Drones bought through crowdfunding have been used extensively by Ukrainian troops during the conflict. AP
Drones bought through crowdfunding have been used extensively by Ukrainian troops during the conflict. AP
Drones bought through crowdfunding have been used extensively by Ukrainian troops during the conflict. AP
Drones bought through crowdfunding have been used extensively by Ukrainian troops during the conflict. AP

Ukraine crowdfunds for troops with appeals for drones, jets and off-road jeeps


Neil Murphy
  • English
  • Arabic

Crowdfunding has become an important tool for Ukraine as it turns to ordinary citizens to help bolster national defence and supply its ill-equipped army against Russian forces.

Grassroots appeals started by volunteers have sprung up across the internet in recent months, with urgent requests for commercial drones, medical supplies and even military jets to assist the war effort.

From the beginning of the invasion, authorities in Kyiv have seen crowdfunding as an opportunity to link up with western donors desperate to make a contribution to Ukraine's outnumbered and under-resourced armed forces.

Although these efforts may seem insignificant compared with the $50 billion pledged to Ukraine by western governments, crowdfunding continues to play a vital role in supplying front-line troops.

In March, Ukrainian President Volodymr Zelenskyy launched the United24 platform, where donors could send charitable contributions to help defend Ukraine's borders and assist with reconstruction when the conflict finally ends.

Data show that the campaign has already raised $43 million, with over half of the funds going to acquiring helmets and body armour for soldiers, further illustrating the need for even for the most basic of military gear.

The National Bank of Ukraine has joined in by setting up methods for people to send money using technology such as Google Pay. The programme has been successful, generating more than €400m since March.

