As the war in Ukraine enters its second year, US President Joe Biden and Congress continue to deliver messages assuring Kyiv of Washington's long-standing commitment — one that has been marked by tens of billions of dollars in aid.
When President Volodymyr Zelenskyy addressed Congress in December 2022, he characterised his country's defence against Russia as an investment in US interests — global security and democracy. A democratic Ukraine, he said, is of paramount importance for America.
It is a message that resonated with US politicians even before the historic visit, and one they responded to by approving $45 billion in financial and military aid.
Since January 24, 2022, the US has committed $78 billion in humanitarian, financial and military assistance to Ukraine, data from the Kiel Institute's Ukraine Support Tracker shows, far outweighing the financial response of the rest of the world.
By comparison, the EU has committed $37.37 billion, though the vast majority of that sum ($32.33 billion) comes in the form of financial assistance.
Military and financial commitments to Ukraine grew throughout the year, data from IF-Kiel shows, in response to the prolonged war.
“The Americans are setting the pace in supporting Ukraine,” said Christoph Trebesch, head of the team producing the Ukraine Support Tracker and research centre director at the Kiel Institute.
“The Europeans' hesitancy in the first year of the war is a remarkable phenomenon, especially since financial resources can be quickly mobilised.”
Nowhere is the disproportionate amount of American aid more evident than when it comes to military aid.
Of the $78 billion the US has provided to Ukraine, more than half ($47.32 billion) has come in the form of military assistance.
That aid — announced in a string of packages ranging from $50 million to $2.8 billion — has come with a list of weapons, machinery, ammunition and other military gear the US has supplied to Ukraine.
As Congress responded to Mr Zelenskyy's requests for an increase in financial support, so, too, has Mr Biden mostly acceded to his requests for weapons.
Ukrainian soldiers are now equipped with thousands of drones, tactical vehicles, grenade launchers, High Mobility Rocket Systems (Himars), howitzers, laser-guided rocket systems, radar systems, ammunition and more.
The sizes of the military packages have increased as the war has dragged on, most notably with the inclusion of 31 M1 Abrams tanks that were part of a $400 million Ukraine Security Assistance Initiative package.
US Defence Secretary Lloyd Austin has hailed the Himars as particularly effective against curtailing Russian forces.
These weapons have mostly been provided in the form of presidential drawdowns, which allow for supplies to be speedily delivered from Pentagon stocks.
Others, like the Ground Launched Small Diameter Bomb, are still months away from seeing the battlefield.
In the days before Russia's invasion of Ukraine, the White House feared that Kyiv would fall within days.
A year later, there appears to be no end in sight to the war. The US and allies continue to pour relief into Ukraine, and Mr Zelenskyy must now convince leaders to continue their investment in the form of fighter jets.
For now at least, the answer to that request is “no”, Mr Biden said. But the US has not ruled it out altogether and Britain has appeared more willing.
And questions linger as to how long the US will have the resolve or ability to continue arming Ukraine.
America's own military preparedness could be compromised if the US continues to deplete its domestic weapons stockpiles, a senior adviser with the Centre for Strategic and International Studies wrote.
The newly seated Republican-controlled House of Representatives adds further complications to potential long-term aid, with House leadership sceptical of writing a “blank cheque” the way the previous session of Congress did.
Still, Mr Biden made his position clear on where the US stands when he announced a new $460 million security package during a surprise visit to Kyiv on Monday.
Walking the streets of the capital with Mr Zelenskyy beside him and air raid sirens blaring in the background, Mr Biden sent the message that America's commitment to Ukraine will continue under his administration.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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
THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
UAE rugby season
FIXTURES
West Asia Premiership
Dubai Hurricanes v Dubai Knights Eagles
Dubai Tigers v Bahrain
Jebel Ali Dragons v Abu Dhabi Harlequins
UAE Division 1
Dubai Sharks v Dubai Hurricanes II
Al Ain Amblers v Dubai Knights Eagles II
Dubai Tigers II v Abu Dhabi Saracens
Jebel Ali Dragons II v Abu Dhabi Harlequins II
Sharjah Wanderers v Dubai Exiles II
LAST SEASON
West Asia Premiership
Winners – Bahrain
Runners-up – Dubai Exiles
UAE Premiership
Winners – Abu Dhabi Harlequins
Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens
Winners – Dubai Hurricanes
Runners-up – Abu Dhabi Harlequins
UAE Conference
Winners – Dubai Tigers
Runners-up – Al Ain Amblers
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Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
Honeymoonish
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The years Ramadan fell in May
MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
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
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)