Barbara Leaf said the United States is closely watching developments between Saudi Arabia and Iran. Antonie Robertson / The National
Barbara Leaf said the United States is closely watching developments between Saudi Arabia and Iran. Antonie Robertson / The National
Barbara Leaf said the United States is closely watching developments between Saudi Arabia and Iran. Antonie Robertson / The National
Barbara Leaf said the United States is closely watching developments between Saudi Arabia and Iran. Antonie Robertson / The National

US closely watching 'detente' between Saudi Arabia and Iran, Barbara Leaf says


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The US regards the new deal between Saudi Arabia and Iran as “a very important moment”, according to US assistant secretary of state for Near Eastern Affairs Barbara Leaf.

In an exclusive interview with The National, Ms Leaf described it as a “detente, not a rapprochement or reconciliation … it is a resumption of a relationship that existed until the events of January 2016".

“But it would seem to signal towards a broader detente,” she said.

And despite the fact that the deal was sealed in Beijing, the US has been resoundingly supporting of it — and hoping that it leads to an end of the war in Yemen.

The Saudi-Iran detente comes at a time of general de-escalation in the region, which the US welcomes.

The heart of the matter has been Iranian lethal support, lethal training and resources to the Houthis
Barbara Leaf,
US Assistant Secretary of State for Near Eastern Affairs

Ms Leaf said that since President Joe Biden “came into office, the administration has been promoting privately and publicly the notion of de-escalation”.

She added that at the time it was “a very over-pressurised region, riven with rifts”.

The US “actively encouraged the Saudis” to engage the Iranians and it was “what they were already thinking about when we came into office and that they set themselves to with alacrity”.

The issue is “more than non-interference in domestic affairs … the heart of the matter has been Iranian lethal support, lethal training and resources to the Houthis who have promulgated several years of just relentless missile and drone attacks on the kingdom”.

While the Iranians had wanted to speak on resuming diplomatic ties “they wouldn't really acknowledge the core issue, which was Saudi security, or rather insecurity because of what Iran was doing”.

After “a two-year plus effort”, it appears the moment has arrived. The US official made a point of mentioning that there were several rounds of discussions in Baghdad and Muscat, ahead of the Beijing meeting that lead to the announcement of a resumption of ties on March 10.

Speaking to The National from her office at the State Department in Washington last week, Ms Leaf stressed that “we think it's a very good thing, if, and it is a big if, Iran does hold to these commitments, it would be a breakthrough, a very significant breakthrough”.

However, she said “but it would also be a departure from 40-plus years of Iranian foreign policy operations in constantly fostering insecurity, in its near abroad, and more than its near abroad, in order in some fashion to bolster its own security”.

She said it would be excellent if “by some miracle” Iran was to hold on to this set of commitments.

China role in deal

Iran's Foreign Minister Hossein Amirabdollahian hold hands with his Saudi Arabian counterpart Prince Faisal bin Farhan Al Saud and China's Qin Gang in Beijing Thursday, April 6, 2023. Ding Lin / Xinhua via AP
Iran's Foreign Minister Hossein Amirabdollahian hold hands with his Saudi Arabian counterpart Prince Faisal bin Farhan Al Saud and China's Qin Gang in Beijing Thursday, April 6, 2023. Ding Lin / Xinhua via AP

As for China’s role in the matter which many took to be a sign of reduced American influence, Ms Leaf made clear that Beijing “played host, but was not the mediator”.

She added that “Iran has been under increasingly severe pressures, economic pressures, other pressures that we have helped to muster. The US is not in a position to leverage its relationship with Iran for this purpose, but Beijing has touted its strategic relationship with Iran. So there's a logic there”.

Ms Leaf sounded encouragement for China’s role, saying “frankly, it's about time that it used whatever leverage it has with Iran, to constrain Iranian destructive behaviour”.

Asked about how the US may counter China’s increasingly active role in the region, Ms Leaf responded firmly: “We're not trying to counter, we are very confident in the length, duration, scope, richness of our relations across the region”.

