The UAE has sent a total of 144.4 metric tons of medical aid to African countries. Reuters
The UAE has sent a total of 144.4 metric tons of medical aid to African countries. Reuters
The UAE has sent a total of 144.4 metric tons of medical aid to African countries. Reuters
The UAE has sent a total of 144.4 metric tons of medical aid to African countries. Reuters

Africa must be protected against an economic 'long Covid'


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Since its founding 50 years ago, the UAE has worked to establish enduring political ties, trade exchange and people-to-people connections throughout Africa. Now, with major investments in economic projects and human capital throughout Africa, the UAE is eager to work hand-in-hand in the spirit of mutual co-operation to boost the continent’s welfare and security through additional infrastructure, humanitarian and political initiatives.

Over the past year, much of our attention has been focused on the fight against Covid-19. The UAE has not hesitated in extending a hand of assistance to numerous African countries by providing medical and food aid to combat the pandemic. It has sent a total of 144.4 metric tons of medical aid to African countries through 28 flights, benefiting over 144,000 healthcare workers. It has also sent nearly eight metric tons of medical aid by sea.

Africa has thus far been spared the worst of the coronavirus pandemic, with both cases and deaths attributed to the virus far below the numbers seen elsewhere. For that, we can all be thankful, particularly given the limited resources available in Africa to fight pandemics. But we must not be complacent. Africa now faces twin challenges: procuring and distributing enough vaccines for a continent home to more than a billion people, and rebuilding economies in some cases shattered by border closures and lockdowns.

It is estimated Africa will need 1.5 billion vaccine doses to immunise 60 per cent of its population, costing between $7bn and $10bn. The WHO has committed to vaccinating at least 20 per cent of the continent by the end of the year. Yet there is considerable disparity between nations over vaccination progress. The UAE, the US, the UK and Israel are leading the world, with vaccination rates ranging from 25 per cent to nearly 100 per cent; yet so far, just a handful of African nations have been able to begin vaccination programs, including Morocco, Egypt, Seychelles and South Africa.

It is estimated Africa will need 1.5 billion vaccine doses to immunise 60 per cent of its population

The UAE is firmly committed to equitable access of the vaccine and supports Covax, an organisation born out of the G20 Leadership Summit last November, of which the UAE was a part. Covax is a framework for global collaboration in procuring and distributing Covid-19 vaccines, no matter the ability of a nation to pay for it. Yet while Covax is doing excellent work, there is still a real danger that developed western nations will gallop ahead in the race to inoculate their populations by relying on what the World Economic Forum has termed “vaccine nationalism”.

For the sake of not only Africa but the entire world, we cannot allow this to happen. Viruses do not respect borders, nationalities or governments. We live in a globalised, interconnected world, and we can only manage this virus and its impact by working together. We remain concerned that many in sub-Saharan Africa will not receive vaccines until 2023, and are committed to assisting the continent in addressing this issue.

South Africa has had the most Covid-19 cases out of any African nation. Reuters
South Africa has had the most Covid-19 cases out of any African nation. Reuters

Getting the people of Africa the same access to vaccines that much of the rest of the world enjoys is just half the battle, however. There is still the matter of the continent’s economic recovery. We must ensure that Africa does not suffer an economic version of “long Covid”. The danger is that this virus will further increase unemployment, poverty and inequality. The International Monetary Fund estimates that the economy of sub-Saharan Africa shrunk three per cent last year, while incomes fell 5.3 per cent, back to 2013 levels.

While diversified nations have fared better, those dependent on tourism have been hit hard. According to the World Bank, between 26 million and 40 million Africans could fall into extreme poverty amid the pandemic. Nearly half of African students lack access to remote learning, even as the region still lags behind in global enrolment and completion rates. Ghana’s Finance minister and chairman of the G24, Ken Ofori-Atta, has warned of a “lost decade of development” for Africa after the pandemic.

It is pleasing to see G20 member states place a moratorium on interest payments for 47 developing countries, most of them in Africa. The G20 has also said its members are ready to re-negotiate some of the debt, but as around 40 percent of it is private, not public, debt, there are limits to the extent of this relief.

A recent report from the UN Department of Economic and Social Affairs highlights the need for African countries to prioritise the diffusion of digital technologies, supported by the expansion of affordable and universal digital infrastructure. The UAE agrees, which is why we last year launched the Consortium for Africa to focus on digitisation and youth as part of an optimistic vision for Africa’s future. By leveraging public and private sector investment in Africa, we will devote significant resources to boost development throughout the continent. This support is, of course, in addition to a wide variety of aid programs, as Africa remains the UAE’s largest recipient of funding, receiving $16.4bn between 2015 and 2019.

Africa would benefit from strong policy actions and further support from the international community to avert a debt crisis and ensure sustained revival of growth. Once the immediate crisis is over, African countries must lay the groundwork for a strong and inclusive development path in the medium term, which entails the creation of decent jobs at a large scale. Representation of African voices in international fora such as the UN and the WHO is also essential, and if the UAE is successful in its bid to join the UN Security Council for the 2022-23 term, we will support African nations to garner wide support where necessary.

The UAE has a rich history of cultural exchange with the African continent. This interconnectedness remains today, with large diasporas from African countries living and working in the UAE and contributing significantly to our own development. While we have faced challenges recently, I am confident we will both come out of this even stronger. The more we can also unite other nations beneath African skies, the faster this great continent will rise renewed from the Covid-19 pandemic.

Sheikh Shakhbout Al Nahyan is a UAE Minister of State at the Ministry of Foreign Affairs and International Co-operation

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

3.5/5

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Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

First Person
Richard Flanagan
Chatto & Windus 

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

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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EPL's youngest
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What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%20turbo%204-cylinder%20%2F%202.0%20turbo%204-cylinder%20(S3)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20148bhp%20%2F%20328bhp%20(S3)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20250Nm%20%2F%20420Nm%20(S3)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20December%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20TBA%0D%3C%2Fp%3E%0A
Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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