the meeting declaring victory after securing a 10-point agreement under which the two countries vowed to join Turkey's fight against banned Kurdish militants and to swiftly extradite suspects.
Turkey put the deal to the immediate test by announcing that it would seek the extradition of 12 suspects from Finland and 21 from Sweden.
Nato hopes adding them will shrink the vulnerability of other countries in the Baltic region with the option to quickly reinforce from the north in the event of an attack. The additional 1,343 kilometres of land frontier with Russia would effectively isolate its enclave of Kaliningrad sandwiched between Poland and Lithuania on the Baltic Sea.
Mr Stoltenberg on Wednesday said the alliance would invite the two Nordic countries to join while leaders are still in Madrid.
He called the invitation “a historic decision”, with the alliance’s 30 members then due to ratify membership. “I expect that also to go rather quickly because allies are ready to make that ratification process happen as quickly as possible,” he said.
Turkey agreed to support inviting the two Nordic countries into the military alliance, after receiving pledges from Finland and Sweden addressing its security concerns, including restrictions on Kurdish groups that Turkey considers terrorists, and avoiding arms embargoes.
“The talks were intense and tough, not in mood but in terms of the subject matter, and after four hours, we reached an understanding,” Finnish President Sauli Niinisto said. “Turkey becoming an ally now could impact the considerations” on arms export permits on a case-by-case basis, he said.
Swedish Prime Minister Magdalena Andersson said in a phone interview: “It’s good for Sweden and Finland’s security but in equal measure it is good for Nato as we would contribute to the common security of the alliance. Sweden and Finland were able to explain our work against terrorism and how we have tightened legislation and will continue to strengthen it.”
Nato membership for the two previously neutral countries would mark a significant shift in the European security landscape after Russia’s invasion of Ukraine.
Still, the actual membership process will still take many months, including ratification from Nato members’ parliaments, before Finland and Sweden become members and can benefit from the alliance’s article 5 collective defence commitments.
Mr Stoltenberg said he expected allies to sign the Nordic countries’ accession protocols “immediately” after the summit. All 30 members need to sign off.
A senior US administration official said President Biden’s goal this week was to help propel the deal across the finish line. The US has stressed that bringing Finland and Sweden into the fold could make the alliance more secure.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
The five pillars of Islam
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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.”
Results
Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).
Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.
Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.
Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.
Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.
Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)
Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)
Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.
Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.
Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.
Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.
Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.
Brief scores:
QPR 0
Watford 1
Capoue 45' 1
Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press