Ukraine's President Volodymyr Zelenskyy with IMF managing director Kristalina Georgieva in Kyiv on February 20. Reuters
Ukraine's President Volodymyr Zelenskyy with IMF managing director Kristalina Georgieva in Kyiv on February 20. Reuters
Ukraine's President Volodymyr Zelenskyy with IMF managing director Kristalina Georgieva in Kyiv on February 20. Reuters
Ukraine's President Volodymyr Zelenskyy with IMF managing director Kristalina Georgieva in Kyiv on February 20. Reuters

Business

Economy

Ukraine's economy expected to gradually recover this year, IMF says

Kyiv will depend on international support for its 'large financing needs' in 2023 and beyond, Kristalina Georgieva expects

Aarti Nagraj
Aarti Nagraj

February 21, 2023

  • English
  • Arabic

Ukraine's economy is expected to gradually recover this year despite the impact of the Russian war, but it will need support from the international community for its financing needs, Kristalina Georgieva, managing director of the International Monetary Fund, said on Tuesday.

After a visit to Ukraine, Ms Georgieva said that the country's economy remains resilient.

“During my visit and discussions, I saw an economy that is functioning, despite the tremendous challenges," she said.

"Shops are open, services are being delivered and people are going to work.

"Government agencies and economic institutions are working remarkably well. They are collecting taxes and paying salaries and pensions. The banking system is fully operational.

"Notwithstanding the attacks on critical infrastructure, the economy is adjusting and a gradual economic recovery is expected over the course of this year."

The country's economy shrank by 30 per cent last year, a "less severe contraction than previously expected", the IMF said.

Ukraine's economy has been ravaged since it was invaded by Russia in February last year.

The Kyiv School of Economics said the estimated damage to infrastructure stood at $138 billion as of December 2022, equal to 70 per cent of 2021 gross domestic product.

This month, Moody's Investors Service downgraded Ukraine's ratings deeper into junk, or non-investment grade territory, as a result of the mounting pressure on its finances.

The country's foreign and domestic-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings were cut to Ca from Caa3, the rating agency said.

A Ca rating is non-investment grade, which means the country and companies in it will find it more difficult to access capital markets and raise funding.

The downgrade of the ratings “is driven by the effects of the war with Russia that are likely to pose long-lasting challenges to Ukraine's economy and public finances", Moody’s said.

One year of the Russia-Ukraine war — in pictures

  • February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
    February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
  • A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters
    A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
    Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
  • Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images
    Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images
  • An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters
    An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters
  • Destruction in the village of Bohorodychne, Donetsk. AFP
    Destruction in the village of Bohorodychne, Donetsk. AFP
  • A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
    A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
  • Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images
    Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images
  • More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
    More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
  • The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
    The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
  • Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
    Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
  • A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
    A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
  • Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
    Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
  • Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
    Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
  • Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
    Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
  • An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
    An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
  • Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
    Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
  • A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
    A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
  • Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
    Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
  • Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
    Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
  • Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
    Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
  • Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
    Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
  • Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
    Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
  • Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
    Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
  • A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
    A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
  • Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
    Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
  • Ukrainian troops on Snake Island in June 2022. Reuters
    Ukrainian troops on Snake Island in June 2022. Reuters
  • A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
    A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
  • Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
    Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
  • Graves in Irpin cemetery, May 2022. Getty Images
    Graves in Irpin cemetery, May 2022. Getty Images
  • A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
    A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
  • The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
    The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
  • A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
    A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
  • A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
    A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
  • A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
    A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
  • Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
    Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
  • A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
    A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
  • People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
    People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
  • A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
    A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
  • A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
    A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
  • Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
    Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
  • Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
    Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
  • Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
    Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
  • Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
    Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
  • A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
    A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
  • Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
    Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
  • People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
    People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
  • A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
    A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
  • Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
    Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
  • Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
    Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
  • A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
    A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
  • A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
    A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
  • A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
    A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
  • A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
    A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
  • Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
    Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
  • Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
    Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
  • A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
    A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
  • Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
    Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
  • CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
    CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
  • Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
    Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP

In October, the IMF approved the release of $1.3 billion in emergency funding for Ukraine, to help the country meet its "urgent" economic requirements.

"In addition to last year’s emergency financing, the IMF has been intensively engaged with the Ukrainian authorities through our Programme Monitoring with Board involvement, which provides a strong anchor for macroeconomic policies and helps to further catalyse donor support," Ms Georgieva said.

"Performance under the PMB has been strong, paving the way for discussions on a full-fledged IMF financing programme."

Ukraine could receive as much as $40 billion in official financial support in 2023 if the war is prolonged, mostly coming from the US and the EU, according to the IMF.

Moody's forecasts financing needs of about 20 per cent of GDP in 2023, which are expected to be mainly covered through donor support and the remaining by issuances on the domestic market.

“The international community will continue to have a vital role in supporting Ukraine, including to help address the large financing needs in 2023 and beyond," Ms Georgieva said.

"The war in Ukraine has had far-reaching consequences for the local, regional, and global economy.

"Only if we work together as a global community will we be able to build a better future.”

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

SPEC SHEET

Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support

Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine

Memory: 64/256GB storage; 8GB RAM

Main camera: 12MP wide, f/1.8, Smart HDR

Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps

Audio: Stereo speakers

Biometrics: Touch ID

I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular

Finish: Space grey, starlight, pink, purple, blue

Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)

The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Spec%20sheet
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

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”.

Fight card

1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)

9.  Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)

10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

Indika
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The specs

Engine: 2.0-litre 4-cylinder turbo hybrid

Transmission: eight-speed automatic

Power: 390bhp

Torque: 400Nm

Price: Dh340,000 ($92,579

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

The%20specs
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LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

On Women's Day
SPECS
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While you're here
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The biog

Simon Nadim has completed 7,000 dives. 

The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast. 

As a child, he loved the documentaries of Jacques Cousteau

He also led a team that discovered the long-lost portion of the Ines oil tanker. 

If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah

 

The%20specs
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

War on waste
COMPANY%20PROFILE
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Sonchiriya

Director: Abhishek Chaubey

Producer: RSVP Movies, Azure Entertainment

Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey

Rating: 3/5

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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice. 

NATIONAL%20SELECTIONS
%3Cp%3E6pm%3A%20Falling%20Shadow%3Cbr%3E6.35pm%3A%20Quality%20Boone%3Cbr%3E7.10pm%3A%20Al%20Dasim%3Cbr%3E7.45pm%3A%20Withering%3Cbr%3E8.20pm%3A%20Lazuli%3Cbr%3E8.55pm%3A%20Tiger%20Nation%3Cbr%3E9.30pm%3A%20Modern%20News%3C%2Fp%3E%0A
THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

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 12

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.

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.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Updated: February 21, 2023, 7:00 PM
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