  • Italian Prime Minister Mario Draghi, left, and French President Emmanuel Macron visit Irpin, outside Kyiv, and survey damage following Russia's invasion. AP
    Italian Prime Minister Mario Draghi, left, and French President Emmanuel Macron visit Irpin, outside Kyiv, and survey damage following Russia's invasion. AP
  • Ukrainian troops fire with a French self-propelled Caesar howitzer towards Russian positions at a front line in the eastern region of Donbas. AFP
    Ukrainian troops fire with a French self-propelled Caesar howitzer towards Russian positions at a front line in the eastern region of Donbas. AFP
  • Workers pour molten steel into a mould at a foundry in Berdyansk, Zaporizhzhia region, in an area under Russian military control. AP
    Workers pour molten steel into a mould at a foundry in Berdyansk, Zaporizhzhia region, in an area under Russian military control. AP
  • Russian soldiers guard an area next to a field of wheat in the Zaporizhzhia region. AP
    Russian soldiers guard an area next to a field of wheat in the Zaporizhzhia region. AP
  • A US Marine Corps Harrier fighter jet is parked on board the assault ship USS Kearsarge, during the Baltops 22 exercise in the Baltic Sea. Reuters
    A US Marine Corps Harrier fighter jet is parked on board the assault ship USS Kearsarge, during the Baltops 22 exercise in the Baltic Sea. Reuters
  • A man picks up debris after his house was destroyed by shelling in the city of Dobropillia, Donbas region. AFP
    A man picks up debris after his house was destroyed by shelling in the city of Dobropillia, Donbas region. AFP
  • Smoke rises after shelling in Ukraine's breakaway enclave of Donetsk. AFP
    Smoke rises after shelling in Ukraine's breakaway enclave of Donetsk. AFP
  • A mascot is wrapped in the colours of the Ukrainian flag before the country's Uefa Nations League football match against the Republic of Ireland in Lodz, Poland. Reuters
    A mascot is wrapped in the colours of the Ukrainian flag before the country's Uefa Nations League football match against the Republic of Ireland in Lodz, Poland. Reuters
  • Russian soldiers walk near a monument at the entrance of Mariupol, which has been painted in the colours of the Russian flag. AFP
    Russian soldiers walk near a monument at the entrance of Mariupol, which has been painted in the colours of the Russian flag. AFP
  • French troops at an air base in Constanta, Romania. French President Emmanuel Macron is expected to visit the base in a show of support for Nato and European allies following Russia's invasion of Ukraine. AP
    French troops at an air base in Constanta, Romania. French President Emmanuel Macron is expected to visit the base in a show of support for Nato and European allies following Russia's invasion of Ukraine. AP
  • Svitlana Nazarenko, sister of Mykhailo Tereshchenko, is comforted by her son during her brother's funeral in Kyiv. The Ukrainian soldier was killed in the Donbas region. Getty
    Svitlana Nazarenko, sister of Mykhailo Tereshchenko, is comforted by her son during her brother's funeral in Kyiv. The Ukrainian soldier was killed in the Donbas region. Getty
  • Russian troops demine the bay and beach of Mariupol, Ukraine. AFP
    Russian troops demine the bay and beach of Mariupol, Ukraine. AFP
  • A Russian soldier inspects the Azovstal steel plant, in Mariupol, in territory which is under control of the self-proclaimed Donetsk People's Republic. AP
    A Russian soldier inspects the Azovstal steel plant, in Mariupol, in territory which is under control of the self-proclaimed Donetsk People's Republic. AP
  • A house heavily damaged by Russian shelling is seen through a broken window, in the town of Bakhmut, Donetsk region. AP
    A house heavily damaged by Russian shelling is seen through a broken window, in the town of Bakhmut, Donetsk region. AP
  • Maryna Golovnia sits in a van with her children as they leave their home in Bakhmut, amid fighting. Getty Images
    Maryna Golovnia sits in a van with her children as they leave their home in Bakhmut, amid fighting. Getty Images
  • Ballet dancer Mykyta Sukhorukov rehearses before the evening Gala Concert of the Ukrainian National Ballet, in Kosice, Slovakia. Getty Images
    Ballet dancer Mykyta Sukhorukov rehearses before the evening Gala Concert of the Ukrainian National Ballet, in Kosice, Slovakia. Getty Images
  • A Ukrainian soldier looks on from inside a tank at a position in the breakaway Donetsk enclave, as Russia's attack on Ukraine continues. Reuters
    A Ukrainian soldier looks on from inside a tank at a position in the breakaway Donetsk enclave, as Russia's attack on Ukraine continues. Reuters
  • Boys play on top of a damaged Russian tank in Kyiv. EPA
    Boys play on top of a damaged Russian tank in Kyiv. EPA
  • An Orthodox priest blesses Ukrainian soldiers during a service at a church in the Eastern Ukrainian city of Kharkiv. EPA
    An Orthodox priest blesses Ukrainian soldiers during a service at a church in the Eastern Ukrainian city of Kharkiv. EPA
  • A damaged Ukrainian navy ship, the 'Donbas', lies partially submerged near the pier in the port city of Mariupol. EPA
    A damaged Ukrainian navy ship, the 'Donbas', lies partially submerged near the pier in the port city of Mariupol. EPA
  • Ukrainian soldiers load a projectile into a tank near the small city of Svitlodarsk, in the breakaway Ukrainian enclave of Donetsk. EPA
    Ukrainian soldiers load a projectile into a tank near the small city of Svitlodarsk, in the breakaway Ukrainian enclave of Donetsk. EPA
  • Smoke rises after the Russian military struck a compound at the Azot Chemical Plant in Lysychansk, Ukraine. Reuters
    Smoke rises after the Russian military struck a compound at the Azot Chemical Plant in Lysychansk, Ukraine. Reuters
  • A Russian serviceman on patrol outside the Ukrainian town of Schastia. AFP
    A Russian serviceman on patrol outside the Ukrainian town of Schastia. AFP
  • Mourners gather during the funeral of Ukrainian serviceman Ruslan Skalskyi in Lviv. AFP
    Mourners gather during the funeral of Ukrainian serviceman Ruslan Skalskyi in Lviv. AFP
  • Civilians are evacuated from Lysychansk, in the eastern Donbas region of Ukraine. AFP
    Civilians are evacuated from Lysychansk, in the eastern Donbas region of Ukraine. AFP
  • A man passes two destroyed military lorries in Lysychansk. AFP
    A man passes two destroyed military lorries in Lysychansk. AFP
  • Ukrainian soldiers run for cover during clashes with Russian troops in Lysychansk. AFP
    Ukrainian soldiers run for cover during clashes with Russian troops in Lysychansk. AFP
  • An elderly woman reacts as Ukrainian soldiers lead her to safety during a battle with Russian troops in Lysychansk. AFP
    An elderly woman reacts as Ukrainian soldiers lead her to safety during a battle with Russian troops in Lysychansk. AFP
  • A wounded woman is assisted by Ukrainian soldiers in Lysychansk. AFP
    A wounded woman is assisted by Ukrainian soldiers in Lysychansk. AFP
  • A house burns after being shelled in Lysychansk. AFP
    A house burns after being shelled in Lysychansk. AFP
  • A Ukrainian serviceman speaks on a radio at a front line in the Donbas region. AFP
    A Ukrainian serviceman speaks on a radio at a front line in the Donbas region. AFP
  • A man walks next to a damaged building in Lysychansk. Reuters
    A man walks next to a damaged building in Lysychansk. Reuters
  • A man with children rides a bicycle along an empty street, as smoke rises after Russian shelling in Lysychansk. Reuters
    A man with children rides a bicycle along an empty street, as smoke rises after Russian shelling in Lysychansk. Reuters
  • An unexploded shell is stuck in the ground in Lysychansk. euters
    An unexploded shell is stuck in the ground in Lysychansk. euters
  • An elderly woman, who was evacuated from the Lysychansk area, cries moments before travelling by train to western Ukraine from Pokrovsk railway station. AP
    An elderly woman, who was evacuated from the Lysychansk area, cries moments before travelling by train to western Ukraine from Pokrovsk railway station. AP

