The explosions caused two majority Russian-controlled pipelines to leak gas into the Baltic Sea. Reuters
The explosions caused two majority Russian-controlled pipelines to leak gas into the Baltic Sea. Reuters
The explosions caused two majority Russian-controlled pipelines to leak gas into the Baltic Sea. Reuters
The explosions caused two majority Russian-controlled pipelines to leak gas into the Baltic Sea. Reuters

Sweden says it will be difficult to determine who blew up Nord Stream pipelines


Nicky Harley
  • English
  • Arabic

Swedish prosecutors have said it is going to be "difficult" to find out who blew up the Nord Stream pipelines in the Baltic Sea last year.

Seven months into the investigation of the explosions that ruptured the pipelines connecting Russia and Germany in the economic zones of Sweden and Denmark at a depth of 80 meters, prosecutors said investigation was complicated.

"Our hope is to be able to confirm who has committed this crime, but it should be noted that it likely will be difficult given the circumstances," prosecutor Mats Ljungqvist said.

"We are working unconditionally and turning over every stone and leaving nothing to chance."

Mr Ljungqvist said that "the clear main scenario" was that a state sponsored group was behind the sabotage but that an independent group was still "theoretically possible".

He said that the type of explosive used in the bombings ruled out "a large portion of actors".

The landfall facilities of the Nord Stream 1 gas pipelines in Lubmin, Germany. Reuters
The landfall facilities of the Nord Stream 1 gas pipelines in Lubmin, Germany. Reuters

Germany has confirmed its investigators raided a ship in January that may have been used to transport the explosives used to blow up the pipelines. The boat could have been used by a Ukrainian or pro-Ukrainian group, German media reported.

"There is a variety of information and reports about the sabotage against the gas pipes. The incident has obviously become an open arena for different influence attempts," Mr Ljungqvist said.

"These speculations do not have an impact on the ongoing investigation, which is grounded in facts and the information which has emerged from analyses, crime scene investigations and collaboration with authorities in Sweden and other countries."

Last week the UN Security Council rejected Moscow's draft resolution calling for an independent inquiry into the sabotage.

The draft resolution stated the attack was carried out by a state actor and that a UN investigation is needed to “uncover the truth and identify those responsible".

It was co-sponsored by China, Belarus, Venezuela, North Korea, Nicaragua, Syria and Eritrea.

Moscow alleges that the three nations are engaged in a US-backed cover-up and has rejected its repeated requests for a joint investigation.

Company name: Play:Date

Launched: March 2017 on UAE Mother’s Day

Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

Size: 20 employees

Stage of funding: Seed

Investors: Three founders (two silent co-founders) and one venture capital fund

Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

Tips for SMEs to cope
  • Adapt your business model. Make changes that are future-proof to the new normal
  • Make sure you have an online presence
  • Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
  • Open communication with customers to see how they are coping and be flexible about extending terms, etc
    Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.

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.”

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

Updated: April 07, 2023, 3:57 AM