A Russian military blunder may have been the cause of a missile strike on a Kremenchuk shopping centre, the UK said after Moscow claimed that it had not intentionally targeted the crowded mall.
At least 20 civilians were killed when the Amstor mall was hit at about 4pm local time on Monday, sparking a huge inferno that gutted the mall.
Twenty-five survivors are in hospital and 40 people are missing, Ukrainian officials said. The death toll is expected to rise.
The attack unleashed a renewed wave of international condemnation of Russia’s actions in Ukraine, with G7 leaders calling it an "abominable attack" and French President Emmanuel Macron branding it "a new war crime".
President Volodymyr Zelenskyy accused Russia of carrying out a “terrorist attack” on the shopping centre, in which there were about 1,000 people when it was struck.
The Russian Defence Ministry said it carried out a strike on nearby hangars storing western arms and ammunition, which triggered the fire at the mall. The ministry did not provide evidence to back up its claims.
The UK’s Ministry of Defence (MoD) said the Russian military may have been aiming for a target close to the shopping mall in the industrial city more than 160 kilometres from the nearest front line.
“There is a realistic possibility the missile strike on the Kremenchuk shopping centre on June 27, 2022 was intended to hit a nearby infrastructure target,” the MoD tweeted in an intelligence update on Wednesday.
“Russia’s inaccuracy in conducting long-range strikes has previously resulted in mass civilian casualty incidents, including at Kramatorsk railway station on April 9, 2022.”
President Zelenskyy dismissed Russian claims it had accidentally struck the mall, saying in his nightly video statement: “Obviously there was an order to do this.”
“They wanted to kill as many people as possible in a peaceful location,” he said.
"Russian missile hit this location precisely. De-li-be-ra-te-ly,” he said. “It is clear that Russian killers received those exact co-ordinates.”
The war in Ukraine is dominating the Nato summit taking place in Madrid this week, as the transatlantic alliance looks to revamp its defences.
On Tuesday, the first day of the three-day gathering, Turkey dropped its opposition to Finland and Sweden joining the group and the two Nordic countries will be invited to join the alliance in Madrid for further talks.
As the war in Ukraine stretches into a fifth month, Mr Zelenskyy is increasing calls on western leaders to supply more arms to Ukrainians battling to defend their homeland; he will address the Nato summit via videolink to reiterate his pleas.
He told G7 leaders at a summit in Bavaria earlier this week that he wants the war over by winter, when the colder months could play to President Vladimir Putin’s advantage.
Nato chief Jens Stoltenberg called the meeting in the Spanish capital a "historic and transformative summit" for the alliance's future.
Nato countries, which have already committed billions of dollars in military assistance to Kyiv, will agree a "comprehensive assistance package to Ukraine, to help them uphold the right for self-defence".
"We meet in the midst of the most serious security crisis we have faced since the Second World War," Mr Stoltenberg said. "We'll state clearly that Russia poses a direct threat to our security."
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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Off-roading in the UAE: How to checklist
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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