US President Donald Trump said on Tuesday that there are “only a few remaining points of disagreement” with his Ukraine peace plan.
Mr Trump said he has directed US special envoy Steve Witkoff to meet Russian President Vladimir Putin, and Army Secretary Dan Driscoll to meet the Ukrainian leadership.
“The original 28-point peace plan, which was drafted by the United States, has been fine-tuned, with additional input from both sides,” he wrote in a post on Truth Social.
The initial proposal, drawn up between the US and Russia, has been refined to a 19-point plan acceptable to Kyiv and its European partners.
Ukrainian President Volodymyr Zelenskyy is ready to meet Mr Trump as soon as this week to iron out the disagreements, Axios reported, quoting his chief of staff.
But Mr Trump, who had originally set a deadline of Thursday for Ukraine to agree to a deal, said in his post he would only meet him and Mr Putin when the peace deal was in its final stages.
“Let’s all hope that peace can be accomplished as soon as possible,” he wrote.
Meanwhile, Europe was set to seize hundreds of billions of frozen Russian funds within days as it seeks to bring Moscow to the negotiating table.
Security guarantees to prevent further Russian aggression will be key to an enduring peace after a ceasefire in Ukraine and French President Emmanuel Macron indicated that the US was now willing to be part of that.
US Secretary of State Marco Rubio attended the “coalition of the willing” video call for the first time since regular meetings started in March.
UK Prime Minister Keir Starmer told the online meeting there were indications “that in large part the majority of the text looks as though, Volodymyr is indicating, could be accepted”.
“Ukraine should be able to defend itself in future. Hugely important,” Mr Starmer added.
After the meeting, Mr Macron announced that France had decided to go ahead with the frozen Russian assets “which are extremely important and also a means of exerting pressure”.
“We will finalise in the coming days … a solution that secures funding, gives visibility to Ukraine, but maintains this pressure,” he said in a video on X after the meeting of 36 mainly European leaders.
After any ceasefire, it was a question of “how to maintain this peace by deterring any further aggression”.
“First, by having a strong Ukrainian army,” Mr Macron said, adding that recent discussions in Geneva “showed that there should be no limitations on the Ukrainian army”, which under original proposals Russia had wanted to restrict to 600,000 troops.
“We have planned everything necessary to achieve this,” he said. “Alongside this, it's about having reinforcement forces that act as a second line of defence to bolster this Ukrainian army.”
On Wednesday a working group led by France and Britain, with close involvement from Turkey, will be launched that “for the first time” will have the participation of the US.
“These coming days will allow us to finalise everyone's contributions and secure these security guarantees,” Mr Macron said. “This is essential for the Ukrainians, essential for negotiating a credible peace and essential for maintaining pressure on Russia.”
Europe is preparing to post a strong multinational force in Ukraine if continuing peace talks culminate in a formal end to the war with Russia.
This force would not be expected to engage in combat and would include French, British and Turkish army personnel.
Mr Zelenskyy began the meeting by briefing those present on the situation as Russian drones and missiles rained down on Kyiv.
Mr Trump's plan had initially laid out a proposal to use $100 billion of frozen Russian assets on American-led postwar efforts in Ukraine. But the Europeans say they must decide what should be done with the assets.
Plans for the European Commission to seize them for a $161 billion reparation loan to Ukraine were derailed in October by Brussels demanding that all EU countries contribute if Russia successfully sues to get its money back.
Intense talks among Europeans are set to continue over the next days. An adviser to Mr Macron said that European and US officials would stay in touch. “We expect further discussions with our American partners on the work they may have done with the Russians regarding the terms of a ceasefire,” the diplomat said.
Tuesday's meeting is to be followed by an emergency call the next day between EU foreign ministers.
It remains unclear whether the idea of a multinational force will be acceptable to Moscow as the Russians have previously insisted that there can be no Nato or foreign troops in postwar Ukraine.
Earlier in the day, Mr Starmer said Ukraine “should be able to defend herself in future”, suggesting that it will continue to be heavily armed by the West.
The leaders’ virtual summit was also expected to include discussions on attempts by Europe to stop buying Russian oil and gas, with Mr Starmer telling the continent “to cut off the fuel to their war machine”.
“The urgent need to take Russian oil and gas off the global market was something I discussed extensively at the G20 [in South Africa],” he told parliament.
“This is vital, especially now as winter begins to bite in Ukraine and Putin continues his barbaric attacks on civilians and civilian energy infrastructure.”
Those attacks continued overnight with a storm of Kinzhal hypersonic missiles and Iranian-designed Shahed drones striking Kyiv and killing seven people.
While Ukraine still has the ability to retaliate – it is reported to have struck a Russian airbase – it remains on the military back foot, with Russia’s army continuing to make small but steady advances across the front line.
UAE currency: the story behind the money in your pockets
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
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 Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
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
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6.5-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E725hp%20at%207%2C750rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E716Nm%20at%206%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ4%202023%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C650%2C000%3C%2Fp%3E%0A
