• US Vice President Kamala Harris arrives in Munich, southern Germany, where she will attend the Munich Security Conference. AFP
    US Vice President Kamala Harris arrives in Munich, southern Germany, where she will attend the Munich Security Conference. AFP
  • German and US flags on a car that will transport Ms Harris from the airport. AFP
    German and US flags on a car that will transport Ms Harris from the airport. AFP
  • The question of whether Russia will invade Ukraine is hanging over the conference. AFP
    The question of whether Russia will invade Ukraine is hanging over the conference. AFP
  • Journalists, staff and other attendees queue for Covid-19 tests in Munich on February 17. The conference takes place from February 18 to 20. AFP
    Journalists, staff and other attendees queue for Covid-19 tests in Munich on February 17. The conference takes place from February 18 to 20. AFP
  • A drain cover is sealed as part of security measures. EPA
    A drain cover is sealed as part of security measures. EPA
  • A police vehicle in front of the Bayerischer Hof hotel, where the conference will take place. EPA
    A police vehicle in front of the Bayerischer Hof hotel, where the conference will take place. EPA
  • Police officers and a dog patrol in front of the Bayerischer Hof hotel. EPA
    Police officers and a dog patrol in front of the Bayerischer Hof hotel. EPA
  • US Vice President Kamala Harris meets with Nato Secretary General Jens Stoltenberg. Reuters
    US Vice President Kamala Harris meets with Nato Secretary General Jens Stoltenberg. Reuters
  • Mr Guterres addresses the audience at the conference. EPA
    Mr Guterres addresses the audience at the conference. EPA
  • Designated Munich Security Conference Chairman Christoph Heusgen addresses the crowds. AFP
    Designated Munich Security Conference Chairman Christoph Heusgen addresses the crowds. AFP
  • US Secretary of State Antony Blinken speaks during the 58th Munich Security Conference. AP
    US Secretary of State Antony Blinken speaks during the 58th Munich Security Conference. AP
  • German Foreign Minister Annalena Baerbock, right, waits for the speaker's desk to be cleaned. EPA
    German Foreign Minister Annalena Baerbock, right, waits for the speaker's desk to be cleaned. EPA
  • Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud, right, and Minister of Foreign Affairs of Mongolia, Battsetseg Batmunkh. EPA
    Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud, right, and Minister of Foreign Affairs of Mongolia, Battsetseg Batmunkh. EPA
  • American business magnate Bill Gates. Reuters
    American business magnate Bill Gates. Reuters
  • Ms Harris addresses a multilateral meeting with the Estonian prime minister, the Latvian president and the Lithuanian president. AFP
    Ms Harris addresses a multilateral meeting with the Estonian prime minister, the Latvian president and the Lithuanian president. AFP
  • From left: Estonian Prime Minister Kaja Kallas, Latvian President Egils Levits, Ms Harris and Lithuanian President Gitanas Nauseda. AFP
    From left: Estonian Prime Minister Kaja Kallas, Latvian President Egils Levits, Ms Harris and Lithuanian President Gitanas Nauseda. AFP
  • Speaker of the US House of Representatives Nancy Pelosi. AFP
    Speaker of the US House of Representatives Nancy Pelosi. AFP
  • German Defence Minister Christine Lambrecht. EPA
    German Defence Minister Christine Lambrecht. EPA
  • Greek Prime Minister Kyriakos Mitsotakis. EPA
    Greek Prime Minister Kyriakos Mitsotakis. EPA
  • Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, and US special presidential envoy for climate John Kerry. UAE
    Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, and US special presidential envoy for climate John Kerry. UAE

Munich Security Conference begins under shadow of possible war in Europe and Covid-19


Mina Al-Oraibi
  • English
  • Arabic

At 7.30am local time, the Munich Security Conference began its official, but closed-door, programme, with a series of breakfasts tackling issues of security, diplomacy and how to mitigate the many risks facing the world.

However, it will be at 1.30pm that the public programme and official opening kicks off, with a session entitled “International Co-operation in a time of mounting crises and meeting global challenges”.

While the session includes the UN Secretary General Antonio Guterres as the main representative of “international co-operation”, it is dominated by Europe and the US, with their global viewpoints.

German Minister for Foreign Affairs Annalena Baerbock and US Secretary of State Anthony Blinken will address the conference, followed by US Vice President Kamala Harris.

There is a sense of change across the board in Munich this year.

