Volodymyr Zelenskyy faced a different reality when he arrived in Davos this week, with Europe running low on cash and patience amid a three-year war on its doorstep.
France, with a deficit twice what EU rules allow, has voted to bring its swollen budget under control, while Germany is set to have a new leader next month. US President Donald Trump says he wants to end the war but remains highly unpredictable, with the $180 billion in US aid for Ukraine given by former president Joe Biden expected to dry up.
On Tuesday, in unusually critical remarks about Russian President Vladimir Putin, Mr Trump said: “He should make a deal … I think Russia’s going to be in big trouble. Zelenskyy wants to make a deal.”
With regards to the expansion of America, I think they were general phrases. If, for example, they wanted to expand at the expense of the Russian Federation, then of course, why not?!
Volodymyr Zelenskyy on Trump's talk of annexing Greenland
Mr Zelenskyy also struck an unusually critical note against his European allies on stage at the World Economic Forum, warning they were “falling behind” the US and China in the tech and AI race, and telling them to “put paid” to Iran's threat.
Afterwards, in a media briefing which included The National, he spoke about what it would take to end the war and hinted that he had to have a convincing deal to sell to his people.
“Who will stop a father with a weapon who lost his child?” he said. Mr Zelenskyy also touched on Mr Trump's desire to seize Greenland, saying he was welcome to annex some of the Russian Federation instead.
On ending the war
“We are the victim. Putin is the occupier. He started the war and he's not hiding this fact. But seeing as we want to finish this war, and President Trump also says he would like to finish the war, and I believe he [Trump] could help us.
“But we all should understand that Putin does not want to end the war. Because he did not achieve his objective. This is why it's difficult for us, difficult for our allies – and difficult for President Trump as well.
On accepting the loss of territory
“Even if all the allies in the world come together, we will still not recognise the occupation. Legally, we'll never recognise it. So, until these territories come back, they will be occupied by Russia.
“We've lost children, relatives, husbands, I don't want to get emotional, but I want you to understand our position. Was it all in vain? Will it be lost in history?
“There is an understanding of how to exit this war so that Ukraine would still remain Ukraine, a sovereign Ukraine. [Putin] does not want this. But does he have a vision of exit? I don't think he has.
On Ukraine after the war
“Could we start life over without knowing … what if he starts the war again? We can't bring children who have been taken out of the country … people cannot leave the trenches. Investors are coming? Will they come? No way.
“It cannot just be a deal with the devil. We need to talk to him from a position of strength because if we start talking as equals, that will be a defeat for Ukraine.
Nato membership
“We would like to be in Nato. And the majority of members support us. But four countries do not: the US, Germany, Slovakia and Hungary. And all of these four countries, everything depends on the US. The Nato issue depends on the US. If President Trump wants to see us in Nato, we will be in Nato.”
On meeting Trump
On Ukraine's Chief of Staff meeting with Vice President JD Vance in December: “They had a meeting in the US. They had a good meeting. It was very difficult because of the inauguration to make concrete steps, because of American law. Now we will see. Maybe [US envoy Lt Gen Keith] Kellogg will come along, maybe some more guys will come to Kyiv – and of course, we'll have a meeting in Washington. Soon.”
On Trump's plan to annex Greenland
“With regards to the expansion of America, I think they were general phrases. If, for example, they wanted to expand at the expense of the Russian Federation, then of course, why not?
On France's budget crisis
“We have very good relations with Emmanuel Macron and his team. We've known each other for many years, five years. We've had difficult moments but I'm grateful for his support in difficult times.
On Brazil's 'failed' peace deal
“We very much wanted to join all of the countries so that we were all at the table. But Brazil decided to come up with its own initiative and China wanted its own initiative. And the African continent … the Arab countries and the Middle East, all had their own visions. And none of those make the war closer to an end.
“Today, I believe that the opportunity has been missed, their train has gone in a different direction. I've met [President] Lula and asked him to be the partner to put an end to the war, but now he's no longer a player. He's not a player – and for Trump, he won't be a player.
On a Ukrainian 'buffer' between the EU and Russia
“Nato is the cheapest security guarantee for Ukraine, for America, for Europe and Russians. Today, we have 800,000 military personnel. We would need to have a one million army, because what quantity can stand in defence [against Russia].
“Who will provide supplies for the one million army? If Europe says that Ukraine defends not only Ukraine but also Europe it is logical for us all to supply this army with weapons … because Ukraine will not have the budget for a one million army.
“If they have a 1.5 million army, if we have less, two times, it means we need contingents.... with a very strong number of soldiers. 200,000 Europeans? 200,000 is the minimum. Otherwise, it's nothing.
'You have $250bn in Russia assets, let's get it'
“I say you have $250 billion in frozen Russian assets, I say let's get it, let's do some infrastructure and the sustainment of the army until we are in the Nato alliance.
“I'm not saying this is something unimaginable, I'm saying it's something I've discussed already …
On selling peace to the Ukrainian people
“We lost a lot of people, husbands lost their lives, and the opposite. And if we're not in Nato who will stop a father with a weapon who lost his child? Nato is a compromise. If you are in Nato, you [a future Ukraine] will never go with a weapon to the Russians. If we are not in Nato, this is the answer …”
The%20specs
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
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.”
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
No.6 Collaborations Project
Ed Sheeran (Atlantic)
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
COMPANY%20PROFILE
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Results
2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.
3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.
3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.
4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.
4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Company%20Profile
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Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
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Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
UAE currency: the story behind the money in your pockets
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
