President Recep Tayyip Erdogan wants revocation of an arms embargo imposed on Turkey following its incursion into Syria in 2019. AP
President Recep Tayyip Erdogan wants revocation of an arms embargo imposed on Turkey following its incursion into Syria in 2019. AP
President Recep Tayyip Erdogan wants revocation of an arms embargo imposed on Turkey following its incursion into Syria in 2019. AP
President Recep Tayyip Erdogan wants revocation of an arms embargo imposed on Turkey following its incursion into Syria in 2019. AP

Turkey's Erdogan discusses concerns with Nato hopefuls Sweden and Finland


Neil Murphy
  • English
  • Arabic

Turkey's President Recep Tayyip Erdogan, who has objected to Sweden and Finland joining Nato, held phone calls with the leaders of the two countries on Saturday and discussed his concerns about "terrorist groups".

Turkey says Sweden and Finland harbour people linked to the Kurdistan Workers' Party (PKK) insurgent group and followers of Fethullah Gulen, whom Ankara accuses of orchestrating a 2016 coup attempt.

Mr Erdogan told Sweden's Prime Minister Magdalena Andersson that Ankara expected concrete steps would be taken to address its concerns, the Turkish presidency said.

He also said an arms sales embargo imposed on Turkey after its incursion into Syria in 2019 should be lifted.

Ms Andersson said she appreciated the call and that Sweden hoped to strengthen bilateral relations with Turkey.

