Roman Abramovich attends latest Ukraine peace talks in Turkey

Live updates: follow the latest news on Russia-Ukraine

Sanctioned billionaire Roman Abramovich was in Turkey for the start of peace talks between Ukraine and Russia on Tuesday.

He was at the Dolmabahce Palace in Istanbul, where the talks are taking place, and listened to a speech by Turkish President Recep Tayyip Erdogan but it was not immediately clear what role he has, if any, in the ceasefire negotiations.

Mr Abramovich, the owner of Chelsea Football Club which is up for sale, was among a group of people who suffered symptoms consistent with poisoning after attending earlier peace talks in Ukraine.

The Russian oligarch, who is involved in negotiations between Kyiv and Moscow, is understood — along with at least two Ukrainian negotiators — to have developed red eyes, constant and painful tears and peeling skin on their faces and hands since the meeting at the beginning of this month.

Mr Abramovich, whose superyacht is also reportedly in Turkey, has had a number of his assets targeted by international sanctions after the Russian war in Ukraine began.

Other oligarchs' homes, yachts and businesses have been added to an expanding list of people and businesses hit by UK sanctions.

Ukrainian and Russian negotiators met on Tuesday for the first face-to-face talks in nearly three weeks, with Ukraine seeking a ceasefire without compromising on territory or sovereignty as its forces have pushed Russians back from Kyiv.

Mr Erdogan welcomed delegations from both sides to the palace and said “stopping this tragedy” was up to them. Ukrainian television reported that talks had begun with “a cold welcome” and no handshake.

Ukraine and the United States hold little hope of an immediate breakthrough. But the resumption of face-to-face talks is an important first step towards a ceasefire in a Russian invasion that is stalled on most fronts but inflicting horrible suffering on civilians trapped in besieged cities.

Ukrainian Foreign Minister Dmytro Kuleba said of the talks in Turkey: “We are not trading people, land or sovereignty.”

“The minimum programme will be humanitarian questions and the maximum is reaching an agreement on a ceasefire."

Kremlin spokesman Dmitry Peskov said talks so far had not yielded any substantial progress but it was important they continued in person.

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

Edinburgh, Scotland
Westminster, London
Camden, London
Glasgow, Scotland
Islington, London
Kensington and Chelsea, London
Highlands, Scotland
Argyll and Bute, Scotland
Fife, Scotland
Tower Hamlets, London

Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.

Neymar's bio

Total club appearances 411

Total goals scored 241

Appearances for Barca 186

Goals scored for Barca 105

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

NATIONAL%20SELECTIONS

%3Cp%3E6pm%3A%20Falling%20Shadow%3Cbr%3E6.35pm%3A%20Quality%20Boone%3Cbr%3E7.10pm%3A%20Al%20Dasim%3Cbr%3E7.45pm%3A%20Withering%3Cbr%3E8.20pm%3A%20Lazuli%3Cbr%3E8.55pm%3A%20Tiger%20Nation%3Cbr%3E9.30pm%3A%20Modern%20News%3C%2Fp%3E%0A

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

SOUTH%20KOREA%20SQUAD

%3Cp%3E%0D%3Cstrong%3EGoalkeepers%3A%20%3C%2Fstrong%3EKim%20Seung-gyu%2C%20Jo%20Hyeon-woo%2C%20Song%20Bum-keun%0D%3Cbr%3E%3Cstrong%3EDefenders%3A%20%3C%2Fstrong%3EKim%20Young-gwon%2C%20Kim%20Min-jae%2C%20Jung%20Seung-hyun%2C%20Kim%20Ju-sung%2C%20Kim%20Ji-soo%2C%20Seol%20Young-woo%2C%20Kim%20Tae-hwan%2C%20Lee%20Ki-je%2C%20Kim%20Jin-su%0D%3Cbr%3E%3Cstrong%3EMidfielders%3A%20%3C%2Fstrong%3EPark%20Yong-woo%2C%20Hwang%20In-beom%2C%20Hong%20Hyun-seok%2C%20Lee%20Soon-min%2C%20Lee%20Jae-sung%2C%20Lee%20Kang-in%2C%20Son%20Heung-min%20(captain)%2C%20Jeong%20Woo-yeong%2C%20Moon%20Seon-min%2C%20Park%20Jin-seob%2C%20Yang%20Hyun-jun%0D%3Cbr%3E%3Cstrong%3EStrikers%3A%20%3C%2Fstrong%3EHwang%20Hee-chan%2C%20Cho%20Gue-sung%2C%20Oh%20Hyeon-gyu%3C%2Fp%3E%0A

Results

3pm: Handicap (PA) Dh40,000 (Dirt) 1,000m; Winner: Dhafra, Antonio Fresu (jockey), Eric Lemartinel (trainer)

3.30pm: Maiden (PA) Dh40,000 (D) 2,000m; Winner: Al Ajayib, Antonio Fresu, Eric Lemartinel

4pm: Handicap (PA) Dh40,000 (D) 1,700m; Winner: Ashtr, Abdul Aziz Al Balushi, Majed Al Jahouri

4.30pm: Handicap (TB) Dh40,000 (D) 1,700m; Winner: Falcon Claws, Szczepan Mazur, Doug Watson

5pm: Sheikh Dr Sultan bin Khalifa Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,700m; Winner: Al Mufham SB, Al Moatasem Al Balushi, Badar Al Hajri

5.30pm: Sharjah Marathon – Handicap (PA) Dh70,000 (D) 2,700m; Winner: Asraa Min Al Talqa, Al Moatasem Al Balushi, Helal Al Alawi

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.

While you're here

Hussein Ibish: There are reasons for Democrats and Republicans to be happy

Rashmee Roshan Lall: Who are the women driving Joe Biden's success?

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1

Results

%3Cp%3E%3Cstrong%3EStage%207%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20%E2%80%93%203hrs%2029min%2042ses%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%2010sec%3Cbr%3E3.%20Geoffrey%20Bouchard%20(FRA)%20AG2R%20Citroen%20Team%20%E2%80%93%2042sec%3Cbr%3E%3Cstrong%3EGeneral%20Classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%2059se%3Cbr%3E3.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20%E2%80%9360sec%3Cbr%3ERed%20Jersey%20(General%20Classification)%3A%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EGreen%20Jersey%20(Points%20Classification)%3A%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EWhite%20Jersey%20(Young%20Rider%20Classification)%3A%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EBlack%20Jersey%20(Intermediate%20Sprint%20Classification)%3A%20Edward%20Planckaert%20(FRA)%20Alpecin-Deceuninck%3C%2Fp%3E%0A

Scorline

Iraq 1-0 UAE

Iraq Hussein 28’

Stage 2

1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30

2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06

3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06

4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06

5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

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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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Simon Waldman: Nato continues to be Ankara’s best security guarantor

How to vote in the UAE

1) Download your ballot https://www.fvap.gov/

2) Take it to the US Embassy

3) Deadline is October 15

4) The embassy will ensure all ballots reach the US in time for the November 3 poll

New Zealand squad

Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner

RESULTS

ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6

WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4

ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0

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.”

Dengue%20fever%20symptoms

%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A

If coronavirus overwhelms Gaza, there will be few others to blame but Israel

Profiting from loss: how business in illegal Israeli settlements continues unchecked

Bedouin mass eviction is part of Israel's concerted efforts to drive Palestinians from their historic lands

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Hussein Ibish: Donald Trump's 3-step plan to cling to power

Sulaiman Hakemy: Make America lose again

Everybody%20Loves%20Touda

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nabil%20Ayouch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nisrin%20Erradi%2C%20Joud%20Chamihy%2C%20Jalila%20Talemsi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A

Racecard

6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m

7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m

7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m

8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D)

8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m

9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m

10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m

The Specs

Engine 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp (542bhp in GTS model)

Torque: 730Nm

Price: Dh649,000 (Dh549,000 for GTS)

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

Plastic tipping points

Millennials step up campaign against plastic

Woman with genetic disorder says single use plastics are 'vital' to her life

In The Heights

Directed by: Jon M. Chu

Stars: Anthony Ramos, Lin-Manual Miranda

Rating: ****

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

Roman Abramovich attends latest Ukraine peace talks in Turkey

Chelsea FC owner suffered symptoms consistent with poisoning after attending earlier negotiations

Why it pays to compare

Route 1: bank transfer

Route 2: online platform

House-hunting

Syria squad

Neymar's bio

'Panga'

NATIONAL%20SELECTIONS

SOUTH%20KOREA%20SQUAD

Results

Our family matters legal consultant

While you're here

City's slump

Results

Scorline

Stage 2

Tax authority targets shisha levy evasion

THE BIO

More from Firas Maksad

While you're here

Ten tax points to be aware of in 2026

While you're here

How to vote in the UAE

New Zealand squad

RESULTS

Dengue%20fever%20symptoms

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While you're here

Everybody%20Loves%20Touda

Racecard

The Specs

On Women's Day

Plastic tipping points

In The Heights

Tamkeen's offering