National security advisers from the UAE, Bahrain, the US and Israel promised enhanced regional integration and co-operation after multilateral talks on Thursday, which focused on security and the climate crisis.
“The four counterparts looked forward to further deepening and expanding the progress achieved since the signing of the Abraham Accords,” a joint statement released by the White House said.
The 2020 Abraham Accords led to the UAE and Bahrain signing their first ever agreements with Israel. Morocco and Sudan followed suit.
The White House vowed to expand the accords in its National Security Strategy released last year.
Thursday's multilateral talks included discussions about utilising enhanced regional co-operation with Israel to boost food and water security, clean energy, emerging technologies and trade relations, Wam reported.
The online meeting brought together Sheikh Tahnoun bin Zayed, UAE National Security Adviser, with his counterparts Sheikh Nasser bin Hamad Al Khalifa of Bahrain, Jake Sullivan of the US and Tzachi Hanegbi of Israel.
They agreed to stay “in regular contact” to work on expanding participation to new partners and to co-ordinate on shared interests and challenges, the joint statement said.
Discussions centred particularly on the climate crisis and “welcomed the UAE's leadership in hosting Cop28 later this year”.
The meeting came on the sidelines of the World Economic Forum in Davos, where the UAE is previewing its promises to put climate front and centre when it hosts the Cop28 conference in November and December 2023.
Majid Al Suwaidi, general director of Cop28, on Wednesday urged world leaders at the Davos conference to “get back on track” in achieving the 2015 Paris Agreement's climate goals.
“We’re saying at the Cop of the Emirates, we need to take huge leaps forward because we need to get back on track,” said Mr Al Suwaidi.
He added that the UAE is prioritising efforts to bring together governments, the private sector, civil society and non-state actors in a bid to “deliver really big results”.
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Lawrence Summers, president emeritus and professor at Harvard University, speaks during a panel session on day three of the World Economic Forum's Annual Meeting in Davos, Switzerland. Bloomberg -

Netherlands Prime Minister Mark Rutte and Tanzanian President Samia Hassan during a panel discussion in Davos. AP -

EU Parliament President Roberta Metsola speaks at the forum. AP -

Greek Prime Minister Kyriakos Mitsotakis, left, speaks to CNN journalist Fareed Zakaria at the Congress Centre in Davos. AFP -

Iranian-American journalist and women's rights activist Masih Alinejad takes part in an interview with a TV news channel in Davos. AFP -

Mr Mitsotakis is seen on a TV camera viewfinder at the Congress Centre in Davos. AFP -

Faisal Alibrahim, Saudi Arabia's Economy and Planning Minister, speaks during a panel session in Davos. Bloomberg -
Climate activist Greta Thunberg addresses journalists in Davos. Reuters -

Mary Erdoes, chief executive of JP Morgan Chase's asset wealth management arm, listens during a panel session in Davos. Bloomberg -

Officials take part in the World Economic Forum's Busting Business Barriers session. Photo: World Economic Forum -

Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, is among the senior officials in Davos. Photo: WEF -

Former US vice president Al Gore, who is also a member of board of trustees of the forum, at a session titled Leading the Charge through Earth's New Normal. Photo: WEF -

Famed cellist Yo-Yo Ma performs at the event. Photo: WEF -

Deemah Al Yahya, secretary general of the Digital Co-operation Organisation in Saudi Arabia, at the forum's Turning Technologies into the Markets of Tomorrow session. Photo: WEF -

US climate change envoy John Kerry at the Keeping the Pace on Climate session. Photo: WEF -

Shoes worn by Rodrigo Oliveira, founder of Brazilian group Green Mining, emphasise support for environmental initiatives. Photo: WEF -

Mina Al-Oraibi, Editor in Chief of The National, moderates a session on the Middle East that featured Prince Faisal bin Farhan, Saudi Arabia's Minister of Foreign Affairs. Photo: WEF -

Officials and delegates take part in the Middle East: Meeting Point or Battleground? session. Photo: WEF -

Polish President Andrzej Duda speaks at the Restoring Security and Peace session. Photo: WEF -

Mr Duda, Nato chief Jens Stoltenberg, Canada's Deputy Prime Minister Chrystia Freeland, Yuliia Svyrydenko, first deputy prime minister in Ukraine, and US Director of National Intelligence Avril Haines attend a session hosted by broadcaster Fareed Zakaria. Photo: WEF -

Olena Zelenska, Ukraine's first lady, watches as Ukrainian President Volodymyr Zelenskyy addresses the forum. Photo: WEF -

Mohamad Al Ississ, Jordan's Minister of Finance, takes part in the session titled The Middle East: Meeting Point or Battleground? Photo: WEF -

Mr Zelenskyy gives a video address to the forum in Davos. AFP -

Former US secretary of state Henry Kissinger appears on screen during the annual meeting of the World Economic Forum, in Davos. AP -

US governors Brian Kemp and JB Pritzker, senators Chris Coons, Joe Manchin and Kyrsten Sinema and representatives Maria Salazar and Mikie Sherrill take part in a panel discussion at Davos. AP -

