The Spring meetings will take place online from April 18-24. AFP
The Spring meetings will take place online from April 18-24. AFP
The Spring meetings will take place online from April 18-24. AFP
The Spring meetings will take place online from April 18-24. AFP

Ukraine war to lower growth forecast of 143 countries with diverging fortunes: IMF chief


Deena Kamel
  • English
  • Arabic

The Ukraine war and ensuing sanctions on Russia have led the International Monetary Fund to lower its global economic growth forecast this year for 143 countries, accounting for 86 per cent of the world's output, with widely varying prospects.

Economies facing downgrades include net importers of food and fuel — in Africa, the Middle East, Asia and Europe, Kristalina Georgieva, the IMF's managing director, said on Thursday.

For many exporters of oil, natural gas and metals, rising commodity prices will lift their growth prospects, but they will face higher uncertainty and their gains are insufficient to offset an overall global slowdown driven mainly by the war.

“The outlook has deteriorated substantially, largely because of the war and its repercussions. Inflation, financial tightening and frequent, wide-ranging lockdowns in China — causing new bottlenecks in global supply chains — are also weighing on activity,” the IMF chief said.

  • A boy rides a bicycle past a house that was damaged by shelling in Andriivka village, not far from Kyiv. EPA
    A boy rides a bicycle past a house that was damaged by shelling in Andriivka village, not far from Kyiv. EPA
  • A destroyed residential building in Mariupol, south-eastern Ukraine. Reuters
    A destroyed residential building in Mariupol, south-eastern Ukraine. Reuters
  • Firefighters at work on the outskirts of Kharkiv, north-east Ukraine. EPA
    Firefighters at work on the outskirts of Kharkiv, north-east Ukraine. EPA
  • A torn Ukrainian flag in front of a ruined Mariupol apartment building. Reuters
    A torn Ukrainian flag in front of a ruined Mariupol apartment building. Reuters
  • Residents who cleared debris after Russian shelling eat lunch outside a damaged building in Makariv, near Kyiv. EPA
    Residents who cleared debris after Russian shelling eat lunch outside a damaged building in Makariv, near Kyiv. EPA
  • Children play with a therapeutic dog at a shelter organised by volunteers in Zaporizhzhya, Ukraine. Reuters
    Children play with a therapeutic dog at a shelter organised by volunteers in Zaporizhzhya, Ukraine. Reuters
  • A girl stands by the door of a bunker in Severodonetsk, in eastern Ukraine's Donbas region, as Russian troops intensify a campaign to take the strategic port city of Mariupol. AFP
    A girl stands by the door of a bunker in Severodonetsk, in eastern Ukraine's Donbas region, as Russian troops intensify a campaign to take the strategic port city of Mariupol. AFP
  • A firefighter at work following a missile attack near Kharkiv International Airport. Reuters
    A firefighter at work following a missile attack near Kharkiv International Airport. Reuters
  • A Ukrainian fighter walks in front of a destroyed house in Bohdanivka village, north-east of Kyiv. AFP
    A Ukrainian fighter walks in front of a destroyed house in Bohdanivka village, north-east of Kyiv. AFP
  • Two women hug outside a heavily damaged apartment block following an artillery attack in Kharkiv. Reuters
    Two women hug outside a heavily damaged apartment block following an artillery attack in Kharkiv. Reuters
  • Ukrainian soldiers guard the village of Barvinkove, as Russia's invasion on Ukraine continues. Reuters
    Ukrainian soldiers guard the village of Barvinkove, as Russia's invasion on Ukraine continues. Reuters
  • Leonid Serdiuchenko, a Ukrainian commander, stands next to destroyed vehicles outside Barvinkove. Reuters
    Leonid Serdiuchenko, a Ukrainian commander, stands next to destroyed vehicles outside Barvinkove. Reuters
  • A woman carries the portrait of Dmytro Stefienko, 32, a civilian killed during the war, during his funeral in Bucha, Ukraine. AP
    A woman carries the portrait of Dmytro Stefienko, 32, a civilian killed during the war, during his funeral in Bucha, Ukraine. AP
  • A Russian soldier collects weapons from inside the Mariupol drama theatre in Ukraine. AFP
    A Russian soldier collects weapons from inside the Mariupol drama theatre in Ukraine. AFP
  • Relatives and friends attend the funeral of Andriy Matviychuk, 37, who served as a territorial defence soldier, who was captured and killed by the Russian army in Bucha, Ukraine. AP
    Relatives and friends attend the funeral of Andriy Matviychuk, 37, who served as a territorial defence soldier, who was captured and killed by the Russian army in Bucha, Ukraine. AP
  • Anatoliy Morykin, 45, left, mourns the death of his mother, Valentyna Morykina, 82, who died in a retirement home in Bucha during the Russian invasion. AP
    Anatoliy Morykin, 45, left, mourns the death of his mother, Valentyna Morykina, 82, who died in a retirement home in Bucha during the Russian invasion. AP
  • Nadiya, 65, shows a hole in a wall of a building after shelling in Zalissya, Ukraine. EPA
    Nadiya, 65, shows a hole in a wall of a building after shelling in Zalissya, Ukraine. EPA
  • A booby trap found by locals near their home in Zalissya. EPA
    A booby trap found by locals near their home in Zalissya. EPA
  • Debris of a school bus near a damaged school that was a base for Russian troops in Bohdanivka, Ukraine. EPA
    Debris of a school bus near a damaged school that was a base for Russian troops in Bohdanivka, Ukraine. EPA
  • A man examines the debris of a destroyed Russian tank in Bohdanivka. EPA
    A man examines the debris of a destroyed Russian tank in Bohdanivka. EPA
  • President Joe Biden speaks to the media before boarding Air Force One at Des Moines International Airport, en route to Washington. AP
    President Joe Biden speaks to the media before boarding Air Force One at Des Moines International Airport, en route to Washington. AP
  • Valentina Saroyan sits in the basement of a school in Yahidne, near Chernihiv, Ukraine. AP
