Indian Prime Minister Narendra Modi and Russian President Vladimir Putin meet in New Delhi on December 6. EPA
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin meet in New Delhi on December 6. EPA
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin meet in New Delhi on December 6. EPA
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin meet in New Delhi on December 6. EPA

India's diplomacy treads a fine line on Russia-Ukraine crisis


Taniya Dutta
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

India’s diplomatic position on the Russia-Ukraine war may upset the West, but the South Asian nation will stick to its independent stance to safeguard its geopolitical interests, political analysts have said.

“India has been trying to do this balancing act," Sanjay Kumar Pandey, a professor at Jawaharlal Nehru University’s Centre for Russian and Central Studies, told The National. "First and foremost, because Russia has been a reliable partner and a dependable ally.”

New Delhi has abstained on all the five West-sponsored resolutions against Russia on Ukraine in the UN that condemned Moscow’s military offensive on the East European neighbour since February 24.

India, despite having strong ties with the US and the EU to counter China in the Asia-Pacific region, has refused to denounce actions by Russia.

Instead, it made customary statements and called for countries to respect “commitment to the principles of the UN Charter, to international law and respect for sovereignty and territorial integrity of all states”.

“Keeping in view the totality of the evolving situation, India decided to abstain,” T S Tirumurti, India's permanent representative to the UN, said last week ahead of the UN General Assembly vote.

  • A satellite image taken over Galwan Valley in Ladakh, India, parts of which are contested with China, June 16, 2020, in this handout obtained from Planet Labs Inc. REUTERS
    A satellite image taken over Galwan Valley in Ladakh, India, parts of which are contested with China, June 16, 2020, in this handout obtained from Planet Labs Inc. REUTERS
  • An Indian army convoy makes way towards Leh, bordering China, in Gagangir. Twenty Indian soldiers were killed during "hand-to-hand' fighting with Chinese troops in a disputed Himalayan region, India's military said, the first deadly clash between the nuclear powers in decades. AFP
    An Indian army convoy makes way towards Leh, bordering China, in Gagangir. Twenty Indian soldiers were killed during "hand-to-hand' fighting with Chinese troops in a disputed Himalayan region, India's military said, the first deadly clash between the nuclear powers in decades. AFP
  • In this May 5, 2013 photo, Chinese troops hold a banner which reads: "You've crossed the border, please go back" in Ladakh, India. China on Tuesday, June 16, 2020 accused Indian forces along their Himalayan border of carrying out "provocative attacks" on its troops, leading to "serious physical conflicts" between the sides. AP Photo
    In this May 5, 2013 photo, Chinese troops hold a banner which reads: "You've crossed the border, please go back" in Ladakh, India. China on Tuesday, June 16, 2020 accused Indian forces along their Himalayan border of carrying out "provocative attacks" on its troops, leading to "serious physical conflicts" between the sides. AP Photo
  • Indian Border Security Force (BSF) soldiers guard a highway leading towards Leh, bordering China, in Gagangir. The long-running border dispute between Asian nuclear powers India and China turned deadly for the first time in nearly half a century after at least 20 Indian soldiers were killed in a "violent face-off", the army said. AFP
    Indian Border Security Force (BSF) soldiers guard a highway leading towards Leh, bordering China, in Gagangir. The long-running border dispute between Asian nuclear powers India and China turned deadly for the first time in nearly half a century after at least 20 Indian soldiers were killed in a "violent face-off", the army said. AFP
  • The father and mother of Colonel Santosh Babu, who was killed in border clashes with Chinese troops, sit next to his portrait, in Suryapet,Telangana state, India. REUTERS
    The father and mother of Colonel Santosh Babu, who was killed in border clashes with Chinese troops, sit next to his portrait, in Suryapet,Telangana state, India. REUTERS
  • Police set up barricades outside the Chinese embassy in New Delhi. The long-running border dispute between Asian nuclear powers India and China turned deadly for the first time in nearly half a century after at least 20 Indian soldiers were killed in a "violent face-off", the army said on June 16. AFP
    Police set up barricades outside the Chinese embassy in New Delhi. The long-running border dispute between Asian nuclear powers India and China turned deadly for the first time in nearly half a century after at least 20 Indian soldiers were killed in a "violent face-off", the army said on June 16. AFP
  • Indian Border Security Force (BSF) soldiers guard a highway leading towards Leh, bordering China, in Gagangir. The long-running border dispute between Asian nuclear powers India and China turned deadly for the first time in nearly half a century after at least 20 Indian soldiers were killed in a "violent face-off", the army said on June 16. AFP
    Indian Border Security Force (BSF) soldiers guard a highway leading towards Leh, bordering China, in Gagangir. The long-running border dispute between Asian nuclear powers India and China turned deadly for the first time in nearly half a century after at least 20 Indian soldiers were killed in a "violent face-off", the army said on June 16. AFP
  • Supporters of India's ruling Bharatiya Jayanta Party (BJP) attempt to burn a sheet resembling the Chinese national flag during a protest against China, in Kochi, India. REUTERS
    Supporters of India's ruling Bharatiya Jayanta Party (BJP) attempt to burn a sheet resembling the Chinese national flag during a protest against China, in Kochi, India. REUTERS
  • Anti-China protesters display placards urging citizens to boycott Chinese goods at a market in New Delhi. Twenty Indian soldiers were killed during "hand-to-hand' fighting with Chinese troops in a disputed Himalayan region, India's military said, the first deadly clash between the nuclear powers in decades. AFP
    Anti-China protesters display placards urging citizens to boycott Chinese goods at a market in New Delhi. Twenty Indian soldiers were killed during "hand-to-hand' fighting with Chinese troops in a disputed Himalayan region, India's military said, the first deadly clash between the nuclear powers in decades. AFP
  • Chinese police and security personnel stand outside the Indian embassy in Beijing. Beijing's state media on June 17 played down a deadly border confrontation between Chinese and Indian troops and did not reveal casualties on its side even as social media users urged retaliation. The Indian army said Tuesday that 20 of its soldiers were killed in a "violent face-off" along the Himalayan frontier on June 16, which resulted in "casualties on both sides". AFP
    Chinese police and security personnel stand outside the Indian embassy in Beijing. Beijing's state media on June 17 played down a deadly border confrontation between Chinese and Indian troops and did not reveal casualties on its side even as social media users urged retaliation. The Indian army said Tuesday that 20 of its soldiers were killed in a "violent face-off" along the Himalayan frontier on June 16, which resulted in "casualties on both sides". AFP

