While there has long been concern about US President Joe Biden’s age and his ability to run an effective campaign in the run up to November's presidential election, many Democrats have resisted any discussion of replacing him at the top of the ticket. They recognise that the American President’s record on domestic issues has been a good one on which to run. They know that his persona directly challenges former US President Donald Trump’s appeal with white working-class voters in key battleground states. And they are afraid of the uncertainties that might accompany his stepping down as candidate.
After the President’s unsettling performance during the June 27th televised debate, confronting this concern was no longer speculative. It became urgent. With major news outlets and respected commentators elevating the President’s mental acuity and the slow drip of elected officials beginning to voice their concern, Democrats have come to realise that this issue will continue to dominate coverage, with media waiting for the next verbal gaffe or sign of frailty.
Instead of this facing this problem, the White House and the party have doubled down on denial. They’ve placed blame on the President’s travel schedule or the effects of a cold and sent emails to supporters comparing the President’s superior vision for the future of the country with Mr Trump’s falsehoods.
Recognising that the President’s performance and capacity are a reality that can’t be ignored, I submitted a proposal to the party outlining a process that would allow the President to step down and be replaced by a candidate chosen through an open, transparent and democratic process. It was also one, I hoped, that would be respectful of the President and his accomplishments.
I proposed that the Democratic National Committee lay out a one-month campaign schedule to select the party’s nominee
It would have to begin, of course, with the Mr Biden's announcement that he would not seek re-election; that he understands the need to defeat Mr Trump; and that he is confident in the deep Democratic bench that can both defeat Mr Trump and build on the successes of his presidency.
While he could endorse his vice-president, he would make it clear that this was not a coronation, but an open process that would be decided by the Democratic Convention. In order to ensure that voters have their say, he would announce that he is turning the process over to the Democratic National Committee to define the way forward.
What I proposed is that the DNC lay out a one-month campaign schedule to select the party’s nominee. It would begin with a nominating process, proceed with an abbreviated one-month campaign schedule (featuring two televised town halls), and conclude at the Democratic convention, where the candidates would be formally nominated with votes taken among the seated delegates. The excitement generated by this process and the attention it would be given would be a plus for the eventual nominee.
The major benefits of this process are that it would indeed be seen as an open, transparent and democratic process. Another is that for at least one month, national media would be focused on the Democratic candidates and their exciting process, drawing sharp contrast with the antics of the Republican nominee.
Over the past half century, conventions have gone from being exciting and sometimes unpredictable to highly scripted affairs. The more scripted they have become, the less attention they have received in American media. There was a time when the networks gave gavel-to-gavel coverage to these events. More recently, some networks provide only an hour or two to convention coverage nightly. An unscripted convention would ensure greater coverage. With the excitement of an open process, Democrats would leave Chicago energised.
Finally, with Mr Biden having made this all possible, he would be seen as a national leader who put aside his personal ambition and concerns with a replacement because he cared more about saving democracy – and trusted the party and Democrats to build on his legacy. His final address to the Convention would be a crowning moment in his long career as a public servant.
Three additional notes: I wrote this as a leader in the Democratic party. I’ve been on the national committee for 31 years – 16 of those on the executive committee and 11 as chair of the resolutions committee. When my proposal received considerable national media attention, I knew that a number of party leaders would be upset as I spoke out of turn. But I was willing to face the consequences because I know it is important for us to take the reins of this situation and propose the changes we need to make.
Some were also displeased that I suggested it wouldn’t do for the President to simply step down and pass the mantle to Vice President Harris. While I believe that she would be an excellent choice and would most likely win at the convention, I also believe that her candidacy would be greatly strengthened by winning in an open convention.
Finally, there were those in my community who were upset that I even cared to engage in this process because of our legitimate anger over Mr Biden’s support for Israel’s war in Gaza. I have never hesitated to condemn US complicity in this war and will continue to do so. What motivated me to issue my proposal was the urgency of ensuring that Donald Trump never again enters the White House. And so I acted in the best interests of my community, my party and my country.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
Killing of Qassem Suleimani
Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Upcoming games
SUNDAY
Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)
MONDAY
Burnley v Newcastle United (midnight)
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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
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.”
Killing of Qassem Suleimani
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
MATCH INFO
Barcelona 4 (Suarez 27', Vidal 32', Dembele 35', Messi 78')
Sevilla 0
Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)
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
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