  • A pro-Russian troop stands guard before the expected departure of Ukrainian soldiers, who surrendered at the besieged Azovstal steel mill in the course of conflict in Mariupol. Reuters
    A pro-Russian troop stands guard before the expected departure of Ukrainian soldiers, who surrendered at the besieged Azovstal steel mill in the course of conflict in Mariupol. Reuters
  • A Ukrainian soldier on reconnaissance in a recently retaken village on the outskirts of Kharkiv, east Ukraine. AP Photo
    A Ukrainian soldier on reconnaissance in a recently retaken village on the outskirts of Kharkiv, east Ukraine. AP Photo
  • The destroyed part of the Ilyich Iron and Steel Works in Mariupol. AFP
    The destroyed part of the Ilyich Iron and Steel Works in Mariupol. AFP
  • US President Joe Biden, Swedish Prime Minister Magdalena Andersson and Finnish President Sauli Niinisto walk through the White House rose garden after discussing the war, as well as potential Nato membership, in Washington. AP
    US President Joe Biden, Swedish Prime Minister Magdalena Andersson and Finnish President Sauli Niinisto walk through the White House rose garden after discussing the war, as well as potential Nato membership, in Washington. AP
  • Ukrainian soldiers who surrendered at the besieged Azovstal steel plant in Mariupol are escorted by pro-Russian troops to Olenivka in the breakaway Donetsk region. Reuters
    Ukrainian soldiers who surrendered at the besieged Azovstal steel plant in Mariupol are escorted by pro-Russian troops to Olenivka in the breakaway Donetsk region. Reuters
  • Ukrainian National Guard soldiers train in the woods of the Transcarpathian region. Reuters
    Ukrainian National Guard soldiers train in the woods of the Transcarpathian region. Reuters
  • A roof damaged during Russia's invasion of Ukraine is rebuilt in Moshchun village, near Kyiv. Reuters
    A roof damaged during Russia's invasion of Ukraine is rebuilt in Moshchun village, near Kyiv. Reuters
  • Ukrainian children play war games at a "checkpoint" they set up in Stoyanka, near Kyiv. AFP
    Ukrainian children play war games at a "checkpoint" they set up in Stoyanka, near Kyiv. AFP
  • Russian soldier Vadim Shishimarin, centre, on trial for war crimes in the Solomyansky district court in Kyiv, Ukraine. AFP
    Russian soldier Vadim Shishimarin, centre, on trial for war crimes in the Solomyansky district court in Kyiv, Ukraine. AFP
  • A controlled detonation of explosive devices is conducted near Borodianka, Ukraine. Reuters
    A controlled detonation of explosive devices is conducted near Borodianka, Ukraine. Reuters
  • A Russian serviceman adjusts the Soviet flag on a statue in Leninsky Komsomol Square in Mariupol, Ukraine. EPA
    A Russian serviceman adjusts the Soviet flag on a statue in Leninsky Komsomol Square in Mariupol, Ukraine. EPA
  • A couple leave a metro station where they had been living after fleeing Russian shelling in Kharkiv, Ukraine. Getty Images
    A couple leave a metro station where they had been living after fleeing Russian shelling in Kharkiv, Ukraine. Getty Images
  • Ukrainian forces leave the Azovstal steel works plant in Mariupol. AFP
    Ukrainian forces leave the Azovstal steel works plant in Mariupol. AFP
  • Russian militrary vehicles follow buses (not in picture) carrying Ukrainian troops being evacuated from the besieged Azovstal steel plant in Mariupol. EPA
    Russian militrary vehicles follow buses (not in picture) carrying Ukrainian troops being evacuated from the besieged Azovstal steel plant in Mariupol. EPA
  • Members of the self-proclaimed Donetsk People's Republic forces carry water bottles as the evacuation of Ukrainian soldiers is carried out in Mariupo. EPA
    Members of the self-proclaimed Donetsk People's Republic forces carry water bottles as the evacuation of Ukrainian soldiers is carried out in Mariupo. EPA
  • Ukrainian separatist troops and Russian soldiers, rear right, guard the buses with Ukrainian troops, in Mariupol. EPA
    Ukrainian separatist troops and Russian soldiers, rear right, guard the buses with Ukrainian troops, in Mariupol. EPA
  • A member of the self-proclaimed Donetsk People's Republic forces escorts a Ukrainian fighter being evacuated from the steel plant. EPA
    A member of the self-proclaimed Donetsk People's Republic forces escorts a Ukrainian fighter being evacuated from the steel plant. EPA
  • Russian militrary vehicles escort buses carrying Ukrainian troops from the Azovstal steel plant. EPA
    Russian militrary vehicles escort buses carrying Ukrainian troops from the Azovstal steel plant. EPA
  • A total of 265 Ukrainian militants, including 51 seriously wounded, laid down arms and surrendered to Russian forces, the Russian Ministry of Defence said on May 17. EPA
    A total of 265 Ukrainian militants, including 51 seriously wounded, laid down arms and surrendered to Russian forces, the Russian Ministry of Defence said on May 17. EPA
  • A Ukrainian soldier sits on a bus as troops are evacuated. EPA
    A Ukrainian soldier sits on a bus as troops are evacuated. EPA
  • Russian President Vladimir Putin on April 21 ordered his defence minister to not storm but blockade the plant where a number of Ukrainian fighters were holding out. EPA
    Russian President Vladimir Putin on April 21 ordered his defence minister to not storm but blockade the plant where a number of Ukrainian fighters were holding out. EPA
  • Those in need of medical assistance were sent for treatment to a hospital in Novoazovsk, Russia said. EPA
    Those in need of medical assistance were sent for treatment to a hospital in Novoazovsk, Russia said. EPA
  • Some of the Ukrainian troops evacuated from the steel plant. AP
    Some of the Ukrainian troops evacuated from the steel plant. AP
  • A pro-Russian fighter stands guard next to a combat vehicle, before the evacuation of wounded Ukrainian soldiers from the besieged Azovstal steel mill,in Mariupol. Reuters
    A pro-Russian fighter stands guard next to a combat vehicle, before the evacuation of wounded Ukrainian soldiers from the besieged Azovstal steel mill,in Mariupol. Reuters
  • Pro-Russian troops wait before the evacuation of wounded Ukrainian soldiers from the Azovstal steel mill. Reuters
    Pro-Russian troops wait before the evacuation of wounded Ukrainian soldiers from the Azovstal steel mill. Reuters
  • A wounded Ukrainian soldier evacuated from Mariupol is carried on a stretcher out of a bus, after arriving in Novoazovsk. Reuters
    A wounded Ukrainian soldier evacuated from Mariupol is carried on a stretcher out of a bus, after arriving in Novoazovsk. Reuters
