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Kyiv Mayor Vitali Klitschko used an impassioned speech to the World Economic Forum in Davos to hammer home Ukraine’s plea for support in its war against Russia, telling the rich and powerful: “We are defending you personally”.
Mr Klitschko played the sound of air-raid sirens to delegates as he told them the war was killing people about only 2,000 kilometres from the idyllic summit venue where political and business leaders assembled in Switzerland.
The former professional boxer, speaking after President Volodymyr Zelenskyy had demanded tougher western sanctions on Russia, said at least 120 civilians had died in Kyiv and 200 apartment buildings been destroyed in the fighting.
“You in Switzerland never hear a siren,” he said. “Any second, a rocket or bomb can land in your building. It’s very close and every one of you has to understand it.”
Mr Klitschko said Ukraine was fighting to be part of the club of the world’s democracies against a Russian leadership which western officials have described as trying to keep its ex-Soviet neighbour in its sphere of influence.
He said the Kremlin saw Ukraine “as part of the Russian empire” and described President Vladimir Putin as having a vision to rebuild the former Soviet Union.
Gesturing at Davos delegates, he said: “We are fighting for our country, defending our family and children, but every one of you has to understand: we are defending you personally.
“We are fighting for values – democratic values. We are fighting, actually, for every one of you, and everyone has to understand that.”

Mr Klitschko said four children were among the civilian dead in Kyiv and that another 16 had been taken to hospital with injuries. He said the situation was far worse in other cities less accessible to international media.
Russia refocused its invasion away from Kyiv after failing to capture the capital in the early weeks of the war. Moscow’s troops are now fighting for control of the eastern Donetsk and Luhansk regions where fighting has raged for years.
Ukraine said on Monday it was fighting to keep control of the city of Severodonetsk, where Britain said Russia had deployed its modern Terminator vehicles in a battle for a stronghold still controlled by Ukrainian forces.
Russia said it had destroyed an ammunition depot in Luhansk. Both sides have reported heavy enemy losses, but given scarce details on their own casualties.
Mr Klitschko spoke at Davos on a panel alongside his brother Wladimir, who contrasted the deaths of civilians in towns around Kyiv with Russia’s claim to be carrying out a special operation against Ukraine’s military.
Photos of alleged massacre sites are part of a display at Davos called the “Russian War Crimes House”, previously the Russia House where delegates from Moscow would have attended the summit.
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German chancellor Olaf Scholz speaks at the World Economic Forum in Davos, Switzerland. The annual meeting of the World Economic Forum is taking place in Davos from May 22 until May 26, 2022. AP Photo -

The Mayor of Ukraine's capital Kyiv, Vitali Klitschko, addresses a news conference at the media village of the World Economic Forum (WEF) in the alpine resort of Davos, Switzerland. Reuters -

German Chancellor Olaf Scholz, IMF managing director Kristalina Georgieva, European Central Bank president Christine Lagarde and WTO director general Ngozi Okonjo-Iweala join other dignitaries in Davos. EPA -

Klaus Schwab, founder and executive chairman of the World Economic Forum, and German Chancellor Olaf Scholz address a plenary session. EPA -

It is the 51st annual WEF meeting to be held in Switzerland. EPA -

Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, is interviewed by Bloomberg on the closing day of the Swiss summit. Bloomberg -
European Commission Vice President Valdis Dombrovskis, India's Commerce Minister Piyush Goyal, World Trade Organization President (WTO) Ngozi Okonjo-Iweala and Flexport CEO Ryan Petersen take part at the panel discussion "Trade: Now what?" during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland. Reuters -

German Chancellor Olaf Scholz leaves the stage after he addressed the assembly during the WEF annual meeting. AFP -

Malaysia's finance minister, Zafrul Abdul Aziz, during a panel session on the closing day of the event. Bloomberg -

German Chancellor Olaf Scholz addresses the Davos assembly. AFP -

Takeshi Niinami, chief executive of Suntory Holdings Ltd., during a Bloomberg television interview. Bloomberg -

World Trade Organisation Director General Ngozi Okonjo-Iweala during the 51st annual event. EPA -

Hossein Amir-Abdollahian, Minister of Foreign Affairs of Iran. AP Photo -

Princess Haifa Al Saud, the Saudi assistant minister for tourism. AP Photo -

Pfizer chief executive Albert Bourla. AP Photo -

Seth Berkley, chief executive of Gavi, the Vaccine Alliance. AP Photo -

Investor and philanthropist George Soros answers questions after giving a speech in Davos. AFP -

Bill Gates attends a session of the 51st annual meeting of the World Economic Forum in Davos. AP -

Roshni Nadar Malhotra, chairwoman of HCL Technologies, during a panel session on day two of the annual meeting of the World Economic Forum. Bloomberg -

Bob Prince, co-chief investment officer at Bridgewater Associates LP, speaks during an interview at the event. Bloomberg -

European Central Bank President Christine Lagarde waves as she attends the annual meeting of the World Economic Forum. EPA -

Marc Benioff, billionaire and chief executive of Salesforce.com, speaks during a panel session. Bloomberg -

European Commission President Ursula von der Leyen and founder and executive chairman of the World Economic Forum Klaus Schwab prepare to address the assembly in Davos. AFP -

US Special Presidential Envoy for Climate John Kerry addresses a panel session during the annual meeting of the World Economic Forum. EPA -

Police stand guard on a roof near where the annual meeting of the World Economic Forum is taking place. AP -

Mariam Al Mheiri, Minister of Climate Change and Environment, speaking at the Averting a Global Food Crisis session at Davos. Photo: World Economic Forum Flickr -

