• Members of the Russian police force and Rosgvardia, the country’s domestic army, patrol Red Square, Moscow. AFP
    Members of the Russian police force and Rosgvardia, the country’s domestic army, patrol Red Square, Moscow. AFP
  • A Renault car showroom in St Petersburg. Reuters
    A Renault car showroom in St Petersburg. Reuters
  • An Ikea store in Khimki, about 18 kilometres north-west of Moscow. Bloomberg
    An Ikea store in Khimki, about 18 kilometres north-west of Moscow. Bloomberg
  • Traditional Russian dolls, also known as matryoshki, sit in the window of a Swatch Group wristwatch shop at the GUM department store in Moscow. Bloomberg
    Traditional Russian dolls, also known as matryoshki, sit in the window of a Swatch Group wristwatch shop at the GUM department store in Moscow. Bloomberg
  • A Chanel concession occupies the middle of the lower floor of the GUM department store, on Red Square in the Russian capital. Bloomberg
    A Chanel concession occupies the middle of the lower floor of the GUM department store, on Red Square in the Russian capital. Bloomberg
  • Food manufactured by Nestle sits on display inside the Detsky Mir children’s goods store on Vozdvizhenka St, Moscow. Bloomberg
    Food manufactured by Nestle sits on display inside the Detsky Mir children’s goods store on Vozdvizhenka St, Moscow. Bloomberg
  • US chipmaker Intel Corp’s ‘smart building’ in Petah Tikva, near Tel Aviv, Israel. Intel announced on Tuesday that it was suspending operations in Russia. Reuters
    US chipmaker Intel Corp’s ‘smart building’ in Petah Tikva, near Tel Aviv, Israel. Intel announced on Tuesday that it was suspending operations in Russia. Reuters
  • A woman walks past a closed H&M store in Moscow. Reuters
    A woman walks past a closed H&M store in Moscow. Reuters
  • An electronic billboard on RusHydro’s Institute Hydroproject building in Moscow displays a Samsung advert. Reuters
    An electronic billboard on RusHydro’s Institute Hydroproject building in Moscow displays a Samsung advert. Reuters
  • Customers queue to enter Uniqlo in Moscow. In early March, the Japanese fashion brand said it would stop selling clothes in Russia, having earlier defended its decision to keep its stores in the country open. Reuters
    Customers queue to enter Uniqlo in Moscow. In early March, the Japanese fashion brand said it would stop selling clothes in Russia, having earlier defended its decision to keep its stores in the country open. Reuters
  • A Marks & Spencer store in the Afimall City mall at Moscow International Business Centre. Bloomberg
    A Marks & Spencer store in the Afimall City mall at Moscow International Business Centre. Bloomberg
  • An Apple store at the Aviapark shopping centre in Khoroshyovsky, Moscow, in 2020. Bloomberg
    An Apple store at the Aviapark shopping centre in Khoroshyovsky, Moscow, in 2020. Bloomberg
  • A woman drinks coffee inside a Starbucks cafe in Khimki in 2007. Reuters
    A woman drinks coffee inside a Starbucks cafe in Khimki in 2007. Reuters
  • An employee fills the tank of a car at a BP petrol station in Moscow in 2016. Reuters
    An employee fills the tank of a car at a BP petrol station in Moscow in 2016. Reuters
  • People eat at McDonald’s in central Moscow in 2016. Reuters
    People eat at McDonald’s in central Moscow in 2016. Reuters
  • An advert for US soft drink giant Pepsi sits above a sign for a McDonald's restaurant in Moscow. AFP
    An advert for US soft drink giant Pepsi sits above a sign for a McDonald's restaurant in Moscow. AFP
  • Bottles of Coca-Cola are displayed at Colonial Liquors in Corte Madera, California. In early March, the soft drinks brand said it was withdrawing from the Russian market. AFP
    Bottles of Coca-Cola are displayed at Colonial Liquors in Corte Madera, California. In early March, the soft drinks brand said it was withdrawing from the Russian market. AFP
  • The Netflix building on Sunset Boulevard in Los Angeles, California. The streaming site has suspended its services in Russia. AFP
    The Netflix building on Sunset Boulevard in Los Angeles, California. The streaming site has suspended its services in Russia. AFP
  • TikTok’s UK office in London. The Chinese company has restricted uploads to its social media service in Russia to avoid falling foul of the country’s strict new online publishing rules. AFP
    TikTok’s UK office in London. The Chinese company has restricted uploads to its social media service in Russia to avoid falling foul of the country’s strict new online publishing rules. AFP

