Firefighters working to put out flames at the port of Odesa, southern Ukraine. EPA
Firefighters working to put out flames at the port of Odesa, southern Ukraine. EPA
Firefighters working to put out flames at the port of Odesa, southern Ukraine. EPA
Firefighters working to put out flames at the port of Odesa, southern Ukraine. EPA

Ukraine's military says Russian missiles hit Black Sea port of Odesa


Amr Mostafa
  • English
  • Arabic

Moscow has broken its silence on the Odesa strikes which drew international condemnation, saying Kalibr cruise missiles had destroyed a Ukrainian “military infrastructure facility” in the Black Sea port.

Maria Zakharova, spokeswoman for the Russian Foreign Ministry, issued a statement on Telegram on Sunday, a day after Ukraine’s military said the strategic port had come under attack.

Odesa was targeted after Moscow and Kyiv on Friday signed an agreement to ensure safe shipping of grain from Ukrainian ports.

“The enemy attacked the Odesa seaport with Kalibr cruise missiles. Two of the missiles were shot down by air defences. Two hit port infrastructure,” Sergiy Bratchuk, a representative of the Odesa region, said on social media.

It was not immediately clear whether there was damage to the port's grain-loading installations.

Ukraine Foreign Ministry spokesman Oleg Nikolenko said the attack showed Russia was reneging on its commitments.

“The Russian missile is Vladimir Putin's spit in the face of UN Secretary General Antonio Guterres and Turkish President Recep Erdogan, who went to great lengths to reach an agreement and to whom Ukraine is grateful,” he said.

Ukrainian officials posted a video showing the aftermath of the attack. Two Russian Kalibr cruise missiles hit the port’s infrastructure and air defences brought down two others, the Ukrainian military’s Southern Command said.

