Donald Trump announces 2024 White House run

Donald Trump announced that he will again run for president, telling supporters that "America's comeback starts right now".

Speaking to cheering supporters late on Tuesday in a flag-festooned ballroom at his Mar-a-Lago resort in Florida, Mr Trump painted a bleak picture of a "failing" America and promised he would fix it if he is elected in 2024.

"In order to make America great and glorious again I am tonight announcing my candidacy for president of the United States," Mr Trump said as supporters yelled: "USA, USA".

He said the US had been "embarrassed, humiliated and weakened for all to see" under President Joe Biden, who beat Mr Trump by seven million votes in 2020 in an election that the former president still falsely insists was "stolen" from him through a Democratic conspiracy.

Mr Trump's announcement was long expected and he had teased it in recent weeks. Associates had urged him to postpone his candidacy after last week's midterm elections, where many of the candidates he backed lost, including celebrity doctor Mehmet Oz in Pennsylvania.

Senior Republican Party figures and conservative media outlets have publicly turned on the former president after an expected "red wave" of conservative victories largely fizzled.

Mr Trump's team filed paperwork with the Federal Election Commission setting up a committee called "Donald JTrump for President 2024."

Mr Trump was banned from Twitter in 2021 during the January 6 attack on the Capitol. He now posts on the Truth Social platform that he founded, but the app is only available in the US, Canada and Brazil. Increasing numbers of his posts are simply 'ReTruths' -- or retweets -- of patriotic memes from admirers that depict him in a flattering light.

Mr Trump, 76, remains enormously popular among the hard right, "Make America Great Again" faction of conservative voters despite facing escalating criminal investigations.

While it is far from certain he will win his party's nomination, Mr Trump's early entrance into the 2024 presidential race will ensure he remains a force to contend with.

"It's basically the third election in a row that Donald Trump has cost us the race, and it's like three strikes and you're out," Maryland's departing Republican Governor Larry Hogan told CNN.

He was referring to Mr Trump's loss of the House of Representatives in 2018, the presidency in 2020 and the poor Republican showing in the 2022 midterms.

"Donald Trump kept saying, 'we're gonna be winning so much, we'll get tired of winning'. Well, I'm tired of losing. I mean, that's all he's done."

No one else has yet declared their intention to run for president, but Mr Trump's former vice president Mike Pence is expected to do so, as is Florida Governor Ron DeSantis.

The Republican establishment appears to be coalescing around Mr DeSantis, who easily won re-election while Trump-anointed candidates elsewhere floundered.

He backed dozens of extremist candidates who propagated his claims that Joe Biden only won the 2020 election as the result of a broad conspiracy.

Even though court and state election officials rejected Mr Trump's election claims, about two thirds of Republican voters still believe Mr Biden's victory was illegitimate, polls show.

In a year where Mr Biden's approval rating is stuck at about 40 per cent, inflation is soaring and the economy is uncertain, the Democrats bucked historical trends and overperformed at the midterms.

Voter anger over the Supreme Court decision to overturn abortion rights offset concerns over high inflation, and most of the electorate was wary of picking Republican candidates who repeated Mr Trump's election lies.

Mr Trump's speech on Tuesday largely revisited old themes and grievances. He decried Mr Biden's withdrawal from Afghanistan, which followed through on a deal Mr Trump cut with the Taliban, as "perhaps the most embarrassing moment in the history of our country, where we lost lives".

He also said America was in the midst of an illegal immigrant "invasion" and attacked Mr Biden's energy policies, saying he had "intentionally surrendered" energy independence to pursue a green agenda, although high petrol prices are being driven by global factors including Russia's war in Ukraine.

Mr Trump has taken note of the support Mr DeSantis is drawing. The former president has criticised his one-time protege, calling him "Ron DeSanctimonious" and suggesting that he would perform better against the governor in an election.

A look at former president Donald Trump's Truth Social feed - in pictures

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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

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs

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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.”

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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