US President Joe Biden, centre, with South Korean President Yoon Suk-Yeol, left, and Japanese Prime Minister Fumio Kishida at Camp David. EPA
US President Joe Biden, centre, with South Korean President Yoon Suk-Yeol, left, and Japanese Prime Minister Fumio Kishida at Camp David. EPA
US President Joe Biden, centre, with South Korean President Yoon Suk-Yeol, left, and Japanese Prime Minister Fumio Kishida at Camp David. EPA
US President Joe Biden, centre, with South Korean President Yoon Suk-Yeol, left, and Japanese Prime Minister Fumio Kishida at Camp David. EPA

US brings South Korea and Japan closer together in landmark Camp David summit


Ellie Sennett
  • English
  • Arabic

The US, Japan, and South Korea have committed to “unprecedented” military, technological and health co-operation, after a landmark trilateral meeting at Camp David.

US President Joe Biden hosted the leaders of South Korea and Japan on Friday for the summit aimed at warming relations between Washington's strongest Indo-Pacific allies whose relationship has been strained.

“From this moment on, Camp David will be remembered as a historic place where the Republic of Korea, the United States and Japan proclaimed that we will bolster the rules based international order and play key roles to enhance regional security and prosperity,” South Korean President Yoon Suk-Yeol said at a joint press conference following the meeting.

Mr Biden praised the summit's deliverables as a sign of “a new era” in the East Asian theatre, while Japanese Prime Minister Fumio Kishida heralded the outlined principles as “a historic turning point for the international community, to be a new compass for trilateral co-operation”.

That co-operation includes a multiyear military exercise plan, part of a series of “significant steps” to enhance trilateral security co-operation in the region “in the face of North Korean provocations,” the White House said.

The leaders agreed to “strengthen co-operation” on sanctioning North Korea, which has ramped up weapons testing, Mr Kishida said at the press conference.

There is also a commitment to a “duty to consult” in the event of a security crisis affecting any of their countries, senior White House officials said on Thursday.

That includes investments in technology to support a “state-of-the-art trilateral hotline” ready to be engaged in “moments of crisis and uncertainty”, the White House added.

Washington emphasised that the agreement does not “infringe upon” each country's right to defend itself.

“But what we are building here is a common security framework that increasingly will give our leaders and our top national security officials the incentive to work closely together,” one official said.

The allies also agreed on a trilateral “expert exchange”, aimed at boosting Washington's “cancer moonshot” imitative that is working to “end cancer as we know it”.

Washington highlighted the importance of the summit's setting, Camp David, which has been the backdrop for meetings between Israeli and Palestinian delegations as well as key conferences aimed at ending the Second World War.

“That venue is reserved for only the most important and significant such meetings,” a White House official added.

The warming of relations between Seoul and Tokyo, American allies with deep-rooted and enduring grievances stemming from Japan's colonial legacy in the Korean peninsula, is significant for Washington's Indo-Pacific alliance structure against rival China.

The US and South Korea hold military drills – in pictures

  • South Korean President Yoon Suk-yeol, centre, presides over a Cabinet meeting. The US and South Korea began their biggest combined military exercises in years on Monday as they shore up their defences against the growing North Korean nuclear threat. AP
    South Korean President Yoon Suk-yeol, centre, presides over a Cabinet meeting. The US and South Korea began their biggest combined military exercises in years on Monday as they shore up their defences against the growing North Korean nuclear threat. AP
  • South Korean forces take their positions in Paju, near the border with North Korea. AP
    South Korean forces take their positions in Paju, near the border with North Korea. AP
  • People protest against the joint South Korea-US military exercises near the presidential office in Seoul. EPA
    People protest against the joint South Korea-US military exercises near the presidential office in Seoul. EPA
  • A protester holds a banner during a rally to oppose the joint military exercises being held by the US and South Korea. AP
    A protester holds a banner during a rally to oppose the joint military exercises being held by the US and South Korea. AP

Rahm Emanuel, Washington's ambassador to Japan, made that wider context clear at a Wednesday Brookings Institute roundtable.

“This is a fundamental advancement of America's interests. China's entire strategy is based on the premise that America's No 1 and No 2 ally in the region [Japan and South Korea] can't get together and get on the same page,” Mr Emanuel said.

“That's fundamentally different now.

“Our message is we're a permanent Pacific power and presence and you can bet long on America. China's message is we're the rising power, they're declining, either get in line or you're going to get the Philippine treatment,” referring to recent tensions between Beijing and Manila in the South China Sea.

But the White House on Thursday emphasised that the trilateral summit is “really not going to be centrally focused” on Beijing messaging, but rather on the partnership building between Tokyo and Seoul, a White House official said.

Mr Yoon and Mr Kishida met earlier this month in the first bilateral summit between South Korean and Japanese leaders in more than a decade, in what has been welcomed by both sides as a step towards reconciliation.

Mira Rapp-Hooper, the White House National Security Council's senior director for East Asia and Oceania, told a Brookings Institute meeting on Wednesday: “We have two particular leaders meeting their moment, and we do believe we have a new chapter and a new beginning as a result of those things.”

American officials said they see a moment of alignment between the two Asian nations and the US, with one saying during the Thursday press call: “I don't think I've ever been involved in a series of preparations in which the alignment between the three governments was so clear and straightforward.”

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
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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

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Profile

Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

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.”

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).

The specs: 2019 Audi A8

Price From Dh390,000

Engine 3.0L V6 turbo

Gearbox Eight-speed automatic

Power 345hp @ 5,000rpm

Torque 500Nm @ 1,370rpm

Fuel economy, combined 7.5L / 100km

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Results

2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)

2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili

3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson

3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer

4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar

4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly

Updated: August 19, 2023, 4:09 AM