US Secretary of Defence Lloyd Austin said the forum would continue as a monthly 'contact group' that would discuss Ukraine's defence needs. Photo: EPA
US Secretary of Defence Lloyd Austin said the forum would continue as a monthly 'contact group' that would discuss Ukraine's defence needs. Photo: EPA
US Secretary of Defence Lloyd Austin said the forum would continue as a monthly 'contact group' that would discuss Ukraine's defence needs. Photo: EPA
US Secretary of Defence Lloyd Austin said the forum would continue as a monthly 'contact group' that would discuss Ukraine's defence needs. Photo: EPA

Ukraine must be given the means to fight, says US


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The US on Tuesday said time was not Ukraine's friend in its conflict with Russia and that Kyiv must be given the "means to fight".

The remark came at defence talks involving 40 countries hosted by US Defence Secretary Lloyd Austin at Ramstein Airbase in Germany.

Mr Austin was on his way back to the US from a trip to Kyiv where he pledged additional military support to Ukrainian President Volodymyr Zelenskyy's war effort, which is at a crossroads.

General Mark Milley, chairman of the US Joint Chiefs of Staff, said Ukraine needed more security assistance to help defend itself against an unfolding and potentially decisive Russian onslaught in the east. He said the coming weeks were "critical".

"Time is not on Ukraine's side," Gen Milley said during closed-door remarks provided to reporters travelling with him. "The outcome of this battle, right here, today, is dependent on the people in this room."

"The Ukrainians will fight. We need to make sure they have the means to fight," he said.

Driven back by Ukrainian forces from a failed assault on Kyiv in the north, Moscow has redeployed troops to the east for a ground offensive in two provinces known as the Donbas.

"As we see this morning, nations from around the world stand united in our resolve to support Ukraine in its fight against Russia's imperial aggression," Mr Austin said at the start of the talks.

"Ukraine clearly believes that it can win, and so does everyone here."

US officials told Reuters that Russia will rely heavily on artillery strikes, trying to pound Ukrainian positions as Moscow moves in ground forces from several directions to try to envelop a significant chunk of Ukraine's military.

But the US also estimates many Russian units are depleted, with some operating with personnel losses as high as 30 per cent — a level considered by the US military to be too high to keep fighting, officials said.

Russia has so far acknowledged only 1,351 troops killed and 3,825 wounded.

