US Secretary of State Antony Blinken criticised China at the UN on Friday after Beijing unveiled a peace plan for Ukraine.
On the same day as the anniversary of Russia's invasion, China unveiled a 12-point proposal for a ceasefire between Kyiv and Moscow.
But Mr Blinken pointed to the close ties between the two countries, which China has said have “no limits”.
“No member of this council should call for peace while supporting Russia’s war on Ukraine and on the UN Charter,” Mr Blinken told the 15-member Security Council.
The Chinese proposal comes as the US and Nato have voiced concerns that Beijing could be planning to supply Russia with weapons to prop up its war effort. China has denied the claims.
US outlets have reported that China is considering delivering artillery and drones to Russia for use in Ukraine, though the White House said no deliveries have occurred.
When asked by reporters at the White House on Friday evening, US President Joe Biden said there was "no evidence of that so far" of China providing military support to Russia.
Josep Borrell, the EU’s foreign policy chief, told reporters that China’s proposal is “not a peace plan”.
“It is a position paper … where China has put together all their positions expressed since the beginning,” Mr Borrell said.
Still, he said the proposal had “interesting considerations” about the use of nuclear arms, the exchange of prisoners and the Black Sea grain initiative, but for it to be “credible”, he said Chinese officials should visit Kyiv.
Dai Bing, China's deputy ambassador to the UN, said Beijing had “always taken an objective and impartial stance based on the merits of the issue” and that it was ready to play a “responsible role” in resolving the conflict.
The Chinese proposal came a day after 141 of the UN's members passed a resolution demanding that Russia exit Ukraine.
Ukraine’s Foreign Minister Dmytro Kuleba said any new peace proposals should be aligned with the demands made in that resolution.
“We invite all countries from every corner of the world to facilitate implementation of the resolution and peace formula,” he said.
Ukraine’s President Volodymyr Zelenskyy had also voiced initial support for aspects of the China proposal, saying on Thursday that the fact that Beijing had started talking about peace in Ukraine "is not bad."
The resolution underscored the urgent need to reach a peaceful settlement to the conflict that is consistent with the UN Charter, including the principles of sovereign equality and the territorial integrity of states.
The UAE's ambassador to the UN, Lana Nusseibeh, stressed that it was time to invest in "inclusive and imaginative diplomacy", reinforcing Secretary General Antonio Guterres’s role as a "mediator with consistent, robust and determined backing".
"We are under no illusions that this effort will be easy — too much blood has been spilt, too much damage has been done," Ms Nusseibeh said.
The post-war vision, noted the UAE ambassador, must also "incentivise Russia and Ukraine to the negotiating table, not to the battlefield".
"But all of us should dread, with equal certainty, what looms in the wake of its failure," she said.
Mr Guterres, who on Friday called Russia's invasion a “living hell” for the people of Ukraine, said almost 40 per cent of the Ukrainian population needs humanitarian assistance and protection, while 30 per cent of the jobs in the country have been wiped out.
More than eight million Ukrainians have fled to other parts of Europe, in addition to another 5.4 million who have been internally displaced — “a displacement crisis not seen in Europe in decades”, he said.
Russia's UN envoy Vasily Nebenzya told the Security Council that Friday's meeting marked “the last day of a week which was anything but simple and it will be remembered … for the information hullabaloo”.
He said that if Russia were to stop hostilities, Ukraine would “continue discrimination against the Russian-speaking people” and repeated claims that Kyiv is run by “Nazi criminals”.
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Kandahar%20
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Vikram%20Vedha
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Gayatri%2C%20Pushkar%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Hrithik%20Roshan%2C%20Saif%20Ali%20Khan%2C%20Radhika%20Apte%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%C2%A0%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.