• The Middle East Film and Comic Con took place in Abu Dhabi for the first time in 2022 after being held in Dubai for many years. All photos: Victor Besa / The National
    The Middle East Film and Comic Con took place in Abu Dhabi for the first time in 2022 after being held in Dubai for many years. All photos: Victor Besa / The National
  • The event is region's largest pop culture festival.
    The event is region's largest pop culture festival.
  • A woman in cosplay at the outdoor Party Plaza area at Adnec.
    A woman in cosplay at the outdoor Party Plaza area at Adnec.
  • Saeed with the Alejandro stuffed toy.
    Saeed with the Alejandro stuffed toy.
  • Print artist Khalid Al Raiisi with his 3D work.
    Print artist Khalid Al Raiisi with his 3D work.
  • Women take a selfie with the Batman statue.
    Women take a selfie with the Batman statue.
  • Ameera of Princess Designs custom art mugs.
    Ameera of Princess Designs custom art mugs.
  • A fan takes a selfie with The Chuckies.
    A fan takes a selfie with The Chuckies.
  • Comic Con visitors pose with Batman.
    Comic Con visitors pose with Batman.
  • Nadine, left, as Ms Joke and Reem as Shinso from the Japanese manga 'Of My Hero Academia'.
    Nadine, left, as Ms Joke and Reem as Shinso from the Japanese manga 'Of My Hero Academia'.
  • From left: Mimi Al Hajehr as Beidou, Lilly Lou as a Japanese school girl and Shouq Al Mehairbi as Nezuko.
    From left: Mimi Al Hajehr as Beidou, Lilly Lou as a Japanese school girl and Shouq Al Mehairbi as Nezuko.
  • A replicate of Thanos's infinity stone gauntlet.
    A replicate of Thanos's infinity stone gauntlet.
  • Visitors enjoy the outdoor area of Party Plaza.
    Visitors enjoy the outdoor area of Party Plaza.
  • Dexter Stephenson as Zenitsu Agatsuma, left, and Ahmed Al Hammadi as Inosuke from 'Dragon Slayer'.
    Dexter Stephenson as Zenitsu Agatsuma, left, and Ahmed Al Hammadi as Inosuke from 'Dragon Slayer'.
  • From left: Paris as Sleeping Beauty, Majed as Karl Heissenberg from 'Resident Evil Village' and Erim as Ezio of 'Assassin's Creed'.
    From left: Paris as Sleeping Beauty, Majed as Karl Heissenberg from 'Resident Evil Village' and Erim as Ezio of 'Assassin's Creed'.
  • Children enjoy an inflatable playhouse in the Party Plaza area.
    Children enjoy an inflatable playhouse in the Party Plaza area.
  • Glow in the dark artist Mohammed Al Ketbi.
    Glow in the dark artist Mohammed Al Ketbi.
  • The Middle East Film and Comic Con 2022 was held at Adnec.
    The Middle East Film and Comic Con 2022 was held at Adnec.
  • Artists Yasmin, left, and Leila Nemer at Artist Alley.
    Artists Yasmin, left, and Leila Nemer at Artist Alley.
  • Young visitors playing computer games.
    Young visitors playing computer games.
  • Comic books available for purchase at Comic Con.
    Comic books available for purchase at Comic Con.

As San Diego opens, here's why I love a good comic con


Evelyn Lau
  • English
  • Arabic

I love comic conventions.

As San Diego Comic-Con returns for its first major in-person event since Covid-19, I want to say how grateful I am these events simply exist. While the Californian gathering is considered the most popular of its kind, as it's one of the oldest, there are plenty of other variations that take place around the world.

Colourful cosplay, celebrity meet-and-greets and charming artisan stalls are just some of the reasons why I enjoy them. However, it wasn’t until I began attending some myself that I started to understand just how much of a haven they can be for some people.

Scroll through the gallery above to see images from Middle East Film and Comic Con 2022

The first time I went to such an event I went as any other fan, joining the crowds at the Boston Comic Con in 2013. While I’d always wanted to go, the idea of showing up alone felt daunting at the time, especially since they're normally attended by groups of friends or families.

However, I was offered free tickets and had the day off work, so it seemed like a good time to just do it. I quickly learnt whether you're there by yourself or not, it's easy to make a new friend or two. In the end, everyone is there to share the same pop culture experience, without judgement. It's all about having fun and finding like-minded people.

