Ukraine's President Volodymyr emphasised the importance of his forces acquiring long-range artillery to strengthen the counter-offensive. AP
Ukraine's President Volodymyr emphasised the importance of his forces acquiring long-range artillery to strengthen the counter-offensive. AP
Ukraine's President Volodymyr emphasised the importance of his forces acquiring long-range artillery to strengthen the counter-offensive. AP
Ukraine's President Volodymyr emphasised the importance of his forces acquiring long-range artillery to strengthen the counter-offensive. AP

Ukraine is not 'backtracking' on counter-offensive, Zelenskyy says


Ellie Sennett
  • English
  • Arabic

Ukrainian President Volodymyr Zelenskyy projected optimism despite a stalled counter-offensive on Friday, in a last-minute speech at the annual Aspen Security Forum.

“Ukraine is not backtracking, but progressively liberates its territories,” Mr Zelenskyy said.

“Our intelligence suggests that some of our residential areas have been liberated already. So I do believe in our victory.”

Ukraine has not yet achieved a major breakthrough across Russian lines since the launch of Kyiv's counter-offensive last month.

But Ukrainian forces have recaptured some villages in the south and territory around the ruined city of Bakhmut in the east.

Kyiv claims the slow pace is deliberate to avoid high casualties.

Mr Zelenskyy emphasised the importance of his forces acquiring long-range artillery to strengthen the counter-offensive, saying that progress “depends on the lead of the US and its defence assistance”.

US Gen Mark Milley, Chairman of the Joint Chiefs of Staff, earlier this week said the internationally backed mission “is far from a failure”.

