US President Joe Biden ordered a reversal of his predecessor's decision to designate Yemen's Houthi rebels as a terrorist organisation. EPA / Bloomberg
US President Joe Biden ordered a reversal of his predecessor's decision to designate Yemen's Houthi rebels as a terrorist organisation. EPA / Bloomberg
US President Joe Biden ordered a reversal of his predecessor's decision to designate Yemen's Houthi rebels as a terrorist organisation. EPA / Bloomberg
It is still early days for the Biden administration. But even as it remains focused on tackling the Covid-19 pandemic and the consequent economic crisis within its borders, it seems anxious to leave a mark on the world stage that would help set itself apart from the previous Trump administration. This has proved illusory so far. And in one theatre of conflict – Yemen – the Biden team's departure from Washington's policy over the past four years has proved puzzling and perhaps even risky.
That President Joe Biden has not secured a notable foreign policy win may be a sign of the times we live in. It could also be a testament to Donald Trump’s largely positive foreign policy legacy, particularly in the Middle East.
Mending relations with Washington's traditional allies in Europe and fellow Nato member states, frayed during the Trump years, is the one proverbial low-hanging fruit the administration can pluck. This explains Secretary of State Antony Blinken's efforts to reach out to the rest of the West. But there are very few other places in the world where a new administration can create an impact right away these days.
China is a rising power. Russia continues to be tough to deal with, although the Biden administration did extend the New Start arms reduction treaty with Moscow. The Venezuelan regime has proved stubborn despite political and economic turmoil there. North Korea's weapons programme is much too complicated to tackle straight away. On the Palestine-Israel conflict, the Biden team has found that American interests are better served by building on Mr Trump's achievements, which include the signing of the Abraham Accords.
It has decided to review the Trump administration's plan to withdraw troops from war-torn Afghanistan. But the Taliban's threat of retaliation and open-ended war against American forces could create a new crisis for Washington.
On Iran, the administration has backed itself into a corner. It initially created an expectation around the proposed return to the 2015 nuclear deal, which Mr Trump had withdrawn the US from in 2018, before being struck by harsh realities involving Tehran’s mostly destabilising foreign policy. Mr Biden has not blinked yet, but in its bid to make Washington cave, the Iranian regime continues to threaten the world that it is even closer to acquiring a nuclear weapon.
He withdrew support for the Saudi Arabia-led effort to halt the Iranian-backed Houthi rebels' illegal takeover of the country. He then decided to delist the Houthis as a terror organisation, just weeks after they had been put on the list by the outgoing Trump administration.
Houthi supporters chant slogans as they attend a demonstration against the US over its decision to designate the Houthis a foreign terrorist organisation in Sanaa, Yemen. AP
Almost as if to signal that it was a mistake to have done so, within days of Mr Biden declaring his intention to end the war in Yemen, the Houthis began escalating tensions in the Arabian Peninsula. They have launched repeated strikes inside neighbouring Saudi Arabia, a long-time US ally, including, most recently, a drone attack on Abha airport.
This escalation has forced the US to respond firmly by keeping intact sanctions on three of the group’s key leaders. Even Russia, no ally of the US, has called on Iran to force its proxy to deescalate tensions.
Evidently, diplomacy is being given a chance.
The EU is providing crucial support to Martin Griffiths, the UN Special Envoy for Yemen, and to Timothy Lenderking, the US Special Envoy for Yemen, who earlier in the week brought to Riyadh new ideas regarding a ceasefire and the revival of the political process. Financial inducements to the Houthis could be part of these proposals, alongside political reforms and a developmental package for all of Yemen.
Saudi Arabia's deputy Defence Minister Prince Khalid bin Salman received the UN special envoy to Yemen Martin Griffiths and the US special envoy for Yemen Tim Lenderking. Image: SPA
What would Washington do if it fails to curb Houthis' strikes inside Saudi Arabia? Would it resort to military intervention?
Saudi Arabia itself has pledged support for the US diplomatic effort to end the war. One could even argue that the Houthi attacks have brought the Biden administration closer to Riyadh, as demonstrated by Mr Blinken’s call to Prince Faisal bin Farhan, the Saudi Foreign Minister.
However, questions remain unanswered.
Does Washington have any leverage to push the Houthis towards the negotiating table with the other Yemeni parties, including the legitimate government in Aden, and Saudi Arabia in order to reach a political solution? After all, the Houthis have come to control a large part of the country. Having been taken off the terror list, and with continued backing from Tehran, what incentive do they have to push for peace? Also, what would the US do if it fails to curb their constant strikes inside Saudi Arabia? Would it resort to military intervention?
Washington would do well to remember that ending the conflict in Yemen through a peaceful settlement has proved difficult even for the regional powers. This is not just owing to Tehran’s role in the war but because of the years-long, intractable nature of the conflict itself.
Time will tell if the Biden administration’s Yemen policy, made in its early days, proves fruitful – or whether it ends up becoming the costly product of its determination to carve a niche for itself.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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
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.”
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
UAE tour of Zimbabwe
All matches in Bulawayo Friday, Sept 26 – UAE won by 36 runs Sunday, Sept 28 – Second ODI Tuesday, Sept 30 – Third ODI Thursday, Oct 2 – Fourth ODI Sunday, Oct 5 – First T20I Monday, Oct 6 – Second T20I
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller
COMPANY PROFILE
Name: ARDH Collective
Based:Dubai
Founders:Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector:Sustainability
Total funding: Self funded
Number of employees:4
Fight card
Preliminaries:
Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)
Main card:
Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)
Title card:
Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)
Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)
Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)