A few years later, now as a journalist, I attended WrestleMania Axxess during WrestleMania 35 weekend at Pier 12 in Brooklyn, New York, in 2019. Although it doesn’t officially have the word “comic con” in it, it’s the same type of affair — a convention for fans to come together to celebrate the thing they love most. In this case, professional wrestling.

Masa Akao and Kensuke Yokoyama cosplayed at Wrestlemania Axxess dressed up like WWE stars Jimmy Hart and “Road Dogg” Jesse James in 2019. Evelyn Lau / The National
Masa Akao and Kensuke Yokoyama cosplayed at Wrestlemania Axxess dressed up like WWE stars Jimmy Hart and “Road Dogg” Jesse James in 2019. Evelyn Lau / The National

As WWE’s biggest weekend, it wasn’t surprising to see the amount of fans who cosplayed as their favourite wrestler. Even though there were long lines for meet-and-greets, they moved fast and plenty of people were left with huge smiles on their faces. During one of the days I was there, I needed somewhere to sit and made a new friend as we bonded over the weekend's festivities. We still follow each other on Instagram to this day.

Throughout the four-day event, I also met fans from China, Japan, Finland and Kuwait, who were enjoying themselves. Even if we didn't speak the same language, we were there for the same reasons and proudly unabashed about it.

In March, I went to my first Middle East Film and Comic Con in March when it was hosted in Abu Dhabi. This time, I attended as both a journalist and a fan. It felt a little bit like stepping into a different world. The moment I got out of my car, I saw people dressed up, cosplaying as their favourite video game, anime or movie character.

  • A woman in cosplay poses with Batman at the Middle East Film & Comic Con 2022 in Abu Dhabi. All photos by Antonie Robertson / The National, unless specified otherwise
    A woman in cosplay poses with Batman at the Middle East Film & Comic Con 2022 in Abu Dhabi. All photos by Antonie Robertson / The National, unless specified otherwise
  • The judging panel of the cosplay competition.
    The judging panel of the cosplay competition.
  • A woman in cosplay performs on stage.
    A woman in cosplay performs on stage.
  • A cosplayer with a horse head mask.
    A cosplayer with a horse head mask.
  • The audience turned out in full force to watch the cosplay competition.
    The audience turned out in full force to watch the cosplay competition.
  • A cosplayer as the Marvel superhero Iron Man.
    A cosplayer as the Marvel superhero Iron Man.
  • Symbiote x Chainsaw Man.
    Symbiote x Chainsaw Man.
  • A young girl participates in the cosplay competition.
    A young girl participates in the cosplay competition.
  • The event took place at the MEFCC Mainstage, which is outdoors.
    The event took place at the MEFCC Mainstage, which is outdoors.
  • A girl cosplays as DC superhero Wonder Woman.
    A girl cosplays as DC superhero Wonder Woman.
  • The judging panel featured regional and international cosplayers.
    The judging panel featured regional and international cosplayers.
  • Even though not everyone entered the competition, there was still plenty of cosplay on display on day two of the Middle East Film & Comic Con.
    Even though not everyone entered the competition, there was still plenty of cosplay on display on day two of the Middle East Film & Comic Con.
  • A cosplayer in a menacing outfit.
    A cosplayer in a menacing outfit.
  • The children who competed in the Kids Cosplay competition were all winners and received swag bags.
    The children who competed in the Kids Cosplay competition were all winners and received swag bags.
  • Sylar Serag, as Bazelgeuse Armor from 'Monster Hunter', won first place in the Best Craftsmanship category. Photo: Middle East Film and Comic Con
    Sylar Serag, as Bazelgeuse Armor from 'Monster Hunter', won first place in the Best Craftsmanship category. Photo: Middle East Film and Comic Con
  • Ashwani Kapoor as Samurai Vegito Blue from 'Dragon Ball Z' took second place in Best Craftsmanship. Photo: Middle East Film and Comic Con
    Ashwani Kapoor as Samurai Vegito Blue from 'Dragon Ball Z' took second place in Best Craftsmanship. Photo: Middle East Film and Comic Con
  • Mohamed Farahat as Banbaro from 'Monster Hunter World' took third place in Best Craftsmanship. Photo: Middle East Film and Comic Con
    Mohamed Farahat as Banbaro from 'Monster Hunter World' took third place in Best Craftsmanship. Photo: Middle East Film and Comic Con
  • Sabie Cipriani as Nico Yazawa from 'Long Live! School Idol Project' was first in Best Performance on Stage. Photo: Middle East Film and Comic Con
    Sabie Cipriani as Nico Yazawa from 'Long Live! School Idol Project' was first in Best Performance on Stage. Photo: Middle East Film and Comic Con
  • Mohammed Hasan, who goes by the cosplay name Themed Injection, won third place for Best Performance on Stage as Heath Ledger’s The Joker. Photo: Middle East Film and Comic Con
    Mohammed Hasan, who goes by the cosplay name Themed Injection, won third place for Best Performance on Stage as Heath Ledger’s The Joker. Photo: Middle East Film and Comic Con

