British Prime Minister Boris Johnson hailed the “strong will of Ukrainians to resist” Russia's invasion during a surprise visit to Kyiv on Wednesday, his third since Moscow invaded its neighbour in February.
The departing UK Prime Minister travelled to Ukraine's capital as the nation celebrated Independence Day and marked the milestone of six months of war.
“There's a strong will of Ukrainians to resist,” Mr Johnson said. “And that is what [Russian President Vladimir] Putin failed to understand. You defend your right to live in peace, in freedom and that's why Ukraine will win.
“What happens in Ukraine matters to us all, which is why I am here today to deliver the message that the United Kingdom is with you and will be with you for the days and months ahead.”
Mr Johnson won praise from President Volodymyr Zelenskyy for leading the West’s tough response to Russia and the pair held talks on the challenges of the winter ahead for the country. Mr Johnson reinforced the UK’s unwavering support for the Ukrainian people, from humanitarian aid to supporting the investigation of war crimes and rebuilding the country’s economy.
Since Russian tanks rolled across the border with Ukraine in February, Mr Johnson had made two previous unannounced trips to Kyiv.
When Mr Jonson made his resignation speech outside No 10 Downing Street on July 7, Mr Zelenskyy expressed his “sadness” and praised the British leader's “personal leadership and charisma” in enhancing the UK-Ukrainian relationship.
The six-month point of the invasion fell on Ukraine’s Independence Day on Wednesday — a national holiday to celebrate the country becoming an independent state after the dissolution of the Soviet Union in 1991.
In a statement to mark the occasion, Mr Johnson said although Ukrainian independence was being threatened once again, the UK would continue to stand with Kyiv in the face of Russian aggression, “however long it takes”.
“I’m delighted to offer my congratulations on the 31st anniversary of Ukraine’s declaration of independence and to remember that amazing day in 1991 when Ukrainians celebrated in the streets as their country was reborn as a sovereign state,” he said.
“But alas, today, Ukraine’s independence is threatened once again, and her people are fighting with steel and with courage to defend their homes and their families and to preserve their right to decide their own destiny in their own country.
“I have never doubted for a moment that Ukraine is going to win this struggle because no force on Earth can overcome the patriotism of 44 million Ukrainians.”
Mr Johnson said one day Ukraine would “achieve victory” in their struggle for self-determination and Britain would then be “even prouder” of its friendship with the country.
Sanctions against those with strong links to Putin
What exactly did Mr Johnson do to warrant such a glowing review from his Ukrainian counterpart?
The UK government was quick to announce sanctions against various people and companies said to have benefited from links to the Kremlin.
Russian-Israeli billionaire Roman Abramovich was among the oligarchs and members of Mr Putin’s inner circle to be slapped with asset freezes and travel bans.
The businessman — who is believed to own a 15-bedroom mansion in Kensington, West London — in May sold Chelsea Football Club, which he had bought in 2003 for £140 million ($165m).
Mr Johnson said there could “be no safe havens” for supporters of Russia’s invasion of Ukraine, and that sanctions were only one part of the UK government's “ruthless pursuit” of those assisting in Moscow's assault.
Weapons and military training
The UK has committed £2.3 billion in weapons to Ukraine, making it the second-largest donor after the US.
In addition to thousands of anti-tank weapons, including Javelins, Brimstone and NLAWs (Next generation light Anti-tank weapons), it has shipped artillery rounds, missiles and Stormer vehicles fitted with Starstreak surface-to-air missile launchers.
Non-lethal aid — including more than 80,000 helmets, 5,000 night vision devices and thousands of sets of body armour — has also been sent.
Britain is also hosting a programme with the aim of training 10,000 new and existing Ukrainian personnel.
More weapons donations appear to be in the pipeline, as Mr Zelenskyy’s office last week suggested.
Chief of Staff Andriy Yermak and Ukrainian Armed Forces Commander-in-Chief Valerii Zaluzhnyi held a phone call with UK Chief of Defence Staff Admiral Sir Tony Radakin and Stephen Lovegrove, UK national security adviser, an official said.
They discussed “in detail” further potential aid to Kyiv, said the official.
Sanctuary for refugees
The UK responded to the mass exodus of Ukrainians from their homeland by introducing the Homes for Ukrainians scheme. It allows people fleeing the invasion to seek refuge in the UK and anyone without family ties can be sponsored by a person who offers them a home for at least six months.
Each household housing a refugee under the programme is eligible to receive £350 a month, tax-free.
Visits to Kyiv
Mr Johnson's first post-invasion visit to Kyiv was in April, only a week after Russian troops pulled back from the villages and towns surrounding the Ukrainian capital, in a humiliating U-turn for Moscow.
Speaking at a joint press conference, Mr Zelenskyy said Mr Johnson’s trip was a “true reflection of the decisive and significant support to Ukraine from the United Kingdom”, which he said Ukrainians would “always remember”.
In June, Mr Johnson arrived in Kyiv for the second time, this time with a gift.
The British leader signed a copy of Robert Hardman’s book Queen of Our Times: The Life of Elizabeth II during a meeting in Mr Zelenskyy’s office, before presenting it to him.
Mr Zelenskyy appeared to be a fan of the UK’s longest-reigning monarch, as footage from the meeting showed him leafing through the book and thanking his guest.
Ukraine's Independence Day celebrated in the UK - in pictures
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The National Archives, Abu Dhabi
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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
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1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
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.
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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Dubai Rugby Sevens
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Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
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UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
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All times UAE ( 4 GMT)
Saturday
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Juventus v Torino (10.45pm)
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Inter Milan v Genoa (5pm)
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