Ukraine could soon receive advanced ship-killing missiles with a 400-kilometre range that would prove a “game-changer” for the battle to control the Black Sea, military analysts have told The National.
It is understood that naval defence forces are only weeks away from becoming proficient in operating British-supplied Harpoon and Brimstone anti-ship missiles that will prove a significant concern for Russia’s fleet.
But if the Ukrainians obtain the highly advanced Blue Spear missiles along with the Norwegian-built Naval Strike Missile (NSM) they would significantly challenge Russia’s ability to dominate the Black Sea, maritime experts have said.
With immunity to electronic interference and carrying a warhead in excess of 250 kilograms, the long-range Blue Spear would pose a considerable threat.
The anti-ship missile, developed jointly by Israeli Aerospace and Singapore’s ST Engineering, has only recently become operational but experts believe it is being considered for export to Ukraine.
Another feared weapon is the NSM, designed by top-level manufacturers Kongsberg, made from composite materials that gives it state-of-the-art stealth capabilities difficult for warships to detect.
Both missiles will prove a real concern for the Russians as they have the range and capability to threaten Sevastopol, the vital naval base annexed from Ukraine in 2014.
It will also be a further blow to the Russian navy after it suffered the humiliation of losing the Moskva missile cruiser, flagship of its Black Sea Fleet.
“If acquired by Ukraine, the Blue Spear and NSM would change the picture substantially,” said Dr Sidharth Kaushal of the Royal United Services Institute in London. “It might make it possible for ships to be targeted in port, so that would certainly make Crimea less of a safe operating base for the Russians.”
Former commander Tom Sharpe, who served in the Royal Navy for 25 years, said the Blue Spear could “render the Russians ineffective” because they would look at its capabilities and “know that they can't now operate within the range of any of these missiles”.
A British Royal Navy officer told The National that “this is up-gunning the Ukrainian capability by orders of magnitude”.
Harpoon and Brimstone
The addition of the advanced weapons is likely to happen later this year – if a deal is agreed – but before then the Ukrainians will almost certainly go operational with the Harpoon and Brimstone missile systems.
While it is an older system, the Harpoon Block II has a 124km range carrying a 221kg warhead that skims over the waves at 860kph. Earlier Harpoon models had some success in the Iran-Iraq war in the 1980s.
The Brimstone missile, successfully used by Britain in Afghanistan and Libya, has also been adapted to a naval variant that could extensively defend Ukraine’s coastline but only out to a distance of about 12km. However, with the supersonic missile travelling at Mach 1.3, or 450 metres a second, its small warhead would cause major damage to lighter warships and amphibious landing craft.
Cdr Sharpe suggested that if the Ukrainians could "suppress the Russian naval system”, they could also “in theory operate more freely”.
Submarine attack
The Moskva sinking has led to Russia halting its shore bombardments around Odesa and instead falling back to launch 2,000km-range Kalibr cruise missiles from their Kilo-class submarines, mostly based in Sevastopol.
“These new [Ukrainian] missiles are going to play a much bigger role as the Neptune missile has already really shaken confidence in the Russian fleet,” said Dr Kaushal.
He suggested the Ukrainians would now likely target the diesel-electric Kilos when they are refuelling or at the munition depots rearming.
“When they have to surface in Sevastopol, this will be another area where the long-range strike capabilities come into play,” said the naval expert.
Cdr Sharpe agreed. “This has to be on the list of targets for Ukraine. If you want to defeat a Kalibr-firing submarine, by far and away the best way to do it is when it's alongside, That’s an absolutely legitimate target and the Ukrainians will be doing the maths on that right now,” he said.
With Sevastopol more than 200km from other Ukrainian bases, the Blue Spear and NSM will significantly challenge Russia’s use of the naval port, said former commander Shaurav Gairola, a Jane's Defence Weekly specialist who served for 23 years in the Indian Navy as a submarine missile specialist. “This definitely comes within the range of the missiles so they can really pose a threat to Sevastopol,” he said.
Amphibious suicide
Any attempt to land troops and tanks on Ukraine’s Black Sea coastline would now prove “suicidal”, experts say.
While the Ukrainians possess up to 15 Neptunes, the new missile systems will prove a “gamechanger”, particular for amphibious assault around the key port of Odesa, said Dr Kaushal. “This would be one more reason why this would go very badly for them.”
Cdr Sharpe suggested the Russians could still go for the “full Normandy” – referring to the 1944 D-Day landings in France – “but this would be near-suicidal costing them up to 80 per cent casualties”.
The Royal Navy source said it made “successful amphibious assault extremely difficult unless the Russians are prepared to take high, possibly unacceptable casualties”.
“These new weapons are not to be trifled with,” he said. “From an offensive point of view, the Russians will want to stay away from the long-range stuff.”
Bosphorus challenge
The missiles could also assist in lifting the blockade of Odesa and elsewhere, with 70 per cent of Ukraine’s exports – including wheat for the Middle East – going through the Black Sea before the Russians invaded.
“Being able to deny the Odesa approaches to Russian vessels is going to be critical for Ukraine,” said Dr Kaushal.
Under the Montreux Convention that allows Turkey to shut the Bosphorus strait in times of war, Russia can no longer reinforce its fleet of 20 warships including an estimated four submarines.
If the Ukrainians retook Snake Island, whose defenders famously rebuffed the Moskva on the first day of the war, the Blue Spear could reach to within a few kilometres of the Bosphorus, giving some protection to shipping exports.
“While this does not give Ukraine control over the water, it means no one has got the balance of power,” said Cdr Gairola. “But the Russians do currently have the edge and control the waters.”
But Dr Kaushal argued that the missile would give the Ukrainians a chance "to offset Russia's maritime advantages” and would ultimately see them “challenge the Black Sea Fleet’s freedom of action”.
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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
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
Ponti
Sharlene Teo, Pan Macmillan
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Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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.”