Ukraine’s Zelenskyy seeks fast-track EU membership


Tim Stickings
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Ukraine’s President Volodymyr Zelenskyy has called for fast-track membership of the European Union for his embattled country as it fights a Russian invasion.

But senior EU figures showed little enthusiasm for speeding up a process that typically takes many years and requires countries to meet the bloc’s exacting standards on issues such as corruption, pollution and the rule of law.

It came on the fifth day of a war in Ukraine which the UN said had already killed at least 102 civilians and prompted half a million people to flee their homes. Ceasefire talks began at the border with Belarus but fighting continued elsewhere, with Ukraine still in control of major cities.

Pressure from a defiant Mr Zelenskyy in Kiev has already helped to push European leaders to open their weapons stores and impose sanctions that caused havoc in the Russian economy on Monday.

Even Switzerland, known for its non-alignment and opaque banking system, announced on Monday that it would adopt the EU’s sanctions on Russia in full, including asset freezes on President Vladimir Putin and figures in his inner circle.

Top Swiss officials decided that preserving the integrity of the country's famed financial sector was more important than the small amount of Russian business they said was conducted in Switzerland.

“Playing into the hands of an aggressor is not neutral,” Swiss President Ignazio Cassis said as he explained the rare move, which was welcomed by senior ministers in the EU.

French President Emmanuel Macron tried to keep diplomatic efforts alive by speaking to both Mr Zelenskyy and Russian President Vladimir Putin, calling for an immediate ceasefire in Ukraine. EU energy ministers meeting on Monday were meanwhile urged to support an emergency link between Ukraine’s power grid and that of its neighbours to the west.

But demanding to be on an equal footing with EU countries, Mr Zelenskyy called on Monday for the “immediate accession of Ukraine via a new special procedure”. He said he had signed an official request to join the bloc.

“I am sure we deserve this,” he said from the presidential palace in Kiev. “I am sure that all this is possible.”

