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When Nitesh Pal, a Ukrainian businessman of Indian origin, sent his family and colleagues across the country's western border to safety, he assured them he would soon follow.
His wife, Veronika, knew there was some business to settle with his company, which produces seafood.
What she didn't know was that her husband would return to stand alongside thousands of Ukrainians to support their country in the war against Russia.
“I refuse to leave,” said managing director and co-owner of Polar Seafood Ukraine, a subsidiary of a popular Danish brand.
“If everybody packed their bags and left on February 24, there would be no country.”
Every single person is protecting his own for when his family returns
Nitesh Pal,
Indian-Ukrainian businessman
Though his Ukrainian citizenship is relatively new, Mr Pal is a staunch defender of his new country. He was among the first batch of people granted citizenship when President Volodymyr Zelenskyy took office in 2019.
“I chose to be Ukrainian because I love this country. The people have amazing spirit — that’s why they are still fighting and why Russia can’t break the country.”
Men aged between 18 and 60 have been barred from leaving Ukraine, with exemptions for those supporting three or more children under the age of 18, as the country attempted to build up its defence forces.
As a father to three children aged between 6 and 14, Mr Pal was exempt and could have left. Two older children live in Denmark, where he worked before moving to Ukraine 10 years ago, and he could have travelled with his family to reunite with them in safety.
Instead, he stayed.
Supplying food
The 49-year-old is a key part of a civilian network that is helping to keep the country running during the conflict, supporting the army, caring for the wounded and making sure supermarket shelves are stocked.
While providing food for people need and armoured vests for soldiers, he is also running his business with a skeleton crew.
Several times a week, he gets behind the wheel to distribute canned fish, shrimp, mussels and herring fillets to retailers. Food runs must be completed before the night curfew kicks in at 11pm.
“The days are long and we use it well. At 4.30am, I’m packed and ready, leaving the gate at 5am sharp,” he said.
A large proportion of the seafood is given away free of charge.
“You need businesses to work, people need to eat. That is what I do. I’m not a soldier but you have to understand your use and get to work. That is how this country will win the war,” he said.
“Fish and canned seafood is in big demand because it’s cheap.
“We are privileged to have a business. We give away as much as we can and try to have a business at the same time.”
Driving lorries to restock stores across dangerous terrain, he said he has found many bodies along motorways. And atrocities such as those that took place in the city of Bucha have shaken him to his core.
“What I feel is anger; it stops the tears from coming out,” he told The National from his home in a small suburb on the outskirts of Kyiv.
“I haven’t yet cried but there will be a time when I will need to cry for a week.”
Lucky escape
The Pals live in a small village five kilometres from the capital, which came under attack soon after the war began in February.
The family slept on mattresses in the bathroom and in a passage between the house and the garage as bombs fell near their home.
The children’s hands trembled with every blast of anti-tank missiles as Russian bombs dropped on nearby warehouses and a petrol station.
They soon lost power and gas, with temperatures dropping below 5°C at night.
His older son, Alex, would follow him at night as he walked around checking the property.
“I went out not knowing what I could [do to protect us] if the Russians came. Nothing can save you, no guns, nothing. I would walk so that if someone shot at us, I would get shot and not him,” Mr Pal said.
He finally managed to convince his family and his staff to leave their homes near Kyiv for safer counties.
On the eighth day of the war, a group of 25 people — ranging in age from a three-month-old baby to a 78-year-old grandmother — packed into five cars carrying signs that read “children”, in hopes it would deter Russian forces from firing on them.
After a nerve-racking journey, the group stayed for two weeks in a town about 200km from Ukraine's western border with Romania.
He then helped staff and their families reach Poland, Spain, Romania and Canada.
The Pal family had a lucky escape, he said. The day after they left, a bomb landed in their neighbour’s yard. The explosion shattered windows and blew open the doors of the Pal home.
“If we were sitting in the kitchen that day, it would have been hell,” he said.
“Maybe nothing would have happened to us. But the kids would be forever traumatised by the sound alone.
“My target was to get people out.”
Grateful to be safe
Veronika, Mr Pal's Ukrainian wife, is with their children in Turkey, where the family has rented a house.
Small sounds such as windows rattling in the wind no longer frighten the children, who are now able to sleep through the night.
“At home, the earth was shivering with the blasts. We were really not sure if we would make it alive,” she said.
“You see in the news so many cars shot, so many dead families. You can’t plan your route because roads are blown up and there is shooting all the time.
“I was 90 per cent ready for death.”
Grateful they are safe, the family feel stuck in a surreal world.
“I understand why [Nitesh] is in Ukraine so I try not to press him to come be with us,” she said.
“I just want to go home, hug my husband, have my family life back. There are still feelings of total panic inside me.”
The family constantly check in on Mr Pal. His eldest daughter, Anna, 23, works in Denmark and calls daily.
“I messaged my family every 30 minutes when the war started,” she said.
“It’s difficult to have your parent in a war zone so I call him every single day.”
Ukrainians are survivors
War upended his life once before, in 1990, during Saddam Hussein’s invasion of Kuwait.
As a child, Mr Pal lived in the Gulf country and was on holiday in India when the Iraqi army invaded.
The family never returned. Mr Pal recalls having a suitcase in his room filled with photographs of his friends.
“We had nothing, literally nothing. I never saw my room, my house again.”
He lived in India for about two years before moving to work in Russia, then on to Denmark and finally to Ukraine.
Passionate about motorbikes, Mr Pal is the owner of the official BMW Ukrainian race team.
His glimmer of hope is tied to his nine bikes and three cars parked at a nearby track, where he tries to race daily.
“All my bikes and cars are ready to race,” he said.
“This is what I live for, this is what I love.”
He believes the indomitable spirit of his fellow Ukrainians will see them through.
“People are fixing their houses knowing tomorrow maybe [the shelling] will happen again,” Mr Pal said.
“That’s why this country is winning. It’s because every single person is protecting his own for when his family returns.
“Ukrainians have that drive to live a better life. They are fighters, survivors.”
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
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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Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
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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Mohammed bin Zayed Majlis
Arctic Monkeys
Tranquillity Base Hotel Casino (Domino)
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol