UK Prime Minister Keir Starmer welcomes Ukrainian President Volodymyr Zelenskyy to 10 Downing Street on Thursday. EPA
UK Prime Minister Keir Starmer welcomes Ukrainian President Volodymyr Zelenskyy to 10 Downing Street on Thursday. EPA
UK Prime Minister Keir Starmer welcomes Ukrainian President Volodymyr Zelenskyy to 10 Downing Street on Thursday. EPA
UK Prime Minister Keir Starmer welcomes Ukrainian President Volodymyr Zelenskyy to 10 Downing Street on Thursday. EPA


Europe needs to help Ukraine defend itself – with or without US support


  • English
  • Arabic

October 11, 2024

Last month, I attended the annual Yalta European Strategy (YES) summit, which brings together many of Europe and North America’s defence communities. The topic this year was clear: Ukraine must win.

Hovering in the background, however, was the constant image of former US president Donald Trump swooping down to end western support for their defence (were he to win the presidential election in November), and the bloody ongoing wars in the Middle East.

In many ways, despite Ukrainian President Volodymyr Zelenskyy’s embattled pleas at the UN General Assembly earlier this month to continue helping his country, Israel’s war in Gaza and Lebanon – and the fear of a full-scale one with Iran – has dominated the news and many a policymaker’s attention.

And yet the consensus at YES was that Ukraine must win.

There are strategic reasons for holding Ukraine’s frontlines, beyond the moral question of a neighbour whose sovereign territory has been invaded and must be defended. Ever since Russia launched a full-scale invasion against what they believe to be a Nato frontier two years ago, most European capitals have supported Kyiv from the first day of the war.

Ukraine is the US’s top recipient of foreign aid, followed by Israel. It is the first time a European country has achieved that since the Marshall Plan, the initiative then US president Harry S Truman launched to help rebuild the continent after the Second World War.

According to a recent report by the Council on Foreign Relations, most of the aid sent to Kyiv goes towards procuring defence weapons, training personnel and gathering intelligence to defeat Russia, which has one of the world’s most powerful militaries.

But as the US presidential election rolls closer, with the shadow of Mr Trump – a Ukraine sceptic – lurking, many voters and several members of Congress are questioning why Washington is pouring so much money into the Ukrainian government’s coffers. Isn’t it a European security issue, many ask?

According to the CFR, it should not be only Europe’s problem. “Nato allies are particularly wary of being pulled directly into the hostilities, which could dramatically raise the risk of a nuclear war. However, as the fighting has progressed, many donor governments have shed their reluctance to give Ukraine more sophisticated assets, such as battle tanks and modern fighter aircraft,” the report said.

Since Russia’s full-scale invasion, the EU has been united for Ukraine, with the bloc providing more than €88 billion ($96.3 billion) in economic, humanitarian and military support. It has also imposed sanctions on Russian individuals and worked to fight disinformation from the Kremlin.

Victor Pinchuk, the Ukrainian billionaire who hosts the YES summit in Kyiv each year, wrote in Politico that, if “the West doesn’t help back Ukraine, your lives will not be the same”. This year, he went so far as to claim that Russian troops could be on the streets of several European capitals if more military aid didn’t reach Ukraine.

If Mr Trump wins in November, there is uncertainty around whether he will return to the “America First” isolationist policies of his previous term. But in an interview with journalist Fareed Zakaria at the YES summit, Mike Pompeo, secretary of state in the previous Trump administration, suggested that this wouldn’t happen.

In geopolitical terms, he said, Ukraine must win for the US, as well as for Europe, to be secure. America needs strategic partners, he insisted, which runs contrary to Mr Trump’s previous threats of pulling out of Nato. “Keep in mind that there can be no American security without Ukraine’s victory and strong European security,” Mr Pompeo added.

Let’s assume the worse-case scenario for Ukraine and its western supporters: its troops cannot push Russia back, and they lose. Many more Ukrainians would flee – which appears to be part of Moscow’s strategy – with Europe being the most likely destination. Another influx of refugees would prove costly for their host countries (at the last count, there are about 6.3 million Ukrainians living outside the country).

As Mr Pinchuk pointed out, “if, for example, five million more Ukrainians flee as Russia advances, it would cost Europe billions of euros more per month additionally”.

