US President Joe Biden with Nato Secretary General Jens Stoltenberg in Brussels last June. AP Photo
US President Joe Biden with Nato Secretary General Jens Stoltenberg in Brussels last June. AP Photo
US President Joe Biden with Nato Secretary General Jens Stoltenberg in Brussels last June. AP Photo
US President Joe Biden with Nato Secretary General Jens Stoltenberg in Brussels last June. AP Photo


Has Nato already won against Russia?


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February 17, 2022

If any good is to emerge from the deepening crisis in Eastern Europe, it is the growing evidence that the western alliance may finally have rediscovered the unity of purpose necessary to deal with Russia's troop build-up on the Ukrainian border.

Ever since the US-led Nato security alliance presided over the catastrophic withdrawal of its forces from Afghanistan last summer, serious concerns have been raised about the ability of the West to present a united front when dealing with a major crisis. One of the defining features of the Afghanistan fiasco was Washington's willingness to act unilaterally and without engaging in proper consultation with fellow Nato member states and other allies, a failing that contributed significantly to the subsequent chaos that unfolded at Kabul airport as the US and its partners struggled to implement their individual responses to the crisis.

No one would have followed these humiliating events, at least from the West’s point of view, more closely than Russian President Vladimir Putin who, in his desire to reassert Moscow's standing on the world stage, looks to seize upon any sign of weakness or division among its rivals. Indeed, it has been argued that a key motivating factor in Moscow's decision to mount a military presence on the Ukrainian border has been his desire to test the West's resilience, specifically Washington's leadership role.

Even US President Joe Biden's most loyal acolytes would concede that their leader's first year in office has been less than impressive, especially when it comes to working with key allies. Mr Biden's neglect of America's vital relationship with Europe was reflected in the fact that his administration spent nearly all of last year without having appointed ambassadors in many of the continent's capitals, including Berlin, Paris and London, a failing that undermined its attempts to maintain cordial ties.

Indeed, Mr Biden's less-than-convincing performance, on global issues as well as domestic concerns, has led some prominent members of his Democratic Party to question whether he should run for re-election in 2024.

That Mr Biden, in cohort with his European allies, has helped to forge something approaching a coherent and unified approach to the Kremlin's moves near Russia's border with Ukraine is a welcome sign. He has proved that, in a time of crisis, the West still has the ability to summon the resolve to tackle major global issues.

Mr Biden's response has not been faultless. He apparently misspoke during a news conference to mark his first year in office, when he seemed to question whether Nato would respond if Russia only carried out a "minor incursion" in Ukraine. Mr Biden was obliged to issue a hasty clarification the next day, making it "absolutely clear" that any Russian move into Ukraine would be seen as an "invasion".

Russian President Vladimir Putin ahead of a news conference at the Kremlin, in Moscow, on Wednesday. AFP
Russian President Vladimir Putin ahead of a news conference at the Kremlin, in Moscow, on Wednesday. AFP
Nato has remained robust in rejecting all of the Kremlin's key demands

Nor has Mr Biden been the only prominent western leader to struggle to mount an effective response. French President Emmanuel Macron appeared to suggest he was willing to compromise Kiev's sovereignty in return for getting Mr Putin to scale down Russia's military presence on the border.

New German Chancellor Olaf Scholz was another key western leader whose performance has been questioned after he described Ukraine's hopes of one day acquiring membership of the Nato alliance as "absurd". Germany's willingness to cut a deal with Moscow, which it relies upon heavily for its energy needs, on the Ukraine issue caused so much alarm in Washington that Mr Biden felt obliged to hurriedly arrange a summit with Mr Scholz to get him to toe the line.

Despite these wobbles, however, Nato has remained robust in rejecting all of the Kremlin's key demands.

As tensions over Ukraine deepened towards the end of last year, Mr Putin made clear his requirements for de-escalating the crisis by presenting Nato with a highly contentious list of security guarantees contained in an eight-point draft treaty released by the Russian foreign ministry in December. The demands included a ban on Ukraine entering Nato and a limit to the deployment of troops and weapons to Nato's eastern flank, in effect returning alliance forces to where they were stationed in 1997, before an eastward expansion.

  • Ukrainian Army soldiers pose for a photo as they gather to celebrate a Day of Unity in Odessa, Ukraine. AP Photo
    Ukrainian Army soldiers pose for a photo as they gather to celebrate a Day of Unity in Odessa, Ukraine. AP Photo
  • Ukrainian President Volodymyr Zelenskyy listens to his country's national anthem as he takes part in celebrations in Kiev. AP Photo
    Ukrainian President Volodymyr Zelenskyy listens to his country's national anthem as he takes part in celebrations in Kiev. AP Photo
  • A child walks under a large Ukrainian flag carried by people in Sievierodonetsk, the Luhansk region, eastern Ukraine. AP Photo
    A child walks under a large Ukrainian flag carried by people in Sievierodonetsk, the Luhansk region, eastern Ukraine. AP Photo
  • People wave Ukrainian national flags in Kramatorsk. AP Photo
    People wave Ukrainian national flags in Kramatorsk. AP Photo
  • A large Ukrainian flag is carried through Sievierodonetsk. AP Photo
    A large Ukrainian flag is carried through Sievierodonetsk. AP Photo
  • People carry a giant flag at a stadium to mark the 'Day of Unity' in Kiev. AFP
    People carry a giant flag at a stadium to mark the 'Day of Unity' in Kiev. AFP
  • Ukrainians carry the flag around Olimpiyskiy stadium in Kiev. EPA
    Ukrainians carry the flag around Olimpiyskiy stadium in Kiev. EPA
  • Soldiers pose for a group photo in Odessa. AP Photo
    Soldiers pose for a group photo in Odessa. AP Photo

After studying the proposals in detail, both the US and Nato have formally rejected Russia's demand limiting Ukraine's membership of Nato, while offering the possibility of opening discussions on areas such as missile defence and transparency over military drills. The alliance, moreover, has maintained a unified position in this regard, even if some member states, such as France and Germany, would prefer to find a compromise solution to ease tensions.

This welcome – and some would say long-overdue – display of Nato unity has certainly made life a lot more difficult for the Kremlin, as it contemplates its next move.

Despite the Russian defence ministry's claims earlier in the week that Moscow had begun withdrawing some of its heavy armour, western security officials remain unconvinced. They are concerned that Russia remains committed to establishing a friendly regime in Kiev through military force. While a possible invasion date of February 16 mooted by US intelligence passed without incident, both western and Ukrainian leaders have not ruled out the possibility of an invasion in the coming weeks.

And if an invasion does take place, having a robust and unified western alliance will be vital to dealing with the most formidable security challenge Europe has faced since the Second World War.

Sunday's games

All times UAE:

Tottenham Hotspur v Crystal Palace, 4pm

Manchester City v Arsenal, 6.15pm

Everton v Watford, 8.30pm

Chelsea v Manchester United, 8.30pm

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

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

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

WITHIN%20SAND
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RESULTS

6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby

7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko

7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor

20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill

8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara

9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi

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

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

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

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UAE currency: the story behind the money in your pockets
Updated: February 17, 2022, 2:00 PM