More companies join Russia boycott over Ukraine war?


Mona Farag
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Live updates: follow the latest news on Russia-Ukraine

As Russia's war in Ukraine continues, more major brands have joined world governments in isolating Russia over the military invasion.

US and European retailers have been rapidly shutting operations across Russia, which has forced Russians to race and buy imported consumer goods over fears shops will close and prices will rise because of the plunging rouble and sanctions.

One of the biggest is McDonald's, which is temporarily closing 850 outlets across Russia.

A list of the companies that have pulled out of Russia has been circulating over the past weeks, putting the spotlight on chief executives that continue to keep their companies operating in Russia, not prepared to put their profits and market share at risk.

Yale University's Jeffrey Sonnenfeld and his research team put together a “who’s who” list of western companies that operate in Russia and those that were limiting operations, and told the Washington Post that they believed sanctions and boycotts were a way to avert a broader war between Russia and the West.

This is “one step away from open warfare … a last-ditch effort. You are helping those workers by not having [the West] dropping bombs and shooting them”, he said.

  • A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
    A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
  • An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
    An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
  • A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
    A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
  • Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
    Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
  • Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
    Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
  • Families eat in the shelter. Reuters
    Families eat in the shelter. Reuters
  • A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
    A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
  • A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
    A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
  • An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
    An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
  • A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
    A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
  • A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
    A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
  • An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
    An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
  • Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
    Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
  • Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
    Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
  • Ukrainians pass a damaged bridge as they flee from Irpin. AP
    Ukrainians pass a damaged bridge as they flee from Irpin. AP
  • A man carries an elderly woman as people continue to leave Irpin. AP
    A man carries an elderly woman as people continue to leave Irpin. AP
  • A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
    A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
  • A charred Russian tank and captured tanks in the Sumy region. Reuters
    A charred Russian tank and captured tanks in the Sumy region. Reuters
  • People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
    People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
  • Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
    Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
  • A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
    A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
  • A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
    A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
  • A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
    A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
  • A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
    A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
  • Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
    Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
  • Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
    Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
  • Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
    Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
  • Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
    Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
  • People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
    People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
  • A Ukrainian soldier stands guard next to a church in Irpin. EPA
    A Ukrainian soldier stands guard next to a church in Irpin. EPA
  • A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
    A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
  • Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
  • A Ukrainian soldier at a checkpoint in Kyiv. AP
    A Ukrainian soldier at a checkpoint in Kyiv. AP
  • Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
    Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
  • Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
    Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
  • Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
    Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
  • A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
    A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
  • Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
    Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
  • Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
    Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
  • Volunteers carry medical aid and necessities at a train station in Lviv. EPA
    Volunteers carry medical aid and necessities at a train station in Lviv. EPA
  • Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
    Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
  • A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
    A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
  • A man walks past a checkpoint in heavy snow in Lviv. Getty
    A man walks past a checkpoint in heavy snow in Lviv. Getty
  • A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
    A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
  • Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
    Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
  • Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
    Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
  • Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
    Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
  • A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
    A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
  • Parents and children struggle to board a train in Lviv. AP
    Parents and children struggle to board a train in Lviv. AP

The list shows that about 290 companies have announced their withdrawal from the country since it invaded Ukraine, reminiscent of “the large-scale corporate boycott of apartheid South Africa in the 1980s”.

About 30 multinationals are still on the list of companies with significant exposure to Russia. Mr Sonnenfeld said that they have been contacted by a number of chief executives of companies named on the list and asked how companies can clarify their stance or demonstrate a tougher stance.

