When Barack Obama was elected in 2008, it was said that he had been dealt the most difficult hand of any US President since Franklin D Roosevelt. Well, now he has a challenger. Whether it is Donald Trump or Joe Biden who prevails after Americans go to the polls today, the winner will be faced with a nation floored by the pandemic, an economy flattened by the worst recession since the 1930s, and a population riven by apparently irreparable cultural and racial division.
As Trump resorts to ever more unorthodox tactics to stay in power until 2025 (by which time he will be 78), and Biden (who turns that age this month) strives to fulfil a lifelong ambition of achieving the one office higher than the vice-presidency, the words “be careful what you wish for” must surely haunt them both.
Of course, this election is about much more than the rival ambitions of two very different men with two very different visions. It is about the collective health of a country that has already lost almost 250,000 lives to Covid-19. Millions more Americans have lost their jobs as a result of the economic chaos wrought by the virus.
And at a time when the nation should be pulling together with what the British would call Blitz spirit, the streets of many cities have been the setting for what appear to be the beginnings of civil strife. Little wonder that the final months of the campaign have witnessed a descent into gutter politics of the worst kind.
So, with so much at stake at home, it is perhaps asking too much of the average voter in America to think beyond its shores when they make their choice today. But the US constitution ensures – quite deliberately - that presidents have limited ability to exercise their power domestically. Much authority is devolved to state level. What's left is at the mercy of two legislatures and it is rare that both see eye-to-eye with the White House.
Therefore it is in foreign lands – not least the Middle East - that US leaders often leave their most lasting footprint. Here, Donald Trump’s record is broadly positive. His determination to stand up to the menace of Tehran has been commendable. He helped to negotiate the Abraham Accord with the UAE and Israel – potentially a seismic turning-point in the region’s history. ISIS has been tamed, if not yet put down. Sudan has been brought back into the international fold.
True, war continues to rage in Syria and Iraq struggles to rid itself of Iranian influence. The recognition of Jerusalem as Israel’s capital was inflammatory. But given that this was a President elected on the self-styled promise of ‘America First’, the isolationism that many feared would leave the Middle East abandoned has not materialised.
With so much at stake at home, it is perhaps asking too much of the average voter in America to think beyond its shores when they make their choice today
At this point, it is only fair to ask what Joe Biden would do differently. Would Mr Obama’s number two repeat the mistakes of his former boss’s two-term presidency and embark on an ill-advised rapprochement with Iran solely on the nuclear file and ignore its role in the region? Could he maintain the momentum of the Abraham Accord while ensuring justice for the Palestinian people? Will he ignore the long-lasting damage of appeasing militants? After a campaign in which the Democratic candidate has largely kept his counsel, preferring to watch his Republican opponent apparently talk himself out of office, the answers to these and other foreign policy questions remain elusive – although he deserves the benefit of the doubt.
It is the nature of America’s electoral-college voting system that, every four years, the future of the country is decided by a tiny minority of swing voters in swing states. Would it be an exaggeration to say that the future of the Middle East could be resting on their shoulders? Perhaps not.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
Labour dispute
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.
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
