The first anniversary of the beginning of the Russian special military operation in Ukraine provides an opportunity for us to recall the fundamental causes of the crisis, as well as to gain a better understanding of its true nature and wider background, drawing some conclusions based on unpleasant truths uncovered since February 24, 2022.
We can be confident now that the decision put into force on this same date one year ago was absolutely right and timely. The current crisis did not arise today but originates in the Maidan coup in 2014, when the radical nationalist forces supported by the West took power in Ukraine and for eight years after that had been preparing for a war which, by our estimates, could have started no later than March 2022. First, they aimed to violently subdue the defiant people of Donetsk and Lugansk regions, who did not accept the russophobic policies of the post-Maidan authorities and were defending their right to speak their native Russian tongue in their homeland. Eventually Kiev planned to bring the war to our country.
The preventive military operation launched in February allowed Russia to ensure its national security, protect the people in our historical lands and neutralise the threat from the aggressive neo-Nazi regime in Kiev. President Zelenskyy was so blunt in his aggressive designs that he did not even hesitate to voice a desire for nuclear weapons at the Munich Security Conference of 2022. This left us no choice but to take decisive measures for the demilitarisation and denazification of Ukraine, as further delay would have endangered the very existence of our country.
The brutal fact is that Russia’s militant neighbour has not been acting on its own. Ukraine was, and still is, merely an instrument of a global hybrid war against the Russian Federation and an element of the struggle by the US and its satellites to preserve at all costs the obsolete domination of the global West in a rapidly changing, multipolar world. As has become crystal clear by now, the Euro-Atlantic camp had been preparing for confrontation with Russia for years, building alliances, surrounding our country with military bases, encircling it with a “belt of instability” and intervening in our internal affairs.
As for Ukraine, it is an example of an artificially bred “anti-Russia” project and a battering ram, though disposable, to be used against us. While Moscow is persistently reiterating that it is not fighting the Ukrainian people, the handlers of the regime in Kiev are making every effort to instigate and mobilise Ukrainians to fight Russia – literally until the last of them. The scale of the support provided for Mr Zelenskyy for this purpose is remarkable and demonstrates that the West has staked a great deal on its war against Russia waged by Ukrainian hands and at the cost of the well-being of millions of Ukraine’s citizens, who have become hostages of the radicals in Kiev and their western masters.
Declaring its desire to see Russia 'beaten' on the battlefield, the West is striving to isolate our country and cut it off from the global economy
The international community, including the states subdued to be the allies of Washington in this “adventure”, are paying their price, too. Having already spent more than $150 billion to pump up Kiev’s punitive forces with weapons, mercenaries and advisers, the US is demanding from its partners and satellites further material contributions and a stronger political commitment to the war effort. It seems that other global issues and challenges, such as fighting poverty, hunger and climate change, promoting sustainable development, and protecting the environment, have been put on hold. For what reason? For the sake of the geopolitical ambitions of the Euro-Atlantic community that hardly represents a quarter of our planet’s population.
Declaring its desire to see Russia “beaten” on the battlefield, the West is striving to isolate our country and cut it off from the global economy. Moscow is being held responsible for a number of global setbacks, such as the food crisis, which in fact was primarily due to the selfish position of the US and its allies and had been in the making long before the start of the special military operation. Moreover, the purposeful anti-Russian steps taken by the West – both before and during the operation in Ukraine – were precisely what brought the world closer to the threshold of uncontrolled nuclear confrontation.
It is important that the dominant part of Russian society today stands behind our leadership, understands the compelling reasons of the military action in Ukraine and is confident that we are doing the right thing.
Attempts to boycott Russia have also failed. Our responsible approach to addressing the challenges of the Ukrainian crisis and other pressing global and regional issues contributed to the further strengthening of Moscow’s dialogue with non-western partners and fuelled their interest in promoting various formats of mutually beneficial co-operation. Among the best examples are the enlargement of the Shanghai Co-operation Organisation and the discussions to bring new members into the Brics group.
What should the world expect next? Russia will continue to deal with the emerging challenges carefully and consistently – be they military, political or economic – pushing threats farther away from our borders and, at the same time, building stronger ties with our friends and partners. We will spare no effort to rebuild a peaceful life in the new Russian regions of Donetsk, Lugansk, Kherson and Zaporozhye which have returned home forever.
Globally, regardless of the West’s drive to prevent the transformation of the world order towards a more balanced and polycentric architecture, the developments around Ukraine will contribute to the acceleration of this overdue process.
On the occasion of the anniversary of the Ukraine war, The National is publishing an op-ed authored by the Ambassador of Russia to the UAE on the ongoing war. The National also published a joint op-ed by the Ambassadors of the EU and Ukraine. In the spirit of reflecting their thoughts accurately, The National has published their articles in full, and the views expressed within them do not represent that of the paper.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
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Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
More from Neighbourhood Watch
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.”
Abu Dhabi Sustainability Week
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