Saudi Foreign Minister Prince Faisal bin Farhan attends a session in Davos. AFP -

Chinese Vice Premier Liu He on the opening day of the forum. Bloomberg -

Fifa president Gianni Infantino, left, and Patrice Motsepe, billionaire founder of African Rainbow Minerals, arrive at the forum's venue in Davos. EPA -

Finland's Prime Minister Sanna Marin, right, is interviewed by Fareed Zakaria in Davos. AP -

Delegates visit the refreshments area between sessions in Davos. Bloomberg -

Singer Angelique Kidjo performs in Davos. EPA -

From left, WEF founder Klaus Schwab, European Commission President Ursula von der Leyen, Ukrainian first lady Olena Zelenska and Swiss President Alain Berset pose together during the 53rd annual meeting of the forum in Davos. EPA -

Ms Zelenska hit out at Russia and said 'we cannot allow a new Chernobyl to happen'. AFP -

Mr Berset addresses delegates in Davos. EPA -

Ms von der Leyen said the 27-nation bloc would become much more forceful in countering unfair trading practices. Reuters -

Ferdinand Marcos, President of the Philippines, arrives to attend a session in Davos. AP -

Former US vice president Al Gore is expected to discuss decarbonisation, as well as efforts to build clean energy infrastructure and ensure equitable growth. EPA -

From second left, WEF president Borge Brende, Carbon Direct vice chairwoman Nili Gilbert and US climate envoy John Kerry with other delegates in Davos. EPA -

Credit Suisse chairman Axel Lehmann speaks during the 53rd WEF Annual Meeting. EPA -

DP World chief executive Sultan bin Sulayem in Davos. Bloomberg -

UBS chief executive Ralph Hamers speaks during a television interview on the opening day of the forum. Bloomberg -

From left, Hong Kong Exchanges & Clearing Ltd chairwoman Laura Cha, Banco de Portugal Governor Mario Centeno, Bloomberg TV anchor Francine Lacqua, Credit Suisse chairman Axel Lehmann and S&P Global president and chief executive Douglas Peterson during a panel session on the opening day of the forum. Bloomberg -

Mr Kerry delivers a speech at the Congress Centre in Davos. AFP -

Musicians take part in a concert during the official opening of the forum. Photo: WEF -

Jordanian vocalist Farah Siraj, centre, and Egyptian-Australian multi-instrumentalist Joseph Tawadros, left, perform during the I Sea You concert. Photo: WEF -

Tawadros is one of the world's leading oud performers and composers. Photo: WEF -

WEF managing director Alois Zwinggi speaks during a session called 'In Harmony with Nature'. Photo: WEF -

Gail Whiteman, left, a professor of sustainability at the University of Exeter Business School, speaks during the 'In Harmony with Nature' panel discussion. Photo: WEF -

Mr Schwab delivers a speech during the 'Crystal Award' ceremony in Davos. AFP -

Actor Idris Elba, right, and his wife Sabrina Dhowre Elba, left, smile on the podium during the Crystal Award ceremony. AP -

Kyiv Mayor Vitali Klitschko attends the Crystal Award ceremony. EPA -

Singer Renee Fleming, right, receives a Crystal Award from Hilde Schwab, wife of WEF founder Klaus Schwab. AP -

Delegates at the welcome reception before the official start of the forum. Bloomberg -

Food for attendees at the welcome reception. Bloomberg -

A kiosk serving hot chocolate from the UAE at the forum. Bloomberg -

The Infosys pavilion at the forum. Bloomberg -

Ukraine's pavilion in Davos. Reuters -

Swiss police officers on patrol in Davos. Reuters -

From left, German Vice Chancellor Robert Habeck with Swiss ministers Guy Parmelin and Albert Roesti before the start of a bilateral meeting in Davos. EPA -

A delegate passes a digital display in Davos. Bloomberg
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Simon Waldman: Cautious Israel keeping a low profile
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The%20specs
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
While you're here
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Tips%20for%20travelling%20while%20needing%20dialysis
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
COMPANY%20PROFILE
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
COMPANY%20PROFILE%20
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
Tentative schedule of 2017/18 Ashes series
1st Test November 23-27, The Gabba, Brisbane
2nd Test December 2-6, Adelaide Oval, Adelaide
3rd Test Dcember 14-18, Waca, Perth
4th Test December 26-30, Melbourne Cricket Ground, Melbourne
5th Test January 4-8, Sydney Cricket Ground, Sydney
Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
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 profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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.”
The national orchestra
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Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Scoreline
Real Madrid 1
Ronaldo (53')
Atletico Madrid 1
Griezmann (57')
RESULTS
5pm Maiden (PA) Dh80,000 (Turf) 1,600m
Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)
5.30pm Handicap (PA) Dh80,000 (T) 1,600m
Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi
6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
Winner Hameem, Adrie de Vries, Abdallah Al Hammadi
6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7pm Maiden (PA) Dh80,000 (T) 1,200m
Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm Handicap (TB) Dh100,000 (T) 2,400m
Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi


