With lobster on the menu and a panoramic view over Paris from the Eiffel Tower on a summer evening, Emmanuel Macron, the president of France, tonight will try to woo Donald Trump, urging the US leader to curb his American First instincts in dealing with Europe.
The two day trip has seen Mr Trump mark America’s entry into the First World War, visit the tomb of Napoleon Bonaparte, hold a summit with Macron and then will take dinner at the Paris landmark. Mr Trump and his wife Melania, who was dressed in a pillar-box red outfit on arrival, will tomorrow review the military parade for the French national day before returning home.
Beyond the ceremonial, Mr Macron has a point to prove. With the British absorbed in the complex, stuttering process of leaving the European Union, there is a vacancy for the role of European interlocutor with Washington.
While Germany is the European powerhouse, Mr Trump and Angela Merkel have frosty personal relations. The 39-year old ex-banker who became French president in May has stepped into the void.
“France, oldest ally of the US (1778!) is happy and proud to welcome @POTUS to commemorate the entry of the US into WW1 on its side,” wrote Gerard Araud, the French ambassador to Washington in a Twitter storm to mark Mr Trump’s touchdown. “Great symbolism of this day for @EmmanuelMacron when meeting Merkel and then @POTUS : France in the EU and in our transatlantic alliance.”
Mr Trump was in Europe just last week at the G20 summit in Hamburg where he met with the Russian leader Vladimir Putin. The US president told an interviewer that he had made “a deal” with Mr Putin in setting up a southwest Syrian ceasefire zone. Tonight Mr Trump indicated that plans to step up the ceasefire zone were imminent.
While all sides would welcome more peace making in Syria, Europe is wary of Mr Trump's talks with Mr Putin, who is viewed as a hostile force. By gaining better relations with Mr Trump, the French leader hopes to head off any more surprises somewhere further down the line.
That would require a leap of faith by two men who have very different outlooks. The youthful centrist French leader likes to compare himself to the Roman God Jupiter who flashed thunderbolts from the sky. Mr Trump views himself as the tribune of the unshaven ordinary man who uses Twitter often and uncompromisingly to castigate his doubters. “In the Trump-Macron relationship, opposites attract,” Denis Lacorne told the New York Times. “Macron has positions much closer to Barack Obama and Hillary Clinton. He’s a pluralist. He’s got a world vision that’s exactly the opposite of Trump’s.”
The Europeans appear to have already lost the battle to cajole Mr Trump back into the global warming arrangement known as the Paris Accord. During a news conference this evening, Mr Trump made a non-committal statement on his current position on the issue: "Something could happen with respect to the Paris accord... We'll see what happens."
At the public events, the pair appeared to gel well, speaking animatedly and exchanging signals of bonhomie at another tomb - that of Marshal Ferdinand Foch, commander of French forces in 1917. “Trump and Macron spoke and gestured to each other,” wrote the US reporter covering the visit. “Trump pointed to the tomb a few times. Macron at one point punched his hand into his fist to make a point.”
As the two men later sat in the gilted reception rooms of the Elysee Palace for head-to-head talks, Mr Trump and Mr Macron were expected to agree on intensifying the fight against Isil and stronger diplomatic efforts to resolve the Syrian crisis.
At their fourth meeting in just two months, the presidents were also expected to exchange views on Mr Trump’s agenda for fairer trade between the world economy’s biggest players.
Beset by the controversy over Donald Trump Jr’s meeting with a Russian lawyer offering the Kremlin’s help to defeat Mrs Clinton in the 2016 election, Mr Trump needs the ceremonial events to glow back home in the US. Pleased to be able to grant Mr Trump a protest-free visit - the Bastille Day holiday has deterred the troublemakers of the ilk that wrecked Hamburg - the French are happy to oblige their guest.
“The main objective is to show our strong friendship over the years and that despite differences we remain close allies,” said Emmanuelle Lachaussée, a spokeswoman for the French embassy in Washington.
The most significant business of the day for Mr Macron therefore may well have been a German/French cabinet meeting with Mrs Merkel, which broke up just as the US leader arrived. At a news conference afterwards, the German leader made a significant gesture to the French by conceding that the eurozone could start talks on the establishment of its own finance minister.
Germany has resisted the move throughout the financial crisis, fearing that it would be forced to bankroll the weaker economies in the currency area. Berlin also worried the post would lead to a loosening of fiscal rules as politicians looked to the state to solve economic problems.
UAE currency: the story behind the money in your pockets
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.
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
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
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%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
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
