Russian soldiers take part in drills in the Rostov region in southern Russia. Concerns over a 'lightning' strike on Ukraine have risen. AP Photo
Russian soldiers take part in drills in the Rostov region in southern Russia. Concerns over a 'lightning' strike on Ukraine have risen. AP Photo
Russian soldiers take part in drills in the Rostov region in southern Russia. Concerns over a 'lightning' strike on Ukraine have risen. AP Photo
Russian soldiers take part in drills in the Rostov region in southern Russia. Concerns over a 'lightning' strike on Ukraine have risen. AP Photo

Russia tests hypersonic missiles as experts fear Putin may launch Christmas offensive


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Concerns have been raised over a potential Russian offensive in Ukraine over the Christmas period, following threats from President Vladimir Putin.

Military analysts fear that with people distracted by the long break and the significant rise in Covid-19 infections, the Russian president is taking his brinkmanship to the “very edge”.

With an estimated 122,000 troops supported by armour and aircraft on Ukraine’s eastern frontier, concerns over a “lightning” strike have risen.

Mr Putin said on Friday that the Russian military successfully fired a simultaneous salvo of its Zircon hypersonic missiles, calling it “a big event” for the country.

As world powers race to develop advanced weaponry, Russia has carried out a number of successful tests of its Zircon hypersonic cruise missile.

This was however the first time that Russian authorities reported a successful simultaneous launch test of several Zircon missiles.

Speaking at a government meeting on Friday, Mr Putin said that the salvo launch of the missile had been conducted overnight.

“The tests were conducted successfully, immaculately,” Mr Putin said in televised remarks.

The Russian leader has lauded the missile as part of a new generation of unrivalled arms systems.

It came a day after Mr Putin was asked, during his annual press conference on Thursday, for assurances that he would not invade. He gave an ominous response.

Russian President Vladimir Putin at his annual end-of-year news conference in Moscow. Reuters
Russian President Vladimir Putin at his annual end-of-year news conference in Moscow. Reuters

“We just want to ensure our own safety,” he said. “Stuff your concerns. We want to ensure Russian security and we will do what we think we need to do. We can do anything at any cost.”

His bellicose language prompted a robust response from Britain’s foreign secretary.

“I condemn the Kremlin’s aggressive and inflammatory rhetoric against Ukraine and Nato,” said Liz Truss. “Any Russian incursion would be a massive strategic mistake and would be met with strength.”

But President Putin said he was running out of patience with his demand for Nato to withdraw its forces from central and eastern Europe and missiles deployed on his border.

Analysts believe that he is attempting to divert attention away from Russia's economic crisis, as well as the 1,000 deaths a day Russia is suffering from Covid.

“It they attack over Christmas nobody could say it was a surprise because it's been pretty heavily signalled,” said retired British army officer Hamish de Bretton-Gordon.

“This is classic Putin brinkmanship and he’s jolly good at it, particularly at this time of the year when there is a bit of unrest in the country. It's typical Putin to try and get the focus off other things but he still remains a serious threat.”

Military sources believe Mr Putin is playing to a domestic audience but that it is still uncertain whether he is preparing to launch another invasion, as he did in 2014 taking Crimea.

A satellite image shows Russian forces in Soloti, Russia. Reuters
A satellite image shows Russian forces in Soloti, Russia. Reuters

“It might be Christmas but we cannot for one moment take our eye off the ball on this,” a defence source said. “We know there’s heavy armour and troops on the border and it just takes one order from Moscow to send them marching into Ukraine. Things are tense, to say the least.”

Mr Putin’s main motivation is thought to be ensure that Ukraine does not become part of the western alliance that would pose a threat to Russia.

“He absolutely wants to avoid Ukraine becoming part of Nato because that would give Nato the strategic advantage,” Mr de Bretton-Gordon told The National.

“At the moment I expect people think the strategic situation is well balanced. But if he does invade it’s still highly unlikely there will be an East-West conflict. Nobody believes that spilling British or American blood to save Ukraine is something that we're likely to do.”

If Russia did seize part of Ukraine then it could face a dangerous and bloody insurgency similar to that experienced in Chechnya, or Afghanistan – a country it invaded 42 years ago today.

A US State Department official said Russia was increasing its troops' strength on the border but warned of “massive consequences” if it invaded.

Europe and America have called for urgent talks with Moscow in early January to address Mr Putin’s concerns and de-escalate the tension.

'Shakuntala Devi'

Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

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Updated: December 25, 2021, 6:34 AM