  • As the war in Ukraine approaches the 500-day mark, 'The National' looks back at the conflict. All photos: AP
    As the war in Ukraine approaches the 500-day mark, 'The National' looks back at the conflict. All photos: AP
  • Ukrainian soldiers cover their ears to protect from Russian tank shelling in a shelter on the front line in the Zaporizhzhia region in July
    Ukrainian soldiers cover their ears to protect from Russian tank shelling in a shelter on the front line in the Zaporizhzhia region in July
  • A cemetery in evening sunlight near Lviv in July
    A cemetery in evening sunlight near Lviv in July
  • Flooded streets in Kherson in June after the walls of the Kakhovka dam collapsed
    Flooded streets in Kherson in June after the walls of the Kakhovka dam collapsed
  • Tetiana with her pets, Tsatsa and Chunya, in her house that was flooded when the Kakhovka dam in Kherson was breached
    Tetiana with her pets, Tsatsa and Chunya, in her house that was flooded when the Kakhovka dam in Kherson was breached
  • Young cadets sing the national anthem during a graduation ceremony at a cadet lyceum in Kyiv in June
    Young cadets sing the national anthem during a graduation ceremony at a cadet lyceum in Kyiv in June
  • Bakhmut in April, the site of the heaviest battles in the Donetsk region
    Bakhmut in April, the site of the heaviest battles in the Donetsk region
  • A message on a mirror reads 'Ukraine will prevail' in a badly damaged school in Kharkiv in February
    A message on a mirror reads 'Ukraine will prevail' in a badly damaged school in Kharkiv in February
  • Ukrainian servicemen in position close to the border with Belarus in February
    Ukrainian servicemen in position close to the border with Belarus in February
  • Hospital staff in Kherson with orphaned children at the regional hospital maternity ward in November 2022
    Hospital staff in Kherson with orphaned children at the regional hospital maternity ward in November 2022
  • A sniper unit aims at Russian positions in the Kherson region during an operation in November 2022
    A sniper unit aims at Russian positions in the Kherson region during an operation in November 2022
  • Ukrainian artillerymen fire at Russian positions near Bakhmut in November 2022
    Ukrainian artillerymen fire at Russian positions near Bakhmut in November 2022
  • A Ukrainian serviceman near Oskil village in October 2022
    A Ukrainian serviceman near Oskil village in October 2022
  • Funeral workers carry the coffin of an unidentified civilian who died in the Bucha community during the Russian occupation period in February-March 2022
    Funeral workers carry the coffin of an unidentified civilian who died in the Bucha community during the Russian occupation period in February-March 2022
  • Cadets practise with gas masks in a bomb shelter on the first day of school at a cadet lyceum in Kyiv, Ukraine, in September
    Cadets practise with gas masks in a bomb shelter on the first day of school at a cadet lyceum in Kyiv, Ukraine, in September
  • A young girl with her dog waves goodbye to her grandparents from an evacuation train leaving Pokrovsk in August 2022
    A young girl with her dog waves goodbye to her grandparents from an evacuation train leaving Pokrovsk in August 2022
  • A child looks up at a building destroyed during attacks in Irpin in May 2022
    A child looks up at a building destroyed during attacks in Irpin in May 2022
  • An elderly patient boards a medical evacuation train in Pokrovsk in May 2022
    An elderly patient boards a medical evacuation train in Pokrovsk in May 2022
  • Nila Zelinska holds a doll belonging to her granddaughter that she found in her destroyed house in Potashnya, on the outskirts of Kyiv, in May 2022
    Nila Zelinska holds a doll belonging to her granddaughter that she found in her destroyed house in Potashnya, on the outskirts of Kyiv, in May 2022
  • Residents shelter in the city subway of Kharkiv in May 2022
    Residents shelter in the city subway of Kharkiv in May 2022
  • Destroyed Russian tanks in Bucha, April 2022
    Destroyed Russian tanks in Bucha, April 2022
  • A family fleeing the village of Ruska Lozova in April 2022 arrive in their shrapnel-riddled car at a screening point in Kharkiv
    A family fleeing the village of Ruska Lozova in April 2022 arrive in their shrapnel-riddled car at a screening point in Kharkiv
  • Smoke fills the air after shelling in Odesa in April
    Smoke fills the air after shelling in Odesa in April
  • Yehor, 7, with a wooden toy rifle next to destroyed Russian military vehicles near Chernihiv in April 2022
    Yehor, 7, with a wooden toy rifle next to destroyed Russian military vehicles near Chernihiv in April 2022
  • Security Service of Ukraine servicemen enter a building during an operation to arrest suspected Russian collaborators in Kharkiv in April 2022
    Security Service of Ukraine servicemen enter a building during an operation to arrest suspected Russian collaborators in Kharkiv in April 2022
  • A Ukrainian soldier during a pick-up game of football in Irpin in April 2022
    A Ukrainian soldier during a pick-up game of football in Irpin in April 2022
  • The partially abandoned town of Chernobyl in April 2022
    The partially abandoned town of Chernobyl in April 2022
  • Ruslan Mishanin, 36, bids farewell to his nine-year-old daughter as the train with his family leaves Odesa for Poland in April
    Ruslan Mishanin, 36, bids farewell to his nine-year-old daughter as the train with his family leaves Odesa for Poland in April
  • Halyna Falko, 52, talks to reporters in March 2022 while looking at the destruction caused to her house near Brovary after a Russian attack
    Halyna Falko, 52, talks to reporters in March 2022 while looking at the destruction caused to her house near Brovary after a Russian attack
  • Anti-tank barricades on a street in preparation for a possible Russian offensive in Odesa in March 2022
    Anti-tank barricades on a street in preparation for a possible Russian offensive in Odesa in March 2022
  • A man recovering items from a burning shop after a Russian attack in Kharkiv in March 2022
    A man recovering items from a burning shop after a Russian attack in Kharkiv in March 2022
  • Ukrainians under a destroyed bridge as they as they cross the Irpin river on the outskirts of Kyiv in March 2022
    Ukrainians under a destroyed bridge as they as they cross the Irpin river on the outskirts of Kyiv in March 2022

“I think that it's way too early to make that kind of call,” he said.

The Ukrainian President spoke as Moscow continues to bombard Ukrainian Black Sea port cities and after officials in Kyiv announced Russian shelling had killed a young brother and sister.

A Ukrainian official on Friday said that the two children were killed by Russian artillery in the eastern village of Druzhba.

“At about 3pm, the Russians shelled the village with artillery – one of the shells hit the yard where the children were staying – a 10-year-old boy and a 16-year-old girl,” the head of the Donetsk region military administration, Pavlo Kyrylenko, wrote on his Telegram channel.

Tension is also escalating in the Black Sea, with global implications.

Russia on Monday withdrew from a deal that had allowed the safe passage of about 33 million tonnes of food from Ukraine through the Black Sea, about half of it to developing countries.

Moscow said that any ships travelling to Ukraine's Black Sea ports will be suspected of carrying military cargo.

The warning comes after Kyiv said it was setting up a temporary shipping route to try to continue exporting grain.

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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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  • Power: 640hp
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1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

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'I Want You Back'

Director:Jason Orley

Stars:Jenny Slate, Charlie Day

Rating:4/5

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Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

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Capcom

PlayStation 4, Xbox One

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Rest

(Because Music)

SPECS
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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Updated: July 24, 2023, 11:47 AM