Ukraine was offered help to rise from its wartime ashes on Monday as diplomats gathered in Switzerland to prepare a modern-day Marshall Plan following the war with Russia.
Fighting is still raging with no end in sight after four months of war, with Russia claiming a significant military victory on Monday after Ukrainian troops withdrew from Lysychansk.
But Ukraine and its allies are already making plans for a postwar world as the country seeks to rebuild its devastated cities and modernise its economy in a push to join the European Union.
“Planning for a future, strong and successful Ukraine must not wait,” said Melinda Simmons, the British ambassador to Ukraine, at the start of the two-day reconstruction summit in Lugano.
President Volodymyr Zelenskyy told delegates that 2,102 schools, kindergartens or universities and 799 pieces of medical infrastructure had been damaged since Russia invaded in February, along with many homes and apartment blocks.
"It’s not just a flat or a house – it’s part of the city or the rural community where people communicate, work, visit friends, lovers, raise children, visit parents," he said. "We must see the dreams which are no longer there, the love which has become impossible."
His message was that the reconstruction of Ukraine was "a common task of the entire democratic world" and would involve not just restoring what was destroyed but making new technological progress and increasing security.
Britain said it would put at least $950 million towards potential World Bank lending to Ukraine, offer separate funding to repair Ukrainian power supplies and encourage UK businesses to contribute expertise and investment.
It said Britain would focus especially on the reconstruction of Kyiv and the surrounding region, following what the Foreign Office said was a request to this effect from Mr Zelenskyy.
A successful recovery “will show [President Vladimir] Putin that his attempts to destroy Ukraine have only produced a stronger, more prosperous and more united nation,” Foreign Secretary Liz Truss told diplomats in Switzerland.
Germany said it had earmarked 426 million euros ($445m) specifically for reconstruction, after the G7 summit it hosted last week produced a promise from western powers to assist Ukraine for “as long as it takes”.
Development Minister Svenja Schulze said she had seen Ukrainians already starting to repair their homes, schools and utility supplies and that she would lobby for a cross-society effort to rebuild the country.
More than 30 countries were represented in Switzerland, with European Commission President Ursula von der Leyen among the most senior figures attending the summit.
Neutral Switzerland is not sending weapons to Ukraine but has officially condemned Russia's invasion and offered its services as a mediator in any peace talks.
Ms von der Leyen said investment must be coupled with reforms demanded by the EU, such as reforming the judiciary and curbing the power of Ukrainian oligarchs, to pave the way for Ukraine’s membership of the bloc.
"Ukraine will need courageous reforms. But reforms should go hand-in-hand with investment," she said.
German Chancellor Olaf Scholz said Ukraine needed an equivalent of the Marshall Plan, the American-financed reconstruction of western Europe from the ruins of the Second World War.
The same analogy was adopted by Ruslan Stefanchuk, the speaker of Ukraine’s parliament, who was in Switzerland presenting 15 reconstruction programmes for which Ukraine is seeking investment.
Mr Zelenskyy said hundreds of cities had been destroyed by Russia’s invasion, with many others hit by missiles and suffering damage to their critical industries.
Russia claimed control of Lysychansk after some of the heaviest fighting of the war, capturing the last major Ukrainian-held settlement in the Luhansk region.
Regional governor Serhiy Gardai said Russia would struggle to occupy the city because of the damage to infrastructure and housing, and said small pockets of Luhansk were still resisting.
But Britain’s Ministry of Defence said in a regular intelligence update that Russia’s focus was now likely to switch to Donetsk, the other of the two main regions in the eastern Donbas, where Ukrainian forces hold some more territory.
“The fight for the Donbas has been grinding and attritional and this is highly unlikely to change in the coming weeks,” the ministry said.
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYango%20Deli%20Tech%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2022%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ERetail%20SaaS%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ESelf%20funded%0D%3Cbr%3E%3C%2Fp%3E%0A
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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.”
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
The years Ramadan fell in May
more from Janine di Giovanni
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
Normal People
Sally Rooney, Faber & Faber
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