A new German government is taking the helm and its key actors, including the chancellor, foreign and defence ministers, are speaking on stage and holding a multitude of meetings to unveil their policies and approach to global affairs.

It is also the meeting in which Wolfgang Ischinger, chairman of the Munich Security Conference, will hand over the leadership of the conference after 14 years.

Christoph Heusgen, who has often been described as former German chancellor Angela Merkel’s closest diplomatic and security adviser, takes the helm at this conference and gives a sense of continuity that many who cherished Ms Merkel’s approach will appreciate.

A notable absence this year will be the security and foreign policy situation in Afghanistan after last summer's withdrawal of US and Nato forces from the country. While a handful of sessions at this year's summit will address the issue of militancy, there are no dedicated sessions on the Afghanistan and little attention being paid. No representative from the country will be in attendance either.

Twenty years after the invasion of Afghanistan, it appears the policy and security leaders in Europe and America would rather step away from probing the disastrous withdrawal, to heal transatlantic rifts and disagreements.

Of course, the unifying factor is the shadow of a possible war in Ukraine.

  • Russian and Belarus troops held joint combat training at firing ranges in Belarus as tensions remain high under the looming threat of war with Ukraine. AP Photo
    Russian and Belarus troops held joint combat training at firing ranges in Belarus as tensions remain high under the looming threat of war with Ukraine. AP Photo
  • A soldier drives an armoured vehicle at Brestsky firing range, Belarus. AP Photo
    A soldier drives an armoured vehicle at Brestsky firing range, Belarus. AP Photo
  • A Ukrainian serviceman carries out checks not far from the pro-Russian militant-controlled city of Donetsk, Ukraine. EPA
    A Ukrainian serviceman carries out checks not far from the pro-Russian militant-controlled city of Donetsk, Ukraine. EPA
  • A Russian military vehicle drives off a railway platform after arriving in Belarus. AP Photo
    A Russian military vehicle drives off a railway platform after arriving in Belarus. AP Photo
  • A soldier takes aim during a Russian and Belarusian military drill at Brestsky firing range. AP Photo
    A soldier takes aim during a Russian and Belarusian military drill at Brestsky firing range. AP Photo
  • A Ukrainian serviceman repairs a shelter near Donetsk, Ukraine. EPA
    A Ukrainian serviceman repairs a shelter near Donetsk, Ukraine. EPA
  • Aircraft are lined up on 'USS Harry S Truman' in the Adriatic Sea. The Truman strike group is operating under Nato command and control along with several other Nato allies for co-ordinated maritime manoeuvres, anti-submarine warfare training and long-range training. Reuters
    Aircraft are lined up on 'USS Harry S Truman' in the Adriatic Sea. The Truman strike group is operating under Nato command and control along with several other Nato allies for co-ordinated maritime manoeuvres, anti-submarine warfare training and long-range training. Reuters
  • Russian soldiers attend the Yurginsky training ground in the Kemerovo region, Russia. AP Photo
    Russian soldiers attend the Yurginsky training ground in the Kemerovo region, Russia. AP Photo
  • A Ukrainian serviceman lays flowers where one of his friends was killed in 2017 near Avdiivka. Anatolii Stepanov / AFP
    A Ukrainian serviceman lays flowers where one of his friends was killed in 2017 near Avdiivka. Anatolii Stepanov / AFP
  • A Ukrainian serviceman stands guard in a dugout on the frontline with the Russia-backed separatists near Avdiivka. AFP
    A Ukrainian serviceman stands guard in a dugout on the frontline with the Russia-backed separatists near Avdiivka. AFP
  • This satellite image shows troops gathered at a training ground in Pogonovo, Russia. AP Photo
    This satellite image shows troops gathered at a training ground in Pogonovo, Russia. AP Photo

There is a marked absence of Russian officials and diplomats from the event, with a multitude of side meetings and discussions on how to deal with Russia and the possibility of war.

Ukrainian President Volodymyr Zelensky is among a number of Ukrainians attending the conference.

The question of “will Russian President Vladimir Putin invade?” is hanging over the event, with a wider question of how Europe and Nato will emerge from this current crisis, having not yet dealt with the ramifications of the Afghanistan withdrawal six months ago.

The issues of climate, the Sahel and the possibility of a nuclear deal with Iran are expected to be tackled, but are in many ways secondary to Ukraine discussions and developments.

Of course, one major change at the Munich Security Conference this year is the effect of the Covid-19 pandemic.