  • Ukrainian President Volodymyr Zelenskyy joins heads of states and country representatives during the Ukraine peace summit at the Burgenstock resort, near Lucerne, Switzerland, on June 15. AFP
    Ukrainian President Volodymyr Zelenskyy joins heads of states and country representatives during the Ukraine peace summit at the Burgenstock resort, near Lucerne, Switzerland, on June 15. AFP
  • British Prime minister Rishi Sunak, left, is welcomed by Mr Zelenskyy. AFP
    British Prime minister Rishi Sunak, left, is welcomed by Mr Zelenskyy. AFP
  • Swiss Federal President Viola Amherd, left, with Charles Michel, President of the European Council, centre, and Mr Zelenskyy. EPA
    Swiss Federal President Viola Amherd, left, with Charles Michel, President of the European Council, centre, and Mr Zelenskyy. EPA
  • Saudi Arabia's Minister of Foreign Affairs Faisa bin Farhan Al Saud is welcomed by Mr Zelenskyy. Reuters
    Saudi Arabia's Minister of Foreign Affairs Faisa bin Farhan Al Saud is welcomed by Mr Zelenskyy. Reuters
  • Canadian Prime Minister Justin Trudeau, left, with Mr Zelenskyy. EPA
    Canadian Prime Minister Justin Trudeau, left, with Mr Zelenskyy. EPA
  • US Vice President Kamala Harris, middle left, Greece's Prime Minister Kyriakos Mitsotakis, middle, Swiss Federal President Viola Amherd, bottom left, Turkish Minister of Foreign Affairs Hakan Fidan, top centre, Mr Zelenskyy, bottom right, President of the European Commission Ursula von der Leyen, middle right, and Swiss Foreign Minister Ignazio Cassis, bottom right. AFP
    US Vice President Kamala Harris, middle left, Greece's Prime Minister Kyriakos Mitsotakis, middle, Swiss Federal President Viola Amherd, bottom left, Turkish Minister of Foreign Affairs Hakan Fidan, top centre, Mr Zelenskyy, bottom right, President of the European Commission Ursula von der Leyen, middle right, and Swiss Foreign Minister Ignazio Cassis, bottom right. AFP
  • Mr Zelenskyy welcomes Ms von der Leyen. EPA
    Mr Zelenskyy welcomes Ms von der Leyen. EPA
  • French President Emmanuel Macron speaks with Dutch Prime Minister Mark Rutte. Reuters
    French President Emmanuel Macron speaks with Dutch Prime Minister Mark Rutte. Reuters
  • Spain's President Pedro Sanchez, left, and Mr Sunak walk to the podium for a photograph with heads of states and country representatives. AFP
    Spain's President Pedro Sanchez, left, and Mr Sunak walk to the podium for a photograph with heads of states and country representatives. AFP
  • German Chancellor Olaf Scholz, right, with Gambia's Minister of Information Ismaila Ceesay. AFP
    German Chancellor Olaf Scholz, right, with Gambia's Minister of Information Ismaila Ceesay. AFP
  • World leaders pose for a family photo at the summit's opening ceremony. Reuters
    World leaders pose for a family photo at the summit's opening ceremony. Reuters
  • Ms Amherd welcomes Mr Rutte. AFP
    Ms Amherd welcomes Mr Rutte. AFP
  • Mr Zelenskyy awards Denmark's Prime minister Mette Frederiksen with the 'Order of Freedom of Ukraine' title before a meeting on the sidelines of the summit. AFP
    Mr Zelenskyy awards Denmark's Prime minister Mette Frederiksen with the 'Order of Freedom of Ukraine' title before a meeting on the sidelines of the summit. AFP
  • Mr Zelenskyy welcomes President Javier Milei of Argentina. EPA
    Mr Zelenskyy welcomes President Javier Milei of Argentina. EPA

Ukrainians are said to be hardworking and often highly educated. After war broke out in 2022, several European countries opened their doors to them. They put their children in schools, offered them language training, and helped find them jobs. It was an extraordinary show of solidarity.

Many of my neighbours, here in France, opened spare bedrooms to strangers. I have never seen this happen before, even during the wave of refugees and migrants pouring into Europe during the Syrian civil war. It is no secret that Ukrainian refugees were treated far better than African or Middle Eastern refugees who were brutally turned away from the Eastern European borders in 2015.

Down the line, this could be problematic, causing rifts for future generations of new immigrants.

There are other major consequences to Ukraine losing the war.

The Baltic states are likely to be under constant threat. With Estonia, Latvia, Lithuania and Finland having already experienced Russian invasions in the past, their peoples are anxious. Political parties sympathetic to Moscow are on the rise in some of these countries. It is no coincidence that Kaja Kallas, Estonia’s prime minister until July, has been chosen to replace the departing Josep Borrell as the EU’s foreign and security policy chief.

Then there is Moldova, just a few hours’ drive from the Ukrainian port of Odesa, a country already in conflict with Russia over the state of Transnistria. President Maia Sandu recently said: “There is nothing more important than helping Ukraine win the war.”

Georgia, a former Soviet republic like Moldova and some of the Baltic states, is equally vulnerable. As this deeply divided country goes to the polls later this month, a pro-Moscow political party called Georgian Dream has unleashed a propaganda campaign.

All this is to say that for Europe to ensure its peace and security, it has no option but to continue supporting Ukraine – with or without America’s help. The EU has already taken a decisive lead in this regard, but there is a long way to go yet.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

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

Madrid Open schedule

Men's semi-finals

Novak Djokovic (1) v Dominic Thiem (5) from 6pm

Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm

Women's final

Simona Halep (3) v Kiki Bertens (7) from 8.30pm

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

The years Ramadan fell in May

1987

1954

1921

1888

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Results

2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)

3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson

3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar

4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer

4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi

5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly

6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson

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
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

RACE CARD

6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
10pm: Handicap (TB) Dh92,500 (D) 1,400m

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 most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

J%20Street%20Polling%20Results
%3Cp%3E97%25%20of%20Jewish-Americans%20are%20concerned%20about%20the%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E76%25%20of%20US%20Jewish%20voters%20believe%20Donald%20Trump%20and%20his%20allies%20in%20the%20Republican%20Party%20are%20responsible%20for%20a%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E74%25%20of%20American%20Jews%20agreed%20that%20%E2%80%9CTrump%20and%20the%20Maga%20movement%20are%20a%20threat%20to%20Jews%20in%20America%22%3Cbr%3E%3C%2Fp%3E%0A
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

The biog

Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.

Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.

Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.

Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill

Favourite food: Dim sum

Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.

Updated: October 13, 2024, 2:16 PM