Allies were split on Tuesday over President Emmanuel Macron's suggestion that sending troops to Ukraine “should not be ruled out” as the French leader recognised that countries were often “six to 12 months late” in delivering military aid to the embattled country.
A number of countries, including close allies of Ukraine such as Poland and Sweden, were quick to clarify that they had no intention of putting soldiers on the ground following Mr Macron's comments on Monday evening. He had been speaking at a press conference following a Ukraine support summit attended by more than 20 leaders.
Reporters questioned Mr Macron on the topic because Slovakia's Prime Minister Robert Fico had said before the meeting that some countries were considering whether to strike bilateral deals to send troops to Ukraine to help it fend off Russian forces, two years after Moscow's full-scale invasion.
Mr Macron warned that “there's no consensus today to officially send, assume and endorse troops on the ground. But … nothing should be excluded”. He declined to clarify France's position, saying that he would maintain “strategic ambiguity”.
Despite his apparent caution, Mr Macron's comments seem to have irked some European countries. Austria's Foreign Affairs Minister Alexander Schallenberg reiterated on Tuesday that there was “no consensus” about sending troops to Ukraine and said it was “surprising” to start such “an unnecessary debate”. Austria is not a Nato member.
Even Nato's secretary general Jens Stoltenberg weighed in, saying: “Nato allies are providing unprecedented support to Ukraine. We have done that since 2014 and stepped up after the full-scale invasion. But there are no plans for Nato combat troops on the ground in Ukraine.”
German deputy chancellor Robert Habeck said there was no chance of Berlin deploying forces. “German soldiers won’t go to Ukraine,” he said.
The suggestion that allies were considering sending troops to Ukraine sent alarm bells ringing in Moscow, where Kremlin spokesman Dmitry Peskov told journalists: “The very fact of discussing the possibility of sending certain contingents to Ukraine from Nato countries is a very important new element.”
Ukraine, however, welcomed Mr Macron's statement. Presidential adviser Mykhailo Podolyak said in a written comment that it showed “an absolute awareness of the risks posed to Europe by a militaristic, aggressive Russia”.
Germany faces criticism
Apparent rifts about how to address the war in Ukraine between Europe's two most influential countries, France and Germany, were also apparent at the Paris summit. Mr Macron made some comments that were widely interpreted as directly pointed at Germany's hesitation to send military aid to Ukraine in the first months of the war.
“Two years ago, many around this table were saying: we are going to offer sleeping bags and helmets,” said the French president. “Today they say: we have to do faster and harder to have missiles and tanks. They have the humility to note that we have often been six to 12 months late.”
The EU has only sent 30 per cent of the million shells it had promised to deliver by March, said Ukraine's President Volodymyr Zelenskyy. “It was undoubtedly an imprudent commitment,” said Mr Macron, who also lauded his country's “discretion” when it comes to support to Ukraine.
In absolute figures, France contributes far less to Ukraine's war effort than Germany, according to the Kiel Institute. It has found that Germany was the second largest donor to the country after the US between January 2022 and October 2023 with over €17.1 billion in military aid. In contrast, France only contributed €0.54 billion.
Despite this contrast in figures, the summit's result seem to have strengthened the perception that France leads Europe's response to the war in Ukraine as German chancellor Olaf Scholz came under fire in his own country for refusing to send Taurus cruise missiles to Ukraine.
Before travelling to Paris, Mr Scholz told reporters that he was against copying “what the British and French are doing in terms of target management and support for target management” with their missiles for Ukraine.
News website Politico has previously reported that Mr Scholz allegedly believes that Taurus missiles would allow Ukraine to target the Kerch bridge linking occupied Crimea with Russia – representing a serious escalation which he is reportedly against.
German politicians criticised Mr Scholz for endangering France and the UK by portraying them as in direct conflict with Russia. Nato allies are bound by Article 5, which states that an attack against one is an attack against all.
Norbert Roettgen, a former chair of the German parliament's foreign affairs committee, described Mr Scholz's comments as irresponsible.
“Both countries provide cruise missiles to Ukraine. Of course that does not make them parties to the conflict,” he said. “Scholz has lost control of his own arguments and is affronting our closest allies.”
Fellow conservative MP Katja Leikert said Mr Scholz was “presenting one spurious argument after another” to block the delivery of Taurus missiles.
“Did France and Britain become parties to the conflict, in his eyes, because they delivered Scalp and Storm Shadow missiles?” she asked. “Does anyone believe that?”
A spokesperson for UK Prime Minister Rishi Sunak said that “beyond the small number of personnel we do have in [the] country supporting the armed forces of Ukraine, we haven't got any plans for large-scale deployment”.
At the Paris summit, some allies also pledged to send more ammunition to Ukraine. The Czech Republic put forward a plan to buy them outside Europe to speed up the process and was publicly supported by the Netherlands, which said it would contribute €100 million to the plan.
Around 15 other countries want to participate in the plan, said Czech Prime Minister Petr Fiala, who did not name the countries. Asked which countries the ammunitions would be bought from, he answered: “It's a secret.”
Two years of the Russia-Ukraine war - in pictures
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The five pillars of Islam
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
RESULT
Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Mohammed bin Zayed Majlis