    Valentina Saroyan sits in the basement of a school in Yahidne, near Chernihiv, Ukraine. AP
  • Vasyl Cherepenko stands next to a mass grave at a cemetery in Yahidne, near Dnipro, Ukraine. AP
    Vasyl Cherepenko stands next to a mass grave at a cemetery in Yahidne, near Dnipro, Ukraine. AP
  • Oksana, second from left, and Yevhen, right, talk with police officers next to their apartment building damaged by shelling in Irpin, Ukraine. AP
    Oksana, second from left, and Yevhen, right, talk with police officers next to their apartment building damaged by shelling in Irpin, Ukraine. AP
  • Women bid farewell to relatives as they leave the Slovyansk central station in the Donbas region. AFP
    Women bid farewell to relatives as they leave the Slovyansk central station in the Donbas region. AFP
  • The partially destroyed Mariupol drama theatre in Ukraine, hit on March 16 by an air strike. AFP
    The partially destroyed Mariupol drama theatre in Ukraine, hit on March 16 by an air strike. AFP
  • A man embraces his wife as she prepares to board a train at Slovyansk central station in the Donbas region. AFP
    A man embraces his wife as she prepares to board a train at Slovyansk central station in the Donbas region. AFP
  • A woman walks through a damaged apartment building after a Russian attack in Kharkiv, Ukraine. AP
    A woman walks through a damaged apartment building after a Russian attack in Kharkiv, Ukraine. AP
  • A missile pierces the road in front of the Kharkiv Regional State Administration building amid Russia's attack on Ukraine. Reuters
    A missile pierces the road in front of the Kharkiv Regional State Administration building amid Russia's attack on Ukraine. Reuters
  • A boy walks by unexploded Russian shells in the village of Andriyivka close to Kyiv, Ukraine. AP
    A boy walks by unexploded Russian shells in the village of Andriyivka close to Kyiv, Ukraine. AP
  • Ukrainian tanks move down a street in Irpin, on the outskirts of Kyiv. AP
    Ukrainian tanks move down a street in Irpin, on the outskirts of Kyiv. AP
  • A man walks past a storage place for burned armed vehicles and cars, on the outskirts of Kyiv. AP
    A man walks past a storage place for burned armed vehicles and cars, on the outskirts of Kyiv. AP
  • Local residents stand on top of a Russian tank on the outskirts of Kyiv. AP
    Local residents stand on top of a Russian tank on the outskirts of Kyiv. AP
  • Ukrainian families, who have fled Kherson amid the Russian invasion, watch a dolphin show at a hotel in Odesa, Ukraine. Reuters
    Ukrainian families, who have fled Kherson amid the Russian invasion, watch a dolphin show at a hotel in Odesa, Ukraine. Reuters
  • Residents stand outside their apartments as shops burn after a Russian attack in Kharkiv, Ukraine. AP
    Residents stand outside their apartments as shops burn after a Russian attack in Kharkiv, Ukraine. AP
  • Irina Szymanska holds her baby in a temporary shelter at the central train station for displaced people heading to Poland in Lviv, Ukraine. Getty Images
    Irina Szymanska holds her baby in a temporary shelter at the central train station for displaced people heading to Poland in Lviv, Ukraine. Getty Images
  • A man walks in his yard, damaged by shelling, in the village of Andriivka, Ukraine. EPA
    A man walks in his yard, damaged by shelling, in the village of Andriivka, Ukraine. EPA
  • Sixty-two-year-old Luba hugs a Ukrainian servicewoman in Andriivka. EPA
    Sixty-two-year-old Luba hugs a Ukrainian servicewoman in Andriivka. EPA
  • A woman washes clothes in the yard of a ruined house in Andriivka. EPA
    A woman washes clothes in the yard of a ruined house in Andriivka. EPA
  • Russian soldiers patrol a street in Volnovakha, in the self-proclaimed Donetsk People's Republic. The picture was taken during a trip organised by the Russian military. AFP
    Russian soldiers patrol a street in Volnovakha, in the self-proclaimed Donetsk People's Republic. The picture was taken during a trip organised by the Russian military. AFP
  • Russian mine clearers search for explosive objects in a building the Russian authorities say was damaged by Ukrainian shelling. AFP
    Russian mine clearers search for explosive objects in a building the Russian authorities say was damaged by Ukrainian shelling. AFP
  • A woman reads a book as residents find shelter from shelling in a metro station in Kharkiv. Reuters
    A woman reads a book as residents find shelter from shelling in a metro station in Kharkiv. Reuters
  • Firefighters try to contain a fire at a plant in Kharkiv following Russian shelling. Reuters
    Firefighters try to contain a fire at a plant in Kharkiv following Russian shelling. Reuters
  • Farm owner Zlobina Lubov tends to her animals in the village of Malaya Rohan, Ukraine. Reuters
    Farm owner Zlobina Lubov tends to her animals in the village of Malaya Rohan, Ukraine. Reuters
  • A bathtub is seen inside a building that was heavily damaged by shelling in Kharkiv. Reuters
    A bathtub is seen inside a building that was heavily damaged by shelling in Kharkiv. Reuters
  • A man looks out of his window, amid Russia's invasion of Ukraine, in Borodianka. Reuters
    A man looks out of his window, amid Russia's invasion of Ukraine, in Borodianka. Reuters
  • Soldiers 'came to my house and said go to the basement' Zinaida Makishaiva, 82, said, before they started to shoot around her. 'God saved my life,' she said. Reuters
    Soldiers 'came to my house and said go to the basement' Zinaida Makishaiva, 82, said, before they started to shoot around her. 'God saved my life,' she said. Reuters
  • A mother waits for police officers to exhume the body of her son from a well at a fuel station in Buzova, Kyiv region. According to the head of the village, he was killed by Russian soldiers. Reuters
    A mother waits for police officers to exhume the body of her son from a well at a fuel station in Buzova, Kyiv region. According to the head of the village, he was killed by Russian soldiers. Reuters

