ISTANBUL // Amid growing fears in Turkey that the country may be caught between the fronts of a new confrontation between Russia and the West, Ankara is stepping up its efforts to calm the conflict in the Caucasus, hosting the foreign ministers of both Georgia and Russia within 48 hours of each other.
Eka Tkeshelashvili, Georgia's foreign minister, met her Turkish counterpart, Ali Babacan, in Istanbul on Sunday. Mr Babacan will host Sergey Lavrov, Russia's foreign minister, in Istanbul today.
Elmar Memedyarov, the foreign minister of another Caucasus country, Azerbaijan, held talks with Mr Babacan last Friday. "To secure peace and stability in the Caucasus is vital for Turkey as a neighbour" bordering the region, Mr Babacan said after talks with Ms Tkeshelashvili.
Mr Babacan and other Turkish politicians have been promoting a plan to create a regional "Caucasus Alliance" as an instrument for conflict prevention and resolution.
After the recent fighting between Georgian and Russian forces in South Ossetia, Turkey's prime minister, Recep Tayyip Erdogan, held talks in Moscow, Tbilisi and Baku to drum up support for the alliance.
Talks with Armenia, with which Turkey does not have diplomatic relations, are planned in the coming days.
But Turkey may find it difficult to convince countries in the region to become part of a "Caucasus Alliance". Ms Tkeshelashvili said her government was reluctant to contemplate being in any sort of pact with Russia. "It is difficult for us to even think about signing any co-operation agreement in the region," she said.
Despite its efforts to bridge the widening political gaps in the region with the "Caucasus Alliance", Turkey, a Nato member and an EU candidate geographically close to the Caucasus and heavily dependent on Russian oil and gas, may be forced to take sides in a new East-West conflict, observers said.
Foreign policy analysts agree that the recent fighting in the Caucasus signalled the beginning of a new period, in which Turkey may be faced with tough choices.
"Ossetia was the first attack of the Putin-Medvedev era," said Can Fuat Gurlesel, head of the Institute for Strategic Studies, a think tank in Istanbul. "It will go on."
Cengiz Aktar, a political scientist, writing in the daily Vatan, said Turkey would have to state which side it was backing. "The period of transition after the Cold War is over and gives way to a new 'lukewarm war'," Mr Aktar wrote.
There are signs that Turkey could soon be drawn into that new confrontation.
Turkish media quoted the deputy chief of general staff of the Russian military, Gen Anatoly Nogovotsin, as saying that war ships from the United States and other Nato countries that are in the Black Sea, some with the task of bringing humanitarian aid to Georgia, must leave the area after 21 days.
Gen Nogovotsin was referring to terms of the Montreux Treaty of 1936 that regulates maritime traffic through the Turkish Straits and limits the presence of war ships of countries that do not border the Black Sea. Gen Nogovotsin said if the Nato ships did not comply with the 21-day rule, "Turkey will be responsible".
At the same time, trade relations between Turkey and Russia are showing signs of strain. Ankara has been complaining about what it sees as Russian efforts to hinder imports from Turkey by delays and inspections.
Kursad Tuzmen, the foreign trade minister, threatened retaliatory measures against Russia. Turkish media reported yesterday that Turkish customs officials had begun to delay the entry of lorries carrying Russian goods.
Mr Tuzmen acknowledged that Turkey was dependent on Russia in its oil and gas supply, saying that 40 per cent of oil and 60 per cent of gas imports came from Russia. Millions of holidaymakers from Russia are an important source of income for Turkey's tourism industry.
But Mr Tuzmen said Russia was dependent on Turkey as a transit country for its own exports. He said Turkey was putting into place a "package of our own measures" against Russia in response to Moscow's treatment of Turkish goods.
Mr Tuzmen also said Turkey was reconsidering its support for Russia's entry into the World Trade Organisation. Before the recent tensions, Turkey and Russia aimed to raise their bilateral trade volume to US$38 billion (Dh139.5bn), from $27bn last year.
While its relations with Russia may be about to enter a bumpy stretch, Turkey also finds it difficult to act in complete solidarity with its partners in Nato and the EU.
After the fighting in South Ossetia, politicians in Ankara stressed the importance of the territorial integrity of Georgia, but have refrained from the tough anti-Russian rhetoric that has marked some statements from other western governments.
"The possibility that Ankara will be left alone, given the harsh political stance that will be adopted against Russia on Nato level, is growing steadily," wrote Semih Idiz, a foreign policy commentator for the Milliyet daily.
Mr Idiz drew attention to calls by Romania, Bulgaria, Georgia and the Ukraine for an increased Nato naval presence in the Black Sea as a counterweight to Russia's Black Sea fleet.
Turkey opposes such a build-up, pointing to the Montreux Treaty. "This example alone is enough to show how Turkey, which is stuck in the middle, will be in trouble in its own alliance in the near future," Mr Idiz wrote.
Some observers think that the new era triggered by the conflict could force Turkey to re-evaluate its close ties to the West.
Close neighbours such as Russia and Iran were resisting efforts by Nato and the West to impose their hegemony on wide regions of the world, commentator Ali Bulac wrote in the pro-government Zaman.
As it was in Turkey's interest to have good relations with its neighbours, Ankara had to make a new political calculation, Mr Bulac said: "Friendlier relations with Nato or with the neighbours?" He provided the answer himself: "While not forgetting that it is a Nato member, Turkey must create new, trustworthy relations with its neighbours."
tseibert@thenational.ae
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Spider-Man%202
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Insomniac%20Games%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20%20Sony%20Interactive%20Entertainment%0D%3Cbr%3E%3Cstrong%3EConsole%3A%20%3C%2Fstrong%3EPlayStation%205%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
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%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULTS
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
Winner: Hypothetical, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
Winner: Equilateral, Andrea Atzeni, Charles Hills
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
Winner: New Trails, Fernando Jara, Ahmad bin Harmash
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
Winner: Mnasek, Pat Dobbs, Doug Watson
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
Winner: D’bai, William Buick, Charlie Appleby
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
Winner: Summer Romance, James Doyle, Charlie Appleby
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watson
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
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
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
No%20Windmills%20in%20Basra
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Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.