British Defence Minister Ben Wallace. EPA
British Defence Minister Ben Wallace. EPA
British Defence Minister Ben Wallace. EPA
British Defence Minister Ben Wallace. EPA

UK buys artillery from Sweden to replace arms sent to Ukraine


Soraya Ebrahimi
  • English
  • Arabic

The UK is to buy artillery systems from Sweden after its stocks ran low because of equipment being sent to Ukraine for its conflict with Russia, Defence Secretary Ben Wallace has said.

Under the terms of the government-to-government agreement, ownership of the first 14 Archer self-propelled guns will be transferred to the British Army this month.

Sweden will supply an interim replacement for the 32 AS90s the UK has donated to the Ukrainian forces.

The Ministry of Defence said the Archer, designed and built by BAE Systems Bofors in Sweden, had double the maximum range of the AS90, greater mobility, greater availability and less time to put into action.

“This agreement with a close European ally will sustain the British Army’s requirements until the longer-term mobile fires platform comes into service — a programme we are working hard to accelerate," Mr Wallace said.

Ukraine and Russia conflict latest - in pictures

  • Ukrainian soldiers fire a howitzer towards Russian positions, near Bakhmut in Ukraine. AP
    Ukrainian soldiers fire a howitzer towards Russian positions, near Bakhmut in Ukraine. AP
  • Resident Svetlana Boiko, 66, who was wounded in recent shelling, is comforted near her destroyed house in Donetsk. Reuters
    Resident Svetlana Boiko, 66, who was wounded in recent shelling, is comforted near her destroyed house in Donetsk. Reuters
  • A wounded Ukrainian soldier is treated in a front-line stabilisation ambulance, near Kreminna. Reuters
    A wounded Ukrainian soldier is treated in a front-line stabilisation ambulance, near Kreminna. Reuters
  • A house in Donetsk destroyed in recent shelling. Reuters
    A house in Donetsk destroyed in recent shelling. Reuters
  • Ukrainian volunteer soldiers hold their positions at the front line near Bakhmut. AFP
    Ukrainian volunteer soldiers hold their positions at the front line near Bakhmut. AFP
  • Volunteers carry the remains of a Uragan rocket as they clear the area around the Sviatohirsk Cave Monastery in Dolyna. AFP
    Volunteers carry the remains of a Uragan rocket as they clear the area around the Sviatohirsk Cave Monastery in Dolyna. AFP
  • A man sits inside a damaged car in the village of Chasiv Yar. AFP
    A man sits inside a damaged car in the village of Chasiv Yar. AFP
  • Ukrainian servicemen fire at Russian positions in the region of Donbas. AFP
    Ukrainian servicemen fire at Russian positions in the region of Donbas. AFP
  • Rescue workers put out a fire in a house shelled by Russian forces in Kostiantynivka. AP
    Rescue workers put out a fire in a house shelled by Russian forces in Kostiantynivka. AP
  • A Ukrainian serviceman moves towards the frontline city of Bakhmut. AFP
    A Ukrainian serviceman moves towards the frontline city of Bakhmut. AFP
  • Vladyslav, a Ukrainian paratrooper of the 80 Air Assault brigade, rests in a dugout at the front line near Bakhmut. AP
    Vladyslav, a Ukrainian paratrooper of the 80 Air Assault brigade, rests in a dugout at the front line near Bakhmut. AP
  • Residents of the village of Bohorodychne cross the Seversky Donets river to retrieve bread from the other bank. AFP
    Residents of the village of Bohorodychne cross the Seversky Donets river to retrieve bread from the other bank. AFP

British Prime Minister Rishi Sunak has spoken by phone to Ukrainian President Volodymyr Zelenskyy to discuss the latest battle situation.

After his recent meetings with US, Australian and French leaders, Mr Sunak said the UK would continue to work closely with allies to ensure Ukraine had the equipment it needed, Downing Street said.

He updated Mr Zelenskyy on the delivery of more UK military aid, saying it was “vital Ukraine had the capabilities to change the battlefield equation as soon as possible”.

UAE currency: the story behind the money in your pockets

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.”

The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Avatar%3A%20The%20Way%20of%20Water
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The years Ramadan fell in May

1987

1954

1921

1888

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

COMPANY%20PROFILE
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WISH
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Jiu-jitsu calendar of events for 2017-2018:

August 5:

Round-1 of the President’s Cup in Al Ain.

August 11-13:

Asian Championship in Vietnam.

September 8-9:

Ajman International.

September 16-17

Asian Indoor and Martial Arts Games, Ashgabat.

September 22-24:

IJJF Balkan Junior Open, Montenegro.

September 23-24:

Grand Slam Los Angeles.

September 29:

Round-1 Mother of The Nation Cup.

October 13-14:

Al Ain U18 International.

September 20-21:

Al Ain International.

November 3:

Round-2 Mother of The National Cup.

November 4:

Round-2 President’s Cup.

November 10-12:

Grand Slam Rio de Janeiro.

November 24-26:

World Championship, Columbia.

November 30:

World Beach Championship, Columbia.

December 8-9:

Dubai International.

December 23:

Round-3 President’s Cup, Sharjah.

January 12-13:

Grand Slam Abu Dhabi.

January 26-27:

Fujairah International.

February 3:

Round-4 President’s Cup, Al Dhafra.

February 16-17:

Ras Al Khaimah International.

February 23-24:

The Challenge Championship.

March 10-11:

Grand Slam London.

March 16:

Final Round – Mother of The Nation.

March 17:

Final Round – President’s Cup.

Company%20profile
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GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Updated: March 16, 2023, 9:27 PM