“Fortunately, for most countries, growth will still remains in positive territory. That said, the impact of the war will contribute to forecast downgrades for 143 economies this year.”

The IMF chief’s remarks came ahead the spring meetings of the IMF and World Bank scheduled for April 18 to 24.

In January, the Washington-based lender projected global economic growth would reach 4.4 per cent this year, a downgrade of 0.5 percentage point from its October estimates, due to Omicron-related disruptions.

The fund is expected to lower its projections further for 2022 and 2023 in its World Economic Outlook next week as the Russian war in Ukraine sends shock waves throughout the global economy, raising energy and food prices and threatening to further increase inequalities.

“Prospects vary greatly across countries: from catastrophic economic losses in Ukraine, to a severe contraction in Russia, to countries facing spillovers from the war through commodity, trade, and financial channels,” Ms Georgieva said.

The medium-term outlook has also worsened.

For most countries, output is now expected to take even longer to return to its pre-pandemic levels, the IMF chief said.

Emerging markets and developing economies are not only grappling with the impact of the war but also the “scarring effects” of the Covid-19 pandemic, including job losses and education challenges that are borne mostly by women and youth, she said.

“The recovery remains deeply divergent between rich and poor,” Ms Georgieva said.

The IMF chief painted a dire picture of a future marred by weaker growth, rising inflation, concerns about food security and greater hardships for people.

“The outlook is extraordinarily uncertain — well beyond the normal range. The war and sanctions could escalate. New Covid variants could emerge. Crops could fail,” she said.

COUNTRIES MOST AFFECTED BY FOOD PRICE INCREASES
COUNTRIES MOST AFFECTED BY FOOD PRICE INCREASES

Inflation, a “clear and present danger” for many countries, is a massive setback for the global economic recovery, she said.

