A bill approving Sweden's Nato membership was put forward to the Turkish Parliament for ratification by President Recep Tayyip Erdogan on Monday, a move welcomed by Stockholm that clears the way for it to join the western defence alliance.
At a summit in July, Mr Erdogan pleased his Nato allies by promising to send the legislation to parliament when it reopened on October 1, having previously raised objections over Sweden's alleged harbouring of terrorists.
However, following the opening of parliament, Turkish officials have repeatedly said Stockholm needs to take more concrete steps to clamp down on the outlawed Kurdistan Workers Party (PKK) militia before Ankara can ratify its membership bid. The PKK is deemed a terrorist organisation by Turkey, the EU and the US.
On Monday, the bill on approving Sweden finally moved forward.
"The protocol on Sweden's Nato accession was signed by President Recep Tayyip Erdogan on October 23 and referred to the Grand National Assembly of Turkey," the presidency said on social media platform X, formerly Twitter, without elaborating.
Sweden's Prime Minister Ulf Kristersson welcomed the move and said Stockholm was looking forward to becoming a Nato member. "Now it remains for the parliament to deal with the question," he said on X.
There is no set timetable for ratification, however. The bill will be put on the agenda of parliament's foreign affairs commission, which will have to pass it before it can be sent to the general assembly.
Sweden and Finland applied to join Nato last year after Russia's invasion of Ukraine. Finland's membership was sealed in April, in a historic expansion of the alliance, but Sweden's bid had been held up by Turkey and Hungary.
Nato through the years - in pictures
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British Foreign Secretary Ernest Bevin signs the North Atlantic Treaty in Washington on April 4, 1949. All photos: Getty -

The North Atlantic Treaty showing the signatures of the foreign secretaries and ambassadors of the original signing nations - Belgium, Britain, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal and the US -

A meeting of the North Atlantic Council deputies in 1951 in London, attended by Gen Dwight D Eisenhower, centre -

Lord Hastings Lionel Ismay, Secretary General of Nato, with the newly adopted Nato emblem in 1952 -

Belgian Foreign Minister Paul-Henri Spaak holds a press conference in Paris after taking over from Hastings Ismay as Nato chief in 1956 -

The opening speech at the Nato summit in Paris in 1957 -

Some of the Nato vessels gathered for Exercise Medflex Invicta in Malta in 1961 -

A McDonnell Douglas F-4 Phantom II fighter-bomber of the Royal Navy is launched from HMS Ark Royal during a Nato exercise in 1972 -

German Nato troops on manoeuvres in 1980 -

Lord Carrington, the new Secretary General of Nato, sits behind his desk in Brussels, Belgium, in 1984 -

A US Air Force F-15E Strike Eagle refuels in the skies over Macedonia in 1999, as it flies missions in support of Nato Operation Allied Force -

Frigates, part of the Nato permanent fleet based in the Mediterranean Sea, enter the port of Piraeus, Greece, in 2003 -

US President George W Bush, US Secretary of Defence Donald Rumsfeld, ambassador R Nicholas Burns and US Secretary of State Colin Powell attend the Nato summit in 2004 in Istanbul, Turkey -

Members of the military attend a commemoration for Nato soldiers during the 2009 summit in Kehl, Germany -

A protester throws a stone during clashes at the Nato summit in 2009 in Strasbourg, France -

A Polish soldier sits in a tank as a Nato flag flies behind during military exercises in Zagan, Poland, in 2015 -

Guests depart after attending the opening ceremony at the 2018 Nato summit in Brussels -

Nato leaders listen to British Prime Minister Boris Johnson while attending the summit in 2019 in Watford, England -

Soldiers from the Royal Welsh Battlegroup take part in manoeuvres during a Nato exercise on the Estonian-Latvian border in 2022 in Voru, Estonia -

Secretary General of Nato Jens Stoltenberg meets troops at the Tapa Army Base in 2022 in Tallinn, Estonia -

Polish soldiers hold a Nato flag in 2022 at a training ground in Orzysz, Poland -

Ukrainian President Volodymyr Zelenskyy and Mr Stoltenberg attend a joint press conference in Kyiv, Ukraine, in April 2023
Turkey, which has Nato's second-biggest army, has long been seeking US congressional approval for a $20 billion sale of F-16 jets and modernisation kits. Mr Erdogan has previously linked Sweden's Nato bid to US support for its request.
Zayed Sustainability Prize
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Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
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Dubai Bling season three
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Rating: 1/5
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Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
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COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
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
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Match info
Wolves 0
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Man of the match: Shkodran Mustafi (Arsenal)
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