In late 2017, President Recep Tayyip Erdogan made the first visit to Athens by a Turkish leader in his lifetime – and started firing off accusations. Greece would never have joined Nato without Turkey’s support, he claimed, adding that Athens fails to respect Turkey’s borders and neglects hundreds of former Ottoman sites.
A groundbreaking visit turned into diplomatic shock treatment, paving the way, in part, for roiling tensions that led to confrontations in the eastern Mediterranean and put the two neighbours on the brink of war in mid-2020. Of course, Turks and Greeks have been quarrelling since ancient times. A few decades of calm followed Turkish independence and the 1923 population exchange, but then came anti-Greek violence in Turkey in 1955; Turkey’s invasion of Cyprus in 1974 and the island’s division; and more war drums in 1987 and 1996.
But this latest period of unrest may have come to an end last week when Mr Erdogan, six years to the day since his last visit, returned to Athens to meet Greek Prime Minister Kyriakos Mitsotakis, agree to a dozen new initiatives and sign a friendly relations declaration. “There is no issue between us that is unsolvable,” said Turkey’s longtime leader. “We want to turn the Aegean into a sea of peace.”
This period of unrest may have come to an end last week
Few seas have seen as much trouble as the Aegean, but the Athens Declaration seems a good start – urging the two states to maintain regular communication, find ways to co-operate militarily, and double annual trade to $10 billion.
Also, several of the bilateral initiatives hint at real progress. To help further stem illegal migration, Turkey and Greece committed to an unprecedented exchange of security personnel. Greek coastguard officials are to be posted in Izmir, on Turkey’s Aegean coast, while Turkish coastguard officials set up shop in Lesbos.
After years of back-and-forth accusations about migrant pushbacks and other violations, this could be a game-changer in terms of security co-operation. In another landmark move, Greece agreed to allow Turkish citizens without visas to enter its Aegean Islands.
Tourist-friendly islands like Chios, Samos, Lesbos and Kos are visible from Turkey and hundreds of kilometres from the Greek mainland, yet most Turks have been unable to visit them because they lack Schengen visas. At a time when Turkey is openly challenging Nato expansion and accusing the West of barbarism and Islamophobia and prominent observers are calling for Turkey to be kicked out of Nato, this marks a sharp U-turn in Ankara’s relations with the West.
How did it all start? The tenor began to shift after Greece responded to Turkey’s devastating February earthquakes by quickly dispatching rescue teams. Shortly after that, Turkey responded in kind when Greece suffered a horrific train crash. Yet in June, as their defence ministers talked of improving relations, Mr Erdogan denounced Athens’ weapons purchases from the US and said Turkey sought to “contain its adversaries”.
The neighbours could not even agree on what to call the sea that separates them, thanks to Turkey’s tourist campaign promoting a place called Turkaegean. Athens said the label put Greek sovereignty over its Aegean Islands in doubt, so to now see Greece welcome Turkish border officials to those same islands, six months later, is surprising to say the least.
But there’s still a long way to go. Neither is likely to back down from their positions and the two sides do not even know how to start talks on issues like Cyprus and maritime borders. In both countries, few issues exercise the electorate like going after the rival across the Aegean.
Also, it’s wise to wonder if it’s mostly for show. In an interview with a Greek newspaper last week, Mr Erdogan said the continental shelf issue is a “dispute that can be brought to The Hague.” But flying back from Athens a few days later, he told reporters that the two neighbours could resolve their issues without any third parties. If Turkey and Greece are able to shrug off their feuding history and begin solving most, or at least some, of their disagreements – a massive “if” – the impact could be profound.
Normalisation would boost trade and tourism just as Greece is seeing a revival and Turkey shows signs of emerging from its years-long economic crisis. Annual foreign investment in Turkish bonds crossed into positive territory last week for the first time since 2017, for instance, and Turkey’s central bank reserves hit a record high of $140 billion.
It could pave the way for meaningful Cyprus talks and the development of natural gas around the island, helping energy-hungry Europe. It could enhance Nato co-operation in the increasingly tense eastern Mediterranean and reduce anti-Turkey sentiment in Washington and Brussels, where that view tends to be driven by pro-Greek voices.
Finally, along with the major step Armenia and Azerbaijan took towards peace last week, Turkey-Greece amity would represent a glimmer of stability in a region sandwiched by brutal and globally impactful conflicts to the north and to the south. Now is not the time for more confrontation; if Mr Erdogan and Mr Mitsotakis are able to cement this budding friendship and calm the Aegean’s long-troubled waters, it would be one fewer urgent item on the regional agenda. A sea of peace is always good for the world.
COMPANY%20PROFILE
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
UAE%20Warriors%2045%20Results
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Tamkeen's offering
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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
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
KILLING OF QASSEM SULEIMANI
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UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
More on animal trafficking
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
MATCH INFO
Confederations Cup Group B
Germany v Chile
Kick-off: Thursday, 10pm (UAE)
Where: Kazan Arena, Kazan
Watch live: Abu Dhabi Sports HD
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.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
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.”
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