Jane Fraser, chief executive of Citi, at the Global Economic Outlook session at Davos. Photo: World Economic Forum -

IMF managing director Kristalina Georgieva and governor of the Bank of France Francois Villeroy de Galhau attend a session at Davos. AFP -

Sadhguru poses for a photo with a guest at the World Economic Forum in Davos, Switzerland. Photo: World Economic Forum Flickr -

Gita Gopinath, economic counsellor and director of the research department at the International Monetary Fund, speaks during an interview with Reuters in the Alpine resort of Davos. Reuters -

A camera crew filming the World Economic Forum in Davos. Photo: World Economic Forum Flickr -

Emir of Qatar Sheikh Tamim bin Hamad al Thani addresses the assembly. AFP -

(L-R) Fifa president Gianni Infantino, former Brazilian footballer Ronaldo with the World Cup trophy and former footballer and coach Jill Ellis in Davos. AFP -

Wladimir Klitschko (L), Ukrainian former professional boxer and businessman, and his brother Vitali Klitschko, Mayor of Kyiv and also a former professional boxer, address a WEF panel session. EPA -

Swiss Police officers on guard on a street during the WEF annual meeting in Davos. AFP -

Mark Carney, vice chairman and head of transition investing at Brookfield Asset Management, on the opening day of the World Economic Forum. Bloomberg -

Ignazio Cassis, President of the Swiss Confederation and federal councillor, welcomes John Kerry, US special presidential envoy for climate, in Davos. EPA -

A projection is displayed advertising the 51st annual meeting of the World Economic Forum n Davos. EPA -

Participants walk through the Davos Congress Centre, the venue of the annual meeting. AP -

Ukraine’s President Volodymyr Zelenskyy speaks by video at the opening ceremony of the World Economic Forum in Davos, Switzerland. Reuters -

Klaus Schwab, President and founder of the World Economic Forum, delivers his opening speech at the event in 2020. AP -

Swiss President Ignazio Cassis addresses delegates during the opening ceremony. Reuters -

Ukraine’s prosecutor general Iryna Venediktova speaks by video during the opening ceremony of the Russian Warcrimes House, a photographic exhibition documenting atrocities alleged to have been committed by Russian troops in Ukraine. The display was organised by The Victor Pinchuk Foundation. AFP -

Alok Sharma, president of Cop26, is interviewed by Bloomberg on the opening day of the forum. Bloomberg -

Kristalina Georgieva, chairwoman and managing director of the International Monetary Fund, is interviewed by Bloomberg Television. Bloomberg -

WEF director Saadia Zahidi is interviewed by Bloomberg Television. Bloomberg -

A Swiss police helicopter flies over the Alpine resort of Davos, Switzerland. Reuters -

The annual WEF meeting began on Sunday and will end on Thursday. AP -

German Vice Chancellor Robert Habeck, right, with Swiss ministers Simonetta Sommaruga and Guy Parmelin after a meeting held on the sidelines of the summit. EPA -

Mr Habeck, Ms Sommaruga and Mr Parmelin discussed the impact of the war in Ukraine on energy supply. EPA -

Ukrainian MPs Yulia Klymenko, Yevheniya Kravchuk, Anastasia Radina, Alyona Shkrum and Ivanna Klympush-Tsintsadze attend a media reception. EPA -

Ms Shkrum and Ms Klympush-Tsintsadze have urged world leaders to step up sanctions against Russia. EPA -

Arifin Tasrif, Indonesia’s Minister for Energy and Mineral Resources, with Simonetta Sommaruga, the Swiss Environment, Transport, Energy and Communications Minister. EPA -

Google, which owns YouTube, is one of the businesses represented at the event. Reuters -

Facebook owner Meta Platforms is also Davos. Reuters -

The US software company Palantir Technologies has sent delegates to Davos. Reuters -

Participants gather at the 51st annual WEF meeting. EPA -

A robot on display in Davos. WEF delegates have gathered in person for the first time in two years. EPA -

The four-day meeting of political leaders, top executives and celebrities is expected to focus on the Ukraine conflict. Bloomberg -

A chef serves canapes during the WEF's welcome reception in Davos. Bloomberg
Russia was barred from this year’s forum — the first fully fledged Davos gathering since the earliest days of the coronavirus outbreak in January 2020 — while Ukrainian officials are there to lobby for more support.
Speaking at the war crimes display, Andriy Yermak, an adviser to Mr Zelenskyy, said Russia’s apparent impunity in killing civilians meant the “fate of Europe and the world is at stake”.
“Today a new world is being born in my country,” he said. “We are resisting an empire that sees genocide and crimes against humanity as routine, not taboo.”
A Ukrainian court on Monday found a young Russian soldier guilty of war crimes and handed him a life sentence, in the first such verdict during the three-month conflict.
A sergeant from Siberia, Vadim Shishimarin had admitted in court to killing a 62-year-old civilian, Oleksandr Shelipov, in the village of Chupakhivka in north-east Ukraine. Prosecutors said he shot between three and four bullets.
Mr Zelenskyy said Russian assets frozen in other countries should be used to pay for compensation for victims of the war.
“There must be a precedent of punishment for the aggressor and investment in a peaceful life,” he said.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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
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Muslim Council of Elders condemns terrorism on religious sites
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Director:Matt Reeves
Rating: 5/5
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Other acts on the Jazz Garden bill
Sharrie Williams
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Anita Williams
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The candidates
Dr Ayham Ammora, scientist and business executive
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The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
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Profile box
Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
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Stage: series D
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Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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