I was able to interview celebrities such as Ming-Na Wen and Charles Martinet, the voice of Mario. While it could, at times, feel overwhelming with how many people were there, it was also a reminder I wasn't alone in my appreciation of pop culture — whether it was for video games, animation or something else entirely.

Being backstage also gave me a new respect for how hard it is to host and plan such an event. Behind the glitz of celebrity appearances and new trailer reveals, it brings people together who share common interests in a safe space while also allowing for a much-needed break from reality, which is something we can all probably agree we've needed the past couple of years.

Welcome back, San Diego. You have been missed.

Scroll through the gallery below to see the best cosplay looks from New York Comic Con 2021

  • Couples dressed as Wanda Maximoff and Vision meet during the 2021 New York Comic Con at the Jacob K Javits Convention Centre in New York. Charles Sykes / Invision / AP
    Couples dressed as Wanda Maximoff and Vision meet during the 2021 New York Comic Con at the Jacob K Javits Convention Centre in New York. Charles Sykes / Invision / AP
  • Attendees dressed as characters from 'Squid Game' pose during New York Comic Con. Charles Sykes / Invision / AP
    Attendees dressed as characters from 'Squid Game' pose during New York Comic Con. Charles Sykes / Invision / AP
  • Cosplayers dressed as characters from the 'BioShock' video game during the New York Comic Con. Charles Sykes / Invision / AP
    Cosplayers dressed as characters from the 'BioShock' video game during the New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as a character from 'Planet of the Apes' at New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as a character from 'Planet of the Apes' at New York Comic Con. Charles Sykes / Invision / AP
  • A Predator cosplayer during the New York Comic Con. Charles Sykes / Invision / AP
    A Predator cosplayer during the New York Comic Con. Charles Sykes / Invision / AP
  • Attendees dressed as wrestlers Hulk Hogan and The Ultimate Warrior pose during New York Comic Con. Charles Sykes / Invision / AP
    Attendees dressed as wrestlers Hulk Hogan and The Ultimate Warrior pose during New York Comic Con. Charles Sykes / Invision / AP
  • Cosplayers dressed as Gollum and Frodo Baggins from 'The Lord of the Rings' at the New York Comic Con. Charles Sykes / Invision / AP
    Cosplayers dressed as Gollum and Frodo Baggins from 'The Lord of the Rings' at the New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Michael Myers poses at the New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Michael Myers poses at the New York Comic Con. Charles Sykes / Invision / AP
  • Cosplayers as video game characters Luigi and Mario pose during New York Comic Con. Charles Sykes / Invision / AP
    Cosplayers as video game characters Luigi and Mario pose during New York Comic Con. Charles Sykes / Invision / AP
  • People dressed as video game characters Luigi, left, Mario, Princess Peach and Wario pose during New York Comic Con. Charles Sykes / Invision / AP
    People dressed as video game characters Luigi, left, Mario, Princess Peach and Wario pose during New York Comic Con. Charles Sykes / Invision / AP
  • A steampunk Batman poses at the New York Comic Con. Charles Sykes / Invision / AP
    A steampunk Batman poses at the New York Comic Con. Charles Sykes / Invision / AP
  • A Spider-Man gathering during New York Comic Con. Charles Sykes / Invision / AP
    A Spider-Man gathering during New York Comic Con. Charles Sykes / Invision / AP
  • A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
    A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
  • An Annihilus cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    An Annihilus cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Boba Fest Chicken at New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Boba Fest Chicken at New York Comic Con. Charles Sykes / Invision / AP
  • A cosplayer as Kylo Ren poses during the New York Comic Con. Charles Sykes / Invision / AP
    A cosplayer as Kylo Ren poses during the New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Beetlejuice poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Beetlejuice poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Spider-Man cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    A Spider-Man cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Ghost Rider poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Ghost Rider poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Hawkgirl cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    A Hawkgirl cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Thor poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Thor poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Jedi convention at New York Comic Con. Charles Sykes / Invision / AP
