Britain's Foreign Secretary James Cleverly speaks during the Economic Transformation: Transparency And Reform For Private Sector-Led Growth session. Getty Images
Britain's Foreign Secretary James Cleverly speaks during the Economic Transformation: Transparency And Reform For Private Sector-Led Growth session. Getty Images
Britain's Foreign Secretary James Cleverly speaks during the Economic Transformation: Transparency And Reform For Private Sector-Led Growth session. Getty Images
Britain's Foreign Secretary James Cleverly speaks during the Economic Transformation: Transparency And Reform For Private Sector-Led Growth session. Getty Images

UK could support shorter route for Ukraine to join Nato, Cleverly says


Soraya Ebrahimi
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The UK could support Ukraine dropping a stage to speed up its accession to Nato, the Foreign Secretary indicated.

The UK would be “very supportive” if it was decided Kyiv did not need to go through the membership action plan stage of the process to join Nato, James Cleverly said during a conference on Ukrainian reconstruction.

“We have seen Ukraine evolve, and evolve incredibly quickly,” he told a press conference during the Ukraine Recovery Conference in London.

“Jens Stoltenberg, at the Nato informal foreign ministers (summit), said that actually, many of the requirements of membership action plan are actually being delivered.

“The reform of their armed forces is happening whilst engaged in conflict.

“I think the UK’s position would be very, very supportive if we moved on from the membership action plan, recognising that the offer to both Sweden and Finland didn’t require that and Ukrainians have demonstrated their commitment to reform the military for requirement of Nato membership through their actions on the battlefield.

“And I think all Nato allies recognise that.”

A look at the Nato military alliance - in pictures

Ukraine has long pushed for both Nato and EU membership as it continues to battle Vladimir Putin’s forces, but western capitals have differing views on the possibility and timeline for Ukraine to join both groups.

Ukrainian President Volodymyr Zelenskyy, who addressed the conference via video link, had earlier urged leaders to have the “courage” to acknowledge that his country is already a key part of their economic and defence alliances.

“We are only waiting for the courage of the alliance leaders to recognise this reality, politically.”

The comments by Mr Cleverly come ahead of a major Nato summit in Lithuania later this summer, in which a compromise on Ukrainian’s route to membership is expected to be brokered.

Nato agreed in 2008 that Ukraine would join the organisation one day, but did not set a date for it to start membership talks.

As the war continued, Ukraine applied for “accelerated accession” to Nato on September 30.

The Map stage is designed to help countries prepare for accession, but it is unclear whether other Nato members would back Ukrainian skipping such a process.

Vladimir Putin says Ukrainian forces have 'no chance'

Meanwhile, Russian President Vladimir Putin, said Moscow had observed a "lull" in Ukraine's counteroffensive, which began early this month.

Although Ukraine still had some offensive potential, Kyiv understood it had "no chance", Mr Putin said in televised remarks.

His comments came as Ukrainian President Volodymyr Zelenskyy said his army's progress was "slower than desired" but that Kyiv would not be pressured into rushing it.

Mr Putin has begun speaking with increasing frequency about the battlefield situation, perhaps reflecting the fact that the 16-month-old war has reached a critical moment with the launch of Ukraine's long-expected push.

"Oddly enough, at the moment we are seeing a certain lull. This is due to the fact that the enemy is suffering serious losses, both in personnel and equipment," he said.

But he said that Ukraine's offensive potential "has not yet been exhausted, there are also reserves that the enemy is thinking about where and how to introduce".

For the second time in less than a week, he said that the Ukrainian forces had "no chance".

The BBC quoted Mr Zelenskyy as saying in an interview that the military push was not going easily because 200,000 square kilometres of Ukrainian territory had been mined by Russian forces.

"Whatever some might want, including attempts to pressure us, with all due respect, we will advance on the battlefield the way we deem best," he added.

Ukraine says it has reclaimed eight villages so far in its counteroffensive, though only one of these was in the past week.

Contradicting Mr Putin's statement about a lull on the battlefield, British defence intelligence said on Twitter on Wednesday that "intense fighting continues in sectors of southern Ukraine".

If you go

Flights

Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.

The stay

Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

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Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
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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.”

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Updated: June 21, 2023, 6:34 PM