Companies may be hesitant to leave because they think they can mediate, or because they make essential products such as pharmaceutical ingredients, Tim Fort, a professor of business ethics at Indiana University, told AFP.

“Any one company leaving the country isn't going to tip the balance … but there is a cumulative effect,” Mr Fort said.

Here is a round-up of major businesses that have suspended product shipments, shut down or severely limited operations.

McDonald's

The fast-food retailer announced that it will temporarily close 850 outlets, but will continue to pay its 62,000 employees in Russia “who have poured their heart and soul into our McDonald’s brand”.

“Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” McDonald’s president and chief executive Chris Kempczinski said in an open letter to employees.

“Through this dynamic situation, we will continue to make decisions that are true to our mission and values and communicate with transparency,” Mr Johnson wrote.

McDonald’s said on Tuesday that it had donated more than $5 million to its employee assistance fund and to relief efforts.

A Ronald McDonald House Charities mobile medical care unit has been sent to the Polish border with Ukraine, and another mobile care unit is en route to the border in Latvia, the company said.

Apple

After Ukraine's Deputy Prime Minister Mykhailo Fedorov tweeted a letter to Apple chief executive Tim Cook on February 25, pleading with the technology company to pull out of Russia, Apple closed its outlets and paused product sales in the country.

It has yet to shut down its local App Store.

Coca-Cola

Coca-Cola Co announced it was suspending its business in Russia, but provided few details.

Its partner, Switzerland-based Coca-Cola Hellenic Bottling Co, owns 10 bottling plants in Russia, which is its largest market.

The soft-drink company has a 21 per cent stake in Coca-Cola Hellenic Bottling Co.

  • Ihtisham Ullah, a student from Pakistan, who was forced to abandon his studies in Ukraine after the war broke out. All photos: Daniel Bardsley / The National
    Ihtisham Ullah, a student from Pakistan, who was forced to abandon his studies in Ukraine after the war broke out. All photos: Daniel Bardsley / The National
  • Refugees being given food near the asylum processing centre.
    Refugees being given food near the asylum processing centre.
  • Alexander Hoffman, a German Army officer who is volunteering to match newly arrived refugees with people offering rooms in their homes.
    Alexander Hoffman, a German Army officer who is volunteering to match newly arrived refugees with people offering rooms in their homes.
  • Refugees waiting to register at the asylum processing centre in Reinickendorf.
    Refugees waiting to register at the asylum processing centre in Reinickendorf.
  • The queue is growing longer by the day.
    The queue is growing longer by the day.
  • The former hospital in Reinickendorf near where the asylum processing centre has been set up.
    The former hospital in Reinickendorf near where the asylum processing centre has been set up.

Starbucks

Starbucks said that it was donating profits from its 130 shops in Russia, owned and operated by Alshaya Group, to humanitarian relief efforts in Ukraine.

However, the company changed course on Tuesday and said it would temporarily close those outlets.

Alshaya Group will continue to pay Starbucks’ 2,000 Russian employees, Starbucks president and chief executive Kevin Johnson said in an open letter to employees.

PepsiCo

Pepsi said it will suspend sales of beverages in Russia, as well as any capital investment and promotional activities.

The company said it will continue to produce milk, baby formula and baby food, in part to continue supporting its 20,000 Russian employees and the 40,000 Russian agricultural workers who are part of its supply chain.

“Now, more than ever, we must stay true to the humanitarian aspect of our business,” PepsiCo chief executive Ramon Laguarta said in an email to employees.

PepsiCo also announced that it is donating food, refrigerators and $4 million to relief organisations.

Renault

Renault says it will suspend operations at its plant in Moscow while it assesses options on its majority stake in Avtovaz, the country's number one car manufacturer.

Bombardier

Bombardier has cancelled plane orders because of western sanctions on Russia, chief executive Eric Martel said.