  • An elderly couple stands near a damaged school in the city of Kramatorsk in eastern Ukraine. EPA
    An elderly couple stands near a damaged school in the city of Kramatorsk in eastern Ukraine. EPA
  • At least one person was killed after shelling hit the school, the Ukrainian State Emergency Service said. EPA
    At least one person was killed after shelling hit the school, the Ukrainian State Emergency Service said. EPA
  • A woman walks past a destroyed market near a railway station in Donetsk. Reuters
    A woman walks past a destroyed market near a railway station in Donetsk. Reuters
  • Municipal workers clean a street in Donetsk. Reuters
    Municipal workers clean a street in Donetsk. Reuters
  • A man passes destroyed buildings in the Ukrainian town of Siversk. AFP
    A man passes destroyed buildings in the Ukrainian town of Siversk. AFP
  • A destroyed school in Siversk. AFP
    A destroyed school in Siversk. AFP
  • A Ukrainian serviceman passes by destroyed buildings in Siversk. AFP
    A Ukrainian serviceman passes by destroyed buildings in Siversk. AFP
  • A woman's home is repaired by volunteers after being destroyed by shelling in the village of Zalissya. AFP
    A woman's home is repaired by volunteers after being destroyed by shelling in the village of Zalissya. AFP
  • People fill up water canisters in Mykolaiv, amid the Russian invasion of Ukraine. AFP
    People fill up water canisters in Mykolaiv, amid the Russian invasion of Ukraine. AFP
  • Grain fields burn on the outskirts of Kurakhove, Donetsk Oblast, eastern Ukraine. AP Photo
    Grain fields burn on the outskirts of Kurakhove, Donetsk Oblast, eastern Ukraine. AP Photo
  • The mother of Ukrainian serviceman Abdulkarim Gulamov, who was killed in a fight against Russian troops in Kherson, attends his funeral in Kyiv. Reuters
    The mother of Ukrainian serviceman Abdulkarim Gulamov, who was killed in a fight against Russian troops in Kherson, attends his funeral in Kyiv. Reuters
  • People carry pictures of Mr Gulamov at the funeral. Reuters
    People carry pictures of Mr Gulamov at the funeral. Reuters
  • Ukrainian service members fire a shell from a M777 Howitzer in Kharkiv. Reuters
    Ukrainian service members fire a shell from a M777 Howitzer in Kharkiv. Reuters
  • A man walks in front of a damaged school after a missile strike hit the city of Kramatorsk. EPA
    A man walks in front of a damaged school after a missile strike hit the city of Kramatorsk. EPA
  • A cyclist rides past burnt cars after a Russian rocket strike in Kharkiv. AFP
    A cyclist rides past burnt cars after a Russian rocket strike in Kharkiv. AFP
  • Rescuers and servicemen work at a school building damaged by a Russian military strike in Kramatorsk. Reuters
    Rescuers and servicemen work at a school building damaged by a Russian military strike in Kramatorsk. Reuters
  • Sasha, 12, a refugee from Ukraine at the humanitarian aid centre set up at the Global Expo exhibition hall in Warsaw, Poland. AFP
    Sasha, 12, a refugee from Ukraine at the humanitarian aid centre set up at the Global Expo exhibition hall in Warsaw, Poland. AFP
  • Maksym and Andrii, 11-year-old boys, play with plastic guns at a self-made checkpoint along a motorway in the Kharkiv region of Ukraine. AP
    Maksym and Andrii, 11-year-old boys, play with plastic guns at a self-made checkpoint along a motorway in the Kharkiv region of Ukraine. AP
  • A Ukrainian soldier nicknamed 'Oakland' guards his position at the front line in the Kharkiv region. AP
    A Ukrainian soldier nicknamed 'Oakland' guards his position at the front line in the Kharkiv region. AP
  • Ukrainians look at destroyed Russian military equipment at an outdoor exhibition near the Church of the Three Saints in Kyiv. AFP
    Ukrainians look at destroyed Russian military equipment at an outdoor exhibition near the Church of the Three Saints in Kyiv. AFP
  • A member of the self-proclaimed Donetsk People's Republic (DPR) militia sits in a makeshift bunker near Avdiivka, in the Donbas region of Ukraine. EPA
    A member of the self-proclaimed Donetsk People's Republic (DPR) militia sits in a makeshift bunker near Avdiivka, in the Donbas region of Ukraine. EPA
  • A DPR militia member monitors a section of the road near Avdiivka. EPA
    A DPR militia member monitors a section of the road near Avdiivka. EPA
  • Ukrainians pass a heavily damaged shopping mall in the city of Kherson. AFP
    Ukrainians pass a heavily damaged shopping mall in the city of Kherson. AFP
  • The rubble of a house in Moshchun village, about 20 kilometres outside Kyiv. EPA
    The rubble of a house in Moshchun village, about 20 kilometres outside Kyiv. EPA
  • A resident helps a firefighter put out a fire after an air strike in the town of Bakhmut, in the breakaway enclave of Donetsk. AFP
    A resident helps a firefighter put out a fire after an air strike in the town of Bakhmut, in the breakaway enclave of Donetsk. AFP
  • A woman surveys the devastation caused by an air strike in Bakhmut. AFP
    A woman surveys the devastation caused by an air strike in Bakhmut. AFP
  • Part of a projectile fire by a rocket launcher lies embedded in a wheat field in Ukraine's Kharkiv region. AFP
    Part of a projectile fire by a rocket launcher lies embedded in a wheat field in Ukraine's Kharkiv region. AFP
  • Members of the public look at a Ukrainian tank destroyed in a Russian attack, in Hostomel, north-west of Kyiv. EPA
    Members of the public look at a Ukrainian tank destroyed in a Russian attack, in Hostomel, north-west of Kyiv. EPA
  • Burnt out cars destroyed in Russian attacks are piled up in Hostomel. EPA
    Burnt out cars destroyed in Russian attacks are piled up in Hostomel. EPA
  • Jill Biden, US first lady, left, and US President Joe Biden welcome the first lady of Ukraine, Olena Zelenska, to the White House. EPA
    Jill Biden, US first lady, left, and US President Joe Biden welcome the first lady of Ukraine, Olena Zelenska, to the White House. EPA
  • Miami District Two commissioner Ken Russell, left, and Miami police chief Manuel Morales with weapons collected in the Guns 4 Ukraine initiative, at Miami City Hall in Florida. Guns bought back by Miami will be delivered to sister city Irpin, near Kyiv. EPA
    Miami District Two commissioner Ken Russell, left, and Miami police chief Manuel Morales with weapons collected in the Guns 4 Ukraine initiative, at Miami City Hall in Florida. Guns bought back by Miami will be delivered to sister city Irpin, near Kyiv. EPA
  • A Ukrainian serviceman stands next to a Grad BM-21 multiple rocket launcher at the front line in Donbas, eastern Ukraine. AFP
    A Ukrainian serviceman stands next to a Grad BM-21 multiple rocket launcher at the front line in Donbas, eastern Ukraine. AFP
  • A woman walks her dog in front of a block of flats hit by shelling in Kramatorsk, Donetsk region, eastern Ukraine. EPA
    A woman walks her dog in front of a block of flats hit by shelling in Kramatorsk, Donetsk region, eastern Ukraine. EPA
  • A Kramatorsk resident peers out of a window lined with tape to reduce the impact of shattering glass. EPA
    A Kramatorsk resident peers out of a window lined with tape to reduce the impact of shattering glass. EPA
  • The damaged windows of an apartment, after shells hit a residential area in Kramatorsk. EPA
    The damaged windows of an apartment, after shells hit a residential area in Kramatorsk. EPA
  • Rescuers working on a residential building partially destroyed by missile strike in Bashtanka, Mykolaiv as the Russian war in Ukraine continues. AFP
    Rescuers working on a residential building partially destroyed by missile strike in Bashtanka, Mykolaiv as the Russian war in Ukraine continues. AFP
  • An Ukrainian infantry fighting vehicle lies by the roadside, having been destroyed by Russian forces in Ukraine. AFP
    An Ukrainian infantry fighting vehicle lies by the roadside, having been destroyed by Russian forces in Ukraine. AFP

Turkish Defence Minister Hulusi Akar had previously said Moscow denied carrying out any attack.

