An armed man stands by the remains of a Russian military vehicle in Bucha, close to the capital Kyiv, Ukraine, Tuesday, March 1, 2022. Russia on Tuesday stepped up shelling of Kharkiv, Ukraine's second-largest city, pounding civilian targets there. Casualties mounted and reports emerged that more than 70 Ukrainian soldiers were killed after Russian artillery recently hit a military base in Okhtyrka, a city between Kharkiv and Kyiv, the capital. (AP Photo / Serhii Nuzhnenko)
An armed man stands by the remains of a Russian military vehicle in Bucha, close to the capital Kyiv, Ukraine, Tuesday, March 1, 2022. Russia on Tuesday stepped up shelling of Kharkiv, Ukraine's second-largest city, pounding civilian targets there. Casualties mounted and reports emerged that more than 70 Ukrainian soldiers were killed after Russian artillery recently hit a military base in Okhtyrka, a city between Kharkiv and Kyiv, the capital. (AP Photo / Serhii Nuzhnenko)
An armed man stands by the remains of a Russian military vehicle in Bucha, close to the capital Kyiv, Ukraine, Tuesday, March 1, 2022. Russia on Tuesday stepped up shelling of Kharkiv, Ukraine's second-largest city, pounding civilian targets there. Casualties mounted and reports emerged that more than 70 Ukrainian soldiers were killed after Russian artillery recently hit a military base in Okhtyrka, a city between Kharkiv and Kyiv, the capital. (AP Photo / Serhii Nuzhnenko)
An armed man stands by the remains of a Russian military vehicle in Bucha, close to the capital Kyiv, Ukraine, Tuesday, March 1, 2022. Russia on Tuesday stepped up shelling of Kharkiv, Ukraine's secon

UK’s Ben Wallace: no-fly zone would strip Ukraine of ability to hit Russians from air


Laura O'Callaghan
  • English
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Britain’s Defence Secretary Ben Wallace has restated the UK government’s opposition to enforcing a no-fly zone in Ukraine, arguing it would strip Ukrainian army of its ability to strike Russians from the air.

As President Vladimir Putin’s invasion enters its seventh day, and the civilian death toll mounts, there remains little appetite in the West to close the skies over Eastern Europe.

A day after UK Prime Minister Boris Johnson dismissed calls for a no-fly zone, Mr Wallace rejected the idea and said this would lead to a larger war.

“If you have a no-fly zone you have to enforce a no-fly zone,” Mr Wallace told Sky News.

“That would involve British fighter jets shooting down Russian fighter jets, probably over Ukraine; that would lead to Article Five triggering of Nato, and Nato is a self-defence pact; all 30 countries will come to each other’s aid. The triggering of that Article Five would lead to a war against Russia across the whole of Europe.”

He said a restriction on aircraft would also have to apply to Ukrainian jets, which would prevent them from bombing Russian targets.

“If you had a no-fly zone in Ukraine, the overwhelming scale of the Russian army would be able to drive around with impunity, which it can’t at the moment.”

On Tuesday, Mr Johnson said no Nato member was considering introducing a no-fly zone over Ukraine to prevent Russian forces from dropping bombs.

“I think for any Nato member to get involved actively in conflict with Russia is a huge step which is not being contemplated by any member,” Mr Johnson said during a visit to Tapa military base in Estonia.

The prime minister, accompanied by Estonia’s Prime Minister, Kaja Kallas, was greeted by Nato troops at the site.

A no-fly zone would open the possibility of Nato troops shooting down Russian planes, Mr Johnson said. This is “not on the agenda of any Nato country”, he said.

“We will not fight Russian forces in Ukraine,” he said. “Our reinforcements, like these reinforcements here in Tapa, are firmly within the borders of Nato members.”

After the Russian leader ordered troops into the former Soviet nation last Thursday, Ukraine’s Ambassador to the UK, Vadym Prystaiko, immediately called on Nato to impose a no-fly zone.

Such a measure would have to be enforced by military means, including surveillance, pre-emptive strikes against defensive systems and the downing of aircraft that enter a restricted area.

Gen Sir Adrian Bradshaw, former deputy supreme allied commander of Nato, backed Britain’s opposition to a no-fly zone.

He argued the conflict in Ukraine was not like the war in Iraq, and said: “We’re up against a sophisticated enemy with very capable air defence assets.”

He said that if a no-fly zone were imposed, British troops would have to shoot down Russian planes, carry out attacks on ground elements of Russia’s air defences and possibly conduct special forces raids.

He said such a scenario would pave the way for a multipronged war between Nato and Russia that would span space, the ground, sea, air, internet and media.

“This is war. It amounts to 30 countries against Russia,” he told BBC Radio 4’s Today programme. “This is the Third World War in anybody’s language. We cannot afford to let that happen.”

Mr Wallace told the BBC that President Putin knows “no limit” and would use indiscriminate carpet bombing against Ukrainian cities as his forces close in on Kyiv. He said the leadership of the Russian military was “ruthless” and was prepared to lay siege to Ukraine’s population centres.

After days of intense battles, Russian paratroopers landed on a military hospital in Ukraine’s second city, Kharkiv, overnight. But Mr Wallace said Mr Putin’s forces did not yet have control of the eastern city.

The Ministry of Defence said the latest intelligence suggested Russian forces had moved into the centre of Kherson, in south Ukraine.

More than 2,000 civilians have been killed since Russia launched its invasion, the Ukrainian emergency service said on Wednesday.

Mr Johnson spoke to Ukrainian President Volodymyr Zelenskyy on Wednesday morning to voice his “disgust” at the “abhorrent attacks” carried out by Russian forces in Ukraine in recent hours and days, a UK government representative said.

“The Prime Minister told President Zelenskyy that the UK was rallying UN General Assembly members today, to ensure the strongest possible condemnation of Russia at this afternoon’s UN meeting in New York,” the representative said.

“Sharing his disgust at the attacks on Ukraine, the prime minister said the UK was doing everything possible to support the Ukrainian people and their resistance.

“President Zelenskyy thanked the Prime Minister for the UK’s support and leadership in ensuring defensive aid reached Ukraine and said it had been vital in holding back Russian forces.

“Both leaders agreed on the need for sanctions to go further to exert maximum pressure on President Putin in the coming days.

“The prime minister said his thoughts and prayers, and those of the UK, were with the Ukrainian people.”

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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.”

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Creator: Jenna Lamia

Rating: 3/5

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Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Match info

Uefa Champions League Group C

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THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

Updated: March 02, 2022, 3:08 PM