    A Jedi convention at New York Comic Con. Charles Sykes / Invision / AP
  • A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
    A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
  • A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
    A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as a character from 'Dragonball Z' poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as a character from 'Dragonball Z' poses during New York Comic Con. Charles Sykes / Invision / AP
  • A cosplayer as Junko Enoshima from 'Danganronpa' poses during New York Comic Con. Charles Sykes / Invision / AP
    A cosplayer as Junko Enoshima from 'Danganronpa' poses during New York Comic Con. Charles Sykes / Invision / AP
  • A young attendee dressed as Wolverine poses during New York Comic Con. Charles Sykes / Invision / AP
    A young attendee dressed as Wolverine poses during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as a character from 'The Nightmare Before Christmas' poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as a character from 'The Nightmare Before Christmas' poses during New York Comic Con. Charles Sykes / Invision / AP
  • Cosplayers dressed as Bert and Ernie from 'Sesame Street' pose during New York Comic Con. Charles Sykes / Invision / AP
    Cosplayers dressed as Bert and Ernie from 'Sesame Street' pose during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as the Mandalorian poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as the Mandalorian poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Jedi shows off his lightsaber skills during New York Comic Con. Charles Sykes / Invision / AP
    A Jedi shows off his lightsaber skills during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Lionel Richie on his 1982 album cover poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Lionel Richie on his 1982 album cover poses during New York Comic Con. Charles Sykes / Invision / AP
  • A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
    A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Thor cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    A Thor cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • Fabian Pulgar dons the mask to his Carnage costume at the New York Comic Con. Seth Wenig / AP Photo
    Fabian Pulgar dons the mask to his Carnage costume at the New York Comic Con. Seth Wenig / AP Photo
  • A woman in a mushroom costume rides an escalator at New York Comic Con. Seth Wenig / AP Photo
    A woman in a mushroom costume rides an escalator at New York Comic Con. Seth Wenig / AP Photo
  • A cosplayer attends the first day of the New York Comic Con. Timothy A Clary / AFP
    A cosplayer attends the first day of the New York Comic Con. Timothy A Clary / AFP
  • A person in a shark costume walks though New York Comic Con. Seth Wenig / AP Photo
    A person in a shark costume walks though New York Comic Con. Seth Wenig / AP Photo
  • Attendees dressed as Edward Scissorhands and a bush pose during New York Comic Con. Charles Sykes / Invision / AP
    Attendees dressed as Edward Scissorhands and a bush pose during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as a Ghostbuster poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as a Ghostbuster poses during New York Comic Con. Charles Sykes / Invision / AP
  • Cosplayers as Thor, left, and Loki pose during New York Comic Con. Charles Sykes / Invision / AP
    Cosplayers as Thor, left, and Loki pose during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Cousin Itt from 'The Addams Family' poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Cousin Itt from 'The Addams Family' poses during New York Comic Con. Charles Sykes / Invision / AP
  • Cosplayers as Bane, left, and Poison Ivy pose during New York Comic Con. Charles Sykes / Invision / AP
    Cosplayers as Bane, left, and Poison Ivy pose during New York Comic Con. Charles Sykes / Invision / AP
  • A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
    A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
  • Attendees dressed as Jawas from 'Star Wars' pose during New York Comic Con. Charles Sykes / Invision / AP
    Attendees dressed as Jawas from 'Star Wars' pose during New York Comic Con. Charles Sykes / Invision / AP