  • Buses carrying Ukrainian soldiers from the besieged Azovstal steel mill drive away under escort of the pro-Russian forces, in Mariupol. Reuters
    Buses carrying Ukrainian soldiers from the besieged Azovstal steel mill drive away under escort of the pro-Russian forces, in Mariupol. Reuters
  • Pro-Russian troops stand guard on a road in Mariupol, Ukraine. Reuters
    Pro-Russian troops stand guard on a road in Mariupol, Ukraine. Reuters
  • Left to right, clockwise: Kazakhstan's President Kassym-Jomart Tokayev, Kyrgyzstan's President Sadyr Japarov, Russian President Vladimir Putin, Tajikistan's President Emomali Rakhmon, Armenian Prime Minister Nikol Pashinyan, Stanislav Zas, Secretary General of the Collective Security Treaty Organisation (CSTO), and Belarus's President Alexander Lukashenko hold a meeting of CSTO leaders at the Kremlin in Moscow. AFP
    Left to right, clockwise: Kazakhstan's President Kassym-Jomart Tokayev, Kyrgyzstan's President Sadyr Japarov, Russian President Vladimir Putin, Tajikistan's President Emomali Rakhmon, Armenian Prime Minister Nikol Pashinyan, Stanislav Zas, Secretary General of the Collective Security Treaty Organisation (CSTO), and Belarus's President Alexander Lukashenko hold a meeting of CSTO leaders at the Kremlin in Moscow. AFP
  • Finland's President Sauli Niinisto and US Senate Minority Leader Mitch McConnell answer questions from the media as Republican senators John Barrasso, Susan Collins and John Cornyn and US new ambassador to Finland Douglas Hickey listen, after a meeting at the president's official residence in Helsinki. Reuters
    Finland's President Sauli Niinisto and US Senate Minority Leader Mitch McConnell answer questions from the media as Republican senators John Barrasso, Susan Collins and John Cornyn and US new ambassador to Finland Douglas Hickey listen, after a meeting at the president's official residence in Helsinki. Reuters
  • Sweden's Prime Minister Magdalena Andersson speaks to the media before the parliamentary debate on Swedish Nato membership, in Stockholm. Reuters
    Sweden's Prime Minister Magdalena Andersson speaks to the media before the parliamentary debate on Swedish Nato membership, in Stockholm. Reuters
  • Firefighters work at a scene of a missile strike, as the Russian invasion of Ukraine continues, in Zatoka, Odesa region. Reuters
    Firefighters work at a scene of a missile strike, as the Russian invasion of Ukraine continues, in Zatoka, Odesa region. Reuters
  • A closed McDonald's restaurant in Moscow. Reuters
    A closed McDonald's restaurant in Moscow. Reuters
  • A Ukrainian soldier walks past a wrecked Russian armoured personnel carrier, near Kutuzivka, north of Kharkiv. AP
    A Ukrainian soldier walks past a wrecked Russian armoured personnel carrier, near Kutuzivka, north of Kharkiv. AP
  • A screengrab obtained from a video shows Ukrainian troops at the Ukraine-Russia border, in what was said to be the Kharkiv region. Reuters
    A screengrab obtained from a video shows Ukrainian troops at the Ukraine-Russia border, in what was said to be the Kharkiv region. Reuters
  • Water gushes from a pump station after Ukrainian troops opened a dam to flood a residential area in Demydiv, to stop the advance of Russian forces towards the capital Kyiv. Reuters
    Water gushes from a pump station after Ukrainian troops opened a dam to flood a residential area in Demydiv, to stop the advance of Russian forces towards the capital Kyiv. Reuters
  • Residental buildings damaged by shelling in Irpin, Kyiv region. EPA
    Residental buildings damaged by shelling in Irpin, Kyiv region. EPA
  • Activists line up to form a peace sign in front of the building that houses the Bundestag, Germany's lower house of parliament, in Berlin. The event was organised by Greenpeace. AFP
    Activists line up to form a peace sign in front of the building that houses the Bundestag, Germany's lower house of parliament, in Berlin. The event was organised by Greenpeace. AFP
  • Officials stand together for a photo at an informal meeting of Nato foreign ministers in Berlin, with the focus on the potential membership of Finland and Sweden. Getty Images
    Officials stand together for a photo at an informal meeting of Nato foreign ministers in Berlin, with the focus on the potential membership of Finland and Sweden. Getty Images
  • Finland's Prime Minister Sanna Marin (L) and President Sauli Niinisto hold a press conference at the Presidential Palace in Helsinki, where they announced the country's intentions to apply for Nato membership. AP
    Finland's Prime Minister Sanna Marin (L) and President Sauli Niinisto hold a press conference at the Presidential Palace in Helsinki, where they announced the country's intentions to apply for Nato membership. AP
  • An Ukrainian girl with the national flag painted on her face attends a cultural event in support of the besieged country in a metro station in Dnipro, Ukraine. Reuters
    An Ukrainian girl with the national flag painted on her face attends a cultural event in support of the besieged country in a metro station in Dnipro, Ukraine. Reuters
  • Kalush Orchestra of Ukraine are named the winners of the 66th Eurovision Song Contest in Turin, Italy. Getty Images
    Kalush Orchestra of Ukraine are named the winners of the 66th Eurovision Song Contest in Turin, Italy. Getty Images
  • Members of the Ukrainian military celebrate Kalush Orchestra winning the Eurovision Song Contest, at their position in the Kyiv region. Reuters
    Members of the Ukrainian military celebrate Kalush Orchestra winning the Eurovision Song Contest, at their position in the Kyiv region. Reuters
  • Refugees from Mariupol region arrive at a registration and humanitarian aid centre for internally displaced people in Zaporizhzhia, Ukraine. Reuters
    Refugees from Mariupol region arrive at a registration and humanitarian aid centre for internally displaced people in Zaporizhzhia, Ukraine. Reuters
  • A damaged street on the outskirts of Kharkiv. EPA
    A damaged street on the outskirts of Kharkiv. EPA
  • A damaged residential building on the outskirts of Kharkiv. EPA
    A damaged residential building on the outskirts of Kharkiv. EPA
  • Debris hangs from a regional government building in Mykolaiv, which was heavily damaged in a Russian attack. AP
    Debris hangs from a regional government building in Mykolaiv, which was heavily damaged in a Russian attack. AP
  • Former students play table tennis in the playground of a destroyed school in Kharkiv. Reuters
    Former students play table tennis in the playground of a destroyed school in Kharkiv. Reuters

