The UN and Turkey announced a deal with Russia and Ukraine on Friday to open up Black Sea shipping lanes and carry stockpiles of grain to a world in increasingly desperate need.
After weeks of delicate talks, Russia and Ukraine each signed agreements with Turkey and the UN in Istanbul, raising hope of easing the hunger crisis after the first major diplomatic breakthrough of the five-month war.
Western powers reacting to the deal said they would be watching to ensure promises were turned into action.
International aid agencies and diplomats expect grain to start fully flowing by the middle of August, but even with the delay grain prices fell on Friday.
"Today, there is a beacon on the Black Sea: a beacon of hope, a beacon of possibility, a beacon of relief, in a world that needs it more than ever," said UN Secretary General Antonio Guterres at a signing ceremony on Friday.
Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports, Odesa, Chernomorsk and Yuzhny, stabilising runaway prices and restoring one of the world's most important grain routes.
A co-ordination centre will be set up in Istanbul to manage Black Sea traffic, which will be subject to joint controls to check that cargo ships are not carrying weapons. Ukraine said no Russian inspectors would come within its waters.
There was no immediate word on any military escort but Russia said it was up to Ukraine to ensure safe passage through minefields and promised it would "not take advantage of the fact that the ports will be cleared and opened."
The package deal also includes an agreement on getting Russian food and fertilisers to world markets, Mr Guterres said.
Market analysts said questions would remain about how well Ukraine's ports are functioning following bombardment by Russian forces, and about the quality of the grain held at the harbours.
Western diplomats welcomed the deal but said they would be watching Russia's movements closely, and are expecting an implementation period before cargo ships start moving again.
Guy Platten, secretary general of the International Chamber of Shipping, said the deal was a "long-needed breakthrough" but that ensuring crew safety in highly sensitive waters would be crucial to getting exports moving quickly.
The struggle for Ukraine's southern coast, and the laying of naval mines which the two sides blamed on each other, had brought shipping traffic to a standstill and left about 20 million tonnes of grain stranded in Ukrainian silos.
Food and fertiliser prices mounted and the UN said 47 million people could face severe food scarcity because of the obstruction of the vital shipping lane, while alternative land and river routes proved only a partial substitute.
The EU accused Russia of engineering the crisis by bombarding Ukrainian grain warehouses, but Moscow said, in a counter-narrative rejected in western capitals, that sanctions were fuelling the crisis.
"With the text agreed on today, we will contribute together to prevent the danger of famine that awaits billions of people all over the world," said Turkish President Recep Tayyip Erdogan.
After what he called an "intensive and arduous process" to strike a deal, Mr Erdogan urged Russia and Ukraine to remain at the negotiating table because "there will be no winner in this war".
Ukraine described the arrangement as two separate, mirroring deals signed by Russia and Ukraine, meaning no direct deal between the two of them. Representatives of the warring parties went up separately to sign the documents in Istanbul.
The signing ceremony was delayed briefly by disputes about the arrangement of flags around the table and on signboards for the ceremony, and Ukraine's refusal to put its name on the same document as the Russians. The two sides eventually inked separate but identical agreements after the flags were moved and the signboards replaced.
Nonetheless, the deal represents the first major diplomatic success in Russia-Ukraine talks since the war began, after tentative peace talks mediated by Turkey in March failed to bring a stop to the fighting.
Dr Anwar Gargash, the UAE President's diplomatic adviser, hailed it as a positive step that underlined the need for a political solution to the crisis.
"The grain export agreement signed by Moscow and Kiev in Istanbul is a positive step in the protracted war. This is a positive achievement for Turkish diplomacy, and it reaffirms the need to reach a political solution to the crisis. Escalation is not in the interest of the international system and an urgent peaceful solution is necessary," Dr Gargash wrote on Twitter.
"This deal offers hope that a global hunger crisis can be averted," said Colm Markey, a farmer and member of the European Parliament's agriculture committee.
Sarah Champion, a British MP and chair of a parliamentary development committee, told The National she was cautiously optimistic over what "should be a big step forward in helping to tackle the global hunger crisis" — but said the UK should still increase funding for people facing hunger and malnutrition.
"Countries must act quickly to export the backlog of food exports from Ukraine so food can reach the world's poorest communities," she said. "But this deal alone won't solve the problem."
Kremlin spokesman Dmitry Peskov said the looming food crisis meant it was “very important” to unblock the supply of fertilisers, food and grain to the world markets, while playing down the problem as "a relatively small amount of Ukrainian grain".
Ukrainian presidential aide Mykhaylo Podolyak vowed a Ukrainian “military response” to any provocations from Russia and said the Kremlin's representatives would not enter Ukrainian harbours. He said any necessary inspections of cargo ships “will be carried out by joint groups” in Turkish waters.
The five-month war is being fought across one of Europe's most fertile regions by two of the world's biggest producers of grain. Before the wall, almost all of the grain was shipped out of the region across the Black Sea.
Alternative routes were not entirely satisfactory, because river barges to Romania do not have the same capacity as Black Sea cargo ships, and rail wagons need unloading or replacing at the Polish border.
Chicago wheat fell more than 3 per cent on Friday on expectations of higher supplies from the Black Sea region as Russia and Ukraine are due to sign a deal to open ports for grain shipments.
COMPANY%20PROFILE%20
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Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
Company%C2%A0profile
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
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
Financial considerations before buying a property
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.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Company%20profile
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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FROM%20THE%20ASHES
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
More coverage from the Future Forum
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)