Russia and India share historical ties and have been time-tested friends.

New Delhi’s focus has mainly remained on evacuating its nationals – at least 20,000 Indians, mostly medical students – from Ukraine as it tries to sidestep the global pressure.

Over the past two weeks, Prime Minister Narendra Modi spoke with both Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin and called for “cessation of violence”, while urging them to use diplomacy and dialogue to resolve the conflict.

But as the US and Europe move beyond the diplomatic bluster, a global alliance is forming to turn Russia into a pariah state, with a slew of crippling sanctions being imposed on Moscow.

India’s continued neutral stand on the conflict has put it and its western allies in a fix.

Its stand on Russian actions has already ruffled feathers in the West, particularly in the US power corridors, as several Congressmen have demanded New Delhi clear its stand on its relationship with Russia.

There were murmurs of India finding itself on the list of countries sanctioned by the US Administration under Countering America’s Adversaries through Sanctions Act, or CAATSA, for buying military equipment from Moscow.

The move could be a jolt to the growing bonhomie between Washington and New Delhi.

Still, experts say New Delhi will continue to follow its independent diplomacy, despite pitfalls to protect its geopolitical interests.

  • Indian soldiers inspect the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30km from Srinagar. AFP
    Indian soldiers inspect the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30km from Srinagar. AFP
  • Indian soldiers stand next to the wreckage of the Indian Air Force's helicopter after it crashed in Budgam district in Kashmir. Reuters
    Indian soldiers stand next to the wreckage of the Indian Air Force's helicopter after it crashed in Budgam district in Kashmir. Reuters
  • Indian soldiers stand next to the wreckage of the Indian Air Force's helicopter after it crashed in Budgam district in Kashmir. Reuters
    Indian soldiers stand next to the wreckage of the Indian Air Force's helicopter after it crashed in Budgam district in Kashmir. Reuters
  • Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30 km from Srinagar. AFP
    Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30 km from Srinagar. AFP
  • Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30 km from Srinagar. AFP
    Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30 km from Srinagar. AFP
  • Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, some 30 kms from Srinagar. AFP
    Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, some 30 kms from Srinagar. AFP
  • Indian soldiers gesture near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30km from Srinagar. AFP
    Indian soldiers gesture near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30km from Srinagar. AFP
  • Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30 km from Srinagar. AFP
    Indian soldiers and Kashmiri onlookers stand near the remains of an Indian Air Force aircraft after it crashed in Budgam district, 30 km from Srinagar. AFP
  • Kashmiri villagers gather near the wreckage of an Indian aircraft after it crashed in the Budgam area on the outskirts of Srinagar. AP Photo
    Kashmiri villagers gather near the wreckage of an Indian aircraft after it crashed in the Budgam area on the outskirts of Srinagar. AP Photo

Russia remains a critical source of weapons and military technology for India from where it sources around 85 per cent of the country’s military equipment.

