Russian President Vladimir Putin attends a meeting between Russia and Belarus via video link in Crimea, on November 4, 2021. Reuters
Russian President Vladimir Putin attends a meeting between Russia and Belarus via video link in Crimea, on November 4, 2021. Reuters
Russian President Vladimir Putin attends a meeting between Russia and Belarus via video link in Crimea, on November 4, 2021. Reuters
Russian President Vladimir Putin attends a meeting between Russia and Belarus via video link in Crimea, on November 4, 2021. Reuters

Putin says Russia has 'nothing to do' with border crisis


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Russian President Vladimir Putin on Saturday denied claims that Moscow is helping to orchestrate a crisis that has left hundreds of migrants from the Middle East trapped on the border between Belarus and Poland.

Blaming western policies in the Middle East for the crisis, Mr Putin hit back at claims from Poland and others that Russia is working with Belarus to increase pressure on the EU frontier.

“I want everyone to know. We have nothing to do with it,” he told state television. “We should not forget where these crises associated with migrants came from … western countries themselves, including European countries.”

Although Belarus held joint drills with Russian paratroopers near the border and Russian bombers have conducted patrols over the country last week, Moscow's support for Minsk is often cautious.

Mr Putin urged European leaders to talk to Belarusian President Alexander Lukashenko to resolve the crisis and said “as I understand it”, German Chancellor Angela Merkel was ready to do so.

The migrants, mainly Kurds, have been stuck for days on the border in near-freezing temperatures, setting up a tent camp and burning wood to keep warm.

Belarus says there are about 2,000 people in the camp, including pregnant women and children. Poland says there are between 3,000 and 4,000 migrants on the border, with more arriving every day.

Belarusian authorities said Saturday they were delivering aid, including tents and heaters as temperatures fall, a move that could make the camp a semi-permanent presence on the borders of the EU.

Although migrants have been trying to cross the border for months, hundreds made a concerted effort on Monday and were pushed back by Polish border guards.

Sporadic attempts to cross have continued, and Polish police said Saturday that the body of a young Syrian man had been found in a forest close to the border.

Police said the cause of death could not be immediately determined and that a group of around 100 migrants had attempted to cross the border during the night in the area.

The death brings to 11 the number of migrants found dead on both sides since the crisis began in the summer, according to aid groups.

  • Poland increased security at its border with Belarus, on the EU’s eastern frontier, after a large group of people appeared to congregate on the Belarusian side of a crossing point, officials said on Monday. AP
    Poland increased security at its border with Belarus, on the EU’s eastern frontier, after a large group of people appeared to congregate on the Belarusian side of a crossing point, officials said on Monday. AP
  • People gather at the EU border near Grodno, Belarus. AP
    People gather at the EU border near Grodno, Belarus. AP
  • Between 3,000 and 4,000 migrants are near the Belarusian border with Poland, a Polish government spokesman said on Monday. Reuters
    Between 3,000 and 4,000 migrants are near the Belarusian border with Poland, a Polish government spokesman said on Monday. Reuters
  • Children play in a tree near Grodno. AP
    Children play in a tree near Grodno. AP
  • Polish border guards stand near the barbed wire at the border. AP
    Polish border guards stand near the barbed wire at the border. AP
  • People keep themselves warm with a fire. AP
    People keep themselves warm with a fire. AP
  • Migrants carry someone who has fallen ill. AP
    Migrants carry someone who has fallen ill. AP
  • Polish border guards stand behind the barbed wire. AP
    Polish border guards stand behind the barbed wire. AP

European leaders have accused Mr Lukashenko, who has ruled the former Soviet state for about 30 years, of luring the migrants to send across the border in revenge for sanctions imposed over a bloody crackdown on his opponents.

The EU is expected next week to widen the penalties to include new sanctions for “human trafficking".

European Commission vice president Margaritis Schinas told French newspaper Le Figaro that the sanctions would be “approved and applied".

He said they would also be aimed at Belarusian state airline Belavia, which has been accused of ferrying groups of migrants from Turkey and elsewhere to Minsk.

Belarusian opposition leader Svetlana Tikhanovskaya urged European leaders to reject talks with Lukashenko.

Tensions remain high at the border, where thousands of troops have been stationed on both sides.

Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

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

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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.”

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Elvis
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RESULTS

6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)

6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill

7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby

7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer

8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill

8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass

9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby

Turkish Ladies

Various artists, Sony Music Turkey 

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The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

Updated: November 14, 2021, 5:42 AM