  • A monitor displays a projectile striking the regional state administration building in Kharkiv, as the Russian invasion continues. Reuters
    A monitor displays a projectile striking the regional state administration building in Kharkiv, as the Russian invasion continues. Reuters
  • People help a wounded woman in the aftermath of Russian shelling in Kharkiv. EPA
    People help a wounded woman in the aftermath of Russian shelling in Kharkiv. EPA
  • Ukrainian emergency service personnel carry the body of a victim following shelling in Kharkiv. AP
    Ukrainian emergency service personnel carry the body of a victim following shelling in Kharkiv. AP
  • Students who fled the conflict rest in a refugee camp in Voluntari, Romania. AP
    Students who fled the conflict rest in a refugee camp in Voluntari, Romania. AP
  • Members of an Ukrainian civil defence unit pass new assault rifles to the opposite side of a blown-up bridge on Kiev’s northern front. AFP
    Members of an Ukrainian civil defence unit pass new assault rifles to the opposite side of a blown-up bridge on Kiev’s northern front. AFP
  • Civilians cross a river on Kiev's northern front. AFP
    Civilians cross a river on Kiev's northern front. AFP
  • A woman takes photos of a destroyed accommodation building near a checkpoint in Brovary, outside Kiev. AP
    A woman takes photos of a destroyed accommodation building near a checkpoint in Brovary, outside Kiev. AP
  • The city hall of Kharkiv, damaged by Russian shelling. AFP
    The city hall of Kharkiv, damaged by Russian shelling. AFP
  • Debris litters the square outside the damaged Kharkiv city hall. AFP
    Debris litters the square outside the damaged Kharkiv city hall. AFP
  • A Ukrainian woman sleeps on the floor of the railway station in Zahonyi close to the Hungary/Ukraine border. AFP
    A Ukrainian woman sleeps on the floor of the railway station in Zahonyi close to the Hungary/Ukraine border. AFP
  • A medical worker attends to wounded man at a hospital in Brovary, outside Kiev. AP
    A medical worker attends to wounded man at a hospital in Brovary, outside Kiev. AP
  • Refugees from Ukraine in a tent at the Medyka border crossing, Poland. AP
    Refugees from Ukraine in a tent at the Medyka border crossing, Poland. AP
  • Debris outside the regional administration building, which city officials said was hit by a missile, in Kharkiv. Reuters
    Debris outside the regional administration building, which city officials said was hit by a missile, in Kharkiv. Reuters
  • A student evacuated from Ukraine is embraced by her family after arriving at Tunis-Carthage International Airport in Tunisia. AFP
    A student evacuated from Ukraine is embraced by her family after arriving at Tunis-Carthage International Airport in Tunisia. AFP
  • Rescuers in a building damaged by a missile in central Kharkiv. Reuters
    Rescuers in a building damaged by a missile in central Kharkiv. Reuters
  • An ambulance is visible through the damaged window of a vehicle hit by bullets in Kiev, Ukraine. Reuters
    An ambulance is visible through the damaged window of a vehicle hit by bullets in Kiev, Ukraine. Reuters
  • Territorial defence members prepare to head out on patrol in Kiev. EPA
    Territorial defence members prepare to head out on patrol in Kiev. EPA
  • UN Secretary General Antonio Guterres delivers a speech on screen during the opening of the 49th session of the UN Human Rights Council in Geneva, Switzerland. AP
    UN Secretary General Antonio Guterres delivers a speech on screen during the opening of the 49th session of the UN Human Rights Council in Geneva, Switzerland. AP
  • A policeman detains a young demonstrator during a protest against Russia's attack on Ukraine in St Petersburg, Russia. AP
    A policeman detains a young demonstrator during a protest against Russia's attack on Ukraine in St Petersburg, Russia. AP
  • Local residents in Zhytomyr, Ukraine, prepare Molotov cocktails. Reuters
    Local residents in Zhytomyr, Ukraine, prepare Molotov cocktails. Reuters
  • Residents clean a bomb shelter under an out-of-service cinema in central Zhytomyr. Reuters
    Residents clean a bomb shelter under an out-of-service cinema in central Zhytomyr. Reuters
  • Ukrainian volunteers tear cloth into strips to make camouflage nets in Lviv, western Ukraine. AP
    Ukrainian volunteers tear cloth into strips to make camouflage nets in Lviv, western Ukraine. AP
  • Part of the military convoy north-west of Invankiv, Ukraine. AP
    Part of the military convoy north-west of Invankiv, Ukraine. AP
  • Mark Goncharuk, a young boy from Kiev, leaves his father behind as he travels with the rest of his family towards the border. Reuters
    Mark Goncharuk, a young boy from Kiev, leaves his father behind as he travels with the rest of his family towards the border. Reuters
  • People hold an anti-war protest outside the Russian Embassy in Mexico City, Mexico. Reuters
    People hold an anti-war protest outside the Russian Embassy in Mexico City, Mexico. Reuters
  • A crater caused by shelling on the outskirts of Kiev. AFP
    A crater caused by shelling on the outskirts of Kiev. AFP
  • People queue outside a grocery store in the Ukrainian capital. EPA
    People queue outside a grocery store in the Ukrainian capital. EPA
  • Ukrainian soldiers stand at Maidan Nezalezhnosti, or Independence Square, in Kiev. EPA
    Ukrainian soldiers stand at Maidan Nezalezhnosti, or Independence Square, in Kiev. EPA
  • Vladimir Medinsky, the head of the Russian delegation, second left, and Davyd Arakhamia, faction leader of the Servant of the People party in the Ukrainian Parliament, third right, attend the peace talks in the Gomel region of Belarus. AP
    Vladimir Medinsky, the head of the Russian delegation, second left, and Davyd Arakhamia, faction leader of the Servant of the People party in the Ukrainian Parliament, third right, attend the peace talks in the Gomel region of Belarus. AP
  • People who have fled the Russian invasion in Ukraine, clamour to board a bus bound for a refugee centre established in Przemysl, Poland. Reuters
    People who have fled the Russian invasion in Ukraine, clamour to board a bus bound for a refugee centre established in Przemysl, Poland. Reuters
  • Hanna Pavlovna Lukasz, from Mirhord, Ukraine, said her sons, aged 12 and 8, and her 66-year-old mother had been waiting on the Ukrainian side of the border crossing with Medyka, Poland, for four days. AP