Russia-Ukraine latest - in pictures

  • UN Secretary General Antonio Guterres visits Borodyanka, near Kyiv, where Russian forces are accused of killing civilians. AFP
    UN Secretary General Antonio Guterres visits Borodyanka, near Kyiv, where Russian forces are accused of killing civilians. AFP
  • Children play in the wreckage of a Russian armoured vehicle in Lukashivka, Chernihiv region, northern Ukraine. The village has been retaken by Ukrainian forces. EPA
    Children play in the wreckage of a Russian armoured vehicle in Lukashivka, Chernihiv region, northern Ukraine. The village has been retaken by Ukrainian forces. EPA
  • A cyclist passes a destroyed building in Derhachi village, near besieged city Kharkiv, in north-eastern Ukraine. AFP
    A cyclist passes a destroyed building in Derhachi village, near besieged city Kharkiv, in north-eastern Ukraine. AFP
  • Burnt-out wreckage of a tank in Kolychivka village, Chernihiv region, northern Ukraine. EPA
    Burnt-out wreckage of a tank in Kolychivka village, Chernihiv region, northern Ukraine. EPA
  • A Ukrainian flag flies in a park in Kramatorsk, Donetsk region, eastern Ukraine. A rocket attack on the city railway station earlier in April killed at least 50 people. AFP
    A Ukrainian flag flies in a park in Kramatorsk, Donetsk region, eastern Ukraine. A rocket attack on the city railway station earlier in April killed at least 50 people. AFP
  • Russian President Vladimir Putin addresses a meeting of MPs in St Petersburg. EPA
    Russian President Vladimir Putin addresses a meeting of MPs in St Petersburg. EPA
  • Youngsters Faddei and Oleksandr play in front of a church damaged during Russia's invasion of Ukraine, in the Chernihiv region. Reuters
    Youngsters Faddei and Oleksandr play in front of a church damaged during Russia's invasion of Ukraine, in the Chernihiv region. Reuters
  • A demonstrator turns emotional as she attends a rally in Kyiv demanding a humanitarian corridor to rescue civilians from Mariupol. Reuters
    A demonstrator turns emotional as she attends a rally in Kyiv demanding a humanitarian corridor to rescue civilians from Mariupol. Reuters
  • A Ukrainian Sukhoi Su-25 releases decoy flares as it provides air support to Ukrainian ground forces near central city of Yampil. AFP
    A Ukrainian Sukhoi Su-25 releases decoy flares as it provides air support to Ukrainian ground forces near central city of Yampil. AFP
  • An officer from National Guard of Ukraine surveys weapons left behind by Russian troops in Chernobyl. AFP
    An officer from National Guard of Ukraine surveys weapons left behind by Russian troops in Chernobyl. AFP
  • Mr Putin attends a meeting with UN Secretary General Antonio Guterres in Moscow. Reuters
    Mr Putin attends a meeting with UN Secretary General Antonio Guterres in Moscow. Reuters
  • Members of a team from the International Atomic Energy Agency carry equipment as they arrive at the Chernobyl nuclear power plant, in Chernobyl, Ukraine. AP
    Members of a team from the International Atomic Energy Agency carry equipment as they arrive at the Chernobyl nuclear power plant, in Chernobyl, Ukraine. AP
  • Ukrainian troops fire rockets from the city of Popasna, near Luhansk. EPA
    Ukrainian troops fire rockets from the city of Popasna, near Luhansk. EPA
  • Lithuanian musician Darius Mazintas plays a piano in front of the Central House of Culture destroyed during Russia's invasion, in the town of Irpin, outside Kyiv. Reuters
    Lithuanian musician Darius Mazintas plays a piano in front of the Central House of Culture destroyed during Russia's invasion, in the town of Irpin, outside Kyiv. Reuters
  • Ukrainian refugees Julia, second left, 32, and Miroslava, left, 11, walk away with relatives who received them after they crossed into Poland from Ukraine at the Dorohusk border. AFP
    Ukrainian refugees Julia, second left, 32, and Miroslava, left, 11, walk away with relatives who received them after they crossed into Poland from Ukraine at the Dorohusk border. AFP
  • Russian Foreign Minister Sergey Lavrov meets Mr Guterres in Moscow. AFP
    Russian Foreign Minister Sergey Lavrov meets Mr Guterres in Moscow. AFP
  • US Chairman of the Joint Chiefs of Staff Gen Mark Milley, left, US Secretary of Defence Lloyd Austin, second left, and Ukrainian Minister of Defence Oleksii Reznikov, right, attend the Ukraine Security Consultative Group meeting at Ramstein airbase in Ramstein-Miesenbach, Germany. Getty Images
    US Chairman of the Joint Chiefs of Staff Gen Mark Milley, left, US Secretary of Defence Lloyd Austin, second left, and Ukrainian Minister of Defence Oleksii Reznikov, right, attend the Ukraine Security Consultative Group meeting at Ramstein airbase in Ramstein-Miesenbach, Germany. Getty Images
  • Smoke rises from an oil terminal hit by fire in Bryansk, Russia. AP
    Smoke rises from an oil terminal hit by fire in Bryansk, Russia. AP
  • People take pictures by the wreckage of a Russian military vehicle, in the village of Rusaniv, Kyiv region. Reuters
    People take pictures by the wreckage of a Russian military vehicle, in the village of Rusaniv, Kyiv region. Reuters
  • Smoke rises above the Azovstal Iron and Steel Works plant amid fighting in Mariupol, Ukraine. Reuters
    Smoke rises above the Azovstal Iron and Steel Works plant amid fighting in Mariupol, Ukraine. Reuters
  • People carry a large Ukrainian flag as they attend a rally to mark the 77th anniversary of Liberation Day in Milan, Italy. The day remembers Italians who fought against the Nazis and Mussolini's troops during the Second World War. EPA
    People carry a large Ukrainian flag as they attend a rally to mark the 77th anniversary of Liberation Day in Milan, Italy. The day remembers Italians who fought against the Nazis and Mussolini's troops during the Second World War. EPA
  • A Ukrainian soldier looks at a Russian ballistic missile's booster stage that fell in a field in Bohodarove, eastern Ukraine. AFP
    A Ukrainian soldier looks at a Russian ballistic missile's booster stage that fell in a field in Bohodarove, eastern Ukraine. AFP
  • People watch as a residential building burns after Russian bombardment in Kharkiv, Ukraine. AP
    People watch as a residential building burns after Russian bombardment in Kharkiv, Ukraine. AP
  • Ukraine's President Volodymyr Zelenskyy meets US Secretary of State Antony Blinken and US Defence Secretary Lloyd Austin. Reuters