Canada's Bombardier is one of the biggest suppliers of jets to Russian owners, according to analysts and brokers.

“We need to ensure when we deliver spare parts who’s going to be the end user,” Mr Martel said.

Mr Martel would not say how many specific orders were cancelled or put off but said there are not that many. Bombardier has said it has stopped selling parts to buyers who would register or operate planes in Russia.

"The market is so strong that we can redeploy these aircraft in other regions," said Mr Martel. He said the company's parts sales in Europe "are going very well".

Netflix

The on-demand video-streaming company suspended all future acquisitions in Russia after the invasion and then suspended all operations in the country.

“Given the circumstances on the ground, we have decided to suspend our service in Russia,” the Netflix representative said.

TikTok

Video clip social media site TikTok also suspended operations in Russia over “circumstances on the ground” but specifically appeared to be pointing to Russia's move to outlaw, with hefty jail terms, what the government deemed as fake news.

“TikTok is an outlet for creativity and entertainment that can provide a source of relief and human connection during a time of war,” the company said.

“In light of Russia's new ‘fake news’ law, we have no choice but to suspend live streaming and new content to our video service while we review the safety implications of this law.”

It said in-app messaging would not be affected.

Alphabet Inc's YouTube and Google Play store

Alphabet Inc, which runs YouTube and the Google Play store, has suspended all payment-based services in Russia, including subscriptions.

Google and YouTube had earlier stopped selling online advertisements in Russia after similar measures were adopted by Twitter and Snap due to Moscow's invasion of Ukraine.

"As a follow-up, we are now extending this pause to all our monetisation features, including YouTube Premium, Channel Memberships, Super Chat and Merchandise, for viewers in Russia," YouTube said on Thursday.

Intel Corp

US chipmaker Intel Corp said it has suspended business operations in Russia, after suspending shipments to customers in Russia and Belarus last month.

"Intel continues to join the global community in condemning Russia's war against Ukraine and calling for a swift return to peace," the company said.

Nestle, Mondelez International, Procter & Gamble and Unilever

Nestle, the world's biggest packaged foods group, and Mondelez International, followed actions by rivals Procter & Gamble and Unilever.

The four companies that monopolise the packaged foods industry have suspended investment activity in Russia but will continue to provide essentials, with Mondelez aiming to help to maintain continuity of the Russian food supply.

British American Tobacco, Japan Tobacco, Imperial Brands and Philip Morris

Cigarette maker Imperial Brands suspended operations in Russia while Philip Morris said only that it would scale down manufacturing. British American Tobacco, maker of Camel cigarettes, said its business in Russia continues to operate, even though it had suspended capital investment.

Japan Tobacco, which controls about a third of Russia's tobacco market through brands such as Winston, said its subsidiary there would suspend investment, marketing activities and the planned release of a heated tobacco product.

Sony

Sony, whose movie studio has already stopped releases in Russia, took additional action on Wednesday, saying its PlayStation gaming unit would stop shipments and operations in Russia.

“Sony Interactive Entertainment joins the global community in calling for peace in Ukraine,” it said.

Qualcomm

Chipmaker Qualcomm Inc said on Wednesday it has stopped selling its products to Russian companies in compliance with US-imposed sanctions.

The company's action was made clear through a tweet posted by its senior vice president of government affairs, Nate Tibbits, as a reply to Ukrainian Vice Prime Minister Mykhailo Fedorov's comment.

Mr Fedorov had said that Qualcomm products are still available in Russia and that it "inadvertently enables this country to kill thousands of Ukrainians.@ He urged Mr Tibbits to stop supplies to Russia.

In his reply, Mr Tibbits said, "This is incorrect. Qualcomm has called for a peaceful resolution to Russia's aggression in Ukraine, made direct donations to relief organizations & match employee contributions."

Mr Fedorov subsequently suggested that the chipmaker can send its satellite phones for Ukrainian rescuers if it wants to help.

General Electric

General Electric said in a Twitter post that it was partially suspending its operations in Russia.

