The United States will establish a permanent army headquarters in Poland as part of enhanced Nato plans in the face of Russian aggression in Europe, President Joe Biden said on Wednesday.
Nato leaders discussed plans to overhaul and boost the alliance’s defences at the alliance's Madrid summit, including establishing a new force model that would place about 300,000 troops on high alert to deal with any future threats.
As well as the Polish base for the Fifth Army Corps, Mr Biden said his country would also maintain an additional rotational brigade of thousands of troops in Romania and bolster deployments in the Baltic states. The US will send two more F-35 squadrons to the UK and add to air-defence systems in Germany and Italy. That adds to 100,000 American troops already in Europe.
“In a moment where Putin has shattered peace in Europe and attacked the very, very tenets of the rule-based order of the United States and our allies — we’re stepping up,” Mr Biden said at the summit. “The steps we’re taking during this summit are going to further augment our collective strength.” The Russian president is “getting the NATO-ization of Europe," he added.
Nato will be "strengthened in all directions across every domain - land, air and sea," he said. Biden visited Poland in March and told US troops deployed there that they were "in the midst of a fight between democracies and oligarchs."
Poland, which has long sought a permanent US military base on its soil, on Wednesday said the move would send a clear signal to the Russians.
"It is a success which comes from long and consistent negotiations on this matter and, at the same time, a very clear sign that the Americans intend to increase, not decrease, their presence in Poland," said Jakub Kumoch, the Polish president's foreign policy adviser.
"Something that seemed impossible to many is becoming a fact today," Deputy Foreign Minister Marcin Przydacz wrote on Twitter. "We have a PERMANENT U.S. presence in Poland ... It is also a clear signal to Moscow."
Russian forces struck targets in the Mykolaiv region of southern Ukraine on Wednesday and intensified attacks on fronts across the country.
Ukrainian President Volodymyr Zelenskyy told the Nato leaders his country needed more weapons and money to defend itself against Russia, warning that Moscow's ambitions did not stop at Ukraine.
In a video link-up from the capital Kyiv, demanded more weapons from the West and said Ukraine needed $5 billion per month for its defence and protection.
Russia would set its sights on other countries, he warned, saying Moscow wanted to "enslave" NATO-member Lithuania.
"This not a war being waged by Russia against only Ukraine. This is a war for the right to dictate conditions in Europe - for what the future world order will be like," he said.
Russia said Wednesday it would not be intimidated by US military reinforcements in Europe as tensions spiral over Moscow's military intervention in Ukraine.
"I think that those who propose such solutions are under the illusion that they will be able to intimidate Russia, somehow restrain it - they will not succeed," Deputy Foreign Minister Sergei Ryabkov said.
"The security of countries where additional contingents will appear will not be strengthened. The prospect of stabilisation will be distant. Risks will increase," he added.
He said Russia would respond.
Arriving at the summit in Madrid, UK Prime Minister Boris Johnson said Mr Putin was getting "more Nato", not less, as a result of his actions in Ukraine.
On Tuesday, Nato Secretary General Jens Stoltenberg said countries need to significantly increase their defence spending in a “more dangerous and unpredictable world”, where Ukraine is paying the price for freedom.
The alliance had already on Tuesday night moved one step closer to bolstering its eastern front with Russia after Turkey dropped its opposition to Swedish and Finnish bids to join. Once members, the Nordic countries will augment the alliance with their Nato-standard militaries and high level of integration. Both countries are also boosting defence spending.
President Recep Tayyip Erdogan emerged from the meeting declaring victory after securing a 10-point agreement under which the two countries vowed to join Turkey's fight against banned Kurdish militants and to swiftly extradite suspects.
Turkey put the deal to the immediate test by announcing that it would seek the extradition of 12 suspects from Finland and 21 from Sweden.
Nato hopes adding them will shrink the vulnerability of other countries in the Baltic region with the option to quickly reinforce from the north in the event of an attack. The additional 1,343 kilometres of land frontier with Russia would effectively isolate its enclave of Kaliningrad sandwiched between Poland and Lithuania on the Baltic Sea.
Mr Stoltenberg on Wednesday said the alliance would invite the two Nordic countries to join while leaders are still in Madrid.
He called the invitation “a historic decision”, with the alliance’s 30 members then due to ratify membership. “I expect that also to go rather quickly because allies are ready to make that ratification process happen as quickly as possible,” he said.
Turkey agreed to support inviting the two Nordic countries into the military alliance, after receiving pledges from Finland and Sweden addressing its security concerns, including restrictions on Kurdish groups that Turkey considers terrorists, and avoiding arms embargoes.
“The talks were intense and tough, not in mood but in terms of the subject matter, and after four hours, we reached an understanding,” Finnish President Sauli Niinisto said. “Turkey becoming an ally now could impact the considerations” on arms export permits on a case-by-case basis, he said.
Swedish Prime Minister Magdalena Andersson said in a phone interview: “It’s good for Sweden and Finland’s security but in equal measure it is good for Nato as we would contribute to the common security of the alliance. Sweden and Finland were able to explain our work against terrorism and how we have tightened legislation and will continue to strengthen it.”
Nato membership for the two previously neutral countries would mark a significant shift in the European security landscape after Russia’s invasion of Ukraine.
Still, the actual membership process will still take many months, including ratification from Nato members’ parliaments, before Finland and Sweden become members and can benefit from the alliance’s article 5 collective defence commitments.
Mr Stoltenberg said he expected allies to sign the Nordic countries’ accession protocols “immediately” after the summit. All 30 members need to sign off.
A senior US administration official said President Biden’s goal this week was to help propel the deal across the finish line. The US has stressed that bringing Finland and Sweden into the fold could make the alliance more secure.
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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.”
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
SPECS
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Zayed Sustainability Prize
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
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Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
