A portrait of the owner of the private military company Wagner Group, Yevgeny Prigozhin, lies in an informal memorial in St Petersburg. AP
A portrait of the owner of the private military company Wagner Group, Yevgeny Prigozhin, lies in an informal memorial in St Petersburg. AP
A portrait of the owner of the private military company Wagner Group, Yevgeny Prigozhin, lies in an informal memorial in St Petersburg. AP
A portrait of the owner of the private military company Wagner Group, Yevgeny Prigozhin, lies in an informal memorial in St Petersburg. AP

Wagner chief Yevgeny Prigozhin confirmed dead by Russian authorities


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Wagner chief Yevgeny Prigozhin has been confirmed to have been killed in a plane crash last week, Moscow said on Sunday.

Russia's Investigation Committee said the results of genetic tests had established the identities of the 10 people who died in a plane crash last Wednesday, including the mercenary group founder.

He had been listed as a passenger on the plane that crashed near Tver, 180km north-west of Moscow, two months after the group mounted a mutiny against the Russian military.

Earlier this week, Russia’s civil aviation authority said Mr Prigozhin, along with some of his top lieutenants, were on the list of those on board the plane that crashed Wednesday.

The investigations committee confirmed the bodies recovered from the site “conformed with the flight manifest”.

Mr Prigozhin, 62, led a failed mutiny against Moscow exactly two months before the crash.

Fighters from the mercenary group came within 200km of Moscow in a move slammed as treason by President Vladimir Putin.

The president quickly exiled Mr Prigozhin, once a top confidant, to Belarus.

Yevgeny Prigozhin shows Russian Prime Minister Vladimir Putin his school lunch factory outside Saint Petersburg in 2010. The death of Yevgeny Prigozhin, head of the Wagner paramilitary group, following a plane crash on August 23, 2023 has been confirmed by formal genetic analysis, Russia's Investigative Committee said. (Photo by Alexey DRUZHININ / SPUTNIK / AFP)
Yevgeny Prigozhin shows Russian Prime Minister Vladimir Putin his school lunch factory outside Saint Petersburg in 2010. The death of Yevgeny Prigozhin, head of the Wagner paramilitary group, following a plane crash on August 23, 2023 has been confirmed by formal genetic analysis, Russia's Investigative Committee said. (Photo by Alexey DRUZHININ / SPUTNIK / AFP)

'Serious mistakes'

He has now ordered Wagner fighters to sign an oath of allegiance to the Russian state after the death of Mr Prigozhin.

Mr Putin signed the decree bringing in the change with immediate effect on Friday after the Kremlin said that Western suggestions that Prigozhin had been killed on its orders were an “absolute lie.”

On Thursday, Mr Putin said he had known Prigozhin since the early 1990s, and described him as a "talented businessman" but also as a flawed character who "made serious mistakes in life".

They were both born in St. Petersburg. From a hot dog stand, Mr Prigozhin built a catering company and owned several high-end restaurants, and became known as 'Putin's chef'.

But he was to rise to far greater prominence as the head of the mercenary group, Wagner.

Wagner fighters played a prominent role in the conflict in eastern Ukraine, especially during the months-long siege of the city of Bakhmut.

Many relocated to neighbouring Belarus under the terms of the deal that ended their mutiny.

While some will be absorbed into Russia's armed forces, a considerable portion of them are expected to be angry over the sudden demise of Mr Prigozhin, who commanded a good deal of loyalty from his men.

There are also reports of makeshift memorials to Prigozhin springing up across several Russian cities.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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.”

match info

Manchester United 3 (Martial 7', 44', 74')

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Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

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