Russian president Vladimir Putin delivers a speech during the reopening ceremony of the newly restored Moscow Cathedral Mosque in Moscow, Russia, on September 23, 2015. Alexei Druzhinin/RIA Novosti, Kremlin Pool Photo via AP
Russian president Vladimir Putin delivers a speech during the reopening ceremony of the newly restored Moscow Cathedral Mosque in Moscow, Russia, on September 23, 2015. Alexei Druzhinin/RIA Novosti, KShow more

Russia’s Putin opens huge new mosque in Moscow



MOSCOW // Russian president Vladimir Putin on Wednesday opened one of Europe’s biggest mosques in Moscow, warning against the lure of extremists as the government frets over its citizens fighting for ISIL.

Turkish leader Recep Tayyip Erdogan and Palestinian president Mahmoud Abbas were the guests of honour at the unveiling of the 20,000-square metre mosque in the Russian capital.

“This mosque will become an extremely important spiritual centre for Muslims in Moscow and the whole Russia,” Mr Putin said in a televised speech.

“It will be a source for education, spreading humanist ideas and the true values of Islam.”

The turquoise-domed mosque can host over 10,000 worshippers and is one of the largest in the country that will help to serve Russia’s estimated 20 million Muslims.

The US$170 million (Dh624m) project, which took a decade to complete, caused controversy over the destruction of an earlier mosque that stood on the same site.

Moscow – which has battled an Islamic insurgency in its volatile southern Caucasus region – is worried about the pull of extremist groups, especially ISIL extremists fighting in Syria and Iraq.

Interior minister Vladimir Kolokoltsev last week estimated that some 1,800 Russian citizens are fighting for the radical group.

Mr Putin in his speech lashed out at extremist groups for their “attempts to cynically exploit religious feeling for political ends”.

“We see what is happening in the Middle East where terrorists from the so-called ISIL group are compromising a great world religion, compromising Islam, in order to sow hate,” he said.

The Russian president was set to meet Mr Erdogan for talks that were expected to focus on the Syrian conflict, amid rising concerns in the West about a buildup of Russian forces in the war-torn country.

The United States says Moscow has recently sent troops, tanks and fighter jets to Syria, sparking fears that Russia could be looking to join the fight alongside its ally president Bashar Al Assad.

Turkey and Russia stand on opposing sides over the crisis in Syria, with Ankara fiercely backing the rebels trying to oust Mr Al Assad.

Turkey is currently waging what Ankara describes as a two-pronged “war on terror” against both ISIL and the Kurdistan Workers’ Party (PKK), although so far air strikes have overwhelmingly focused on bases of the Kurdish militants in northern Iraq.

Moscow has been on a diplomatic push to try to get western and regional powers involved in a coalition against ISIL to join forces with Mr Al Assad.

* Agence France-Presse

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Stars: Viola Davis, Thuso Mbedu, Sheila Atim, Lashana Lynch, John Boyega 

Rating: 3/5

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

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The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

Company Profile

Name: Direct Debit System
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Based: UAE with a subsidiary in the UK
Industry: FinTech
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Investors: Elaine Jones
Number of employees: 8

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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.”

CONFIRMED LINE-UP

Elena Rybakina (Kazakhstan)
Ons Jabeur (Tunisia)
Maria Sakkari (Greece)
Barbora Krejčíková (Czech Republic)
Beatriz Haddad Maia (Brazil)
Jeļena Ostapenko (Latvia)
Liudmila Samsonova
Daria Kasatkina
Veronika Kudermetova
Caroline Garcia (France)
Magda Linette (Poland)
Sorana Cîrstea (Romania)
Anastasia Potapova
Anhelina Kalinina (Ukraine)
Jasmine Paolini (Italy)
Emma Navarro (USA)
Lesia Tsurenko (Ukraine)
Emma Raducanu (Great Britain) – wildcard

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Dubai Rugby Sevens

November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures

Thursday, November 30:

10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders

Friday, December 1:

9am, Pitch 4, v SBA Pirates

Fixtures and results:

Wed, Aug 29:

  • Malaysia bt Hong Kong by 3 wickets
  • Oman bt Nepal by 7 wickets
  • UAE bt Singapore by 215 runs

Thu, Aug 30: 

  • UAE bt Nepal by 78 runs
  • Hong Kong bt Singapore by 5 wickets
  • Oman bt Malaysia by 2 wickets

Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal

Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore

Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong

Thu, Sep 6: Final

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
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