Russian president Vladimir Putin with his Turkish counterpart, Recep Tayyip Erdogan, in Russia. Moscow and Ankara have signed a new missile deal. Alexander Zemlianichenko/ AP Photo
Russian president Vladimir Putin with his Turkish counterpart, Recep Tayyip Erdogan, in Russia. Moscow and Ankara have signed a new missile deal. Alexander Zemlianichenko/ AP Photo

Europe

Turkey to get two S-400 missile batteries from Russia in 2020

The first delivery is due for the first quarter of 2020, Ankara said

The National and Agencies

December 29, 2017

Turkey has announced it will buy two S-400 surface-to-air missile batteries from Russia after signing an agreement on Friday.

The first delivery is due for the first quarter of 2020, the Undersecretariat for Defence Industries (SSM) said in a statement.

However, Moscow will not manage the systems, the SSM said, adding that the task would be carried out by Turkish personnel.

The S-400 deal, reportedly worth about $2.5 billion (Dh9.2bn), has caused concern in the West because Turkey is a member of NATO and the system cannot be integrated into NATO’s military architecture.

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It is the latest in a series of moves by Ankara to boost its defence capabilities as it faces threats from Kurdish and Islamist militants at home and conflicts across its borders in Syria and Iraq.

Media reports that the deal was about to be signed surfaced on Wednesday when Sergei Chemezov, head of the Russian state conglomerate Rostec, told the Kommersant daily said Russia would supply Turkey with four batteries of S-400s under the deal.

He said Moscow was expected to begin the first deliveries in March 2020 and that Turkey was the first NATO member state to acquire the advanced S-400 missile system.

The deal also signals an end to frosty relations between Moscow and Ankara, which deteriorated in 2015 when Turkey shot down a Russian air force jet that it said had crossed into Turkish airspace.

The two countries are cooperating in Syria despite having backed different sides in the civil war.

Last month, Russian President Vladimir Putin hosted Turkey's Recep Tayyip Erogan in Sochi with Iran's Hassan Rouhani to discuss the war in Syria, of which all three countries are deeply involved.

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Sand storm

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  • Duration: Short-lived, typically localised
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  • Source: Open desert areas with strong winds

Dust storm

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  • Duration: Can linger for days
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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

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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While you're here
The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV