Ukraine's President Volodymyr Zelenskyy waits for the start of a meeting with Germany's Chancellor Olaf Scholz during a Nato summit in Vilnius on July 12, 2023. AP
Ukraine's President Volodymyr Zelenskyy waits for the start of a meeting with Germany's Chancellor Olaf Scholz during a Nato summit in Vilnius on July 12, 2023. AP
Ukraine's President Volodymyr Zelenskyy waits for the start of a meeting with Germany's Chancellor Olaf Scholz during a Nato summit in Vilnius on July 12, 2023. AP
Ukraine's President Volodymyr Zelenskyy waits for the start of a meeting with Germany's Chancellor Olaf Scholz during a Nato summit in Vilnius on July 12, 2023. AP

Nato leaders remind Ukraine support is not an 'Amazon transaction'


Damien McElroy
  • English
  • Arabic

Maybe it was a spillover from the festive mood in Vilnius, the capital of a small country so pleased with the arrival of the Nato summit that it printed T-shirts proclaiming that no one knew where Lithuania was.

An outbreak of thanks and grateful tributes replaced the more challenging demands of the previous day's negotiations as President Volodymyr Zelenskyy held talks on weapons and other security supplies with Nato counterparts.

Only on Tuesday he was calling the talks at the meeting “absurd” as he hit out at the failure to secure a timeline for his country's entry to the alliance and the attachment of conditions to the eventual decision.

Tweets before his arrival confirmed the sometimes prickly encounters Mr Zelenskyy has with his foreign backers.

British defence secretary Ben Wallace told the Nato meeting that he had to tell the Ukrainian leader that he “wasn't Amazon” when handed a list of equipment demands in Kyiv. He told the former comedian that his forthright manner could harm ties with the most generous donors, particularly the US.

“You will sometimes hear grumbles, not from the administration and the American system, but you will hear from lawmakers on the Hill, ‘We’ve given $83 billion worth of whatever and you know, we’re not Amazon.’

"I mean, that’s true. I told them that last June: I said to the Ukrainians when I drove 11 hours to be given [such] a list: ‘I’m not Amazon’,” Mr Wallace said.

“There is a slight word of caution here, which whether we like it or not, people want to see gratitude.”

Within hours Mr Zelenskyy was doing just that as he spoke at a press conference after meeting the Nato Secretary General Jens Stoltenberg. He told an American questioner that the US government, Congress and people deserved profound thanks. “You are truly the leaders in support for Ukraine. We really appreciate it,” he said.

  • US President Joe Biden greets the audience as he delivers a speech at Vilnius University during the Nato summit. EPA
    US President Joe Biden greets the audience as he delivers a speech at Vilnius University during the Nato summit. EPA
  • People raised US and Lithuanian flags as the US President delivered a speech. AFP
    People raised US and Lithuanian flags as the US President delivered a speech. AFP
  • Italian Prime Minister Giorgia Meloni held a press conference at the end of the Nato Summit in Vilnius. EPA
    Italian Prime Minister Giorgia Meloni held a press conference at the end of the Nato Summit in Vilnius. EPA
  • Canadian Prime Minister Justin Trudeau during a closing news conference. AP
    Canadian Prime Minister Justin Trudeau during a closing news conference. AP
  • G7 leaders, President of the European Council Charles Michel, European Commission President Ursula von der Leyen and Ukraine's President Volodymyr Zelenskyy pose for a photo during an event to announce a Joint Declaration of Support to Ukraine during the Nato summit in Vilnius, Lithuania. Reuters
    G7 leaders, President of the European Council Charles Michel, European Commission President Ursula von der Leyen and Ukraine's President Volodymyr Zelenskyy pose for a photo during an event to announce a Joint Declaration of Support to Ukraine during the Nato summit in Vilnius, Lithuania. Reuters
  • US President Joe Biden and Mr Zelenskyy during the announcement of the joint declaration. Reuters
    US President Joe Biden and Mr Zelenskyy during the announcement of the joint declaration. Reuters
  • Britain's Prime Minister Rishi Sunak, Mr Biden, Italy's Prime Minister Giorgia Meloni, Nato Secretary General Jens Stoltenberg and Mr Zelenskyy. EPA
    Britain's Prime Minister Rishi Sunak, Mr Biden, Italy's Prime Minister Giorgia Meloni, Nato Secretary General Jens Stoltenberg and Mr Zelenskyy. EPA
  • Mr Stoltenberg shakes hands with Mr Zelenskyy ahead of their joint press conference. AFP
    Mr Stoltenberg shakes hands with Mr Zelenskyy ahead of their joint press conference. AFP
  • Mr Zelenskyy with Netherlands Prime Minister Mark Rutte. Reuters
    Mr Zelenskyy with Netherlands Prime Minister Mark Rutte. Reuters
  • A Nato and Lithuanian flag at the venue on the second day of the summit. AP
    A Nato and Lithuanian flag at the venue on the second day of the summit. AP
  • Turkish President Recep Tayyip Erdogan with Greece's Prime Minister Kyriakos Mitsotakis. Reuters
    Turkish President Recep Tayyip Erdogan with Greece's Prime Minister Kyriakos Mitsotakis. Reuters
  • Security forces patrol near the venue in Vilnius. AP
    Security forces patrol near the venue in Vilnius. AP
  • Mr Zelenskyy with Mr Sunak. Getty
    Mr Zelenskyy with Mr Sunak. Getty
  • A Ukrainian flag is carried into the venue. Reuters
    A Ukrainian flag is carried into the venue. Reuters
  • Mr Zelenskyy and German Chancellor Olaf Scholz during the Nato leaders summit in Vilnius. Reuters
    Mr Zelenskyy and German Chancellor Olaf Scholz during the Nato leaders summit in Vilnius. Reuters
  • Mr Zelenskyy spoke with the media when he arrived. AP
    Mr Zelenskyy spoke with the media when he arrived. AP
  • Mr Sunak talking with US Secretary of State Antony Blinken. AFP
    Mr Sunak talking with US Secretary of State Antony Blinken. AFP
  • Participants at the summit in Vilnius. Getty
    Participants at the summit in Vilnius. Getty
  • Mr Scholz speaks with French President Emmanuel Macron. AFP
    Mr Scholz speaks with French President Emmanuel Macron. AFP
  • Ms von der Leyen speaks during the second day of the summit. EPA
    Ms von der Leyen speaks during the second day of the summit. EPA
  • Mr Macron greets Canada's Prime Minister Justin Trudeau. AFP
    Mr Macron greets Canada's Prime Minister Justin Trudeau. AFP