    Hanna Pavlovna Lukasz, from Mirhord, Ukraine, said her sons, aged 12 and 8, and her 66-year-old mother had been waiting on the Ukrainian side of the border crossing with Medyka, Poland, for four days. AP
  • A volunteer from Kiev prepares a rear post with trenches in the city. AFP
    A volunteer from Kiev prepares a rear post with trenches in the city. AFP
  • A child being treated for cancer rests in the bomb shelter of the oncology ward at a hospital in Kiev. Getty
    A child being treated for cancer rests in the bomb shelter of the oncology ward at a hospital in Kiev. Getty
  • Police officers check occupants of a suspicious car in Kiev, as Russia's invasion of Ukraine continues. Reuters
    Police officers check occupants of a suspicious car in Kiev, as Russia's invasion of Ukraine continues. Reuters
  • A woman from Ukraine uses a phone to listen to a speech by President Volodymyr Zelenskyy at a refugee shelter in Beregsurany, Hungary. Reuters
    A woman from Ukraine uses a phone to listen to a speech by President Volodymyr Zelenskyy at a refugee shelter in Beregsurany, Hungary. Reuters
  • Shelves empty of bread after a curfew was lifted as Russia's invasion of Ukraine continues, in Kiev. Reuters
    Shelves empty of bread after a curfew was lifted as Russia's invasion of Ukraine continues, in Kiev. Reuters
  • Ukrainian Defence Minister Oleksii Reznikov, left, and President Zelenskyy. AFP
    Ukrainian Defence Minister Oleksii Reznikov, left, and President Zelenskyy. AFP
  • Snow-covered shoes donated for those fleeing the Russian invasion of Ukraine at the border crossing in Medyka, Poland. Reuters
    Snow-covered shoes donated for those fleeing the Russian invasion of Ukraine at the border crossing in Medyka, Poland. Reuters
  • People who have fled Ukraine wait for a bus to transport them away from the border crossing in Medyka. Reuters
    People who have fled Ukraine wait for a bus to transport them away from the border crossing in Medyka. Reuters
  • Norwegian soldiers of the Nato-enhanced forward presence battalion pose at a military plane as they arrive at an airport in Kaunas, Lithuania. AP
    Norwegian soldiers of the Nato-enhanced forward presence battalion pose at a military plane as they arrive at an airport in Kaunas, Lithuania. AP
  • A person fleeing Ukraine sits during snowfall at a temporary camp in Przemysl, Poland. Reuters
    A person fleeing Ukraine sits during snowfall at a temporary camp in Przemysl, Poland. Reuters
  • Footage reportedly of Russian Buk missile system vehicles on a road before a drone strike near Malyn, Ukraine. Reuters
    Footage reportedly of Russian Buk missile system vehicles on a road before a drone strike near Malyn, Ukraine. Reuters
  • An explosion after what are said to be Russian Buk missile system vehicles on a road are struck by a drone. Reuters
    An explosion after what are said to be Russian Buk missile system vehicles on a road are struck by a drone. Reuters
  • The monument to Russian troops from the Second World War, after the figures’ hands were painted red, at the Red Army memorial in Sofia, Bulgaria. EPA
    The monument to Russian troops from the Second World War, after the figures’ hands were painted red, at the Red Army memorial in Sofia, Bulgaria. EPA
  • The Peace Tower on Parliament Hill in Ottawa, Canada, is lit up with the colours of Ukraine’s national flag in a show of support. AP
    The Peace Tower on Parliament Hill in Ottawa, Canada, is lit up with the colours of Ukraine’s national flag in a show of support. AP
  • Russian President Vladimir Putin visits the construction site of the National Space Agency on the premises of the Khrunichev State Research and Production Space Centre, in Moscow. EPA
    Russian President Vladimir Putin visits the construction site of the National Space Agency on the premises of the Khrunichev State Research and Production Space Centre, in Moscow. EPA
  • A man looks out from a train, at the railway station in Lviv, Ukraine. The UN has estimated the conflict could produce as many as four million refugees. AP
    A man looks out from a train, at the railway station in Lviv, Ukraine. The UN has estimated the conflict could produce as many as four million refugees. AP
  • A Ukrainian boy waits for his mother after passing the border crossing point in Siret, northern Romania. EPA
    A Ukrainian boy waits for his mother after passing the border crossing point in Siret, northern Romania. EPA
  • Russian policemen detain a demonstrator in St Petersburg, during a protest against the country's military actions in Ukraine. EPA
    Russian policemen detain a demonstrator in St Petersburg, during a protest against the country's military actions in Ukraine. EPA
  • Ukrainian soldiers at a check point in the city of Zhytomyr. Reuters
    Ukrainian soldiers at a check point in the city of Zhytomyr. Reuters
  • Residents prepare petrol bombs to defend the city, in Uzhhorod, Ukraine. Reuters
    Residents prepare petrol bombs to defend the city, in Uzhhorod, Ukraine. Reuters
  • A pro-Russian fighter sits inside a tank in the separatist self-proclaimed Luhansk People's Republic, in the Luhansk region, Ukraine. Reuters
    A pro-Russian fighter sits inside a tank in the separatist self-proclaimed Luhansk People's Republic, in the Luhansk region, Ukraine. Reuters
  • Russian President Vladimir Putin, right, speaks to Defence Minister Sergei Shoigu, second left, and Head of the General Staff of the Armed Forces and First Deputy Defence Minister Valery Gerasimov, left, during their meeting in Moscow. AP
    Russian President Vladimir Putin, right, speaks to Defence Minister Sergei Shoigu, second left, and Head of the General Staff of the Armed Forces and First Deputy Defence Minister Valery Gerasimov, left, during their meeting in Moscow. AP
  • Ukrainians and supporters gather during a demonstration in front of the Greek Parliament in Athens against the Russian military's operation in Ukraine. AFP
    Ukrainians and supporters gather during a demonstration in front of the Greek Parliament in Athens against the Russian military's operation in Ukraine. AFP
  • Ukrainian Territorial Defence fighters test an automatic grenade launcher taken from a destroyed Russian infantry mobility vehicla after a battle in Kharkiv. AFP
    Ukrainian Territorial Defence fighters test an automatic grenade launcher taken from a destroyed Russian infantry mobility vehicla after a battle in Kharkiv. AFP

