NEW YORK // Arab leaders celebrated a diplomatic victory this weekend after advancing plans for a nuclear-free Middle East and highlighting Israel's suspected atomic arsenal.
At the five-yearly review of the nuclear Non-Proliferation Treaty (NPT) on Friday, the 189 signatories agreed to a final document calling for steps towards freeing the Middle East of nuclear arms and other weapons of mass destruction (WMD). The creation of such a zone was agreed on in 1995 but has not been enacted. This weekend's declaration calls for the UN secretary general, Ban Ki-moon, to organise a meeting of Middle East states in 2012 to agree on the creation of a nuclear and WMD-free region.
Agreement came after weeks of fractious debate that threatened to derail the conference, with particular focus on whether the 28-page document mentioned Israel by name - a move that was resisted by Israel's ally, the United States, until the final hours.
The final document calls upon Israel - which is believed to possess a large nuclear stockpile but was not present at the talks as it is not a signatory to the NPT - to join the treaty and open its nuclear sites to the UN's watchdog, the International Atomic Energy Agency (IAEA).
Maged Abdelaziz, Egypt's UN ambassador, speaking for the Non-Aligned Movement (NAM) of 118 developing countries, said "we have moved forward and achieved progress in adopting an action plan to push towards" ridding the region of its most destructive arms.
Lebanon's ambassador to the UN, Nawaf Salam, speaking for Arab states, described the "need for Israel to join the NPT as a non-nuclear state".
An Algerian diplomat, Mohammed Belaoura, lauded the "major achievement". "Since its adoption 15 years ago as part of a package on the indefinite extension of the NPT, no progress was made. Today, states parties successfully managed to adopt concrete measures with the necessary political will of all stakeholders, which will lead to the creation of the conditions for a nuclear weapons free zone in the Middle East."
Arab states and Israel's allies had disagreed over wording in the final document, especially the section highlighting "the importance of Israel's accession to the NPT" - a move that would require it to scrap its arsenal.
Iran demanded that the NPT document insist that Israel join the treaty before the 2012 conference. Egypt's envoy, Mr Abdelaziz, said the Arab position was softer - that Israel's accession to the treaty would come as "part of the process" that begins in two years.
Although Israel apparently acquiesced to Washington urging that it take part in the 2012 conference, it objected to participating under terms in which it was the only nation mentioned in this way, diplomats said.
Ellen Tauscher, the US undersecretary for arms control and international security, voiced support for the 2012 conference but echoed Israel's position that disarmament will only begin after a peace deal with its Arab neighbours.
"The US has long supported such a zone, although our view is that a comprehensive and durable peace in the region and full compliance by all regional states with their arms control and non-proliferation obligations are essential precursors for its establishment," said the US president, Barack Obama. "We strongly oppose efforts to single out Israel, and will oppose actions that jeopardise Israel's national security."
As US officials appeared to backtrack on supporting the 2012 conference, Israelis reacted angrily to the final document, denouncing the "hypocrisy" of calling for a nuclear-free Middle East without making mention of Iran, which is suspected of seeking nuclear weapons.
"Only Israel is mentioned, while the text is silent about other countries like India, Pakistan and North Korea, which have nuclear arms, or even more seriously, Iran, which is seeking to obtain them," a senior government official told the AFP news agency on condition of anonymity.
"The fact that no reference is made to Iran is even more shocking, given that the International Atomic Energy Agency has disclosed more and more information in recent months on the military character of Iranian nuclear projects."
Besides Israel's attendance, other important details of a 2012 Middle East conference remain to be worked out, such as where it will take place and whether the talks will lead to formal negotiations on a treaty.
Anne Penketh, an analyst from the British American Security Information Council, said the last-minute deal between Arabs and the US had "snatched victory from the jaws of defeat". The NPT final document is accepted by consensus, meaning all signatories have an effective veto.
"The decision to convene a conference in two years' time to move towards a Middle East zone free of nuclear weapons and other WMDs is a major achievement, after 15 years of inaction," said Ms Penketh. "It is a creative way of bringing Israel and Iran to the same table to address pressing security concerns."
Under the document's action plan, the five recognised nuclear-weapon states - the US, Russia, Britain, France and China - commit to speed up arms reductions, take other steps to diminish the importance of atomic weapons, and report back on progress by 2014.
Some analysts complained that the final document watered-down the NAM's demands that official nuclear weapons states - also the permanent members of the UN Security Council - set a timeline for disarmament.
"Many of the disarmament actions in the final document are phrased more as aspirational goals than firm commitments to disarm," said Tim Wright, from the Australian-based International Campaign to Abolish Nuclear Weapons.
"The nuclear weapon states still see nuclear abolition as a far-off vision, not a near-term objective, and have resisted attempts to include benchmarks or time frames for achieving elimination."
@Email:jreinl@thenational.ae
UAE currency: the story behind the money in your pockets
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
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The%20specs%3A%20Taycan%20Turbo%20GT
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Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Book%20Details
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The specs
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Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
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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
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
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
Baby Driver
Director: Edgar Wright
Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James
Three and a half stars
Killing of Qassem Suleimani