Despite concerns in the region that the US would expect countries to choose sides between Washington and Beijing, Ms Leaf said: “We're not in a zero-sum (game) it’s either us, or them”.

The US has specific areas of concern when it comes to China which it communicates to its allies, including “concerns related to the highest end of our technology, or the commercial or defence. We have very specific concerns about juxtaposition of our systems near Chinese systems. But those are those are very carefully scoped discussions that we have. And I think it's fair to say that our partners understand that”.

As for America’s efforts to restart Joint Comprehensive Plan of Acrion talks with Iran, Ms Leaf said that they had been “derailed” by Tehran’s actions and the fact that it “walked away”.

Yemen optimism

She said Iran’s actions, including “the atrocious repression of public protests of its own people, and then followed by Iran entering into the European battlefield, on Russia's side against Ukraine, have gone from bad to worse”.

The one potential bright spot in the region at the moment is in Yemen, which is witnessing “the best hope we have seen in the last eight year”.

Ms Leaf said that “nothing's done until it's done, there's so many steps to go” before the war can come to an end.

She lauded Saudi efforts saying: “We've seen for months now, a really committed effort by Saudi Arabia to drive this thing to a durable ceasefire that then can be handed off to the UN to negotiate or to help mediate”.

  • Freed prisoners celebrate after arriving in Sanaa following a swap between warring parties in Yemen. Reuters
    Freed prisoners celebrate after arriving in Sanaa following a swap between warring parties in Yemen. Reuters
  • Relatives waited for the return of loved ones. Reuters
    Relatives waited for the return of loved ones. Reuters
  • The International Committee of the Red Cross said 318 prisoners were released on the first day. Reuters
    The International Committee of the Red Cross said 318 prisoners were released on the first day. Reuters
  • The ceremonial Baraa dance was performed for freed prisoners at Sanaa Airport. Reuters
    The ceremonial Baraa dance was performed for freed prisoners at Sanaa Airport. Reuters
  • Relatives cheer as the plane lands. Reuters
    Relatives cheer as the plane lands. Reuters
  • Freed prisoners of war walk at Sanaa Airport, after arriving on a flight chartered by the International Committee of the Red Cross as part of a prisoner swap between the rival sides in the Yemen conflict. Reuters
    Freed prisoners of war walk at Sanaa Airport, after arriving on a flight chartered by the International Committee of the Red Cross as part of a prisoner swap between the rival sides in the Yemen conflict. Reuters
  • People wearing Yemen Red Crescent Society jackets wait as a plane carrying freed prisoners arrives at Sanaa Airport. Reuters
    People wearing Yemen Red Crescent Society jackets wait as a plane carrying freed prisoners arrives at Sanaa Airport. Reuters
  • Houthi prisoners, freed under a deal between the rebels and Yemen's internationally recognised government, pray on the tarmac at Sanaa International Airport. AFP
    Houthi prisoners, freed under a deal between the rebels and Yemen's internationally recognised government, pray on the tarmac at Sanaa International Airport. AFP
  • Relatives of freed prisoners wait at Sanaa Airport. Reuters
    Relatives of freed prisoners wait at Sanaa Airport. Reuters
  • Mahmoud Al Subaihi, centre, former defence minister of Yemen's internationally recognised government, and Nasser Mansur Hadi, top, brother to former Yemeni president Abdrabbuh Mansur Hadi, arrive at Aden International Airport after being freed by the Houth rebels under the prisoner exchange deal. AFP
    Mahmoud Al Subaihi, centre, former defence minister of Yemen's internationally recognised government, and Nasser Mansur Hadi, top, brother to former Yemeni president Abdrabbuh Mansur Hadi, arrive at Aden International Airport after being freed by the Houth rebels under the prisoner exchange deal. AFP
  • A freed prisoner is kissed after arriving at Sanaa Airport. Reuters
    A freed prisoner is kissed after arriving at Sanaa Airport. Reuters
  • Yemeni Houthi rebel prisoners released as part of a prisoner exchange with the internationally recognised government, before boarding a flight to Sanaa. AFP
    Yemeni Houthi rebel prisoners released as part of a prisoner exchange with the internationally recognised government, before boarding a flight to Sanaa. AFP
  • Members of the International Committee of the Red Cross wait to receive exchanged detainees loyal to the Houthis at Sanaa Airport. EPA
    Members of the International Committee of the Red Cross wait to receive exchanged detainees loyal to the Houthis at Sanaa Airport. EPA
  • Released Houthi rebel prisoners in Aden, on their way to board a flight to Sanaa. AFP
    Released Houthi rebel prisoners in Aden, on their way to board a flight to Sanaa. AFP
  • Freed prisoners travel on a bus to an ICRC-chartered plane at Sanaa Airport. Reuters
    Freed prisoners travel on a bus to an ICRC-chartered plane at Sanaa Airport. Reuters
  • Yemenis gather at the capital's airport ahead of the prisoner exchange. AP Photo
    Yemenis gather at the capital's airport ahead of the prisoner exchange. AP Photo
  • An Embraer ERJ aircraft flying under the banner of the ICRC takes off from Sanaa Airport. AFP
    An Embraer ERJ aircraft flying under the banner of the ICRC takes off from Sanaa Airport. AFP