“The Russians told us that they had absolutely nothing to do with this attack and they were looking into the issue very closely,” Mr Akar said.

A spokesman for the Mr Guterres said he “unequivocally condemns the reported strikes in Odesa”, and that all parties had committed to the deal signed on Friday for the export of grains from Ukrainian ports.

“These products are desperately needed to address the global food crisis and ease the suffering of millions of people in need,” Farhan Haq said. “Full implementation by the Russian Federation, Ukraine and Turkey is imperative.”

  • UN Secretary General Antonio Guterres, Ukrainian Infrastructure Minister Oleksandr Kubrakov, Turkish President Recep Tayyip Erdogan and Turkish Defence Minister Hulusi Akar attend a signing ceremony in Istanbul, Turkey. Reuters
    UN Secretary General Antonio Guterres, Ukrainian Infrastructure Minister Oleksandr Kubrakov, Turkish President Recep Tayyip Erdogan and Turkish Defence Minister Hulusi Akar attend a signing ceremony in Istanbul, Turkey. Reuters
  • Ukrainian Infrastructure Minister Oleksandr Kubrakov, seated, at the signing ceremony. Reuters
    Ukrainian Infrastructure Minister Oleksandr Kubrakov, seated, at the signing ceremony. Reuters
  • UN Secretary General Antonio Guterres, left, Russia's Defence Minister Sergei Shoigu, second left, Turkish President Recep Tayyip Erdogan, seated, second right, and Turkish Defence Minister Hulusi Akar at the signing ceremony. Reuters
    UN Secretary General Antonio Guterres, left, Russia's Defence Minister Sergei Shoigu, second left, Turkish President Recep Tayyip Erdogan, seated, second right, and Turkish Defence Minister Hulusi Akar at the signing ceremony. Reuters
  • Mr Guterres speaks during the signing ceremony. Reuters
    Mr Guterres speaks during the signing ceremony. Reuters
  • Mr Guterres and Mr Erdogan sit at the start of the signature ceremony for an agreement on the safe transportation of grain and foodstuffs from Ukrainian ports. AFP
    Mr Guterres and Mr Erdogan sit at the start of the signature ceremony for an agreement on the safe transportation of grain and foodstuffs from Ukrainian ports. AFP
  • Mr Erdogan speaks at the signing ceremony. Reuters
    Mr Erdogan speaks at the signing ceremony. Reuters
  • Mr Guterres and Turkish Foreign Minister Mevlut Cavusoglu stand together on the day of the deal signing in Istanbul. Reuters
    Mr Guterres and Turkish Foreign Minister Mevlut Cavusoglu stand together on the day of the deal signing in Istanbul. Reuters
  • Roman Abramovich attends the ceremony in Istanbul. Reuters
    Roman Abramovich attends the ceremony in Istanbul. Reuters
  • Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports; Odesa, Chernomorsk and Yuzhny, stabilising runaway prices on the global market. Reuters
    Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports; Odesa, Chernomorsk and Yuzhny, stabilising runaway prices on the global market. Reuters
  • The UN chief said a co-ordination centre would be set up in Istanbul to manage Black Sea traffic. Reuters
    The UN chief said a co-ordination centre would be set up in Istanbul to manage Black Sea traffic. Reuters
  • A Turkish national flag, a Russian national flag, a United Nations flag and a Ukrainian national flag in Istanbul, before the deal was signed. AFP
    A Turkish national flag, a Russian national flag, a United Nations flag and a Ukrainian national flag in Istanbul, before the deal was signed. AFP

The UN and Turkey on Friday witnessed the signing of agreements by Russia and Ukraine that would open up Black Sea shipping lanes and allow about 20 million tonnes of stockpiled grain to reach markets.

The agreements cleared the way for shipments from the Ukrainian ports of Odesa, Chernomorsk and Yuzhny, Mr Guterres said at the signing ceremony in Istanbul.

US ambassador to Ukraine Bridget Brink said the attack on the Odesa port was “outrageous”.

“Russia strikes the port city of Odesa less than 24 hours after signing an agreement to allow shipments of agricultural exports. The Kremlin continues to weaponise food. Russia must be held to account,” Ms Brink tweeted.

UK Foreign Secretary Liz Truss said: “It is absolutely appalling that only a day after striking this deal, Vladimir Putin has launched a completely unwarranted attack on Odesa.

