The foreign ministers of Sudan and Russia, Maryam Al Sadiq Al Mahdi and Sergey Lavrov, meet in Moscow for talks. AP
The foreign ministers of Sudan and Russia, Maryam Al Sadiq Al Mahdi and Sergey Lavrov, meet in Moscow for talks. AP
The foreign ministers of Sudan and Russia, Maryam Al Sadiq Al Mahdi and Sergey Lavrov, meet in Moscow for talks. AP
The foreign ministers of Sudan and Russia, Maryam Al Sadiq Al Mahdi and Sergey Lavrov, meet in Moscow for talks. AP

Russia plans to set up military base in Sudan


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Sudan is preparing to ratify an agreement for Russia to establish a 300-troop naval base in the country, Russia's Foreign Minister Sergey Lavrov has announced.

Sudanese Foreign Minister Mariam Al Sadiq Al Mahdi met Mr Lavrov in Moscow on Monday.

“Russia started the process of ratification. As you know, the Parliament is on holiday. Therefore, the State Duma will determine a schedule for consideration of this document,” Mr Lavrov said.

The deal would allow Russia to set up a naval base with up to 300 Russian troops, and to keep up to four ships, including nuclear-powered ones, in Port Sudan on the Red Sea.

In exchange, Russia would provide Sudan with weapons and military equipment.

At a press conference in the Russian capital on Monday, Russia pledged “unwavering support” for the Sudanese government in its quest to resolve social and economic problems.

“Russia believes that sanctions [on Sudan] imposed by the UN Security Council back in 2004 need to be lifted as currently they serve no purpose,” Mr Lavrov said.

A meeting will soon be scheduled between the finance ministers of the countries to discuss the national debt Sudan owes Russia. In June the International Monetary Fund granted Sudan a $2.5 billion loan to aid debt relief.

The two also discussed a number of regional topics, including the Grand Ethiopian Renaissance Dam, known as Gerd, and the Israeli-Palestinian conflict.

On the issue of Gerd, Ms Mahdi said it was, “in Sudan's interest for other countries to participate so we can ensure this construction doesn't hurt our country, our people.”

Sudan and Egypt say a decade of negotiations with Ethiopia have failed and the dam is starting a second filling of its reservoir. They say this not only violates a 2015 agreement but poses “an existential threat” to 150 million people in their downstream nations.

Sudan and Russia said a summit would be held next year to enhance Russian co-operation with African nations. The forum will follow up on the 2019 Russia-Africa summit that was held in Sochi.

Some of the issues expected on the agenda include Libya, the Central African Republic and Chad.

“We think that Sudan should be more actively involved in these processes, helping to secure the situation in these countries,” Ms Mahdi said.

Russia and Sudan also discussed the need to improve international co-operation to resolve conflicts in the Middle East, North Africa and other parts of Africa, Mr Lavrov said.

“We have exchanged opinions on the Israeli-Palestinian conflict, on the Syrian conflict, on Libya following the Berlin conference, and we have agreed to close co-operation on these and other issues,” he said.


Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

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BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Villains
Queens of the Stone Age
Matador

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

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Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Updated: July 12, 2021, 1:35 PM