Military hardware ranging from missiles, guns to nuclear submarines, India has major defence deals with Russia.

The two countries recently inked deals on supplying 750,000 AK-203 assault rifles and a $5.43 billion worth deal for S-400 ‘Trimuf’ missile systems.

“We majorly depend on Russia for our military supplies and inputs for sophisticated weapon systems, including technology,” Mr Pandey said.

New Delhi was a close ally of the Soviet Union during the Cold War era and over the years has further strengthened its ties with Moscow to blunt China’s influence in the region.

“So far, India's careful and pragmatic diplomacy has been low key, not condemnatory, but supportive of dialogue,” Jitendra Nath Misra, a former Indian diplomat, told The National.

The concern is that should New Delhi tilt towards the West, it would run the risk of alienating Russia and lead Moscow to move towards Beijing, a strategic nightmare for India.

“India is taking such a stand on Russia because we really can't afford to antagonize Russia, owing to the real and continuing and escalatory threat from China,” Mr Misra said.

China has massively increased its economic and military footprints in the Asian region, particularly with Pakistan. India’s archrival shared a frosty relation with Moscow over its close ties with Washington during the Cold War.

Tensions have remained high between New Delhi and Beijing, particularly since 2020 when a deadly clash erupted between the rival militaries along the disputed Himalayan border region.

Russia tried to play peace-maker and de-escalate tensions between the regional powers and helped facilitate a meeting between the Indian and Chinese foreign ministers in Moscow in 2020.

But hostilities remain.

  • Indian Army personnel carry the body of Col Santosh Babu through Suryapet, a town near the southern Indian city of Hyderabad, on Thursday. Col Babu was among the 20 Indian troops killed in Monday's clash with Chinese soldiers in the Himalayan district of Ladakh. AFP
    Indian Army personnel carry the body of Col Santosh Babu through Suryapet, a town near the southern Indian city of Hyderabad, on Thursday. Col Babu was among the 20 Indian troops killed in Monday's clash with Chinese soldiers in the Himalayan district of Ladakh. AFP
  • Indian Army personnel, family members and relatives salute next to the body of Col Santosh Babu before his funeral at Suryapet. AFP
    Indian Army personnel, family members and relatives salute next to the body of Col Santosh Babu before his funeral at Suryapet. AFP
  • B Upender performs the final rites of his son Col Santosh Babu in Suryapet. AP Photo
    B Upender performs the final rites of his son Col Santosh Babu in Suryapet. AP Photo
  • Santoshi mourns after receiving her husband Col Santosh Babu's uniform and the National flag during the last rites ceremony in Suryapet. AP Photo
    Santoshi mourns after receiving her husband Col Santosh Babu's uniform and the National flag during the last rites ceremony in Suryapet. AP Photo
  • Santoshi performs rituals during the last rites in Suryapet. AP Photo
    Santoshi performs rituals during the last rites in Suryapet. AP Photo
  • Santoshi and her son salute during the last rites of her husband in Suryapet. AP Photo
    Santoshi and her son salute during the last rites of her husband in Suryapet. AP Photo
  • Activists hold photos of Chinese President Xi Jinping and shout slogans against China during a protest in the southern Indian city of Bangalore. EPA
    Activists hold photos of Chinese President Xi Jinping and shout slogans against China during a protest in the southern Indian city of Bangalore. EPA
  • Activists hold photos of Chinese President Xi Jinping and shouts slogans against China in Bangalore. EPA
    Activists hold photos of Chinese President Xi Jinping and shouts slogans against China in Bangalore. EPA
  • Children take part in an anti-China demonstration in the eastern Indian city of Kolkata. AFP
    Children take part in an anti-China demonstration in the eastern Indian city of Kolkata. AFP
  • Men shout slogans and call for boycott of Chinese products during a demonstration in the north-eastern Indian city of Guwahati. AP Photo
    Men shout slogans and call for boycott of Chinese products during a demonstration in the north-eastern Indian city of Guwahati. AP Photo
  • Activists throughout India hold candles as a tribute to Indian soldiers killed in clash with Chinese troops in the Himalayan district of Ladakh. EPA
    Activists throughout India hold candles as a tribute to Indian soldiers killed in clash with Chinese troops in the Himalayan district of Ladakh. EPA
  • Activists belonging to the Bharatiya Janata Party shout slogans while holding posters as they sit in a police van during an anti-China protest in the eastern Indian city of Siliguri. AFP
    Activists belonging to the Bharatiya Janata Party shout slogans while holding posters as they sit in a police van during an anti-China protest in the eastern Indian city of Siliguri. AFP

Last December, China renamed 15 places in remote Arunachal Pradesh in India’s north-east along the Line of Actual Control that it also claims as its territory.

