Pro-Kremlin officials in Kherson said they had begun moving civilians from its main city, as Ukrainian forces advanced south. AFP
Pro-Kremlin officials in Kherson said they had begun moving civilians from its main city, as Ukrainian forces advanced south. AFP
Pro-Kremlin officials in Kherson said they had begun moving civilians from its main city, as Ukrainian forces advanced south. AFP
Pro-Kremlin officials in Kherson said they had begun moving civilians from its main city, as Ukrainian forces advanced south. AFP

Pro-Kremlin administration evacuating officials and civilians from Ukraine's Kherson city


Simon Rushton
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Pro-Kremlin officials are evacuating Kherson city in Ukraine but have vowed that Russian forces will keep up the fight.

The head of the Moscow-controlled Kherson region on Wednesday told Russian state TV that the entire administration was "already moving today" to the left bank of the Dnipro river.

Vladimir Saldo said the measure, along with the organised movement of civilians, was a mere precaution and vowed that Russian forces would continue to fight against Ukraine.

President Vladimir Putin declared martial law in the four annexed regions and bestowed additional emergency powers to the heads of all regions of Russia.

“We are working to solve very difficult, large-scale tasks to ensure Russia’s security and safe future, to protect our people,” Mr Putin said.

Russian forces are in a “very uneasy” situation around Kherson, Gen Sergey Surovikin, the commander of Moscow's invading forces, has said.

Mr Valdo said up to 40 per cent of civilians in the Kherson region were being moved to steer clear of the fighting.

“No one is going to hand over Kherson," he said. "But it is not ideal for residents to be in the city where hostilities will take place."

Russian servicemen at the Eternal Flame monument in Kherson. AFP
Russian servicemen at the Eternal Flame monument in Kherson. AFP

“No one is panicking. Everything is going well and being carried out in an organised manner."

Kherson, a strategic port, is the biggest population centre seized by Moscow in Ukraine and is on territory which President Putin says is now formally incorporated into Russia, a move Ukraine and the West do not recognise.

Ukrainian presidential adviser Mykhailo Podolyak said less than a month had passed “since the pompous announcement of Kherson annexation and solemn concert on the Red Square, as the self-proclaimed 'city administration' … ceremoniously evacuates in anticipation of Ukrainian justice. Reality can hurt if you live in a fictional fantasy world”.

A senior Ukrainian official accused Russia of organising a “propaganda show” in Kherson.

