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The West is divided over how best to tackle Russia’s aggression in Ukraine, President Volodymyr Zelenskyy said on Wednesday.
Mr Zelenskyy renewed calls for heavy weapons from foreign partners, saying the billions of dollars' worth already put up were not enough to help Ukraine's outgunned forces.
“Unity is about weapons," he said during a panel discussion on Ukraine at the World Economic Forum. "My question is, is this unity there in practice? I can't see it. Our huge advantage over Russia would be when we are truly united."
As Mr Zelenskyy spoke to leaders in Davos, Russia accused Ukraine of setting mines at its ports, claiming this was worsening a world food crisis.
Mr Zelenskyy said Ukraine was grateful for US support but urged Europe to step up its efforts.
“We are on the European continent and we need the support of a united Europe,” he said. “Hungary is not as united as the rest of EU.”
He highlighted a lack of consensus over Sweden and Finland's bid to join Nato, which has been called into question by Turkey.
“Is there this unity regarding the accession of Finland and Sweden to Nato? No, no," he said. "So, is there a strong joint West? No.”
Turkish President Tayyip Erdogan has said he will launch a new military operation along his country's southern borders, raising the stakes in a spat with the two Nato hopefuls, which Ankara has long accused of harbouring members of the Kurdish militant PKK group.
Swedish Prime Minister Magdalena Andersson rejected such claims.
"We are not sending money to terrorist organisations, of course, nor any weapons," she said in Stockholm.
The Ukrainian president said hours earlier, in his daily address to the nation, that Russian forces “want to destroy everything” in eastern Ukraine, including the town of Soledar, a salt manufacturing centre.
Russia is now focused on expanding its gains in eastern Donbas, home to pro-Russian separatists, as well as the southern coast.
A swathe of southern Ukraine, meanwhile, is living under Russian occupation.
Mr Zelenskyy said the Kremlin should pull back its troops to their positions before the invasion to show it is ready to resume talks, even as Russia amassed forces for an offensive near the city of Zaporizhzhia and continued attacks in the Donbas region.
President Vladimir Putin has signed a decree simplifying a procedure to obtain a Russian passport for residents of the southern Ukrainian regions of Kherson, under the full control of Russian troops, and the partly-occupied Zaporizhzhia.
In Moscow, Russian Defence Minister Sergei Shoigu made it clear Russia was settling in for a long conflict.
“We will continue the special military operation until all the objectives have been achieved,” he said.
Tough sanctions imposed since Russia's invasion on February 24 are causing food shortages around the world, Moscow said.
Russian deputy foreign minister Andrey Rudenko said: “Solving the food problem requires a comprehensive approach, including the removal of sanctions that have been imposed on Russian exports and financial transactions."
Russia also demanded that Ukraine demine its ports.
The West argues it is Russia's offensive in Ukraine and blockade of ports that has pushed global food prices to an all-time high, sparking fears of worsening hunger, particularly in Africa.
Vital supplies such as water are running short in Ukraine itself as Moscow's war grinds on.
The six points:
1. Ministers should be in the field, instead of always at conferences
2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation
3. Emiratisation is a top priority that will have a renewed push behind it
4. The UAE's economy must continue to thrive and grow
5. Complaints from the public must be addressed, not avoided
6. Have hope for the future, what is yet to come is bigger and better than before
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SPECS
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