A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler
A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler
A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler
A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler

Sharjah Ruler donates 12,000 rare books on Islamic art and architecture to House of Wisdom


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Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, has donated 12,000 rare books to the emirate's House of Wisdom.

The donation includes valuable publications on the region’s art and architecture, many of which are more than 100 years old.

The rare titles include the private library of German historians and couple Richard and Elizabeth Ettinghausen, both of whom were specialists in Islamic and Arab art.

Sheikh Dr Sultan recently acquired the Ettinghausens's library and has since donated it to the House of Wisdom. The collection houses titles written in more than 10 languages, including Arabic, English, German, Japanese, Urdu and Russian.

The Ettinghausens were considered two of the world's most renowned academics in Islamic arts and architecture. Their library includes rare research on arts in the Islamic world including in Iran, India, Spain and Turkey.

Sheikh Sultan's donation to House of Wisdom includes the private library of German historians Richard and Elizabeth Ettinghausen. Chris Whiteoak / The National
Sheikh Sultan's donation to House of Wisdom includes the private library of German historians Richard and Elizabeth Ettinghausen. Chris Whiteoak / The National

One prized title in the collection is a rare 1888 edition of Haza kitab-i mustatab-i Vasaya-yi Khvajah Nizam al-Mulk, penned by Persian vizier Abu Ali Hasan ibn Ali Tusi, better known as Nizam al-Mulk. One of only two copies listed globally, this book is a treatise on governance and political science.

An 1898 large-style publication on Oriental glassware and Islamic decoration and ornaments by Gustav Schmoranz is another noteworthy title. An original 1910 edition, the book – titled Die Ausstellung von Meisterwerken muhammedanischer Kunst in Munchen – is edited by Friedrich Sarre, a prominent German Orientalist and art historian, and FR Martin, a Swedish cultural historian and art collector.

A team of specialists at the House of Wisdom is categorising the collection and preparing to present it in a special exhibition. A date for the exhibition has not been revealed yet but it will be open to the general public.

Marwa Al Agroubi, director of the House of Wisdom, thanked Sharjah's Ruler for the donation, saying his “unwavering support of books, authors and libraries” helped the emirate receive Unesco’s coveted World Book Capital title in 2019.

"The House of Wisdom is a true representation of the title and the inspiring vision of Sharjah Ruler," she said.

The library, which was inaugurated in December 2020 by Sheikh Dr Sultan, is home to more than 300,000 books across its 12,000-square-metre site.

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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 

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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

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

Ponti

Sharlene Teo, Pan Macmillan

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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.”

Results

2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)

2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash

3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly

3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson

4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer

4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson

Top 10 most polluted cities
  1. Bhiwadi, India
  2. Ghaziabad, India
  3. Hotan, China
  4. Delhi, India
  5. Jaunpur, India
  6. Faisalabad, Pakistan
  7. Noida, India
  8. Bahawalpur, Pakistan
  9. Peshawar, Pakistan
  10. Bagpat, India

Turkish Ladies

Various artists, Sony Music Turkey 

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Updated: August 30, 2021, 12:49 PM