GE said two exceptions would be essential medical equipment and support for existing power services in Russia.

Equinor

Norwegian state oil company Equinor said on Monday it will stop trading in Russian oil and will shut down operations in Russia.

"When we said we wanted to start exiting the (Russian joint venture), we also stopped from that date trading with Russian oil," Equinor's chief executive, Anders Opedal, told Reuters.

Equinor added that it had contractual commitments which it struck prior to Russia's invasion of Ukraine, and is scheduled to receive four oil cargoes in March.

BP

BP announced on February 27 that it would withdraw its 20 per cent stake in state-controlled Rosneft, a move that could result in a $25 billion write-off and cut the company’s global oil and gas production by a third.

Shell

Shell said it would end partnerships with state-controlled Gazprom, including the Sakhalin-2 liquefied natural gas plant and its involvement in the Nord Stream 2 pipeline project, which Germany has blocked.

As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels and lubricants operations in Russia.

The two projects are worth about $3 billion.

“We will commit profits from the limited, remaining amounts of Russian oil we will process to a dedicated fund. We will work with aid partners and humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequences that this war is having on the people of Ukraine,” said Ben van Beurden, Shell's chief executive.

Exxon Mobil

Exxon Mobil said it would discontinue its Sakhalin-1 operations.

Rio Tinto

Rio Tinto became the first mining company to announce it was cutting all ties with Russian businesses.

“Rio Tinto is in the process of terminating all commercial relationships it has with any Russian business,” a Rio spokesman said in a message sent to Reuters.

It was not immediately clear with which companies Rio has done business in Russia.

Yum! Brands

Yum! Brands, with about 1,000 KFC restaurants and 50 Pizza Hut locations in Russia, announced on Tuesday that it was suspending operations at company-owned KFC locations.

The business said it was “finalising an agreement” to do the same with its Pizza Hut restaurants, and that all profits from operations in Russia will be redirected to “humanitarian efforts”.

Burger King

Burger King said it is redirecting the profits from its 800 Russian restaurants to relief efforts and donating $2 million in food vouchers to Ukrainian refugees.

PayPal

PayPal said on Tuesday it is suspending services in Russia, although it cannot “reasonably estimate the total potential financial impact that may ultimately result from this situation”.

Heineken

Heineken has stopped the production and sale of its eponymous beer in Russia, the company said on Wednesday.

“Heineken will no longer accept any net financial benefit derived from our Russian operations,” the company said. The company said it is also assessing the strategic options for the future of its business in Russia, where it has operated for two decades.

The company is also taking steps to ring-fence the Russian business from the wider group to “stop the flow of monies, royalties and dividends out of Russia”.

Carlsberg

Carlsberg, Russia’s largest brewer through its ownership of Baltika Breweries, said last week that it is suspending new investment in Russia and stopping exports to the country from other Carlsberg companies.

Uniqlo

Uniqlo owner Fast Retailing Co said on Thursday that it will suspend operations in Russia

Earlier, founder Tadashi Yanai told Japanese media that the company would continue to operate its 50 stores in Russia because "clothing is a necessity of life".

However, Fast Retailing did an about-turn on Thursday and said: "While continuing our Uniqlo business in Russia, it has become clear to us that we can no longer proceed due to a number of difficulties. We condemn all forms of aggression that violate human rights and threaten the peaceful existence of individuals."

Levi Strauss & Co

The popular jeans brand suspended commercial operations in Russia, which generate about 2 per cent of its sales.

The “enormous disruption occurring in the region” has made it “untenable” to conduct business as normal, the company said on Monday.

“Any business considerations are clearly secondary to the human suffering experienced by so many.”

Samsung

Samsung Electronics Co, the leading smartphone seller in Russia with more than 30 per cent of the market, stopped the export of all its products to Russia.

Samsung said it will donate $6 million to humanitarian efforts in the region, including $1 million in consumer electronics products.

Amazon

Amazon.com’s cloud-computing unit announced in a blog post that it will stop accepting new customers in Russia or Belarus.