    Ukraine's President Volodymyr Zelenskyy meets US Secretary of State Antony Blinken and US Defence Secretary Lloyd Austin. Reuters
  • Russian President Vladimir Putin attends the Orthodox Easter service at the Cathedral of Christ the Saviour in Moscow. EPA
    Russian President Vladimir Putin attends the Orthodox Easter service at the Cathedral of Christ the Saviour in Moscow. EPA
  • A young girl in front of people carrying a huge Ukrainian flag during a peaceful demonstration entitled 'Solidarity with Ukraine' in Krakow, Poland. Reuters
    A young girl in front of people carrying a huge Ukrainian flag during a peaceful demonstration entitled 'Solidarity with Ukraine' in Krakow, Poland. Reuters
  • A boy stands next to a wrecked vehicle in front of an apartment damaged during the conflict in the southern port city of Mariupol. Reuters
    A boy stands next to a wrecked vehicle in front of an apartment damaged during the conflict in the southern port city of Mariupol. Reuters
  • This satellite image from Planet Labs PBC shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
    This satellite image from Planet Labs PBC shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
  • A Ukrainian man rides in front of a destroyed building in Kharkiv which had been shelled by the Russians. EPA
    A Ukrainian man rides in front of a destroyed building in Kharkiv which had been shelled by the Russians. EPA
  • A Ukrainian Territorial Defence fighter in a shelter with an Easter Cake near Kharkiv. Ukrainians mark Orthodox Easter today. EPA
    A Ukrainian Territorial Defence fighter in a shelter with an Easter Cake near Kharkiv. Ukrainians mark Orthodox Easter today. EPA
  • Residents receive Easter cakes and apples handed out by pro-Russian troops on Easter Day at the Svyato-Troitsky Church in the southern port city of Mariupol. Reuters
    Residents receive Easter cakes and apples handed out by pro-Russian troops on Easter Day at the Svyato-Troitsky Church in the southern port city of Mariupol. Reuters
  • A woman photographs the scene of yesterday's shelling in the southern Ukraine city of Odesa. Eight people were killed, including a three-month child, and about 20 were wounded. EPA
    A woman photographs the scene of yesterday's shelling in the southern Ukraine city of Odesa. Eight people were killed, including a three-month child, and about 20 were wounded. EPA
  • A military chaplain blesses Ukrainian soldiers on the occasion of Orthodox Easter not far from the city of Izyum in Kharkiv. EPA
    A military chaplain blesses Ukrainian soldiers on the occasion of Orthodox Easter not far from the city of Izyum in Kharkiv. EPA
  • An internally displaced man walks with dogs in the Palace of Culture, which was damaged by shelling in Rubizhne, eastern Ukraine. AFP
    An internally displaced man walks with dogs in the Palace of Culture, which was damaged by shelling in Rubizhne, eastern Ukraine. AFP
  • Tulips grow next to a building destroyed by shelling in Rubizhne. AFP
    Tulips grow next to a building destroyed by shelling in Rubizhne. AFP
  • Internally displaced people wait to receive food inside a factory that has been turned into a shelter, in Severodonetsk. AFP
    Internally displaced people wait to receive food inside a factory that has been turned into a shelter, in Severodonetsk. AFP
  • Members of the Ukrainian Red Cross carry a woman, 92, to an ambulance from a bunker at a factory in Severodonetsk. AFP
    Members of the Ukrainian Red Cross carry a woman, 92, to an ambulance from a bunker at a factory in Severodonetsk. AFP
  • Ambulance workers move an injured Ukrainian serviceman to a hospital in Donetsk. AP
    Ambulance workers move an injured Ukrainian serviceman to a hospital in Donetsk. AP
  • A woman sits inside a subway station that has been turned into a shelter, on the outskirts of second largest Ukrainian city, Kharkiv. AFP
    A woman sits inside a subway station that has been turned into a shelter, on the outskirts of second largest Ukrainian city, Kharkiv. AFP
  • Residents shelter in a subway station in Kharkiv. AFP
    Residents shelter in a subway station in Kharkiv. AFP
  • Anastasiya Kryvoho attends a candlelight vigil for Ukraine on the Orthodox Holy Saturday, in Toronto, Canada. Reuters
    Anastasiya Kryvoho attends a candlelight vigil for Ukraine on the Orthodox Holy Saturday, in Toronto, Canada. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses a press conference with international media in an underground metro station in Kyiv. AFP
    Ukrainian President Volodymyr Zelenskyy addresses a press conference with international media in an underground metro station in Kyiv. AFP
  • Firefighters work at the scene of a fire after shelling in Kharkiv, Ukraine. EPA
    Firefighters work at the scene of a fire after shelling in Kharkiv, Ukraine. EPA
  • A family from Myrne, a town occupied by Russian forces, wait to register with police at an evacuation point for people fleeing from Mariupol, Melitopol and surrounding towns. Getty Images
    A family from Myrne, a town occupied by Russian forces, wait to register with police at an evacuation point for people fleeing from Mariupol, Melitopol and surrounding towns. Getty Images
  • Oleksandr, 25, meets his parents Olga, 49, and Oleksandr, 50, who fled from the Russian-occupied village of Lyubimivka, at the evacuation point in Zaporizhzhia. EPA
    Oleksandr, 25, meets his parents Olga, 49, and Oleksandr, 50, who fled from the Russian-occupied village of Lyubimivka, at the evacuation point in Zaporizhzhia. EPA
  • Residents walk near a damaged military vehicle in an area controlled by Russian-backed separatist forces in Mariupol. AP
    Residents walk near a damaged military vehicle in an area controlled by Russian-backed separatist forces in Mariupol. AP
  • A heavily damaged apartment building in Horenka. Getty Images
    A heavily damaged apartment building in Horenka. Getty Images
  • Residents wrapped in blankets stand near their houses damaged by Russian shelling in Odesa. AP
    Residents wrapped in blankets stand near their houses damaged by Russian shelling in Odesa. AP
  • A Ukrainian flag is installed on top of a gob pile in Lysychans, eastern Ukraine. AFP
    A Ukrainian flag is installed on top of a gob pile in Lysychans, eastern Ukraine. AFP
  • A Ukrainian soldier rests at a checkpoint in Severodonetsk. AFP
    A Ukrainian soldier rests at a checkpoint in Severodonetsk. AFP