"I emphasised that Sweden welcomes the possibility of co-operation in the fight against international terrorism and emphasised that Sweden clearly supports the fight against terrorism and the terrorist listing of the PKK," she said.

In a separate call, Mr Erdogan told Finnish President Sauli Niinisto that failing to deal with organisations that posed a threat to a Nato ally would not suit the spirit of alliance, Ankara said.

Mr Niinisto said he held "open and direct" talks with Mr Erdogan and agreed to continue close dialogue.

Turkey surprised its Nato allies last week by objecting to the two countries' accession to the military alliance, but western leaders have expressed confidence that Ankara's objections will not be a roadblock for the membership process.

All 30 Nato states must give their approval before a new member can be admitted and thus benefit from the collective-security guarantee.

The bio

Favourite book: Kane and Abel by Jeffrey Archer

Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist

Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi

Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup

Hobbies: Reading and drawing

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.5-litre%2C%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E410hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E495Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Estarts%20from%20Dh495%2C000%20(Dh610%2C000%20for%20the%20F-Sport%20launch%20edition%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

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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

Racecard

6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m

7.05pm: Maiden (TB) Dh165,000 (D) 1,400m

7.40pm: Maiden (TB) Dh165,000 (D) 1,600m

8.15pm: Handicap (TB) Dh190,000 (D) 1,200m

8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m

9.25pm: Handicap (TB) Dh190,000 (D) 1,600m

The National selections

6.30pm: Chaddad

7.05pm: Down On Da Bayou

7.40pm: Mass Media

8.15pm: Rafal

8.50pm: Yulong Warrior

9.25pm: Chiefdom

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media

Champions League Last 16

Red Bull Salzburg (AUT) v Bayern Munich (GER) 

Sporting Lisbon (POR) v Manchester City (ENG) 

Benfica (POR) v Ajax (NED) 

Chelsea (ENG) v Lille (FRA) 

Atletico Madrid (ESP) v Manchester United (ENG) 

Villarreal (ESP) v Juventus (ITA) 

Inter Milan (ITA) v Liverpool (ENG) 

Paris Saint-Germain v Real Madrid (ESP)  

Results:

First Test: New Zealand 30 British & Irish Lions 15

Second Test: New Zealand 21 British & Irish Lions 24

Third Test: New Zealand 15 British & Irish Lions 15

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Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

RESULTS

6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)

7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.

7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.

8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.

9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.

9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Six tips to secure your smart home

Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.

Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.

Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.

Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.

Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.

Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.

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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.”

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The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
65
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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Updated: May 22, 2022, 6:39 AM