Drones

Commercial drones, once a rarity, are now used extensively by Ukraine's armed forces thanks to their effectiveness in reconnaissance.

As a result, they are in high demand on the front line and have proven to be a relatively cost-effective way for donors to make a direct impact.

Eyes on Ukraine is one appeal aiming to send more of these drones to the eastern front. The campaign was launched by Kazakhstan-born Farid Bekirov, who lived for some time in eastern Ukraine.

On June 6, his team sent a Toyota Landcruiser across the Polish border laden with 86 drones purchased by internet sponsors. It was the second such convoy to be sent by the team and they hope to deliver 500 drones to where they are needed most in the coming weeks.

Earlier this month, it was reported that people in Lithuania had raised about $6m to help buy a Turkish-made Bayraktar drone.

The private crowdfunding campaign went viral in the Baltic nation of 2.8 million people, drawing donations from thousands of private citizens, young and old.

Supplies for Ukrainian soldiers

Ukrainians say crowdfunding initiatives have been successful in moving items to the front by bypassing military bureaucracy.

War Stop is one such campaign that links up Ukrainian soldiers with life-saving items that can be easily bought on local Amazon sites, including first aid kits, thermal clothing and boots.

Set up by a team of volunteers from Ukraine and Europe, the campaign collects the items at its logistics centre in Przemysl, Poland, and then transfers them across the border to Ukrainian forces.

The team has also set up a second campaign, Car4Ukraine, which operates along similar lines.

Car4Ukraine buys civilian jeeps and other off-road vehicles from European sellers and transforms them into personnel carriers by adding armour and weaponry that allow them to be used in combat and support roles.

Sixty of these jeeps have been completed so far and the team hopes to build at least 15 more in the coming weeks.

Ivan Oleksii, co-founder of Car4Ukraine, says crowdfunding projects have built on a volunteer movement that began following the uprising by Russian-backed Donbas separatists in 2014.

“Something like this gives an example to other people. You start a chain reaction where people want to help others,” he told The National from his office near Lviv.

Teams of volunteers are highly mobile and more adaptable at ferrying vital items to the front line without coming up against red tape, he said.

“We just send money to the seller and for fuel and a few hours later there is a volunteer sitting in the car who drives it to Ukraine,” Mr Oleksii added.

“We're a lot more mobile. It's a lot faster to do from the beginning to the end.”

Mr Oleksii said the fleet of retrofitted jeeps have since been deployed by Ukrainian battalions for use in missions that have destroyed Russian tanks.

“When one car you spent $9,000 on is kicking a tank that cost a few million dollars … then that's a huge, huge success. That's why it is extremely important to do this.”

