Nato's chief has accused Russian President Vladimir Putin of using winter as a “weapon of war” as he reiterated his commitment to allowing Ukraine to become a full member of the military alliance.
Secretary General Jens Stoltenberg made the comments during a two-day summit in Bucharest, Romania, which was attended by the bloc's foreign ministers, including US Secretary of State Antony Blinken.
The US announced it would provide $53 million to buy power grid equipment as members sought to find ways to help Ukraine through the difficult winter months.
Russia has been bombarding Ukraine's electricity transmission and heating infrastructure since October, in what Kyiv and its allies say is a deliberate campaign to harm civilians.
“President Putin is trying to use winter as a weapon of war,” Mr Stoltenberg told reporters.
“We stated that Ukraine will become a [Nato] member, I expect allies to reiterate that position,” he added.
“However, the main focus now is on supporting Ukraine. We are in the midst of a war and therefore we should do nothing that can undermine the unity of allies to provide military, humanitarian, financial support to Ukraine.”
In a joint statement, Nato ministers condemned Russia's “persistent and unconscionable attacks on Ukrainian civilian and energy infrastructure” and confirmed a 2008 decision that Ukraine will eventually join the alliance.
But it announced no concrete steps or timetable that would bring it closer to Nato.
During the meeting, Mr Blinken said that Nato was stronger and more united than at any time he could remember, and the alliance would be “reaffirming our support for Ukraine as we go forward”.
British Foreign Secretary James Cleverly accused Putin of targeting civilian and energy infrastructure “to try and freeze the Ukrainians into submission”.
Russia acknowledges attacking Ukrainian infrastructure but denies deliberately seeking to harm civilians.
The ministers focused on increasing assistance such as air defence systems and ammunition to Ukraine, as well as non-lethal aid including fuel, medical supplies, winter equipment and drone jammers, delivered through a Nato assistance package that allies can contribute to.
“We will continue and further step up political and practical support to Ukraine as it continues to defend its sovereignty and territorial integrity … and will maintain our support for as long as necessary,” the ministers said in a statement on Tuesday after the first day of talks.
Ukraine war latest — in pictures
Nato is also pushing arms manufacturers to accelerate production but a European diplomat said there were increasing problems with supply capacity.
“We need air defence, IRIS, Hawks, Patriots, and we need transformers [for our energy needs],” Ukrainian Foreign Minister Dmytro Kuleba told reporters on the sidelines of the Nato meeting, enumerating various Western air defence systems.
“If we have transformers and generators, we can restore our energy needs. If we have air defence systems, we can protect from the next Russian missile strikes. In a nutshell: Patriots and transformers are what Ukraine needs the most.”
Highlighting the view from Baltic states, which have been at the forefront of supporting Kyiv, Lithuanian Foreign Minister Gabrielius Landsbergis urged the alliance to press ahead with deliveries of tanks, saying Nato had plenty of them to spare.
“My message to fellow foreign ministers at today's Nato meeting is simple: Keep calm and give tanks,” he said on Twitter, showing an image of a Ukrainian flag with a tank in the middle.
The ministers were joined by Finland and Sweden, as they look to secure full Nato membership pending ratification of their bids by Turkey and Hungary.
A Nato statement said: “Their accession will make them safer, Nato stronger, and the Euro-Atlantic area more secure. Their security is of direct importance to the Alliance, including during the accession process.”
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Abu Dhabi Sustainability Week
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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.”
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
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
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
Zayed Sustainability Prize
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
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