The company said its Amazon Web Services unit had “no data centres, infrastructure or offices in Russia, and we have a long-standing policy of not doing business with the Russian government. We have also stopped allowing new sign-ups for AWS in Russia and Belarus”.

Ikea

Home-furnishing retailer Ikea announced that it was pausing all Ikea-brand retail operations in Russia.

It has also stopped exports from Russia and Belarus and imports into the two countries, as well as deliveries from sub-suppliers.

Ikea said it was seeking to provide “income stability” for its 15,000 employees for the short term.

A statement on the Ikea Russia website said it was suspending sales in shops and online immediately, and that only orders placed and paid for before March 3 would be fulfilled.

The company said that its Mega Family Shopping Centres, which are malls with grocery shops and pharmacies, will be kept open.

H&M

The Swedish clothing retailer has temporarily paused sales in Russia, where it has 155 shops across the country.

Mango

Spanish fashion retailer Mango is closing its 55 company-owned shops in Russia, suspending online sales and stopping deliveries to the country.

Its 65 franchisees are being allowed to stay open, subject to product availability. The company has 800 employees in Russia, according to Reuters.

  • A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
    A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
  • An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
    An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
  • A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
    A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
  • Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
    Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
  • Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
    Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
  • Families eat in the shelter. Reuters
    Families eat in the shelter. Reuters
  • A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
    A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
  • A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
    A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
  • An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
    An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
  • A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
    A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
  • A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
    A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
  • An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
    An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
  • Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
    Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
  • Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
    Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
  • Ukrainians pass a damaged bridge as they flee from Irpin. AP
    Ukrainians pass a damaged bridge as they flee from Irpin. AP
  • A man carries an elderly woman as people continue to leave Irpin. AP
    A man carries an elderly woman as people continue to leave Irpin. AP
  • A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
    A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
  • A charred Russian tank and captured tanks in the Sumy region. Reuters
    A charred Russian tank and captured tanks in the Sumy region. Reuters
  • People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
    People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
  • Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
    Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
  • A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
    A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
  • A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
    A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
  • A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
    A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
  • A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
    A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
  • Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
    Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
  • Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
    Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
  • Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
    Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
  • Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
    Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
  • People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
    People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
  • A Ukrainian soldier stands guard next to a church in Irpin. EPA
    A Ukrainian soldier stands guard next to a church in Irpin. EPA
  • A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
    A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
  • Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
  • A Ukrainian soldier at a checkpoint in Kyiv. AP
    A Ukrainian soldier at a checkpoint in Kyiv. AP
  • Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
    Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
  • Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
    Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
  • Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
    Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
  • A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
    A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
  • Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
    Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
  • Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
    Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
  • Volunteers carry medical aid and necessities at a train station in Lviv. EPA
    Volunteers carry medical aid and necessities at a train station in Lviv. EPA
  • Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
    Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
  • A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
    A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
  • A man walks past a checkpoint in heavy snow in Lviv. Getty
    A man walks past a checkpoint in heavy snow in Lviv. Getty
  • A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
    A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
  • Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
    Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
  • Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
    Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
  • Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
    Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
  • A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
    A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
  • Parents and children struggle to board a train in Lviv. AP
    Parents and children struggle to board a train in Lviv. AP

Nike

Footwear retailer Nike is temporarily closing company-owned-and-operated shops in Russia.

However, the company told Bloomberg that it will continue to pay shop employees during the closures. It is also suspending e-commerce sales in the country.

Marks & Spencer

British retailer Marks & Spencer Group suspended shipments to its Turkish franchisee’s Russian business.

Richemont

The owner of Cartier and Vacheron Constantin watches has suspended commercial operations in Russia, after earlier stopping business operations in Ukraine.

Swatch

Swiss watch company Swatch Group told Bloomberg it will be closing its shops in Russia.

Under Armour

Sports apparel company Under Armour has stopped all shipments to sales channels in Russia.