Long road to membership

EU membership applications require long negotiations on more than 30 policy areas, and Ukraine does not yet have the status of a candidate country. The last new member, Croatia, applied in 2003 and joined in 2013.

Any accession requires the unanimous approval of all 27 existing EU members as well as backing from the European Commission and the European Parliament.

Poland has openly backed an “express path” for Ukraine, but although EU leaders in Brussels have spoken of deepening ties with Kiev, they have shown no sign they are willing to tear up the rulebook for membership.

“Today it is not on the agenda, believe me,” EU foreign policy chief Josep Borrell said in Brussels on Monday. “We have to provide an answer for the coming hours, not for the coming years.”

Ireland and Germany said accession was not something that could happen in a couple of months, while Eric Mamer, a spokesman for the European Commission, said Ukraine was a country with a “European perspective” but that the process for membership still stood.

Also unwilling to send troops to Ukraine, European countries have instead sought to show support by exporting weapons, providing financial aid and rallying the West to agree sweeping sanctions on Russia.

Military gear being exported to Ukraine includes protective equipment from Sweden and Finland as well as howitzers from the former East Germany, now in Estonia’s possession, which Berlin has granted its approval to export.

It was part of a historic shift in German defence policy that took many observers by surprise and will see 100 billion euros ($112bn) spent on upgrading the military and tough sanctions imposed on Russia after years of equivocation towards the Kremlin.

Tens of thousands demonstrate in Cologne, Germany, during a peace march against the war in Ukraine. AP
Tens of thousands demonstrate in Cologne, Germany, during a peace march against the war in Ukraine. AP

Sanctions kick in

Europe’s financial markets began severing Russia from their systems on Monday, while the rouble took a battering on currency exchanges. Russia’s central bank, which had some of its own assets frozen, raised its interest rate to 20 per cent in response.

Mr Borrell said sanctions would come with a cost to Europe and were "not a free lunch" as energy ministers discussed how to reduce Europe's reliance on Russian gas imports.

Robert Habeck, Germany's Economy Minister, acknowledged the country had been too dependent on Russian gas in the past and had a "duty to free ourselves" from that reliance.

A spokesman for UK Prime Minister Boris Johnson said companies with interests in Russia should think carefully about whether to continue doing business there, after energy giant BP announced it was ending a shareholding in Russian oil company Rosneft.

France said it was preparing what it called a census of luxury assets, including property, yachts and vehicles, belonging to Russian oligarchs who could face sanctions owing to links with the Kremlin.

Russian government spokesman Dmitry Peskov said the economic reality had changed but that Russia could withstand western sanctions.

Many countries have closed their airspace to Russian planes, effectively blocking them from Europe. Russia retaliated with a ban on planes from 36 countries, including Britain, Germany, Spain, Italy and Canada, using its airspace.

Foreign Minister Sergey Lavrov, one of those sanctioned by the EU, had to cancel a trip to the United Nations in Geneva, in landlocked Switzerland, after the flight bans took effect.

Switzerland imposed its own sanctions on Russia after the European Commission called on the Alpine country to “live up to the moment that we are all living through”. Five Russian oligarchs with business interests in Switzerland will be banned from entering the country.

Swiss finance chief Ueli Maurer said Russian money accounted for only one per cent of direct investment in Switzerland and that there was no formal business between the two central banks.

Mr Cassis said the aim of the sanctions was to prompt a rethink from Russia on its intervention in Ukraine. Switzerland has said it is willing to mediate in the dispute.

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

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes

The Baghdad Clock

Shahad Al Rawi, Oneworld

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

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'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

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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

Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby

The biog

Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.

Favourite book: Anything by Sidney Sheldon.

Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.

Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.

Takreem Awards winners 2021

Corporate Leadership: Carl Bistany (Lebanon)

Cultural Excellence: Hoor Al Qasimi (UAE)

Environmental Development and Sustainability: Bkerzay (Lebanon)

Environmental Development and Sustainability: Raya Ani (Iraq)

Humanitarian and Civic Services: Women’s Programs Association (Lebanon)

Humanitarian and Civic Services: Osamah Al Thini (Libya)

Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)

Outstanding Arab Woman: Balghis Badri (Sudan)

Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)

Young Entrepreneur: Omar Itani (Lebanon)

Lifetime Achievement: Suad Al Amiry (Palestine)

Updated: February 28, 2022, 5:17 PM