Many of Turkey's big cities have struggled with water shortages. AFP
Many of Turkey's big cities have struggled with water shortages. AFP
Many of Turkey's big cities have struggled with water shortages. AFP
Many of Turkey's big cities have struggled with water shortages. AFP


There's still time for Turkey to improve its spotty climate record


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November 08, 2021

The Paris climate accords are set to go into effect this week in Turkey, the last of the G20 states to embrace the world’s main climate pact and commit to net-zero carbon emissions by 2053. So why did Recep Tayyip Erdogan, Turkey's President, decide against attending the ongoing Cop26 climate conference in Glasgow?

The official reason was "security concerns", but even as Turkey steps into the international community of global warming warriors, it sees fit to keep one foot in humanity’s eco-unfriendly past. That’s the climate change cha-cha-cha Mr Erdogan has spent much of his career perfecting.

As Istanbul mayor in the mid-1990s, he warned that a third bridge over the Bosphorus would be the death of the city. But as the nation’s leader some years later, he approved its construction, and the destruction of some of Istanbul’s last forests, then spoke at the 2016 opening of Sultan Selim Bridge.

That megaproject was part of Mr Erdogan’s $200 billion construction-led infrastructure agenda, which, for about a decade, helped spur economic growth. To counter complaints about the resulting environmental damage – most notably during the nationwide Gezi protests in mid-2013 – the government embarked on a record-setting tree-planting campaign.

Since taking power in 2002, the government of the Justice and Development Party (AKP) says it has planted more than 4bn trees and hopes to reach 7bn by 2023. And last week, Mr Erdogan laid out plans to establish more than 400 national gardens, including at Istanbul’s former Ataturk Airport, and green 66 million square metres of land.

But Turkey's forestry union chief said last year that up to 90 per cent of government-planted saplings have died due to lack of rainfall or being planted at the wrong time of year. And earlier this year, Turkey’s Mediterranean coast saw its most devastating wildfires in decades and sea slime choked ports across Istanbul and the Marmara Sea, with a top Turkish ecologist citing rapid urbanisation, deforestation, runoff and soil erosion as key factors in both.

Many big cities have struggled with water shortages over the past year, as persistent drought has left Turkey water-stressed. Dozens of new mines and dams – such as the massive Ilisu Dam, which required the submersion of an ancient village and opened this past Saturday – have imperilled ecosystems across the country. Yet, minutes after the Turkish Parliament ratified the Paris Agreement last month, legislators approved a bill making the country eligible for nuclear waste transfer, potentially turning Turkey, as one columnist put it, "into a nuclear waste dump".

Of course, amid economic troubles and a lingering pandemic, determining energy and climate policies these days is complicated business. Consider that on the sidelines of the most important climate conference in years – at which US President Joe Biden called on the oil and gas industry to reduce harmful emissions – US Secretary of State Anthony Blinken urged US allies to increase oil and gas production.

Turkey's President Erdogan is absent from this year's Cop26 climate summit in Glasgow, Scotland. AFP
Turkey's President Erdogan is absent from this year's Cop26 climate summit in Glasgow, Scotland. AFP
Turkey’s leading forestry union says the vast majority of government-planted saplings are dead

With Morgan Stanley expecting gas prices to rise 40 per cent by 2030, Turkey’s recent natural gas discovery in the Black Sea is likely to take on greater import. Yet, a new report from several European NGOs urges Turkey to end coal subsidies and make its fossil fuel companies responsible for their emissions, embracing the “polluter pays” principle.

Offering a progressive counter to Mr Erdogan, Istanbul Mayor Ekrem Imamoglu, who is widely seen as a top presidential challenger, will attend the Glasgow summit to speak on two panels as an urban sustainability expert. His experience battling the environmental impact of government decisions – such as its $20bn canal meant to bisect the city’s European side – may have earned him the invites.

Skipping out on Cop26 may have already put Ankara in a hole. Turkey is among the more than 130 countries that signed onto the first big initiative to come out of Glasgow, a commitment to end deforestation by 2030. Yet, it is not among the nearly 100 countries joining the UK-India plan to link the world’s green power grids and spur faster roll-out of low-carbon technologies. Nor is Turkey among the 90 countries that signed onto the EU-US initiative to cut methane emissions 30 per cent by 2030.

Turkey’s agricultural production has fallen sharply in recent years, and its farmers are deep in debt, as I detailed in August. Just last week, a Greek climate scientist predicted further decreases in farm output across the eastern Mediterranean region. Ankara would thus have been wise to join the US and the UAE, two states with which it has sought better ties of late, in investing billions to boost agricultural innovation and climate adaptation.

The world has made some progress on climate in recent years, reducing the expected temperature increase by the end of this century from a cataclysmic 4°C to a merely devastating 3°C. Much still needs to be done, and Glasgow may be, as US climate envoy John Kerry put it, the "last best hope for the world to get its act together".

Citing what’s known as climate debt, Ankara believes developed states shoulder the greatest burden when it comes to saving the planet. “Whoever savagely exploited natural resources needs to make the largest contribution to the fight against climate change,” Mr Erdogan told the UN in September.

But China overtook the US as the world’s largest emitter of greenhouse gases back in 2006, and developing states such as Turkey have been exploiting resources for decades. At some point, Ankara will need to acknowledge its exploitative policies and fully join the global fight against climate change, rather than going halfway and passing the blame.

For the welfare of Turkish citizens let’s hope it’s sooner rather than later.

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

UAE currency: the story behind the money in your pockets
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.

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

The Breadwinner

Director: Nora Twomey

Starring: Saara Chaudry,  Soma Chhaya,  Laara Sadiq 

Three stars

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.
FROM%20THE%20ASHES
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Neil Thomson – THE BIO

Family: I am happily married to my wife Liz and we have two children together.

Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.

Favourite book: I constantly find myself reading The Bible.

Favourite film: The Greatest Showman.

Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.

Favourite food: I went to boarding school so I like any cuisine really.

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

While you're here
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

RESULTS

ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6

WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4

ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0

Long Shot

Director: Jonathan Levine

Starring: Charlize Theron, Seth Rogan

Four stars

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 specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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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

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

Company%C2%A0profile
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

UAE%20set%20for%20Scotland%20series
%3Cp%3EThe%20UAE%20will%20host%20Scotland%20for%20a%20three-match%20T20I%20series%20at%20the%20Dubai%20International%20Stadium%20next%20month.%3Cbr%3EThe%20two%20sides%20will%20start%20their%20Cricket%20World%20Cup%20League%202%20campaigns%20with%20a%20tri-series%20also%20involving%20Canada%2C%20starting%20on%20January%2029.%3Cbr%3EThat%20series%20will%20be%20followed%20by%20a%20bilateral%20T20%20series%20on%20March%2011%2C%2013%20and%2014.%3C%2Fp%3E%0A
Updated: November 08, 2021, 4:00 AM