  • A German police officer receives a dose of AstraZeneca's vaccine in Mainz, Germany. Reuters
    A German police officer receives a dose of AstraZeneca's vaccine in Mainz, Germany. Reuters
  • German Chancellor Angela Merkel wears a face mask as she attends a session of German parliament Bundestag in Berlin. AP Photo
    German Chancellor Angela Merkel wears a face mask as she attends a session of German parliament Bundestag in Berlin. AP Photo
  • A nurse vaccinates an elderly local resident at a mobile vaccination center in Bannewitz, Germany. Getty Images
    A nurse vaccinates an elderly local resident at a mobile vaccination center in Bannewitz, Germany. Getty Images
  • The square in front of the Old Opera is seen empty in central Frankfurt. AP Photo
    The square in front of the Old Opera is seen empty in central Frankfurt. AP Photo
  • A laboratory assistant works on antigen rapid tests in Flensburg, Germany. The B117 variant of coronavirus is now accounting for the vast majority of new infections in Flensburg. Getty Images
    A laboratory assistant works on antigen rapid tests in Flensburg, Germany. The B117 variant of coronavirus is now accounting for the vast majority of new infections in Flensburg. Getty Images
  • A health worker tests a person at a free of charge Covid-19 test center in Naumburg in the Burgenland region. AFP
    A health worker tests a person at a free of charge Covid-19 test center in Naumburg in the Burgenland region. AFP
  • People walk at the banks of the river Spree during sunny weather in a quiet Berlin. EPA
    People walk at the banks of the river Spree during sunny weather in a quiet Berlin. EPA
  • A volunteer dishes out food at a soup kitchen for the needy and homeless in the Holy Cross church in Berlin's Kreuzberg district. AFP
    A volunteer dishes out food at a soup kitchen for the needy and homeless in the Holy Cross church in Berlin's Kreuzberg district. AFP

Delegates attending the conference began to congregate on Thursday, with many trying to figure out the intricate and detailed instructions given by the organisers about Covid-19 measures.

In addition to daily Covid-19 testing and the need for proof of vaccination, the organisers have initiated a system of daily colour-coded wristbands and face masks to quell any Covid-19 cases.

Without a negative PCR test result in the past 24 hours, no delegate can attend the conference – and there are no exceptions.

One thing this event does not want to be remembered for is as a super-spreader event. If it can succeed in bringing hundreds of people together in close contact, it could end up setting a precedent for how international gatherings can happen in the current climate.

Even more importantly, it does not want to be remembered as the event where western leaders gathered to talk as Mr Putin acted on the ground.

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Empires%20of%20the%20Steppes%3A%20A%20History%20of%20the%20Nomadic%20Tribes%20Who%20Shaped%20Civilization
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EKenneth%20W%20Harl%3Cstrong%3E%3Cbr%3EPublisher%3A%20%3C%2Fstrong%3EHanover%20Square%20Press%3Cstrong%3E%3Cbr%3EPages%3A%20%3C%2Fstrong%3E576%3C%2Fp%3E%0A
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.

NEW%20PRICING%20SCHEME%20FOR%20APPLE%20MUSIC%2C%20TV%2B%20AND%20ONE
%3Cp%3E%3Cstrong%3EApple%20Music%3Cbr%3EMonthly%20individual%3A%20%3C%2Fstrong%3E%2410.99%20(from%20%249.99)%3Cstrong%3E%3Cbr%3EMonthly%20family%3A%20%3C%2Fstrong%3E%2416.99%20(from%20%2414.99)%3Cstrong%3E%3Cbr%3EIndividual%20annual%3A%20%3C%2Fstrong%3E%24109%20(from%20%2499)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApple%20TV%2B%3Cbr%3EMonthly%3A%20%3C%2Fstrong%3E%246.99%20(from%20%244.99)%3Cstrong%3E%3Cbr%3EAnnual%3A%20%3C%2Fstrong%3E%2469%20(from%20%2449.99)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApple%20One%3Cbr%3EMonthly%20individual%3A%20%3C%2Fstrong%3E%2416.95%20(from%20%2414.95)%3Cstrong%3E%3Cbr%3EMonthly%20family%3A%20%3C%2Fstrong%3E%2422.95%20(from%20%2419.95)%3Cstrong%3E%3Cbr%3EMonthly%20premier%3A%20%3C%2Fstrong%3E%2432.95%20(from%20%2429.95)%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
MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Updated: February 18, 2022, 11:14 AM