A resident searches for belongings in an apartment building destroyed during fighting in Borodyanka, Ukraine, on April 5. AP
A resident searches for belongings in an apartment building destroyed during fighting in Borodyanka, Ukraine, on April 5. AP
A resident searches for belongings in an apartment building destroyed during fighting in Borodyanka, Ukraine, on April 5. AP
A resident searches for belongings in an apartment building destroyed during fighting in Borodyanka, Ukraine, on April 5. AP

Physical damage to Ukraine hits $60bn, says World Bank


Soraya Ebrahimi
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

Damage to Ukraine's buildings and infrastructure from Russia's invasion has reached about $60 billion and will rise further as the war continues, World Bank President David Malpass said on Thursday.

Mr Malpass told a World Bank conference on Ukraine's financial needs that the early estimate of "narrow" damage costs does not include the growing economic costs of the war to Ukraine.

"Of course the war is still ongoing, so those costs are rising," he said.

Ukrainian President Volodymyr Zelenskyy, in an online address to the conference, outlined far bigger costs and financing needs.

He told those attending that Ukraine needed $7 billion a month to make up for economic loss caused by Russia's invasion of his country.

"And we will need hundreds of billions of dollars to rebuild all this later," Mr Zelenskyy said.

He said the global community should exclude Russia immediately from international financial institutions, including the World Bank and the International Monetary Fund and others.

And Mr Zelenskyy said that all countries "must immediately be prepared to break up all relations with Russia".

The conference on the sidelines of the IMF and World Bank spring meetings included international finance officials, including US Treasury Secretary Janet Yellen, who earlier said the US would double its direct non-military aid pledge to $1bn.

Mr Zelenskyy called for countries that have imposed sanctions and freezes on Russian assets to use that money to help rebuild Ukraine after the war and pay for losses suffered by other countries.

Ms Yellen said Russia should shoulder some of Ukraine's rebuilding costs.

"It’s clear that the rebuilding costs, ultimately, in Ukraine are going to be enormous," she said.

Looking "to Russia one way or another to help provide some of what’s necessary for Ukraine to build is something I think we ought to be pursuing".

But she said that using seized Russian central bank reserves in the US to rebuild Ukraine would be a "significant step" that would need discussions and agreement with international partners.

"It's one that you would carefully need to think through the consequences of," Ms Yellen said. "I wouldn't want to do so lightly."

Ukrainian Prime Minister Denys Shmyhal, who attended the conference in person, said Ukraine's GDP could decline by 30 to 50 per cent, with direct and indirect losses of $560bn so far.

That total is more than three times the size of Ukraine's economy, at $155.5bn in 2020, World Bank data shows.

"If we do not stop this war together, the losses will increase dramatically," Mr Shmyhal said.

He said Ukraine would need a rebuilding plan similar to the post-Second World War Marshall Plan that helped to rebuild a war-ravaged Europe.

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

While you're here

As You Were

Liam Gallagher

(Warner Bros)

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

MATCH INFO

World Cup 2022 qualifier

UAE v Indonesia, Thursday, 8pm

Venue: Al Maktoum Stadium, Dubai

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THE%20SPECS
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What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

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Infiniti QX80 specs

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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Asia Cup 2018 Qualifier

Sunday's results:

  • UAE beat Malaysia by eight wickets
  • Nepal beat Singapore by four wickets
  • Oman v Hong Kong, no result

Tuesday fixtures:

  • Malaysia v Singapore
  • UAE v Oman
  • Nepal v Hong Kong
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

Company%20Profile
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
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  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Company%20Profile
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BUNDESLIGA FIXTURES

(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld

Updated: April 22, 2022, 12:41 AM`