Czech President Petr Pavel has revealed his country is seeking European funding for a purchase of artillery shells for Ukraine as the country’s officials call on neighbours to build up their military industries.
The development of a war economy in Russia to advance its invasion of Ukraine has granted Moscow an advantage it has not enjoyed in the two-year war.
Officials from across the EU expressed frustration the bloc had not moved as quick to mobilise its resources to rearm in the face of a threat on its fringes.
Mr Pavel, a former general, told an event organised by Yalta European Strategy in Munich on Saturday that the search outside Europe was driven by the shortfall from its production lines.
Russia had been able to use it artillery advantage – in some areas more than 10:1 – to conquer frontline territory. The Kremlin has eyes on Russia’s presidential election this year.
“President [Vladimir] Putin is now working with the direction in order to achieve some visible success before the elections,” Mr Pavel said. “So what we can do is to support Ukraine in deliveries of weapons and ammunition from all sources available.”
He said the rounds could be delivered “within weeks” if we find quickly funding for that activity from countries like the US, Germany and Sweden.
“The aim of this activity is to strengthen the Ukrainian defence [forces] so that they spare their human resources and they cause as much aggression to Russian forces as possible and that they hold the ground they have right now,” he said.
“It is important not to allow Russia to develop any significant success. Because as we know, this war is as much about real world fighting on the battlefield, as it is about psychological warfare.”
Pleas but no progress
Contributions to the Munich Security Conference on Saturday predicted a rapid expansion of European armouries after the failure to deliver half of the promised one million artillery shells to Ukraine last year.
Germany claims it is about to turn a corner. “We don’t do all that it takes,” said Robert Haabeck, the German Vice-Chancellor. “The phrase we have used is as long as it takes. We should do all that we can.”
Christian Lindner, the German Finance Minister, said on Saturday that the country would spend two per cent of its GDP on defence and then go higher. Berlin would also set new conditions for the expansion of the defence industry in Germany.
“The state is a client and customer of the security and defence industry, but the companies still need private investments and financing,” he said.
“That's why a second turning point is necessary that improves the reputation and framework conditions for the industry.”
Ukrainian officials have sought to move away from arguments that the country is a frontline for all of Europe and instead say the battle must be fought by every country.
“The era of peace in Europe is over,” Dmytro Kuleba, the Ukraine Foreign Minister, said on Saturday.
US despair
Mette Frederiksen, Prime Minister of Denmark, a country that has sent its entire artillery stocks to Ukraine, said Ukraine needed air support and other tools of modern warfare.
“Ukraine cannot win a war without weapons - words are not enough,” she said.
Much of the discussion is framed around the impasse in the US to pass a new support package for Ukraine before the House of Representatives went on a recess until the end of the month. The former Democratic speaker said the funds would be released when the legislators come back.
“There is no place for any fatigue in any of this,” said Nancy Pelosi, “We want to vote, we have the votes, over 300 members support this package.”
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Mrs%20Chatterjee%20Vs%20Norway
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
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
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
COMPANY%20PROFILE
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UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
ENGLAND%20SQUAD
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The%C2%A0specs%20
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CREW
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company%20profile
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COMPANY%20PROFILE
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FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Aquaman%20and%20the%20Lost%20Kingdom
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