The inaugural Time 100 Gala and Impact Awards was held on Monday at Dubai’s Museum of the Future.
The ceremony was the first major event to take place at the museum since its opening on February 22.
The landmark was lit with a touch of Time’s red as regional leaders and cultural figures gathered alongside members of the global Time 100 community.
Notable personalities who attended the red carpet event included civil rights activist Amanda Nguyen, who was named in Time’s first Women of the Year list this month; Omotola Jalade Ekeinde, Nigerian singer, actress and philanthropist; French-Tunisian contemporary artist eL Seed; US model Tyra Banks; and Sheikha Lubna Al Qasimi, the first woman to hold a ministerial position in the UAE.
Sheikha Lubna was formerly the minister of state for tolerance, minister of state for international co-operation and development, and minister of economy and planning.
The Impact Awards are the latest expansion of the Time 100 list of the world’s most influential people and recognises those who have made a significant impact on their industries and the world at large.
The winners
Minister of State for Advanced Technology Sarah Al Amiri was among the award recipients. Chairwoman of the UAE Space Agency and the UAE Council of Scientists, Ms Al Amiri was honoured for her role in helping to take the UAE to Mars.
She is the deputy project manager on the Emirates Mars Mission. Her team designed the Hope spacecraft, which has now been studying the atmosphere on Mars for close to a year.
So far, the spacecraft has detected and mapped the "discrete aura" on the planet’s dark side and recorded dramatic variations in atomic oxygen and carbon monoxide in Mars’s dayside atmosphere
British-Ghanian architect Sir David Adjaye, whose designs include the National Museum of African American History and Culture in the US, as well as the Abrahamic Family House in Abu Dhabi, was also honoured for his work.
Mr Adjaye was honoured, according to Time, for “reorienting the world’s attention and shining a light on cultures from every corner of the world".
“Rather than point to themselves, his buildings invite a rethinking of history and a more nuanced reflection on the lives, heritage and habits of those around the building.
“The decorative cladding of the museum in Washington, for instance, was inspired by the metalwork of pre-Civil War African-American craftsmen.”
Tony Elumelu was also a winner of the Impact Awards. The Nigerian economist was honoured for his efforts, through his eponymous foundation, in empowering African entrepreneurs to create jobs on the continent.
“We want to see the businesses of our young ones rise and overtake what we’ve already built,” he said in November at 2021 IOD Annual Conference
Bollywood star Deepika Padukone was also among the winners. The actress was recognised for her advocacy work on mental health.
Padukone runs the free counselling service LiveLoveLaugh, which trains primary care physicians to better recognise and treat mental health conditions.
Makeup artist and founder of Huda Beauty, Huda Kattan, was awarded the prize for “disrupting what it means to be beautiful”.
The Iraqi-American entrepreneur launched her skincare line Wishful in 2020 with a campaign that featured Kattan and the company staff without filters or makeup.
“I started doing things in the beauty industry because I felt ugly — it was me trying to get value from people outside in order to feel beautiful,” Kattan told Time.
“But I’ve done the work now, and [I realised that] all of us have a deficit that we’re trying to fill. And I just don’t think that that’s actually possible, especially with the pressures of social media.”
Will.i.am was also a winner of the inaugural Impact Awards. The Black Eyed Peas founder was praised as much for his music as his philanthropy, and his work advocating forward-thinking tech and artificial intelligence strategies.
Will.i.am serves on the World Economic Forum’s Fourth Industrial Revolution Advisory Committee and Global Artificial Intelligence Action Alliance.
His non-profit i.am Angel Foundation helps thousands of disadvantaged children in his home region of Southern California through in-class and after-school education programs focused on the sciences, tech, maths and arts. The foundation also helps to administer college scholarships.
Pop star Ellie Goulding was also named a winner for being “a champion and protector of the environment”.
The English Love Me Like You Do singer has been a Goodwill Ambassador for the UN Environment Programme since 2017. She spoke against the inaction of world leaders at the 2021 UN Climate Change Conference in November.
“I’m not afraid to go up and give people a hard time,” she told Time. “People need to hear that they’re not doing enough, that they’re not committing, that they’re not taking enough action.”
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
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.”
Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
ZAYED SUSTAINABILITY PRIZE
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