Fighter Jets

One area where Ukraine has badly struggled is in the air. Russia's jets have established a firm grip over the skies of Ukraine due to Kyiv's smaller number of operational fighter squadrons.

The US decision to deny Poland's request to send MiG fighters to Ukraine dealt a damaging blow to hopes that the status quo could be reversed.

Buy Me a Fighter Jet was launched in response and aimed to buy MiG or Su aircraft from third parties and hand them over to Ukraine's air force.

But the campaign has fallen far short of the $20m needed to buy one MiG-29 jet. The campaign had originally looked to wealthy Americans, but many have instead opted to donate directly to the government in Kyiv.

A Ukrainian Air Force Su-27 fighter jet in the skies near the Russian border. AP
A Ukrainian Air Force Su-27 fighter jet in the skies near the Russian border. AP

Crypto accepted

The desperate need for cash has resulted in Ukraine turning to unexpected places, including a foray into blockchain technology.

In late February, Ukraine's Ministry of Digital Transformation set up a page that accepted donations in cryptocurrencies including Bitcoin, Ethereum and Tether and raised $67m in about a month.

In April, Ukraine announced that it would trade NFTs, or non-fungible tokens, by selling 300 tokens on the OpenSea market place.

The ministry said that the subsequent donations were used to purchase thousands of items, including digital rifle scopes, thermal imagers and monoculars.

However, the recent sell-off in the cryptocurrency space makes further donations along these lines unlikely.

As the conflict grinds on, Ukraine is hoping to keep the outside funds flowing and says it is committed to devising ways to keep global attention trained on its war efforts.

Digital marketers are already working with the Ukrainian government and foresee a future in which people looking to help Ukraine might buy a T-shirt with an image of Mr Zelenskyy printed on it or other such merchandise.

“There is a wave and there is this kind of euphoria, but then it abates,” said Ukrainian Deputy Prime Minister Mykhailo Fedorov, who also serves as minister of digital transformation, in an interview earlier this month.

“We want to keep up this positive energy, the positive vibes.”

COMPANY%20PROFILE
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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

The specs: 2017 Porsche 718 Cayman

Price, base / as tested Dh222,500 / Dh296,870

Engine 2.0L, flat four-cylinder

Transmission Seven-speed PDK

Power 300hp @ 6,500rpm

Torque 380hp @ 1,950rpm

Fuel economy, combined 6.9L / 100km

Illegal%20shipments%20intercepted%20in%20Gulf%20region
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India cancels school-leaving examinations
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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FA Cup quarter-final draw

The matches will be played across the weekend of 21 and 22 March

Sheffield United v Arsenal

Newcastle v Manchester City

Norwich v Derby/Manchester United

Leicester City v Chelsea

Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

MATCH INFO

Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE

How Sputnik V works
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Name: Hassan Mohsen Elhais

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19

July 29: OTA Gymnasium in Tokyo, Japan

Sep 22-23: LA Convention Centre in Los Angeles, US

Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil

Feb 7-9: Mubadala Arena in Abu Dhabi, UAE

Mar 9-10: Copper Box Arena in London, UK

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%2C%20352%20x%20430%3B%2045mm%2C%20396%20x%20484%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%2C%20always-on%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S8%2C%20W3%20wireless%2C%20U1%20ultra-wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2032GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%209%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%203rd-gen%20heart%20rate%20sensor%2C%20temperature%20sensing%2C%20ECG%2C%20blood%20oxygen%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%208%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C999%20(45mm)%3C%2Fp%3E%0A
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

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.”

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

The specs: 2019 Mini Cooper

Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km

The team

Videographer: Jear Velasquez 

Photography: Romeo Perez 

Fashion director: Sarah Maisey 

Make-up: Gulum Erzincan at Art Factory 

Models: Meti and Clinton at MMG 

Video assistant: Zanong Maget 

Social media: Fatima Al Mahmoud  

Know your cyber adversaries

Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.

Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.

Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.

Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.

Phishing: Aims to secure personal information, such as passwords and credit card numbers.

Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.

Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.

Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.

Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.

Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.

Zero-day exploit: Exploits a vulnerability in software before a fix is found.

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

Updated: June 20, 2022, 11:48 AM