Asos

Fast-fashion retailer Asos said that it was stopping sales in Russia. In 2021, Russia and Ukraine accounted for about 4 per cent of sales revenue. The company suspended sales in Ukraine after the invasion.

Boohoo

UK online clothing seller Boohoo Group Plc has suspended operations in Russia.

Burberry

British fashion house Burberry Group Plc has halted shipments to Russia but still has shops open in the country.

Chanel

Luxury brand Chanel suspended online sales and deliveries to Russia and will close its shops there.

Hermes

French luxury brand Hermes International said it will temporarily close its shops in Russia and pause all commercial activities.

Inditex

Spanish fashion retailer Inditex SA, the owner of Zara, is temporarily closing its shops in Russia and suspending online sales. It has 502 outlets in the country.

JD Sports

UK sportswear retailer JD Sports Fashion has ceased business operations in Russia across its brand websites and wholesale channels.

Kering

The owner of Gucci and other luxury brands said it will temporarily close its directly operated shops in Russia because of “growing concerns regarding the current situation in Europe”.

LVMH

French luxury group LVMH said it is temporarily closing its 124 stores in Russia, where it has 3,500 employees.

Nestle

Nestle, the world's largest packaged food group, has suspended all capital investment in Russia after its invasion of Ukraine.

The Swiss maker of Maggi and Nescafe said it would continue to provide Russia with infant food and medical nutrition aid, but halted non-essential exports and imports from Russia and stopped all advertising.

Nestle said it would continue to pay Russian employees.

“We stand with the people of Ukraine and our 5,800 employees there,” Nestle said

Unilever

The global consumer product maker suspended shipments to Russia and will halt advertising and capital investment as well.

Anheuser-Busch InBev

Brewer Anheuser-Busch InBev said on Friday it was seeking to suspend sales of Bud beer in Russia and will forfeit all financial benefit from a joint venture that operates in the country. The company also sent 500,000 cans of mineral water from its brewery in Leuven to the Ukrainian border.

Chelsea 2 Burnley 3
Chelsea
 Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

No more lice

Defining head lice

Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.

Identifying lice

Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.

Treating lice at home

Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.

Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

EA Sports FC 25
Representing%20UAE%20overseas
%3Cp%3E%0DIf%20Catherine%20Richards%20debuts%20for%20Wales%20in%20the%20Six%20Nations%2C%20she%20will%20be%20the%20latest%20to%20have%20made%20it%20from%20the%20UAE%20to%20the%20top%20tier%20of%20the%20international%20game%20in%20the%20oval%20ball%20codes.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3ESeren%20Gough-Walters%20(Wales%20rugby%20league)%3C%2Fstrong%3E%0D%3Cbr%3EBorn%20in%20Dubai%2C%20raised%20in%20Sharjah%2C%20and%20once%20an%20immigration%20officer%20at%20the%20British%20Embassy%20in%20Abu%20Dhabi%2C%20she%20debuted%20for%20Wales%20in%20rugby%20league%20in%202021.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3ESophie%20Shams%20(England%20sevens)%3C%2Fstrong%3E%0D%3Cbr%3EWith%20an%20Emirati%20father%20and%20English%20mother%2C%20Shams%20excelled%20at%20rugby%20at%20school%20in%20Dubai%2C%20and%20went%20on%20to%20represent%20England%20on%20the%20sevens%20circuit.%20%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EFiona%20Reidy%20(Ireland)%3C%2Fstrong%3E%0D%3Cbr%3EMade%20her%20Test%20rugby%20bow%20for%20Ireland%20against%20England%20in%202015%2C%20having%20played%20for%20four%20years%20in%20the%20capital%20with%20Abu%20Dhabi%20Harlequins%20previously.%0D%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

How Filipinos in the UAE invest

A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

THE BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

 

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

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.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Islamic%20Architecture%3A%20A%20World%20History
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Eric%20Broug%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Thames%20%26amp%3B%20Hudson%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20336%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20September%3C%2Fp%3E%0A
The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

Updated: April 06, 2022, 7:06 AM