Tweets after bilateral meetings also had a change of tone, including one following a talks with prime minister of the Netherlands Mark Rutte. “I am grateful for the leadership of the Netherlands in making key decisions of the allies in support of Ukraine, in particular on the creation of an aviation coalition,” he said.

“We agreed to start a training mission for Ukrainian pilots on F-16 aircraft in August this year. We discussed the prospects for attracting new partners to the fighter jet coalition and strengthening Ukraine's air defence. Thank you, Netherlands.”

Similarly Mr Wallace's boss Rishi Sunak was thanked for the UK's support “I am grateful to the prime minister and the United Kingdom for supporting Ukraine's accession to Nato and for participating in providing Ukraine with effective security guarantees for the period before membership in the alliance,” Mr Zelenskyy said.

“I am particularly grateful to the UK for the recent successful holding of Ukraine Recovery Conference in London and the decisions taken to provide our country with long-term financial support, in particular by allocating frozen assets for Ukraine's reconstruction.”

Jake Sullivan, the US national security adviser, weighed in on the theme as well. “The American people do deserve a degree of gratitude from the United States government for their willingness to step up and from the rest of the world as well.

“The United States of America has stepped up to provide an enormous amount of capacity to help ensure that Ukraine’s brave soldiers have the ammunition, air defence, the infantry, fighting vehicles, the mine-clearing equipment and so much else to be able to effectively defend against Russia’s onslaught and to take territory back as well.”

For Mr Wallace the remarks were tendered as regretfully needed but mindful of the scale of sacrifice Ukraine is going to as it defends its territory from the Russian invasion.

“Your war is a noble war and we see it as you waging a war not just for yourselves but for our freedoms,” he said.

“But sometimes you’ve got to persuade lawmakers on the Hill in America, you’ve got to persuade doubting politicians in other countries that it’s worth it and it’s worthwhile and that they’re getting something for it. Whether you like it or not, that’s just the reality of it.”

Racecard
%3Cp%3E%0D5pm%3A%20Al%20Maha%20Stables%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%0D%3Cbr%3E5.30pm%3A%20Al%20Anoud%20Stables%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%0D%3Cbr%3E6.30pm%3A%20Arabian%20Triple%20Crown%20Round%202%20%E2%80%93%20Group%203%20(PA)%20Dh%20300%2C000%20(T)%202%2C200m%0D%3Cbr%3E7pm%3A%20Liwa%20Oasis%20%E2%80%93%20Group%202%20(PA)%20Dh300%2C000%20(T)%201%2C400m%0D%3Cbr%3E7.30pm%3A%20Dames%20Stables%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%3C%2Fp%3E%0A
England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

THE NEW BATCH'S FOCUS SECTORS

AiFlux – renewables, oil and gas

DevisionX – manufacturing

Event Gates – security and manufacturing

Farmdar – agriculture

Farmin – smart cities

Greener Crop – agriculture

Ipera.ai – space digitisation

Lune Technologies – fibre-optics

Monak – delivery

NutzenTech – environment

Nybl – machine learning

Occicor – shelf management

Olymon Solutions – smart automation

Pivony – user-generated data

PowerDev – energy big data

Sav – finance

Searover – renewables

Swftbox – delivery

Trade Capital Partners – FinTech

Valorafutbol – sports and entertainment

Workfam – employee engagement

INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

Soum: $4m

imVentures: $100m

Plug and Play: $25m

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A
WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. 

HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ENadeera%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ERabih%20El%20Chaar%20and%20Reem%20Khattar%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ECleanTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20About%20%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHope%20Ventures%2C%20Rasameel%20Investments%20and%20support%20from%20accelerator%20programmes%20%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
The specs: 2018 Maserati GranTurismo/GranCabrio

Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)

Engine 4.7L V8

Transmission Six-speed automatic

Power 460hp @ 7,000rpm

Torque 520Nm @ 4,750rpm

Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km

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.”

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

UAE squad

Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

Women’s draw: Maitha Al Neyadi (57kg)

Updated: July 13, 2023, 7:49 AM