The UAE’s hosting of Cop28 will place the country “at the very centre of the world stage”, the French ambassador to the Emirates has said.
Nicolas Niemtchinow said the UAE was potentially in a unique position to act as a bridge “between the north and south” of the world at the crucial talks and he was optimistic the November 30 to December 12 summit to tackle the climate emergency would succeed.
He added that France fully supports the UAE's efforts at such an “extremely important” moment for the future of the planet.
Speaking to The National to mark Bastille Day, the French national holiday that falls on Friday, Mr Niemtchinow said keeping the global warming target of 1.5°C alive and scaling up climate finance was important. He also rejected criticism from some sectors around the summit.
We should do our best for our children. That’s why this Cop is so important
Nicolas Niemtchinow,
French ambassador to the UAE
“It is always very easy to criticise,” said Mr Niemtchinow. “It is more difficult to do. Let’s work together and then we will see.”
The envoy said the UAE presidency had a strong role during the talks to try to catalyse and crystallise an agreement and it was not easy.
“But we should do our best for our children. That’s why this Cop is so important. I am optimistic [and] we wish our UAE friends all the success to achieve a breakthrough in the fight against climate change.”
Mr Niemtchinow, who is six months into the job, said it has been a “whirlwind” of meetings, visits and high-level engagements, but that he had already noted the vibrancy of the bilateral relationship between France and the UAE.
“This is [a] relationship blossoming in the present as a golden age and very much looking to the future [in sectors such as] clean energy, space and public health, which is a crucial sector since Covid-19,” said Mr Niemtchinow. “It is very dynamic and substantial.”
Ties between France and the UAE are warm and deep-rooted. The UAE's Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan made a historic visit to France in 1975, accompanied by a young Sheikh Mohamed.
President Sheikh Mohamed travelled to France in 2022 for his first state visit as leader. He made another trip in 2023, while French President Emmanuel Macron has also made several visits to the UAE including in 2022 to express his condolences after the death of the late president Sheikh Khalifa.
Co-operation extends to many areas. The French operate several military bases in the UAE; Sorbonne University Abu Dhabi opened doors in 2006; while one of the most visible expressions of the relationship is the presence of Louvre Abu Dhabi on Saadiyat Island.
Mutual support
Today the French community in the UAE stands at around 30,000 people and is the largest in the region. Bilateral trade reached almost €6.9 billion in 2022 compared with less than €5bn before the Covid-19 pandemic. About 600 French companies operate in the UAE.
The envoy said both countries can “rely on each other when times are difficult”, pointing to French support for the UAE in 2022 when the Emirates was attacked.
“We were there. We applied the security agreement and were directly involved in the protection of the country,” he said.
“And when France had some difficulties some days ago, we had the public support of the Emirati government,” said Mr Niemtchinow, referring to the tensions in France.
France has banned the sale, possession and transport of fireworks during the July 14 holiday weekend, following unrest sparked by the police killing of a teenager. Mr Niemtchinow said he was still optimistic that France could get through such challenging times.
“We live in very difficult times,” he said. “Everywhere history is again [on the] move. Some even say the international order is crumbling or even collapsing. I believe order is better than chaos.
“I believe that peace is better than war and conflict and tolerance is more conducive to social or political cohesion than blind fanaticism, violence or disorder. Based on that conviction, I’m quite confident in the ability of France to face the current problems we have. That is my answer in a personal way.”
Mr Niemtchinow studied at the Ecole Nationale d’Administration and joined the French foreign service in 1995.
He then worked in Moscow during what he calls an “interesting time”; served as permanent representative of France to the UN; and then from 2017 to 2022 was “strategy director” at the French Ministry of Defence before starting as ambassador to the UAE in January.
Aside from Cop28, which is a big priority this year, Mr Niemtchinow is keen to increase co-operation across economy, science, health, culture and “joint efforts to promote peace, security and stability in this region and all across the world”.
“This relationship is truly exceptional,” he said. “We have reached a type of golden age because it is consistent, deeply rooted in history and extraordinarily diversified from culture to economics to science.”
In the French Embassy, pictures of former ambassadors dating back to the formation of the UAE line the walls – a testament to the work that has gone before.
“I will do my very best as French ambassador to live up to this very exciting ambition and mandate,” he said. “We have a lot to do and can achieve great things together.”
Sheikh Zayed's historic 1975 visit to France – in pictures
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Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
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%20profile
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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.”
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