  • A Wonder Woman cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    A Wonder Woman cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Harley Quinn cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    A Harley Quinn cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • A Joker cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
    A Joker cosplayer poses during New York Comic Con. Charles Sykes / Invision / AP
  • An attendee dressed as Wanda Maximoff poses during New York Comic Con. Charles Sykes / Invision / AP
    An attendee dressed as Wanda Maximoff poses during New York Comic Con. Charles Sykes / Invision / AP
  • A man cosplays as Captain America at the New York Comic Con. Brendan McDermid / Reuters
    A man cosplays as Captain America at the New York Comic Con. Brendan McDermid / Reuters
  • A woman cosplays as Carmen Sandiego at New York Comic Con. Timothy A Clary / AFP
    A woman cosplays as Carmen Sandiego at New York Comic Con. Timothy A Clary / AFP
  • An attendee cosplaying as Deadpool arrives at New York Comic Con. Timothy A Clary / AFP
    An attendee cosplaying as Deadpool arrives at New York Comic Con. Timothy A Clary / AFP
  • George Solages, left, and Judi Haniff of New York pose in costumes from the movie 'Saw' at New York Comic Con. Justin Lane / EPA
    George Solages, left, and Judi Haniff of New York pose in costumes from the movie 'Saw' at New York Comic Con. Justin Lane / EPA
  • Gavin, 13, left, and his dad Joe, of New York, cosplay as Rick and Morty at New York Comic Con. Justin Lane / EPA
    Gavin, 13, left, and his dad Joe, of New York, cosplay as Rick and Morty at New York Comic Con. Justin Lane / EPA
  • Tommy Perea, left, and Brian Talledo, right, of New Jersey, cosplay as ShyGuys from the Mario Bros video game franchise at New York Comic Con. Justin Lane / EPA
    Tommy Perea, left, and Brian Talledo, right, of New Jersey, cosplay as ShyGuys from the Mario Bros video game franchise at New York Comic Con. Justin Lane / EPA
  • John Hara, of New York, cosplays as a Vault Dweller from 'Fallout' at New York Comic Con. Justin Lane / EPA
    John Hara, of New York, cosplays as a Vault Dweller from 'Fallout' at New York Comic Con. Justin Lane / EPA
  • Gene Bonsanti of Staten Island, New York, cosplays as the character Guts from the manga series 'Berserk' at New York Comic Con. Justin Lane / EPA
    Gene Bonsanti of Staten Island, New York, cosplays as the character Guts from the manga series 'Berserk' at New York Comic Con. Justin Lane / EPA
  • Attendees cosplay as the Joker and Harley Quinn at New York Comic Con. Timothy A Clary / AFP
    Attendees cosplay as the Joker and Harley Quinn at New York Comic Con. Timothy A Clary / AFP
  • An attendee cosplays as Michael Myers at New York Comic Con. Timothy A Clary / AFP
    An attendee cosplays as Michael Myers at New York Comic Con. Timothy A Clary / AFP
  • Attendees cosplay as members of 'Money Heist' at New York Comic Con. Timothy A Clary / AFP
    Attendees cosplay as members of 'Money Heist' at New York Comic Con. Timothy A Clary / AFP
  • A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP
    A costumed attendee poses during New York Comic Con. Charles Sykes / Invision / AP

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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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 

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.”

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 Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Planes grounded by coronavirus

British Airways: Cancels all direct flights to and from mainland China 

Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30

Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong

Ai Seoul:  Suspended all flights to China

Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March

Indonesia's Lion Air: Suspending all flights to China from February

South Korea's Asiana Airlines,  Jeju Air  and Jin Air: Suspend all flights

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

NINE WINLESS GAMES

Arsenal 2-2 Crystal Palace (Oct 27, PL)

Liverpool 5-5 Arsenal  (Oct 30, EFL)

Arsenal 1-1 Wolves (Nov 02, PL)

Vitoria Guimaraes 1-1 Arsenal  (Nov 6, Europa)

Leicester 2-0 Arsenal (Nov 9, PL)

Arsenal 2-2 Southampton (Nov 23, PL)

Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

Arsenal 1-2 Brighton (Dec 05, PL)

The%20Little%20Mermaid%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rob%20Marshall%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EHalle%20Bailey%2C%20Jonah%20Hauer-King%2C%20Melissa%20McCarthy%2C%20Javier%20Bardem%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Updated: October 12, 2022, 10:20 AM