She stressed the importance of a “Yemeni-Yemeni proper set of negotiations … other steps that must follow lest things devolve into a resumption of another turn of a civil war”.

As Yemen witnesses “a very heightened period of diplomatic effort” the US envoy to Yemen Tim Lenderking is back in the region.

Ms Leaf said that the US is looking into “what good offices we might lend to the effort or to be to be on standby as needed”.

She added that it is important to “give full credit to the effort that the Saudis have put into this, to drive this terrible war to an end”.

Another country witnessing a de-escalation is Syria, where a number of Arab states have been resuming ties.

No change in stance on Syria's Assad

However, the US remains firm in its opposition to the government of Bashar Al Assad. Asked whether the US would consider lifting sanctions off Syria to allow for reconstruction, Ms Leaf gave a firm “no”.

“Our stance is unchanged. We're not going to normalise, we're not going to lift sanctions, nor moderate our stance on sanctions in such until such time as we see (Mr Al-Assad) progressing in a really clear and profound way, on the issues under UNSCR 2254,” she said.

While she expressed an understanding for the Arab view of engagement with Syria, but noted that “engagement should logically bring the leverage you have to bear”.

Ms Leaf recently returned from a 10-day trip to the region, where she took stock of the current economic and political situations in a host of countries including in Israel and Palestine, Lebanon and Tunisia.

The veteran diplomat described the current tensions between Israeli and Palestinians as a “very delicate moment” and one that the US has been actively working to defuse.

“We’ve had a very continuous effort in dialogue with Israeli officials and Palestinian officials,” Ms Leaf told The National.

Violence between the two sides has escalated in recent weeks following footage showing Israeli soldiers storming Al Aqsa Mosque and beating worshippers inside Islam’s third holiest site.

This year has already proved deadly in the region with 94 Palestinians and 19 Israelis killed, according to AFP.

Ms Leaf said she believed both sides had a “very strong desire” to avoid any further escalations.

She added that there has been an “extraordinary amount of intensive diplomacy behind the scenes” to try to bring the temperature down.

As for the internal protests in Israel over judicial restructuring, Ms Leaf said US officials are “very seized of the issue of trying to bring a greater level of calm and stability against a very difficult backdrop”, along with the Palestinian issue.

Lebanon turmoil

Ms Leaf described Lebanon’s current political and economic crises as “extraordinarily sobering”, adding “I am not very hopeful right now” on the naming of a president.

The country has been in economic free fall for several years and has been without a president since Michel Aoun’s term ended in October.

Ms Leaf chastised Lebanon’s political elite who have run the country into economic ruin and have yet to figure out how to right the course.