“It shows that not a word he says can be trusted. And we need to urgently work with our international partners to find a better way of getting the grain out of Ukraine that doesn't involve Russia and their broken promises.”

The European Union also criticised the attack. “Striking a target crucial for grain export a day after the signature of Istanbul agreements is particularly reprehensible and again demonstrates Russia's total disregard for international law and commitments,” said EU foreign policy chief Josep Borrell.

Under the agreements, Ukrainian officials will guide ships through safe channels across mined waters to the three ports where they would be loaded with grain.

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Huge quantities of wheat and other grain have been blocked in Ukrainian ports by Russian warships and landmines Kyiv has laid to avert an amphibious assault.

Russian Defence Minister Sergei Shoigu, who attended the signing ceremony in Istanbul, told Kremlin state media he expected the deal to start working “in the next few days”, although international aid agencies and diplomats expect grain to start fully flowing by mid-August.

The deal was the first major diplomatic breakthrough of the war in Ukraine and was widely welcomed as a way to restore one of the world's most important grain routes and stabilise food prices that have soared after Russian forces invaded the country in February.

Dr Anwar Gargash, diplomatic adviser to the UAE President, described it as a positive step that underlined the need for a political solution to the crisis.

“The grain export agreement signed by Moscow and Kiev in Istanbul is a positive step in the protracted war. This is a positive achievement for Turkish diplomacy, and it reaffirms the need to reach a political solution to the crisis. Escalation is not in the interest of the international system and an urgent peaceful solution is necessary,” Dr Gargash wrote on Twitter.

Elsewhere in Ukraine, Russia’s military fired a barrage of missiles at an airfield and a railway centre on Saturday, killing at least three people, while Ukrainian forces launched rocket strikes on river crossings in a Russian-occupied southern region.

The aftermath of a Russian missile strike at the National Academy of Urban Economy in Kharkiv, Ukraine. Reuters
The aftermath of a Russian missile strike at the National Academy of Urban Economy in Kharkiv, Ukraine. Reuters

In Ukraine’s central Kirovohradska region, 13 Russian missiles struck an airfield and a railway centre. Governor Andriy Raikovych said that at least one soldier and two guards were killed. The regional administration said strikes near the city of Kirovohrad wounded another 13 people.

In the southern Kherson region, which Russian troops seized early in the conflict, Ukrainian forces preparing for a potential counteroffensive fired rockets at Dnieper River crossings to try to disrupt supplies to the Russians.

Despite the progress on that front, fighting raged unabated in eastern Ukraine’s industrial heartland of the Donbas, where Russian forces tried to make new gains in the face of stiff Ukrainian resistance.

Russian troops also have faced Ukrainian counter-attacks but largely held their ground in the Kherson region north of the Crimean Peninsula, which Russia annexed in 2014.

This week, Ukrainian forces bombarded the Antonivskyi Bridge across the Dnieper River using the US-supplied High Mobility Artillery Rocket System (Himars), said Kirill Stremousov, deputy head of the Russia-appointed regional administration in Kherson.

Mr Stremousov told Russian state news agency Tass that the only other crossing of the Dnieper, the dam of the Kakhovka hydroelectric plant, also came under attack from rockets launched with the weapons supplied by Washington but was not damaged.

Himars, which can send GPS-guided rockets 80 kilometres, a distance that puts it out of reach of most Russian artillery systems, has improved the Ukrainian strike capability.

In addition, Ukrainian forces shelled a bridge across the Inhulets River in the village of Darivka, Mr Stremousov told Tass. He said the bridge just east of the regional capital of Kherson sustained seven hits but remained open to traffic.

Since April, Russia has concentrated on capturing the Donbas, a mostly Russian-speaking region of eastern Ukraine where pro-Russia separatists have proclaimed independence.

However, Russian Foreign Minister Sergey Lavrov said Moscow planned to retain control of other areas its forces occupy during the war.

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

In%20the%20Land%20of%20Saints%20and%20Sinners
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERobert%20Lorenz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Liam%20Neeson%2C%20Kerry%20Condon%2C%20Jack%20Gleeson%2C%20Ciaran%20Hinds%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Seven%20Winters%20in%20Tehran
%3Cp%3E%3Cstrong%3EDirector%20%3A%3C%2Fstrong%3E%20Steffi%20Niederzoll%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Reyhaneh%20Jabbari%2C%20Shole%20Pakravan%2C%20Zar%20Amir%20Ebrahimi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
England squad

Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale 

Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White

Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse

Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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.”

Premier Futsal 2017 Finals

Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs: 2018 Audi Q5/SQ5

Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder /  3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km

%20Ramez%20Gab%20Min%20El%20Akher
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Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

Updated: July 24, 2022, 2:16 PM