The Paris 2024 Olympic Games represent a moment of hope for the world, the country’s ambassador to the UAE has said.
With just days to go until the Games start, Nicolas Niemtchinow said he hoped everyone would come together for the event despite global tensions.
The ambassador said France was ready to host the Games and it was going to be a “magnificent” occasion.
“This is a very proud moment for my country,” Mr Niemtchinow told The National exclusively.
“And we will try to show the best of our country to the world.”
About 15 million people are expected in France during the Games that run from July 26 to August 11 amid tight security. The Paralympics take place after.
Eschewing a traditional stadium event, the Games start with a unique and spectacular waterborne opening ceremony along the River Seine against the backdrop of the iconic Paris skyline.
“This is the biggest event we have ever organised,” he said. “It's really huge.”
Mr Niemtchinow said it was an honour to host the Games as they were important in bringing people together at a time when conflicts from Ukraine to Gaza were dividing people.
“I believe as a diplomat that sports create links between countries [and] between people,” he said.
“We need that immensely in this world, fractured by a resurgence of wars and rivalries.”
He pointed to the UN resolution proposed by France last year calling for an Olympic truce. It was adopted by the UN General Assembly last November.
“We need … those moments for celebrating together through peace … rather than to fight or to go to war.”
Paris has hosted two Olympics and the event comes a century after its last Games in 1924. They will be staged in 35 venues across Paris, France and overseas. Major venues include Eiffel Tower Stadium (beach volleyball); Stade de France (athletics); Roland Garros Stadium (boxing and tennis); and Teahupo'o in Tahiti (surfing).
Organisers of the Games say sustainability is crucial. They aim to cut the carbon footprint of previous Games from about 3.5 million tonnes of C02 to about 1.75m by chiefly using existing or temporary venues rather than building new ones.
“This is a symbol of our global commitment to reduce carbon emissions,” he said, adding the move was a “breakthrough” for the future of the event.
There has also been commentary in France about whether the city is prepared but the ambassador said France was ready.
“Now we are in the most tense period,” he said. “It's like the competition when you are on your starting block. When you are on the starting blocks you feel the tension. Then release and go.”
The River Seine has also come under the spotlight. The iconic waterway is the venue for opening ceremonies and some swimming events but heavy rain has led to some pollution with a €1.4 billion clean-up operation seeking to tackle it.
“The problem is that it was very rainy,” he said, adding it was important not to reduce the Games to one issue.
“Now we have to wait [for] the stabilisation of the river. We'll see. But the country is ready.”
Authorities said over the past few days an improvement in weather meant the quality in the Seine was good. French Sports Minister Amelie Oudea-Castera on Saturday swam in the river to allay any concerns.
The Games also come after President Emmanuel Macron’s snap election. Negotiations are continuing to try to form a government. Mr Niemtchinow said he cannot comment on internal politics aside from the fact the election does have an impact – “which one we don't know” – but it will not stop the Games.
“All the country is behind the Olympic Games.”
The French community in the UAE are also marking Bastille Day, the country's national day, that falls on July 14. About 30,000 French call the UAE home with more than 310,000 French tourists visiting the UAE every year.
“It is a very globalised community,” he said. “Very dynamic. Very active.”
Ties are strong across multiple fields such as culture, defence, energy, artificial intelligence, space and more, with the presence of Louvre Abu Dhabi and Sorbonne University Abu Dhabi among the most prominent expressions of those warm relations. At least 600 French countries operate in the UAE with bilateral trade standing at more than €7billion a year.
“It's very good,” he said, when asked about current French-UAE relations. “It is very confident. It's very deep. It's very diversified. We are preparing together for the future.”
The Olympic flame arrived from Greece to Marseilles in May. From there, the torch has travelled across France and its territories overseas ahead of the opening ceremony.
Mr Niemtchinow said he wished the best for the French athletes and also the UAE who have a 14-strong squad competing. Omar Al Marzooqi, Emirati showjumping star and medallist at the Asian Games, attends Sorbonne University Abu Dhabi.
“I wish Omar and all the Emirati team the very best,” he said.
“When the Olympic Games start, it will be magnificent. It's a unique moment. It's an extraordinary moment.
“I hope it will bring more hope and more peace to the world.”
Olympic Torch arrives in France – in pictures
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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.”
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
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Zayed Sustainability Prize
