Ukraine's first lady Olena Zelenska warned assembled elites in Davos on Tuesday of worse crises to come if they do not bring Russian aggression to a halt.
Making a rare set-piece address, Ms Zelenska told the World Economic Forum to get behind a 10-point peace plan being promoted by her husband, President Volodymyr Zelenskyy.
She said the problems overshadowing Davos, such as food shortages and soaring consumer prices, would only mount if Russia is not restrained.
It was the first main speech of the 2023 forum, as it returned to its usual winter slot in the Swiss Alps after two years of disruption due to the Covid-19 pandemic.
The summit opened two days after a missile strike in Dnipro, Ukraine, that killed at least 44 people — with another 22 still missing — in one of the worst single strikes of the war.
Swiss President Alain Berset said the postwar order was “currently experiencing its greatest crisis”, as the war in Ukraine worsens global problems such as inflation.
Ms Zelenska asked dignitaries: “What will happen to the cost of living when tens of millions of people will be forced to flee mass starvation and become refugees?
“How does the world want to achieve climate neutrality when so far it hasn’t even stopped the burning of entire cities in Ukraine?”
She described people losing their homes, doctors performing surgery by candlelight and farmers afraid to return to their fields after 11 months of war.
Ukraine conflict — in pictures
She called it an “insult to mankind and human nature” to face the prospect of starvation, after the war limited exports from one of the world's most fertile countries.
“I ask you to look at the need to stop this aggression exactly like this, with the eyes of the people whose lives have been brought into chaos by the aggressor country,” she said.
Taking the stage after Ms Zelenska, European Commission President Ursula von der Leyen said there would be “no let-up” in European support for Ukraine.
It comes as Nato allies debate whether to send their top-of-the-range battle tanks to Ukraine, such as the Leopard tanks it is demanding from Germany.
Ms von der Leyen said financial aid would help Ukraine to pay wages and pensions and ensure the running of hospitals, schools, and housing services.
“We are in it for as long as it takes and stand by our Ukrainian friends,” she said.
What's next for Ukraine?
In a session later in the day on the future of Ukraine, Deputy prime minister Yuliia Svyrydenko said her country would win the war.
“Because we are discussing the future, it means that everybody understands Russia won’t achieve its goal and we will definitely win this war,” she said.
“It’s very hard to speak about the future right now when Ukraine is under constant missile strikes like we witnessed this weekend, the massive attack on Dnipro.”
She said Ukraine needed more heavy weapons to repel Russia's attacks.
“All questions related to what the future holds for Ukraine will start with the question what can the additional support for military, for weapons, for heavy weapons for Ukraine be for now to speed up the victory and to start the rebuilding, reconstruction and return the refugees,” said Ms Svyrydenko.
“We are asking our allies to provide us with additional weapons, with heavy weapons, armaments, everything, to squeeze Russia from Ukrainian territory.
“The second thing is we are able and willing to discuss the peace formula announced by President Zelenskyy.
“It’s very important right now to move from paper to practical implementation.”
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4