A UN-chartered ship loaded with 23,000 tonnes of Ukrainian wheat destined for millions of hungry people in Ethiopia docked in neighbouring Djibouti on Tuesday.
The bulk carrier MV Brave Commander arrived in the Horn of Africa port city two weeks after leaving a Black Sea port in Ukraine, the UN's World Food Programme said.
"The food on the Brave Commander will feed 1.5 million people for one month in Ethiopia," said WFP's regional director for East Africa, Mike Dunford.
"So this makes a very big impact for those people who currently have nothing. And now WFP will be able to provide them with their basic needs."
Ethiopia, with Kenya and Somalia, is in the grip of a devastating drought that has left 22 million people at risk of starvation across the Horn of Africa, the WFP said this month.
The WFP said the wheat from the Brave Commander was being taken to its operations in Ethiopia.
It was not immediately clear whether the delivery would be affected by a resumption of fighting between government forces and Tigrayan rebels in the north of the country.
Ukraine, one of the world's largest grain exporters, was forced to halt almost all deliveries after Russia's invasion in February, raising fears of a global food crisis.
But exports of grain, food and fertilisers from three Black Sea ports resumed at the start of this month under a deal between Kyiv and Moscow, brokered by the UN and Turkey in July.
The agreement lifted a Russian blockade of Ukraine's ports and set terms for millions of tonnes of wheat and other grain to start flowing from silos and ports.
US Secretary of State Antony Blinken, welcoming the ship's arrival and Djibouti's role, said the United States will be "closely monitoring Russia's adherence" to the deal.
"We call on Russia to immediately cease its war on Ukraine, which would do much to address the recent spike in global food insecurity," Mr Blinken said.
According to figures late last week from the Joint Co-ordination Centre that manages the sea corridor, more than 720,000 tonnes of grain have already left Ukraine.
The WFP said the Djibouti port is one of the main corridors it uses for its operations in East and Central Africa, handling 960,000 tonnes of food commodities in 2021.
The Horn of Africa is experiencing its worst drought in 40 years and the UN's World Meteorological Organisation warned last week that the situation is likely to get even worse with a fifth consecutive failed rainy season.
"There is still no end in sight to this drought crisis, so we must get the resources needed to save lives and stop people plunging into catastrophic levels of hunger and starvation," WFP executive director David Beasley said earlier this month.
The WFP says famine is a "serious risk," particularly in Somalia where nearly half the population of 15 million is seriously hungry.
The WFP says food insecurity and malnutrition are a major concern in Ethiopia, with an estimated 20.4 million people in need of food support, including those forced from their homes by the conflict in the north as well as the severe drought in the south and south-east.
Northern Ethiopia has been racked by war since November 2020 when Prime Minister Abiy Ahmed sent troops into Tigray to topple the Tigray People's Liberation Front after what he said were attacks by the rebels on federal army camps.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
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.”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
KILLING OF QASSEM SULEIMANI
!['We are committed to supporting talks between the parties and we're hopeful that the AU High Representative for the talks in Ethiopia, former [Nigerian] president Obasanjo, will soon announce a location and a time for those talks,' Ms Phee. Reuters](https://www.thenationalnews.com/resizer/v2/IRZOKU73RZ7HX2IXMX62WVCBU4.jpg?smart=true&auth=a5df167fcf10ba4b125cc8eaed1f8c17355d091f42a3e344f662b5c3fb05c440&width=400&height=225)
!['We are committed to supporting talks between the parties and we're hopeful that the AU High Representative for the talks in Ethiopia, former [Nigerian] president Obasanjo, will soon announce a location and a time for those talks,' Ms Phee. Reuters](https://www.thenationalnews.com/resizer/v2/IRZOKU73RZ7HX2IXMX62WVCBU4.jpg?smart=true&auth=a5df167fcf10ba4b125cc8eaed1f8c17355d091f42a3e344f662b5c3fb05c440&width=800&height=450)
