Since the war began, about 150,000 Ukrainians have been fleeing every day into neighbouring states. That rate has begun to fall as the conflict grinds toward its fourth week, but it may tick back up with potentially intense fighting looming in Kyiv, Odessa and western Ukraine. Either way, the total number of Ukrainian refugees looks set to hit three million this week and could surge past four million by the end of the month.
Already the Ukrainian wave washing over Europe is twice the size of the 2015-16 tide of mostly Muslim refugees that shook the West. Back then, Europe and the US seemed horrified at the prospect of millions of new Syrian, Iraqi and Afghan neighbours – perhaps you remember the former US president Donald Trump’s so-called Muslim ban or the German far-right’s warnings of a coming “Eurabia”.
Today the prevailing western view seems to be that desperate Ukrainians are “like us”, so let them come. Many observers have noted the not-so-subtle racism in the West’s response. However condescending this may be toward Middle Easterners, it is good news for desperate Ukrainians, who have the added advantage of EU land borders and thus need not brave the high seas to find sanctuary.
Since 2014, more than 25,000 migrants have died attempting to cross the Mediterranean into Europe, according to German firm Statista. Although I can personally confirm that crossing the border from Ukraine into the EU is no picnic, as far as I know, no Ukrainians have died during processing.
Poland has stood out with its generosity, welcoming nearly two million Ukrainians
Ukraine’s conflict, however dire, is not yet the Syrian civil war: since 2011 more than 13 million Syrians have been forced from their homes, more than half the country’s pre-war population, including nearly seven million refugees. Thus far, about 11-12 per cent of Ukraine’s 45 million citizens have been displaced and 7 per cent have fled abroad.
Still, that’s a sizable slice of humanity, particularly in such a short period of time, and Europe deserves applause for its willingness to process millions of arrivals in a matter of days. Western countries, particularly EU states, have to their credit largely flung open their doors, even as their leaders have been busy determining the wisest military and economic response.
Perhaps driven by its own historical clashes with Russia, Poland has stood out with its generosity – welcoming nearly two million Ukrainians with no help from top aid groups like the Red Cross or UN refugee agency because Poles have opened their homes, hotels and hearts. It’s a good start, but more than likely, it really is merely the beginning.
As much as I would prefer to not consider the possibility of a years-long conflict or Russian occupation of Ukraine, Europe may soon need to figure out a long-term approach for handling and even integrating all the Ukrainians having to leave their country. One model that comes to mind is Turkey, which has hosted more than four million mainly Syrian refugees for nearly a decade and offers some parallels with the current crisis.
For starters, Turks and Syrians are both primarily Muslim, just as Poles and Ukrainians are mainly Christian, though the former favour Catholicism and the latter the Orthodox church. The flip side of the West’s apparent refugee bias is that the idea of integrating Ukrainians into Poland and other mainly Christian EU states should be much less panic-inducing.
The cuisines and cultures of eastern Poland and western Ukraine are in some areas nearly interchangeable
In addition, Turkish territories along the border with Syria are steeped in Arab and Levantine culture, from food to language and music. Hatay became a province of Turkey only in 1939, a move still disputed by Damascus. Unsurprisingly, these areas have shouldered much of Turkey’s refugee burden: Syrians now make up about one third of the population of the Turkish city of Gaziantep and a quarter of neighbouring Sanliurfa, compared to 6-7 per cent of Istanbul.
Similarly, eastern Poland and western Ukraine have a great deal of shared history, including the Austro-Hungarian Empire, the Holocaust and stints under Russian control. Lviv, which has in recent days emerged as Ukrainians’ main domestic refuge, was Polish-controlled and known as Lwow for much of the Middle Ages. Separated by a language, as with borderland Syrians and Turks, the cuisines and cultures of eastern Poland and western Ukraine are in some areas nearly interchangeable.
The situation seems ripe for Poland to now play the Turkey role in response to its destabilising next-door war. Even before the conflict, Poland was home to more than a million Ukrainians, their largest diaspora in Europe, and served as a key recruiting ground and logistical conduit for Ukrainians returning home to fight. Poland’s population is only half that of Turkey’s, yet already its two biggest cities, Warsaw and Krakow, have taken in about a million Ukrainians combined. But the strain is starting to show: on the weekend, Warsaw’s mayor said the city had absorbed as many Ukrainians as it could and the need for an international relocation system had become urgent.
It seems contradictory, given all the lockdowns and stay-at-home orders of the past two years, but perhaps it’s fitting that this pandemic era is also an age of exile. Never before in human history have so many people been displaced from their homes, more than 85 million, according to the UN refugee agency, or more than 1 per cent of humanity.
For many Europeans this wave might recall the vast displacement of the Second World War, which highlights another historical tie between Poles and Ukrainians. After the war, tens of thousands of both refused to return to their home countries, which had become part of the USSR. In early 1946, western powers united to create a refugee organisation meant to assist those with legitimate fears of persecution – that body later became the UN refugee agency.
Beyond my concern for the Ukrainians who were so recently my friends and neighbours in Kyiv, for me this refugee wave has me thinking of Turkey, where I lived as the number of arriving Syrians ticked into the millions. Many viewed Ankara’s open-door policy as an extension of then-prime minister Recep Tayyip Erdogan’s opposition to Syrian President Bashar Al Assad and an attempt to gain regional popularity as the champion of oppressed Muslims.
Whatever its reasoning, Turkey was widely and rightly lauded for its generosity. But today, a decade on from the first Syrian arrivals, Turkish citizens facing high unemployment and rampant inflation have tired of their refugee guests, who are seen as taking too many jobs.
Opposition parties have vowed to return all the Syrians and Afghans home should they come to power after next year’s elections, and have of late been out-polling Mr Erdogan’s long-ruling AKP party. This, sometimes, is the cost of doing good. It’s now Europe’s turn, once again, to bear that burden.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
MATCH INFO
Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
More coverage from the Future Forum
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45' 2
Arsenal 1
Papastathopoulos 80'
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
More on Quran memorisation:
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%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
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UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
UAE currency: the story behind the money in your pockets
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
UAE currency: the story behind the money in your pockets
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The years Ramadan fell in May
The years Ramadan fell in May
KILLING OF QASSEM SULEIMANI