Organisers said more than 40 countries attended the talks at Ramstein, a sprawling airbase south-west of Frankfurt.

Delegates were mainly from Europe but also beyond, including Israel, Kenya and Australia. Representatives from South Korea and Japan attended remotely.

"This gathering reflects the galvanised world," Mr Austin said.

After the meeting, he said the forum would continue as a monthly "contact group" that would discuss Ukraine's defence needs.

Germany, for the first time, announced the delivery of heavy weapons to Ukraine.

"We decided yesterday that Germany will facilitate the delivery of Gepard self-propelled anti-aircraft guns to Ukraine," German Defence Minister Christine Lambrecht said at Ramstein, according to the script of her speech.

To date, Russia's invasion of Ukraine has killed thousands of people, displaced millions more and raised fears of a wider confrontation between Russia and the US — by far the world's two biggest nuclear powers.

Mane points for safe home colouring
  • Natural and grey hair takes colour differently than chemically treated hair
  • Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
  • When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
  • Most modern hair colours are technique-based, in that they require a confident hand and taught skills
  • If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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.

Planes grounded by coronavirus

British Airways: Cancels all direct flights to and from mainland China 

Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30

Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong

Ai Seoul:  Suspended all flights to China

Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March

Indonesia's Lion Air: Suspending all flights to China from February

South Korea's Asiana Airlines,  Jeju Air  and Jin Air: Suspend all flights

Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin%20electric%20motors%20and%20105kWh%20battery%20pack%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E619hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C015Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3EUp%20to%20561km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ3%20or%20Q4%202022%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh635%2C000%3C%2Fp%3E%0A

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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

McIlroy's struggles in 2016/17

European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th

PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st

Her most famous song

Aghadan Alqak (Would I Ever Find You Again)?

Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.

Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab

PLAY-OFF%20DRAW
%3Cp%3EBarcelona%20%20v%20Manchester%20United%0D%3Cbr%3E%0D%3Cbr%3EJuventus%20v%20Nantes%20%0D%3Cbr%3E%0D%3Cbr%3ESporting%20Lisbon%20v%20Midtjylland%20%0D%3Cbr%3E%0D%3Cbr%3EShakhtar%20Donetsk%20v%20Rennes%20%0D%3Cbr%3E%0D%3Cbr%3EAjax%20v%20Union%20Berlin%0D%3Cbr%3E%0D%3Cbr%3EBayer%20Leverkusen%20v%20Monaco%20%0D%3Cbr%3E%0D%3Cbr%3ESevilla%20v%20PSV%20Eindhoven%0D%3Cbr%3E%0D%3Cbr%3ESalzburg%20v%20Roma%3C%2Fp%3E%0A

Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels

On Instagram: @WithHopeUAE

Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”

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.”

Updated: April 26, 2022, 7:01 PM