Polish President Andrzej Duda, left, and Nato Secretary General Jens Stoltenberg at the military airbase in Lask, Poland. AFP
Polish President Andrzej Duda, left, and Nato Secretary General Jens Stoltenberg at the military airbase in Lask, Poland. AFP
Polish President Andrzej Duda, left, and Nato Secretary General Jens Stoltenberg at the military airbase in Lask, Poland. AFP
Polish President Andrzej Duda, left, and Nato Secretary General Jens Stoltenberg at the military airbase in Lask, Poland. AFP

Poland says it will not send jets to Ukraine


Jamie Prentis
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Live updates: follow the latest news on Russia-Ukraine

Poland and Nato on Tuesday ruled out sending fighter jets to help Ukraine fend off a Russian offensive, but finance chiefs from the world's top economies said the sanctions imposed in place of military retaliation were "hitting Vladimir Putin's war chest".

It came on a sixth day of war in Ukraine, when missiles were fired at the city of Kharkiv and a Russian military convoy rolled towards the capital, Kiev. A defiant President Volodymyr Zelenskyy said in a speech to the European Parliament: "Nobody is going to break us".

Ukraine is receiving military hardware shipped through Nato member Poland, which is acting as a logistical hub. But Polish President Andrzej Duda and Nato Secretary General Jens Stoltenberg said on a visit to a Polish airbase that the alliance was not a party to the conflict and would not provide combat jets.

"We are supporting Ukrainians with humanitarian aid. However, we are not going to send any jets to the Ukrainian airspace," said Mr Duda, dismissing claims that dozens were coming. His response did not appear to answer suggestions that Ukrainian pilots could take control of the fighter jets in Poland.

Russia's Foreign Minister Sergey Lavrov accused the European Union of ushering in a "Russophobic frenzy" by financing weapons exports to Ukraine. It came in a speech to the Human Rights Council in Geneva during which more than 100 diplomats walked out in protest at the incursion.

Mr Lavrov was unable to travel to Geneva because of airspace closures that formed part of a wide package of sanctions imposed by western powers, in what Britain described to the same council in Geneva as a "chorus of condemnation" towards Moscow.

Finance ministers from G7 countries held talks with their Ukrainian counterpart on Tuesday and declared themselves satisfied with how financial sanctions on Russia were hitting home, said Germany's Christian Lindner, who chaired the virtual meeting.

Sanctions on Russia's central bank and financial markets were "already surpassing expectations" and "Vladimir Putin's war chest is being severely hit," Mr Lindner said.

He said the ministers had discussed possible further sanctions and considered whether Russia could keep being represented in international institutions such as the G20. It was banished from what was formerly the G8 after its annexation of Crimea in 2014.

Ukraine wants the EU to show further solidarity by granting it immediate admission to the bloc, a demand renewed on Tuesday by Mr Zelenskyy in his speech that drew a standing ovation from MEPs and top European officials.

Mr Zelenskyy said Ukraine was "giving away its best people" and described Russian cruise missiles hitting the city of Kharkiv on the sixth day of the incursion. An interpreter fought back tears as he said: "This is the price of freedom".

Ursula von der Leyen, the president of the European Commission, said Ukraine "belongs in our European family" but said there was "still a long path ahead" to full membership.

Polish aid

Asked in Poland if his country would give jets to Ukraine, Mr Duda said: “We are not joining that conflict, Nato is not a party to that conflict."

Speaking before Mr Duda, Mr Stoltenberg said: “Nato is not going to be part of the conflict. Nato is not going to send troops into Ukraine or move planes into Ukrainian airspace.

But he said it was for Mr Duda to comment on Polish planes being made available to Ukrainian pilots.

Mr Stoltenberg said the Russian president had “shattered peace in Europe” through the “unjustified and brutal invasion of Ukraine”.

"Russia must immediately stop the war, pull out all its forces from Ukraine and engage in good faith in diplomatic efforts. The world stands with Ukraine in calling for peace,” he said.

Jens Stoltenberg and Andrzej Duda hold a press conference at Lask airbase in Poland. Reuters
Jens Stoltenberg and Andrzej Duda hold a press conference at Lask airbase in Poland. Reuters

UK Prime Minister Boris Johnson visited Poland on Tuesday to hold talks in Warsaw, where he said the talks he preferred to resolve the conflict were "impossible at this moment".

"How can you negotiate with somebody whose tanks are rolling towards Kiev and who is bombing innocent civilians?" Mr Johnson said from the Polish capital.

"We must get over that key point that this is not Russia's war, not the Russian people's war, this is Putin's war. And that's been increasingly obvious from everything that he has said and written in the last year," he said.

Mr Johnson said his intention was to protect the people of Ukraine and do "everything we can" to allow Ukrainians to "defend themselves and to have a sovereign, independent Ukraine".

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.”

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Power: 819hp

Torque: 678Nm at 7,250rpm

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

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The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

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COMPANY PROFILE
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Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

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Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
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4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
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Updated: March 01, 2022, 4:37 PM