Situated on a narrow street in Karaköy, a district in the European side of Istanbul, the building that used to house the headquarters of the Imperial Ottoman Bank is an architectural jewel. It was designed by the Franco-Levantine architect Alexander Vallaury and completed in 1892, with a neoclassical facade facing west and an orientalist facade facing east.
Established in 1863, in the aftermath of the Crimean War and the height of the Tanzimat era, the Ottoman Bank was tasked with improving the empire's economy and managing its public debt. Among its many initiatives, the bank financed the expansion of Beirut's port and the construction of railway lines linking Beirut to Damascus, Baghdad to Berlin. As the curator Vasif Kortun is fond of saying, it was the International Monetary Fund of its day.
Given that the majority of its shareholders were British and French - and the majority of its middle management staff Armenian and Greek - the bank wobbled awkwardly through the First and Second World Wars. It remained the central bank of the young Turkish republic until the 1930s, before it became a private financial institution in the 1950s. At its peak, it operated 80 branches, from London and Paris to Sofia and Bucharest to Benghazi, Beirut, Bethlehem and Baghdad. The last branches to open were in Qatar, Abu Dhabi and Oman in the late 1950s and 1960s. In 1996, the Dogus group, one of Turkey's largest private-sector conglomerates, bought the Ottoman Bank and wound down its international activities. Five years later, Dogus folded it into one of its main subsidiaries, the Garanti Bank, and turned the headquarters in Karaköy into a museum and a research centre.
On an unseasonably cold afternoon last month, the building was closed, its grand façades hidden behind panels of construction scaffolding and a skin of green netting. The insides were gutted as a small army of workers and craftsmen scaled the stripped-down stairwells, hopped from one elegant five-metre-high ceilinged room to another, and paused on wooden planks jutting from the floor to eviscerated windows overlooking the Golden Horn.
If all goes to plan, the building will reopen in September after a period of extensive renovation. The museum, archives and research centre will remain intact, as will the layers, sediments and striations of its history. Yet everything housed in the bank's headquarters will be part of a very different institution known as Salt.
Salt represents the consolidation of three previously separate initiatives supported by Garanti Bank: the Ottoman Bank Archive and Research Centre, which deals with social and economic history; Garanti Galeri, which specialises in architecture, design and urbanism; and the Platform Garanti Contemporary Art Centre, which delves into contemporary art and visual culture. Over the past two years, the three entities have been pooling their libraries, resources and ideas into Salt, which, just to make things more confusing, will be split across two different venues.
On that same cold day in April when the old Ottoman Bank building, soon to be renamed Salt Galata, was cloaked in protective covering, another historic building - the six-storey structure that was Platform's home from 2001 through 2007, which is now called Salt Beyoglu - was opening its doors to the public for the first time. The two buildings, separated by a 15-minute walk, are now institutionally yoked. For the next five months Salt Beyoglu will be carrying the weight and preparing the ground for the inauguration of Salt Galata, which is timed to coincide with the opening of the next Istanbul Biennial.
In many ways, Salt represents the fourth generation of contemporary art spaces in Istanbul. Since the early days of the republic, the arts and culture sector has hinged on the private funding of wealthy industrial families who now run large corporations and major banks. In the 1980s, those banks opened galleries in Istanbul. In the 1990s, they created art centres. In the 2000s, they established museums and foundations. Salt, therefore, looks like the next frontier.
"In Istanbul now, there are a lot of institutions that stage exhibitions but few that produce intellectual content or content at all," says Kortun, Salt's director of research and programmes and curator of the UAE's 2011 pavilion at the Venice Biennale. As the founding director of Platform and the Proje-4L Istanbul Museum of Contemporary Art, Kortun knows the institutional progression well. In addition to writing prodigiously on the relationship between art spaces and the city, he also devoted the 2005 Istanbul Biennial, which he co-curated with Charles Esche, to a probing and reflective study of Istanbul itself. With Salt, he says: "We are trying to create a new institution to get the city to where we want it to be. We are always starting from a point of institutional erasure.
"Every time new players come onto the field, they think they are the best and they reinvent the wheel. I was like this. But the idea now is to establish a particular kind of continuity."
Salt's mission statement is a mouthful, but the gist is to use the two buildings to explore the points where different disciplines cross one another with the potential to generate new concepts and ideas. Salt Beyoglu has three floors of exhibition space, currently hosting a showcase for the Ars Viva Prize (an annual award cycle for emerging artists in Germany) and a retrospective for the artist Hüseyin Bahri Alptekin (who died, age 50, in 2007), in addition to a forum or meeting space, a rooftop garden and a "walk-in" cinema, which effectively breaks down the notion of tightly scheduled film screenings (in theory, anyone with a hard drive can enter the cinema, plug in, and spontaneously produce a video programme).
Salt Galata, which is twice the size of Salt Beyoglu, will include a library of about 35,000 titles, a series of workshop spaces, rooms wholly dedicated to scanning and digitising archival materials and an "open archive" that will be used to tease out some of the more troublesome aspects of working with historical documents and making them public.
In keeping with Salt's spirit of openness, Mimarlar Tasarim, the architectural office of Han Tümertekin, who won an Aga Khan Award for architecture in 2004, is leading the renovation of both buildings, at a total cost of €45 million (Dh245m), according to Salt's marketing and communications director, Ceylan Tokcan Yüceoral. But six additional design firms in Turkey have been commissioned to work on different elements, activities and spaces within the institution. Even the font used in all of Salt's correspondence (from signage to way-finding systems and its website) is a customised, open-source typeface developed by the New York-based design studio Project Projects.
The first public event staged at Salt was a conversation between Kortun and Project Projects' Prem Krishnamurthy, who likened the institutional identity of the space to a community and a venue. Every four months, a new designer will be invited to update Salt's typeface, called Kraliçe. "If someone asks for Salt's logo, we'll send the typeface instead," says Krishnamurthy.
"The typeface will go out into the world and change, and so the way the institution looks will change over time." All of this, adds Kortun, was devised in response to the question: "How do you write the name of an institution that does not exist in and of itself?"
Salt is also acting as a kind of test case for other arts initiatives and institutions around the region. Its predecessor, Platform, had a loose relationship with the Townhouse Gallery of Contemporary Art in Cairo and the Lebanese Association for Plastic Arts, Ashkal Alwan, in Beirut. The three organisations were involved in a joint residency programme at a time when all of them were reformulating their roles in their respective cities.
Just as Platform has reconfigured itself as a research centre that moves beyond the mere production and display of contemporary art, Townhouse has transformed itself into a foundation. In addition to being an exhibition space and an incubator for curatorial thought, Townhouse functions as a de facto community centre with much of its activity devoted to community outreach. Ashkal Alwan, meanwhile, has turned its attention to creating a new, independent art school, not only in response to the so-called educational turn in contemporary art, but also to meet an acute need for more progressive artistic training in Lebanon. Taken together, these organisations illustrate the extent to which art spaces have extended far beyond art itself.
This raises the inevitable question of funding. How will these bigger and better institutions sustain their work?
"It's not only how much money you can raise," says Kortun, "but also how little you can spend. There's nothing wrong with modesty.
"We can use our money efficiently. There's no reason why a huge institution can't work like a small- or medium-sized art centre."
Kaelen Wilson-Goldie is a staff writer for The Review.
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
Naga
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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
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SHAITTAN
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
More on Quran memorisation:
Spider-Man%202
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
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AWARDS
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Fire and Fury
By Michael Wolff,
Henry Holt
Company%20Profile
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
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