Soaring energy and food prices and supply chain disruptions continue to push up inflation, squeezing real incomes of households around the world.

“For advanced economies, inflation is already reaching a four-decade high. And we now project it to remain elevated for longer than previously estimated,” the IMF chief said.

The Russia-Ukraine conflict has also raised concerns about food security worldwide as the two warring countries used to provide 28 per cent of global wheat exports. Russia and Belarus supplied 40 per cent of exports of potash, which is used primarily in fertilisers.

Food security is a “grave concern” and the world must act immediately with a multilateral initiative to bolster food supplied, the fund warned.

“The alternative is dire: more hunger, more poverty, and more social unrest — especially for countries that have struggled to escape fragility and conflict for many years,” Ms Georgieva said.

CONSUMER PRICE INFLATION
CONSUMER PRICE INFLATION

Policymakers are facing a tough balance between reining in high inflation and rising debt, while maintaining critical spending and building foundations for sustainable growth.

“We face bigger challenges and more difficult choices,” she said.

The immediate priorities are to end the war in Ukraine, deal with the pandemic and tackle inflation and debt, the IMF said.

Deploying Covid-19 vaccines, tests and antiviral treatments can be done for $15 billion this year, and $10bn each year afterwards, IMF staff analysis showed.

“If we have learned anything from the pandemic, it is that health security is economic security,” Ms Georgieva said.

To address inflation, central banks must act decisively, keeping their finger on the pulse of the economy and adjust policy appropriately, she said.

Developing countries facing higher borrowing costs and risks of capital outflows must consider extending debt maturities and using exchange rate flexibility to foreign exchange interventions and capital flow management measures, she added.

The IMF's lending currently stands at more than $300bn to help its members maintain access to liquidity.

To address mounting debt, countries' spending must be carefully prioritised on safety nets, health and education while ensuring equitable tax policies.

For some countries — especially among the 60 per cent of low-income nations already in or near debt distress — debt restructuring will be required, she said.

The world is facing “a crisis on top of a crisis” with the devastating humanitarian and economic effects of the war following two years of the pandemic, that risks eroding the recovery progress made so far.

“In a world where war in Europe creates hunger in Africa; where a pandemic can circle the globe in days and reverberate for years; where emissions anywhere mean rising sea levels everywhere — the threat to our collective prosperity from a breakdown in global cooperation cannot be overstated,” she said.

What is Bitcoin?

Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.

The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. 

Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October

Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The%20team
%3Cp%3E%0DFashion%20director%3A%20Sarah%20Maisey%0D%3Cbr%3EPhotographer%3A%20Greg%20Adamski%0D%3Cbr%3EHair%20and%20make-up%3A%20Ania%20Poniatowska%0D%3Cbr%3EModels%3A%20Nyajouk%20and%20Kristine%20at%20MMG%2C%20and%20Mitchell%0D%3Cbr%3EStylist%E2%80%99s%20assistants%3A%20Nihala%20Naval%20and%20Sneha%20Maria%20Siby%0D%3Cbr%3EVideographer%3A%20Nilanjana%20Gupta%3C%2Fp%3E%0A

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

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%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2010.9-inch%20Liquid%20Retina%20IPS%20LCD%2C%202%2C360%20x%201%2C640%2C%20264ppi%2C%20wide%20colour%2C%20True%20Tone%2C%20Apple%20Pencil%201%20support%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A14%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%2064GB%2F256GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iPadOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%2012-megapixel%20wide%2C%20f%2F1.8%2C%205x%20digital%2C%20Smart%20HDR%203%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full%20HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20ultra-wide%2C%20f%2F2.4%2C%202x%2C%20Smart%20HDR%203%2C%20Centre%20Stage%3B%20full%20HD%20%40%2025%2F30%2F60fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%20Stereo%20speakers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%2C%20smart%20connector%20(for%20folio%2Fkeyboard)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2010%20hours%20on%20Wi-Fi%3B%20up%20to%209%20hours%20on%20cellular%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinish%3A%3C%2Fstrong%3E%20Blue%2C%20pink%2C%20silver%2C%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPad%2C%20USB-C-to-USB-C%20cable%2C%2020W%20power%20adapter%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Wi-Fi%20%E2%80%94%20Dh1%2C849%20(64GB)%20%2F%20Dh2%2C449%20(256GB)%3B%20cellular%20%E2%80%94%20Dh2%2C449%20(64GB)%20%2F%20Dh3%2C049%20(256GB)%3C%2Fp%3E%0A
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Updated: April 14, 2022, 5:59 PM