  • Smoke rises on the outskirts of the city during a Russian missile attack in Kyiv. Reuters
    Smoke rises on the outskirts of the city during a Russian missile attack in Kyiv. Reuters
  • Workers surround the Monument to the Heroes of the Heavenly Hundred with sandbags against damage from shelling in Mykolaiv. EPA
    Workers surround the Monument to the Heroes of the Heavenly Hundred with sandbags against damage from shelling in Mykolaiv. EPA
  • Russian President Vladimir Putin welcomes Azerbaijan President Ilham Aliyev for talks before a meeting between the Russian president and the leaders of Armenia and Azerbaijan in the Black Sea resort city of Sochi, Russia. AFP
    Russian President Vladimir Putin welcomes Azerbaijan President Ilham Aliyev for talks before a meeting between the Russian president and the leaders of Armenia and Azerbaijan in the Black Sea resort city of Sochi, Russia. AFP
  • People take water from a water pump in Kyiv. EPA
    People take water from a water pump in Kyiv. EPA
  • A woman walks past a damaged building in the town of Nova Kakhovka. Reuters
    A woman walks past a damaged building in the town of Nova Kakhovka. Reuters
  • A woman outside her home, which was destroyed during battles at the start of the conflict, in Yahidne, Chernihiv. Getty Images
    A woman outside her home, which was destroyed during battles at the start of the conflict, in Yahidne, Chernihiv. Getty Images
  • People shelter inside a subway station during a Russian missile attack in Kyiv. Reuters
    People shelter inside a subway station during a Russian missile attack in Kyiv. Reuters
  • Firefighters at the site of a drone attack in Kyiv, Ukraine. AP
    Firefighters at the site of a drone attack in Kyiv, Ukraine. AP
  • A woman walks past the site of a Russian missile strike in the southern Ukrainian city of Mykolaiv. Reuters
    A woman walks past the site of a Russian missile strike in the southern Ukrainian city of Mykolaiv. Reuters
  • Rescuer workers at a building destroyed in an attack in Mykolaiv. Reuters
    Rescuer workers at a building destroyed in an attack in Mykolaiv. Reuters
  • Parts of a drone lie on a street in Kyiv. Reuters
    Parts of a drone lie on a street in Kyiv. Reuters
  • A drone flies over the Ukrainian capital during an attack. AFP
    A drone flies over the Ukrainian capital during an attack. AFP
  • Ukrainian servicemen tow a captured Russian armoured vehicle in Rudneve village, Kharkiv. EPA
    Ukrainian servicemen tow a captured Russian armoured vehicle in Rudneve village, Kharkiv. EPA
  • A partially destroyed residential building in Saltivka, in Kharkiv. AP
    A partially destroyed residential building in Saltivka, in Kharkiv. AP
  • Ukrainian servicemen fire a captured Russian howitzer on a front line near Kupyansk city, Kharkiv. EPA
    Ukrainian servicemen fire a captured Russian howitzer on a front line near Kupyansk city, Kharkiv. EPA
  • Ukrainian servicemen near the recently retaken town of Lyman in Donetsk region. AFP
    Ukrainian servicemen near the recently retaken town of Lyman in Donetsk region. AFP
  • An officer from a Ukrainian national police emergency demining team prepares to detonate collected anti-tank mines and explosives near Lyman, in the Donetsk region. AFP
    An officer from a Ukrainian national police emergency demining team prepares to detonate collected anti-tank mines and explosives near Lyman, in the Donetsk region. AFP
  • A boy playing on a destroyed Russian tank on display in Kyiv. AFP
    A boy playing on a destroyed Russian tank on display in Kyiv. AFP
  • A young couple hiding underground during an air alert in Zaporizhzhia. AFP
    A young couple hiding underground during an air alert in Zaporizhzhia. AFP
  • Ukrainian firefighters looking for survivors after a strike in Zaporizhzhia. AFP
    Ukrainian firefighters looking for survivors after a strike in Zaporizhzhia. AFP
  • Workers fix a banner reading 'Donetsk, Luhansk, Zaporizhzhia, Kherson - Russia!' to the State Historical Museum near Red Square in Moscow. AFP
    Workers fix a banner reading 'Donetsk, Luhansk, Zaporizhzhia, Kherson - Russia!' to the State Historical Museum near Red Square in Moscow. AFP
  • Residents try to cross a destroyed bridge in the Kharkiv region of Ukraine. AFP
    Residents try to cross a destroyed bridge in the Kharkiv region of Ukraine. AFP
  • Alyona Kishinskaya helps to clean up a shop as it prepares to reopen in Balakiya, Ukraine, after a six-month Russian occupation. Getty Images
    Alyona Kishinskaya helps to clean up a shop as it prepares to reopen in Balakiya, Ukraine, after a six-month Russian occupation. Getty Images
  • Alla, 12, has a swinging time in Balakiya, Ukraine, as life goes on despite the war. Getty Images
    Alla, 12, has a swinging time in Balakiya, Ukraine, as life goes on despite the war. Getty Images
  • Ukrainian flags in the town square in Balakiya. Getty Images
    Ukrainian flags in the town square in Balakiya. Getty Images
  • A destroyed Russian command centre in Izium, Ukraine. Getty Images
    A destroyed Russian command centre in Izium, Ukraine. Getty Images
  • In what may be a final farewell, young Russian recruits - escorted by their wives - walk to a train station in Volgograd before being sent to war in Ukraine. AP
    In what may be a final farewell, young Russian recruits - escorted by their wives - walk to a train station in Volgograd before being sent to war in Ukraine. AP
  • Russian recruits board the train to Ukraine in Volgograd. AP
    Russian recruits board the train to Ukraine in Volgograd. AP
  • Ukrainian soliders drive a tank at the recently retaken eastern side of the Oskil River in Kharkiv region, Ukraine. AFP
    Ukrainian soliders drive a tank at the recently retaken eastern side of the Oskil River in Kharkiv region, Ukraine. AFP
  • Volunteers pass boxes of food aid on a destroyed bridge over the Oskil River. AFP
    Volunteers pass boxes of food aid on a destroyed bridge over the Oskil River. AFP
  • Ukrainian soliders rest on an armoured personnel carrier. AFP
    Ukrainian soliders rest on an armoured personnel carrier. AFP
  • A sign warns of landmines in Izyum, eastern Ukraine. AFP
    A sign warns of landmines in Izyum, eastern Ukraine. AFP
  • This crater was left after a missile strike in the Donetsk region of Ukraine. AFP
    This crater was left after a missile strike in the Donetsk region of Ukraine. AFP

