A residential building damaged by a Russian drone in Kyiv. AFP
A residential building damaged by a Russian drone in Kyiv. AFP
A residential building damaged by a Russian drone in Kyiv. AFP
A residential building damaged by a Russian drone in Kyiv. AFP

Russia launches biggest drone swarm in months against Ukraine


Soraya Ebrahimi
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Russia attacked Ukraine on Monday, the eve of the May 9 holiday celebrating the defeat of Nazi Germany, with its biggest swarm of drones for months.

Kyiv's mayor said Russia had fired 60 Iranian-made kamikaze drones at Ukrainian targets, including 36 at the capital, all of which had been shot down.

Debris hit apartments and other buildings, injuring at least five in the city.

A food warehouse was set ablaze by a missile in the Black Sea city of Odesa, where officials reported three injured.

It was the biggest drone swarm yet in a renewed Russian air campaign unleashed 10 days ago after a lull since early March.

Kyiv said Moscow was also making a final push to try to capture the ruined eastern city of Bakhmut to deliver President Vladimir Putin what would be his only prize for a costly Russian winter offensive, in time for Victory Day, as the 1945 Soviet defeat of the Nazis is known.

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Moscow is preparing for Tuesday's Victory Day parade, the most important day in the calendar for Russia under Mr Putin, who evokes the 1945 Soviet triumph over Nazi Germany in trying to rally Russians behind his invasion of Ukraine.

In a new break with Russia, Ukrainian President Volodymyr Zelenskyy marked Victory Day on Monday rather than Tuesday, announcing a change in the date of the holiday to match the practice of the country's western allies.

“Recalling the heroism of millions of Ukrainians in that war against Nazism, we see the same heroism in the actions of our soldiers today,” said Mr Zelenskyy, who addressed the nation from a hilltop overlooking Kyiv.

“Just as evil rushed into our towns and villages then, so it does now. As it killed our people then, so it does now,” he said.

“And all the old evil that modern Russia is bringing back will be defeated, just as Nazism was defeated.”

The German army's surrender in 1945 took effect late at night on May 8 in Berlin, when it was already May 9 in Moscow, the date that became the Soviet holiday.

Russian foreign ministry spokeswoman Maria Zakharova said that by changing the date, Mr Zelenskyy had betrayed the memory of Ukrainians who fought the Nazis.

“What is worse than an enemy? A traitor. That is Zelenskyy, the embodiment of Judas in the 21st century,” she said.

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Ukraine, as part of the then-Soviet Union, suffered higher per capita casualties than Russia in the Second World War and was one of the heartlands of European Jewry wiped out in the Holocaust.

On the day of Russia's parade, Mr Zelenskyy will underscore Ukraine's ambition to join the West by receiving European Commission President Ursula von der Leyen, whose visit to the war zone the EU took the unusual step of announcing in advance.

Brussels marks May 9 as “Europe Day”, honouring a French declaration in 1950 that led to the founding of the body that became the EU.

Russia has cancelled or curtailed some of the huge military parades that normally accompany Victory Day.

Western countries say this is in part out of security concerns, in part for fear of publicising Russia's heavy casualties in Ukraine, and in part because Moscow has lost so much military hardware in its largely fruitless, grinding winter offensive.

Ukraine, which last year drove Russian forces back from the ramparts of the capital and recovered substantial territory, has maintained a defensive posture for the past six months, but says its counteroffensive will begin soon.

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Section 375

Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat

Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

Rating: 3.5/5

COMPANY%20PROFILE
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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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%3Cp%3EPresident%20Volodymyr%20Zelenskyy%20has%20overseen%20grain%20being%20loaded%20for%20export%20onto%20a%20Turkish%20ship%20following%20a%20deal%20with%20Russia%20brokered%20by%20the%20UN%20and%20Turkey.%3Cbr%3E%22The%20first%20vessel%2C%20the%20first%20ship%20is%20being%20loaded%20since%20the%20beginning%20of%20the%20war.%20This%20is%20a%20Turkish%20vessel%2C%22%20Zelensky%20said%2C%20adding%20exports%20could%20start%20in%20%22the%20coming%20days%22%20under%20the%20plan%20aimed%20at%20getting%20millions%20of%20tonnes%20of%20Ukrainian%20grain%20stranded%20by%20Russia's%20naval%20blockade%20to%20world%20markets.%3Cbr%3E%22Our%20side%20is%20fully%20prepared%2C%22%20he%20said.%20%22We%20sent%20all%20the%20signals%20to%20our%20partners%20--%20the%20UN%20and%20Turkey%2C%20and%20our%20military%20guarantees%20the%20security%20situation.%22%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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Company name: Play:Date

Launched: March 2017 on UAE Mother’s Day

Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

Size: 20 employees

Stage of funding: Seed

Investors: Three founders (two silent co-founders) and one venture capital fund

Updated: May 09, 2023, 5:09 AM