Nato is set to significantly increase in size and strength after Turkey dropped its veto to Finland and Sweden joining the alliance late on Tuesday.
After two hours of talks with the leaders of the Nordic countries, President Recep Tayyip Erdogan agreed to allow the applications to go ahead, meaning the countries will be fast-tracked into the 30-nation alliance.
Both countries bring formidable military power and Finland’s 1,300-kilometre border with Russia means that Moscow will have a border with Nato stretching from the Arctic to the Mediterranean Sea.
“I am pleased to announce that we now have an agreement that paves the way for Finland and Sweden to join Nato,” Nato Secretary General Jens Stoltenberg said during a press conference.
“Turkey, Finland and Sweden have signed a memorandum that addresses Turkey's concerns, including around arms exports, the fight against terrorism and extradition.”
Mr Stoltenberg said the admission of the two countries would chart a blueprint for the alliance “in a more dangerous and unpredictable world”, changing regional security and strengthening Nato's presence in Europe.
“The two members will bring to Nato advanced and well developed forces, advanced weapons system technology and stable political institutions, they will strengthen Nato and Finland and Sweden,” Mr Stoltenberg said.
The countries' three foreign ministers signed a trilateral memorandum on Tuesday confirming that Turkey would support the bids of Finland and Sweden to become Nato members.
“The concrete steps of our accession to Nato will be agreed by the Nato allies during the next two days, but that decision is now imminent,” said Finnish President Sauli Niinisto in a statement.
Turkey’s objection to Finland and Sweden's membership had threatened to overshadow the summit that is seeking unity as Russia wages war in Ukraine.
Ankara’s main concern had been over Finland and Sweden’s tolerance of the PKK, a Kurdish nationalist organisation widely described as a terror group.
It now appears that both Nordic countries have given reassurances and guarantees to address the PKK issue.
“Over the past weeks, Turkey has raised its concerns over the threat of terrorism,” Mr Niinisto said. “Finland has constantly taken these concerns seriously. Finland condemns terrorism in all its forms and manifestations. As a Nato member, Finland will commit fully to the counterterrorism documents and policies of Nato.”
He added that his country now looked forward to “fruitful conversations on Finland’s role in Nato with our future allies here in Madrid”.
The Finnish military is regarded as well trained and is able to call up to 240,000 soldiers on to a war-footing in a short period. Its navy in the Baltic Sea is also being reinforced with new frigates and it has signed a deal to buy 64 US F-35 stealth fighter jets. Turkey is understood to be in discussions with US President Joe Biden over the purchase of 40 F-16 fighters.
In joining Nato, Finland and Sweden join fellow Nordic countries Norway and Denmark.
"I congratulate Turkey, Finland and Sweden on signing a trilateral memorandum, which paves the way for allies to invite Finland and Sweden to join Nato at the Madrid summit," US President Joe Biden said in a statement.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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The five pillars of Islam
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Jawan
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Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
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.”
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg
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Coal Black Mornings
Brett Anderson
Little Brown Book Group