Andriy Yermak, head of the Ukrainian president's office, also accused Russia of “trying to scare the people of Kherson with fake newsletters about the shelling of the city by our army, and also arrange a propaganda show with evacuation”.

“Propaganda will not work,” he wrote on the Telegram messaging app.

Ukraine's forces launched a counteroffensive in August to reclaim parts of the southern Kherson region, while its military said it had shot down more than 220 Iranian-made drones over the past month.

“Since the first downing of an Iranian-made Shahed-136 'kamikaze' drone on the territory of Ukraine on September 13, the … air force and other components of the defence forces of Ukraine have destroyed 223 UAVs of this type,” military officials said.

For now, the focus is on Kherson.

“We are expecting attacks," Mr Saldo said. "The Ukrainians are not hiding this. We have enough strength and capability to repel these attacks.

“The city will be completely held but we need to keep civilians safe. Nobody is going to give away Kherson. The military will fight to the death.”

Kherson, which had a prewar population of about 300,000, fell to Russian invading forces early in the conflict.

Gen Surovikin told a press conference in Moscow that “our plans in the city of Kherson will depend on the tactical military situation that is already very uneasy".

"We will seek to protect the lives of civilians and our service members," he said. “We will act in a timely manner, without excluding the most difficult decisions.”

Analysts say a successful Ukrainian offensive in Kherson could trap about 20,000 Russian troops, including some of their best forces.

Gen Surovikin alleged that Ukraine planned to attack infrastructure, including a dam at a hydroelectric plant. He also said the Russian army would “provide for the already announced safe transportation of the population under the relocation programme”.

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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
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%3Cp%3E%3Cstrong%3EEdinburgh%3A%3C%2Fstrong%3E%20November%204%20%3Cem%3E(unchanged)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBahrain%3A%3C%2Fstrong%3E%20November%2015%20%3Cem%3E(from%20September%2015)%3C%2Fem%3E%3B%20second%20daily%20service%20from%20January%201%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKuwait%3A%3C%2Fstrong%3E%20November%2015%20%3Cem%3E(from%20September%2016)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMumbai%3A%3C%2Fstrong%3E%20January%201%20%3Cem%3E(from%20October%2027)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAhmedabad%3A%3C%2Fstrong%3E%20January%201%20%3Cem%3E(from%20October%2027)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColombo%3A%3C%2Fstrong%3E%20January%202%20%3Cem%3E(from%20January%201)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMuscat%3A%3C%2Fstrong%3E%3Cem%3E%20%3C%2Fem%3EMarch%201%3Cem%3E%20(from%20December%201)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELyon%3A%3C%2Fstrong%3E%20March%201%20%3Cem%3E(from%20December%201)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBologna%3A%3C%2Fstrong%3E%20March%201%20%3Cem%3E(from%20December%201)%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Emirates%3C%2Fem%3E%3C%2Fp%3E%0A

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.”

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