“I find it shocking that we’re not quite five months into an absence of a fully empowered government, no progress of the IMF programme and the Lebanese Armed Forces and the security forces are in a terrible state,” she said.

“The Lebanese public having predominantly fallen well below the poverty line and yet Lebanon’s political class is chattering away and not bothering to hold even any balloting for candidates.”

Ms Leaf said she was not hopeful of a solution to Lebanon's political impasse. EPA
Ms Leaf said she was not hopeful of a solution to Lebanon's political impasse. EPA

What angered her most was a lack of concern for the country’s myriad problems that many politicians she spoke to seemed to show, during her visit to Beirut.

“I came away with a feeling of why am I more concerned about all of this than many of the Lebanese politicians with whom we engage?”

Ms Leaf urged Lebanon to find its own way out of its current problems.

“I’m also struck by this sense that I had from a number of the discussions, that people are waiting for outside powers to sort this out,’ she said. “That is just not going to happen.”

In Tunisia, a country also on the precipice of economic disaster, which has seen widespread protests in 2023 against President Kais Saied’s consolidation of power, Washington is urging the government to pick a path forward.

Inflation has soared to nearly 11 per cent in the North African country, which has also begun to experience increased food scarcity.

In October, the government reached a staff level agreement with the International Monetary Fund for an Extended Fund Facility worth $1.9 billion, but it has thus far failed to make the necessary reforms to allow the bailout to go forward.

Ms Leaf said it was up to Tunis to decide how it wanted to proceed but that time was running out.

“This is a moment in time for the government to decide whether it wants to go down that road with that particular reform package or it comes up with an alternative approach but it is quite urgent that they decide and decide quickly.”

As for Iraq, where 20 years have passed since the US led a coalition to remove the regime of Saddam Hussein, Ms Leaf said “we have a really deep going commitment to that country”.

And while US troops have ended combat operations there, the US regards Iraq “as a keystone in the arch of security and stability for the region”, and will continue to support “reintegration of Iraq into its neighbourhood”.

And while problems remain in the country, Ms Leaf said “there is no straight path … it is a winding path, but we are, with every element of our engagement, reinforcing the message of capture of sovereignty”.

Meydan card

6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%E2%80%9D%20LPTO%20Amoled%2C%202412%20x%201080%2C%20394ppi%2C%20HDR10%2B%2C%20Corning%20Gorilla%20Glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%2B%20Gen%202%2C%20octa-core%3B%20Adreno%20730%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F12GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%2C%20Nothing%20OS%202%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2050MP%20wide%2C%20f%2F1.9%20%2B%2050MP%20ultrawide%2C%20f%2F2.2%3B%20OIS%2C%20auto-focus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2030%2F60fps%2C%201080p%20%40%2030%2F60fps%3B%20live%20HDR%2C%20OIS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2032MP%20wide%2C%20f%2F2.5%2C%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%20Full-HD%20%40%2030fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204700mAh%3B%20full%20charge%20in%2055m%20w%2F%2045w%20charger%3B%20Qi%20wireless%2C%20dual%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Google%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Fingerprint%2C%20face%20unlock%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP54%2C%20limited%20protection%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual-nano%20SIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Dark%20grey%2C%20white%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Nothing%20Phone%20(2)%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%20(UAE)%3A%3C%2Fstrong%3E%20Dh2%2C499%20(12GB%2F256GB)%20%2F%20Dh2%2C799%20(12GB%2F512GB)%3C%2Fp%3E%0A
Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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 

Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

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 bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO

English Premiership semi-finals

Saracens 57
Wasps 33

Exeter Chiefs 36
Newcastle Falcons 5

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A

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.”

PLAY-OFF%20DRAW
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About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

A Long Way Home by Peter Carey
Faber & Faber

MATCH INFO

Champions League last 16, first leg

Tottenham v RB Leipzig, Wednesday, midnight (UAE)

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Uefa Champions League play-off

First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev

Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

Results:

Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.

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European arms

Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons.  Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m 
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford

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Updated: April 17, 2023, 8:35 AM