Among all of president-elect Donald Trump’s cabinet nominations, Marco Rubio is one of the most traditional, bringing international name recognition and years of foreign policy expertise.
The senior senator from Florida will on Wednesday attend his confirmation hearing in front of the Senate foreign relations committee, on which he once sat. He also served as vice chairman of the select committee on intelligence and is well known in the US, having run unsuccessfully against Mr Trump for the Republican presidential nomination in 2016.
“Of all of Trump's appointments, he appears to be the most conventional in terms of colouring between the lines,” said Aaron David Miller, a former longtime Middle East analyst at the State Department. “He knows foreign policy, he’s smart, he's articulate, he understands, I think, the way diplomacy works.”
Mr Rubio, who is likely to gather broad bipartisan support, is well known for his hawkish views and believes America must take a hard line against its foes, including Iran and China. When it comes to the Middle East, he is decidedly pro-Israel, like most of the American political establishment.
After Hamas's October 7, 2023 attack on southern Israel, which sparked the more than year-long conflict that has consumed the region, Mr Rubio came out strongly in support of Israel.
“I want them to destroy every element of Hamas they can get their hands on,” Mr Rubio once told a protester. “These people are vicious animals who did horrifying crimes.”
He has backed military and economic aid to Israel, and endorsed the controversial move of the US embassy from Tel Aviv to Jerusalem in 2018. He has repeatedly attacked the Biden administration over its handling of the conflict in Gaza and accused it of limiting its support for Israel.
In August, he wrote to Secretary of State Antony Blinken and chided him over the Biden administration's sanctions against settler activity in the West Bank. But he referred to the occupied Palestinian territory as “Judea and Samaria", its biblical name, which is used by Israelis.
“Although this is not the first time the Biden-Harris administration has taken steps to undercut our ally, Israel, your recent decision risks exacerbating an already delicate situation in the region,” Mr Rubio wrote.
He is likely to face questions about Israel, the Middle East, US support for Ukraine and other continuing conflicts around the world. He may also be asked about recent statements by Mr Trump, who said he wants to take over the Panama Canal and Greenland. The president-elect hinted last week that he might even consider using military force to achieve his objectives.
But just how much power and authority Mr Rubio will have to execute his vision of the State Department and America’s role in the world remains a big question. Mr Trump has already installed special envoys charged with handling high-stakes files, including the Middle East, which may limit Mr Rubio’s ability to influence.
“I think Rubio has got a very tough lift,” Mr Miller told The National. “But there's a lot we don't know.” He said the key will be just “how much authority will he have and to what degree” he has Mr Trump’s support.
Mr Rubio and Mr Trump are former rivals who traded barbs and insults during the 2016 Republican primaries. Mr Rubio called his opponent a “con artist” and poked fun at the size of Mr Trump's hands, while Mr Trump called the shorter Mr Rubio “little Marco” and “overly ambitious".
During his first term, Mr Trump had a public falling-out with his first secretary of state, Rex Tillerson, reportedly calling him a “moron” and then firing him after little more than one year. Mr Trump also went through four national security advisers and seven defence secretaries, including those serving in an acting capacity.
Mr Rubio, who is expected to be confirmed by the Senate with little opposition from Democrats, will have to stay in Mr Trump’s good books in order to keep his job.
“Marco is a highly respected leader and a very powerful voice for freedom," Mr Trump said in November after nominating him. "He will be a strong advocate for our nation, a true friend to our allies, and a fearless warrior who will never back down to our adversaries."
He will walk into a State Department still reeling in many ways from the last Trump administration, when the president-elect tried to cut staff, and one deeply divided over America’s support of Israel’s war in Gaza.
“I think it's a deeply aggrieved, hollowed-out institution which hasn't yet recovered from Trump 1.0,” Mr Miller said.
UAE Rugby finals day
Games being played at The Sevens, Dubai
2pm, UAE Conference final
Dubai Tigers v Al Ain Amblers
4pm, UAE Premiership final
Abu Dhabi Harlequins v Jebel Ali Dragons
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
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.”
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
UAE currency: the story behind the money in your pockets
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Tu%20Jhoothi%20Main%20Makkaar%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELuv%20Ranjan%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERanbir%20Kapoor%2C%20Shraddha%20Kapoor%2C%20Anubhav%20Singh%20Bassi%20and%20Dimple%20Kapadia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
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
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
UAE currency: the story behind the money in your pockets
