With Russia readying for another military offensive, British Foreign Secretary James Cleverly embarked on a whirlwind two-day tour of North America to shore up diplomatic and military support for Ukraine.
The Foreign Secretary met with his US counterpart Antony Blinken in Washington on Tuesday to discuss ways the two country’s could continue to support Kyiv.
Last week, Britain announced it would send 14 Challenger II battle tanks and 30 AS90 15mm self-propelled guns to Ukraine in a major escalation of support for the besieged country.
When the war began, many thought it inconceivable that the UK would send such military power to Ukraine, but Mr Cleverly said the conflict now demands it.
“Now we see more conflict in open spaces, in open ground in the east and the south, which therefore necessitates more manoeuvrist equipment, the ability to fight and manoeuvre simultaneously,” he said.
Kyiv has repeatedly asked for more weapons and is currently calling for additional aircraft and attack helicopters.
Mr Cleverly’s visit to North America comes days after a Russian strike on a civilian apartment building in Dnipro killed at least 45 people, including six children.
It was one of the deadliest attack on civilians since Russian invaded on February 24, 2022.
Russia appears to be readying for another offensive in hopes of turning the tide in the conflict, which in recent months has swung in Kyiv’s favour.
Mr Blinken said the US and its Nato allies would not let Ukraine's hard-won gains be for naught.
“We're determined together as well with many others to make sure, as I said, the Ukrainians have what they need to recapture, regain what they've lost and to deal with the Russian aggression,” he said.
About 600 Ukrainian troops are currently being trained by US forces at a base in Germany.
The US has committed more than $24 billion in military assistance to Ukraine since the conflict began.
A high-level team of US delegates — including Wendy Sherman, the deputy secretary of state — met Ukrainian President Volodymyr Zelenskyy on Monday in Kyiv to reaffirm Washington's “strong and steadfast” commitment.
Everything you need to know about the Challenger 2 tank being sent to Ukraine — video
Mr Blinken and Mr Cleverly also discussed the recent execution of British-Iranian Alireza Akbari by Tehran and the ongoing protests there.
Iran executed Mr Akbari after he was accused of spying on behalf of the UK.
“We'll continue to work with the United Kingdom and our other allies and partners to hold Iran's leadership accountable for these and other abuses,” said Mr Blinken.
There are growing calls in the British Parliament to proscribe Iran’s Islamic Revolutionary Guard Corps as a terrorist entity — something the US has already done.
Bob Blackman, a British Conservative MP, has been spearheading efforts to list the IRGC as a terrorist entity.
In an interview with The National, he said such a move would deal a heavy blow to the group’s financial stability and deprive them of the ability to channel vital cash to their proxies.
Mr Blackman, MP for Harrow East, said it is a question of when, not if, the UK will take such action.
“London is one of the world’s financial capitals of the world and if the government can sequester the group’s assets, it will severely damage it,” he said.
Mr Cleverly, however, refrained from saying what measures the UK was willing to take with regard to the IRGC, saying only that: “We will continue to act in response to their behaviours.”
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
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.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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