“India needs to protect its important relationship with Russia, primarily because China is continuing to put pressure on India,” Mr Misra said.

India's move to abstain from voting against Moscow is also seen as a payback time for New Delhi.

Russia over the decades has vetoed several resolutions seeking UN interventions in Kashmir—the Himalayan disputed territory claimed by both India and Pakistan.

China also rules a portion of the erstwhile Himalayan Kingdom known as Aksai Chin, which is now part of the Chinese Xinjiang and Tibet region.

New Delhi is engaged in a tense border dispute with both Islamabad and Beijing, with a decades-long armed insurgency raging in the part of Kashmir ruled by India.

New Delhi was duty-bound to side with Russia at global forums, including the UNSC, Mr Pandey said.

“Russia has bailed out India on so many occasions at the UN Security Council, mainly on Kashmir,” he said. "India cannot forget that."

RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

8.15pm Handicap (TB) Dh105,000 (D) 1,900m

8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

10pm Handicap (TB) Dh102,500 (T) 1,400m

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

CONFIRMED%20LINE-UP
%3Cp%3E%0DElena%20Rybakina%20(Kazakhstan)%20%20%0D%3Cbr%3EOns%20Jabeur%20(Tunisia)%20%20%0D%3Cbr%3EMaria%20Sakkari%20(Greece)%20%20%0D%3Cbr%3EBarbora%20Krej%C4%8D%C3%ADkov%C3%A1%20(Czech%20Republic)%20%20%0D%3Cbr%3EBeatriz%20Haddad%20Maia%20(Brazil)%20%20%0D%3Cbr%3EJe%C4%BCena%20Ostapenko%20(Latvia)%20%20%0D%3Cbr%3ELiudmila%20Samsonova%20%20%0D%3Cbr%3EDaria%20Kasatkina%E2%80%AF%20%0D%3Cbr%3EVeronika%20Kudermetova%E2%80%AF%20%0D%3Cbr%3ECaroline%20Garcia%20(France)%E2%80%AF%20%0D%3Cbr%3EMagda%20Linette%20(Poland)%E2%80%AF%20%0D%3Cbr%3ESorana%20C%C3%AErstea%20(Romania)%E2%80%AF%20%0D%3Cbr%3EAnastasia%20Potapova%E2%80%AF%20%0D%3Cbr%3EAnhelina%20Kalinina%20(Ukraine)%E2%80%AF%E2%80%AF%20%0D%3Cbr%3EJasmine%20Paolini%20(Italy)%E2%80%AF%20%0D%3Cbr%3EEmma%20Navarro%20(USA)%E2%80%AF%20%0D%3Cbr%3ELesia%20Tsurenko%20(Ukraine)%3Cbr%3ENaomi%20Osaka%20(Japan)%20-%20wildcard%3Cbr%3EEmma%20Raducanu%20(Great%20Britain)%20-%20wildcard%3C%2Fp%3E%0A
THE SPECS

Engine: 1.5-litre, four-cylinder turbo

Transmission: seven-speed dual clutch automatic

Power: 169bhp

Torque: 250Nm

Price: Dh54,500

On sale: now

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)

The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

MATCH INFO

Everton 0

Manchester City 2 (Laporte 45 2', Jesus 90 7')

SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

Key 2013/14 UAE Motorsport dates

October 4: Round One of Rotax Max Challenge, Al Ain (karting)

October 1: 1 Round One of the inaugural UAE Desert Championship (rally)

November 1-3: Abu Dhabi Grand Prix (Formula One)

November 28-30: Dubai International Rally

January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)

March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)

April 4-10: Abu Dhabi Desert Challenge (Endurance)

Ahmed Raza

UAE cricket captain

Age: 31

Born: Sharjah

Role: Left-arm spinner

One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95

T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.

On the menu

First course

▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water  

▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle

Second course

▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo

▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa

Third course

▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro

▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis

Dessert

▶ Lumi Black lemon ice cream, pistachio, pomegranate

▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
 

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.”

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

Updated: March 11, 2022, 12:45 PM