Destruction in Ukraine, where it is hoped international talks in Jeddah can help end the war with Russia. AP Photo
Destruction in Ukraine, where it is hoped international talks in Jeddah can help end the war with Russia. AP Photo
Destruction in Ukraine, where it is hoped international talks in Jeddah can help end the war with Russia. AP Photo
Destruction in Ukraine, where it is hoped international talks in Jeddah can help end the war with Russia. AP Photo

Ukraine woos Global South with peace talks in Saudi Arabia


Sunniva Rose
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Representatives from about 40 countries are expected to fly to Saudi Arabia at the weekend to discuss how to end the war in Ukraine.

While the summit, which excludes Russia, has no clear deliverables, the outcomes may be important for Ukraine, which is testing the ground ahead of an expected global peace summit later this year.

A significant attendance of delegates from the Global South at the meeting would be a diplomatic win for Kyiv, which is eager to convince as many countries as possible to rally behind its 10-point peace plan, analysts have told The National.

Saudi Arabia, with its strong relations with both western countries and China, is viewed as a “good place” for countries from across the globe to engage, said Dmytro Kryvosheiev, a visiting fellow at the European Council on Foreign Relations think tank.

“In the last few months, Ukrainian political leaders significantly increased communication efforts with their counterparts from Latin America, Africa, the Middle East and South-east Asia,” said Mr Kryvosheiev in an email.

Food security, which is part of the peace plan put forward by Ukrainian President Volodymyr Zelenskyy in November, is a key topic of engagement between Ukraine and the rest of the world.

Russia last month withdrew from a UN-Turkey-brokered deal that enabled Ukrainian grain exports via the Black Sea, sending Europe scrambling to find alternative routes.

Before the war, a fifth of the world’s barley came from Ukraine, as well as a sixth of its corn and an eighth of its wheat.

Ukraine’s appeals for the route to be reopened have been backed by the West.

In a letter sent last week to G20 foreign ministers viewed by The National, EU foreign and security chief Josep Borrell said Russia’s agriculture sector was the main beneficiary of the Kremlin’s decision to exit the grain deal.

Russian agricultural exports are thriving, said Mr Borrell, who condemned Moscow’s “cynical policy of deliberating using food as a weapon to create new dependencies by exacerbating economic vulnerabilities and global food insecurity”.

He urged ministers to speak with a “clear and unified voice” to pressurise Russia to “reconsider and resume its participation in this vital initiative”.

High-level dialogue

In the Saudi coastal town of Jeddah, Ukraine and its allies are likely to target global economic heavyweights such as China, Brazil, India, and Indonesia.

Their support “will be essential for Ukraine to increase international political pressure on Russia”, said Mr Kryvosheiev.

“Ukraine is trying to establish a high-level dialogue with these countries and to find a way to end the war that is fair and sustainable,” said Ivan Ulises Kentros Klyszcz, research fellow at Estonia’s International Centre for Defence and Security.

“It’s important to stress that up until last year Ukraine’s international attention was focused only on Europe and North America. Now, they are doing something they have never attempted before.”

It would be a big win for Ukraine if China, which did not attend a previous round of talks in Denmark in June, sends delegates to the Jeddah talks. Yet analysts view this as unlikely.

“I believe that China would like to have a larger role if it were involved,” said Mr Klyszcz.

Other countries have expressed ambivalence.

Mexico’s President Andres Manuel Lopez Obrado said on Monday he would send representatives only if both Ukraine and Russia had a presence in Jeddah.

Andriy Yermak, Mr Zelenskyy’s chief of staff, answered on Telegram: “This is a forum of responsible states who stand by international rights and the UN statutes. And that's why Russia won't be there.”

Mexico’s posture since the start of the war has been “quite illustrative of many countries in the Global South”, said Mr Klyszcz.

Russia watching

Mexico suggested a peace plan last September that was criticised by the government in Kyiv, which said it favoured Russia by allowing it to retain Ukrainian territory for at least five years. It gained no traction.

Its absence from the Jeddah talks would signal weaker support than hoped for by Ukraine.

The seniority of delegates attending the talks will also be scrutinised.

Fewer than 20 of Africa’s 54 heads of state attended a recent summit in Moscow, compared to 43 at a gathering in 2019. This was widely viewed as a weakening of support for Russian President Vladimir Putin.

Russia has said it will watch the summit closely.

“We need to understand what goals are set and what will be discussed. Any attempt to promote a peaceful settlement deserves a positive evaluation,” Kremlin spokesman Dmitry Peskov said.

Meanwhile, many western countries have confirmed their attendance.

Top western delegates expected in Jeddah include Jake Sullivan, the US national security adviser, and Emmanuel Bonne, diplomatic adviser to French President Emmanuel Macron.

On the EU side, the head of cabinet of the president of the European Commission, Bjoern Seibert, and chief foreign policy adviser of the president of the European Council, Simon Mordue, will attend.

Ukraine hopes the Jeddah talks will be followed by a global “peace summit” later this year.

Mr Zelenskyy on Wednesday said Ukraine was “working hard on making it happen this fall” and it would involve “most of the world’s countries”.

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

UAE currency: the story behind the money in your pockets
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

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.”

UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars

- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes

- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts

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

UAE currency: the story behind the money in your pockets
Klopp at the Kop

Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82

  • Eighth place in Premier League in 2015/16
  • Runners-up in Europa League in 2016
  • Runners-up in League Cup in 2016
  • Fourth place in Premier League in 2016/17
Updated: August 04, 2023, 4:45 AM