No ceasefire deal baked in Alaska but first steps taken towards peace


Thomas Harding
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There was a fly-past by America’s bunker-busting B2 stealth bomber as President Donald Trump gave a red-carpet welcome in Alaska to Russian leader Vladimir Putin.

But there was no deal. No talk of a ceasefire and no prospect of the guns falling silent in Ukraine after three-and-half years. Hours before Friday's meeting, 97 Iran-designed Shahed drones struck Ukrainian cities causing civilian casualties, Kyiv said.

However, direct dialogue has begun between two leading players in the conflict that has claimed more than 300,000 lives and the Anchorage meeting could be a first step on the path to peace.

Clearly, something was agreed between the leaders, with both alluding to a deal after their two-hour meeting.

US President Donald Trump greets Russia's President Vladimir Putin as he arrives at Joint Base Elmendorf-Richardson in Alaska. Getty
US President Donald Trump greets Russia's President Vladimir Putin as he arrives at Joint Base Elmendorf-Richardson in Alaska. Getty

Brotherly nations

At the subsequent 12-minute long press conference, Mr Putin admitted that it might sound strange for him to address the country Russia had invaded as a “brotherly nation” but he wanted to “pave the path to peace in Ukraine”.

He also addressed western fears by stating that the “security of Ukraine should be ensured as well and we welcome that” while calling on European nations “not to torpedo the process”.

Mr Trump then sent a torpedo by stating that “one very significant” point had not been agreed. “We have not quite got there … there’s no deal until there’s a deal,” he said.

He did not, as Europe and Ukraine feared, concede land without their agreement. The western diplomacy in Europe this week had clearly rubbed off on him, with Europe’s leaders urging Mr Trump not to give Mr Putin ground.

No doubt it will emerge what the tentative peace proposals are after Mr Trump explains the discussions in calls to Ukraine’s President Volodymyr Zelenskyy and the European leaders on Saturday.

He told the Alaska press conference it was “extremely productive” meeting and stuck to his aim of wanting to “stop thousands of people being killed”.

Bombers overhead

Lost among the words, was a tangible symbolic moment of the trip, when, as Mr Trump led his counterpart along the red carpet a B-2 Spirit stealth bomber accompanied by four F-35 fighters, flew over their heads.

A B-2 bomber and four F-35 fighter jets fly overhead as Mr Trump greets Mr Putin in Alaska. AFP
A B-2 bomber and four F-35 fighter jets fly overhead as Mr Trump greets Mr Putin in Alaska. AFP

That the B-2s had returned from bombing Iran several thousand miles away without detection in June would not have been lost on the Russian president. It was a blunt warning that the US remans the world’s leading military power.

Clearly, Mr Trump carries a big stick, as his predecessor Teddy Roosevelt is supposed to have advised, but his Russian counterpart wields a sharp political blade honed by decades of survival in the Kremlin.

“Next time in Moscow,” Mr Putin quipped at the end of the no-questions press conference.

If Mr Trump has stealth in his aircraft, Mr Putin certainly possess the political cunning of equal worth, seeming to catch his opposite number off guard and perhaps netting himself another excellent photo opportunity.

Beast riders

There were also memorable moments during the summit that will be picked over for their symbolism. Mr Trump clapping Mr Putin as he disembarked, the pair chatting in English and then getting into the US President’s Beast limousine together as bodyguards looked on.

A Secret Service agent stands next to President Donald Trump's limousine, known as The Beast, in Alaska. AP
A Secret Service agent stands next to President Donald Trump's limousine, known as The Beast, in Alaska. AP

That there was a joint press conference also suggests that Mr Trump felt enough has been achieved to merit it, rather than his previous threat of a solo appearance if there had been no Russian compliance.

But Mr Putin secured a significant propaganda victory in the very act of landing on US soil and being treated as an equal with the leader of the West.

Quietly forgotten by US authorities was that this was a man wanted for alleged war crimes by the International Criminal Court.

A US F-22 fighter escorts the Russian president's plane following the US-Russia summit in Alaska. AFP
A US F-22 fighter escorts the Russian president's plane following the US-Russia summit in Alaska. AFP

Jaw-jaw

In a subsequent interview with Fox News Mr Trump claimed “a lot of points were agreed on” but that there were “one or two pretty significant items” left to resolve.

“I think we are pretty close to a deal. Now look, Ukraine has to agree to it. Maybe they will say no … Now it’s up to President Zelensky to get it done,” he added.

There might also be a land swap, Mr Trump said “those are points that we largely agreed on” as well as setting up a meeting between Mr Zelenskyy and Mr Putin.

The question is how good has Mr Trump’s judgment been on this? Has he inadvertently given a pariah leader status and absolution for his war? Or has he opened the path to dialogue to end a war that has caused so much death and damage?

Some suggest Winston Churchill’s saying about “jaw-jaw not war-war” is an inspiration of the Alaska summit, that ending the destruction trumps all else.

There is, of course, for Mr Trump the allure of bagging a Nobel Peace prize and if that’s the price that needs to be paid to end the suffering, there will be few detractors on its awarding.

Perhaps after so many deaths, so much war and with Russia’s economy faltering, Mr Putin, too, is looking for a way to end the conflict, maybe temporarily, and Mr Trump has given him the signposts to the off-ramp for that.

Company%20Profile
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The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

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

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.”

57%20Seconds
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Brief scores

Day 1

Toss England, chose to bat

England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46

The%20Specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%20twin%20turbocharged%20V6%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20472hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20603Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh290%2C000%20(%2478%2C9500)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

Company profile

Company name: Nestrom

Started: 2017

Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi

Based: Jordan

Sector: Technology

Initial investment: Close to $100,000

Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors

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

Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Updated: August 16, 2025, 5:26 PM