Nato suspends "business as usual" with Russia



"The North Atlantic Council met in special ministerial session on 19 Aug 2008, expressed its grave concern over the situation in Georgia and discussed its wider implications for Euro-Atlantic stability and security," said a statement released after a meeting of foreign ministers held at Nato headquarters in Brussels. The statement went on to say: "The Alliance is considering seriously the implications of Russia's actions for the Nato-Russia relationship. In 2002, we established the Nato-Russia Council, a framework for discussions with Russia, including on issues that divide the Alliance and Russia. We have determined that we cannot continue with business as usual. We call on Moscow to demonstrate - both in word and deed - its continued commitment to the principles upon which we agreed to base our relationship." The New York Times said: "European officials said they are not about to get into a military confrontation with Russia over Georgia. That's why European countries have blocked the Bush administration's efforts to bring Georgia and Ukraine into the alliance, said a senior European diplomat involved in the Nato emergency meeting on Tuesday. "The Nato statement did promise to consider the idea of beginning Georgia's accession to Nato in December, the diplomat said that in reality, its prospects are virtually nil. 'It's impossible,' he said, speaking on condition of anonymity under normal diplomatic procedure. "The alliance's charter, he pointed out, stipulates that potential Nato members have to resolve outstanding border issues before joining. That alone would block Georgia's entry. In addition, he said, European countries are not interested in granting Georgia accession just to spite Russia." Reuters reported: "The Nato statement drew sharp condemnation from Moscow, where Foreign Minister Sergei Lavrov accused the alliance of bias and wanting to support a 'criminal regime' in Tbilisi. "'Certainly there will be a lot of changes in our cooperation with Nato and we will have changes in the volume, the quality and the timeframe in our consultations and meetings,' Russian ambassador to Nato Dmitry Rogozin said in Brussels." The Guardian said: "Rice insisted that Nato had an open door policy and that countries who wanted to join should be free to do so. But the US secretary of state said that the US and the West did not want to isolate Russia, a point echoed by David Miliband, the British foreign secretary. " 'I am not one that believes that isolating Russia is the right answer to its misdemeanours. I think the right response is hard-headed engagement,' Miliband told reporters before the meeting. "Miliband said the priority was to show support for Georgia and ensure Russia stuck to a French-brokered accord to end the conflict over the breakaway South Ossetia region." In Open Democracy, George Hewitt, professor of Caucasian languages at London's School of Oriental & African Studies, wrote: "The torrent of media commentary on the Georgia-Russia war has been characterised by near-obsessive geopolitical calculation, which - as so often where Georgia and the region is concerned - tends by default to view Georgia's 'lost' territories (if they are viewed at all) as nothing more than inconsiderate and irritating pawns on a global chessboard. For this reason - but mainly because Abkhazia and South Ossetia matter in themselves and are central to any resolution of the issues underlying the Aug 2008 war - it is useful to consider the arguments for taking them and their claims seriously. "A striking feature of the Georgian political landscape even in these desperate days of Mikheil Saakashvili's humiliation is that there is very little recognition in the country of how deep are the scars inflicted by Georgia's invasions of South Ossetia (1990-92) and Abkhazia (1992-93). It is only when Georgia can at an official level come to take responsibility for its own role in this period that progress in resolving these now so-called 'frozen conflicts' can be made." In The Wall Street Journal, Thomas de Waal said: "So much has been left in ruins in the Caucasus in the past week. What chance is there of a salvage operation? "The landscape is littered with wreckage. First South Ossetia was ravaged; now Georgia is experiencing a great tragedy. Amid the wider carnage, the greatest losers are the 25,000 or so ethnic Georgians of South Ossetia. Only a month ago Ossetians and Georgians were buying and selling from one another in South Ossetia by day even as armed men in their villages exchanged fire at night. Now those Georgians face total dispossession, their homes burned by South Ossetian irregular fighters. Around 50,000 Georgians in Abkhazia are still in their homes, but they face a precarious future. These people have the greatest moral right to pass judgment on a long list of culprits."

Sharif issues ultimatum on the restoration of Pakistan's chief justice

"A day after their unified effort ousted President Pervez Musharraf, the two major parties in the governing coalition fell into disarray on Tuesday when they failed to agree on the restoration of the chief justice of the Supreme Court," The New York Times reported. "The instant deterioration in relations became evident when Nawaz Sharif, the leader of one of the parties, the Pakistan Muslim League-N, walked out of a meeting here and headed back to his home in Lahore, a four-hour drive away. "Party members said Mr Sharif had delivered an ultimatum to the senior coalition party, the Pakistan Peoples Party, led by Asif Ali Zardari, to consent to the return of the chief justice, Iftikhar Mohammad Chaudhry, within 72 hours, or the Mr Sharif's party would leave the government. Mr Chaudhry was among some 60 judges suspended by Mr Musharraf last year." In The Washington Post, Ahmed Rashid wrote: "The most pressing issues today involve the long-standing tension of Pakistan's politics and the relationship between the civilian government and the military. The government is led by the Pakistan People's Party, now run by Asif Ali Zardari, the widower of former prime minister Benazir Bhutto, but his party governs through a complex coalition of parties. "The PPP's main antagonist is former prime minister Nawaz Sharif, head of the Pakistan Muslim League-N, who never misses an opportunity to try to pull down the PPP, his longtime rival, rather than working with it to consolidate the few democratic gains the country has made. "Overthrown by Musharraf in a 1999 coup and humiliated by the army, Sharif rejects concessions to the army and offers no support to the war against Taliban extremists. Busy pandering to his right-wing supporters, he has little time for American demands." Meanwhile, reporting from neighbouring Afghanistan, The New York Times said: "Taliban insurgents mounted their most serious attacks in six years of fighting, one a complex attack with multiple suicide bombers on an American military base on Monday night, and another by some 100 insurgents on French forces in a district east of the capital, killing 10 French soldiers and wounding 21 others, military officials said Tuesday. "Three American soldiers were wounded and six members of the Afghan special forces in the attack on the base in the eastern province of Khost, bordering Pakistan, the Afghan military spokesman, Gen Zaher Azimi, said. The battle lasted all night, 10 suicide bombers were killed or blew themselves up, and the insurgents were repulsed without entering the base, he said. "The heavy fighting in the two places is a sharp escalation in insurgent operations in what is already Afghanistan's deadliest year since the American invasion in 2001. Insurgents have increased their use of roadside bombs and suicide bombs but have also shown a growing sophistication with several well-organised, complex operations employing multiple attackers and different types of weapons systems, Nato officials say."

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

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.”

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

THE SPECS

Engine: 3-litre V6

Transmission: eight-speed automatic

Power: 424hp

Torque: 580 Nm

Price: From Dh399,000

On sale: Now

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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.

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)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani