It was March 1965 and an Egyptian man widely regarded as garish and self-indulgent was hosting a midnight supper at the Ile de France restaurant in Rome. The eatery was located on the ancient Aurelian Way near the Vatican City, and twice-divorced Farouk, 45, the erstwhile king of Egypt (and Sudan), was accompanied by a blonde female. Reports said he had just finished consuming oysters and lamb when he collapsed and died.
The one-time monarch had packed a considerable amount of living into his relatively few years. But Farouk, a father of four, had already faded into obscurity after the bloodless coup of 1952, when soon-to-be president of Egypt, Gamal Abdel Nasser, and his Free Officers seized control of the state and transformed it into a fully fledged republic.
Farouk was born 100 years ago this month and spent 13 years in exile as he morphed from a monarch – who was part of a great dynasty that began with Muhammad Ali in 1805 – to the lampooned subject of gossip columnists.
He was effectively the last king of Egypt – if we don't include the accession of Farouk's son, Ahmed Fuad II, who, at only six months old, was constitutional monarch for less than a year (today, he is alive and well in Switzerland). Farouk died thousands of miles from home as an ousted ruler, and so his time to ruminate on his past life as ruler of an Arab kingdom was cut short. More than five decades after his death, Farouk's dramatic fall from grace remains the stuff of legend, with common perceptions of his rule as corrupt and wasteful taken as historical fact. But, in the final analysis, does Egypt's 10th ruler of the Muhammad Ali dynasty really deserve this most unflattering of reputations?
Khaled Fahmy, a professor of modern Arabic studies at the University of Cambridge, thinks he does. King Farouk was a "corpulent, corrupt head of state", says the academic. "He was a member of the Muhammad Ali dynasty, but what a contrast between the founder and the last person in that dynasty."
Fahmy says Ali had emphasised the diligence required to rule Egypt – a notion, he states, Farouk rarely took on board during his reign from 1936-1952, which encompassed great political upheaval, namely the Second World War and the creation of the State of Israel in 1948.
Accused by his detractors of being a womaniser who lived lavishly with little regard for the millions of Arabic-speaking subjects he ruled, Farouk was only a teenager when he assumed the title of Egypt's king. He was born as the Ottoman Empire crumbled. Egypt was then a British protectorate, ruled by Farouk's father, Fuad I. Farouk had attended England's Royal Military Academy in 1935, but his reputation as something of a wastrel was already beginning to take shape with reports – not least from his English tutor – suggesting that his studies came second to shopping.
The dynastic boots that Farouk had to fill at age 16 after his father's death in April 1936 must have caused some genuine trepidation. His great-great-grandfather, Muhammad Ali, was a high-ranking Albanian army officer, who, after fighting the French on behalf of the Ottomans during Napoleon Bonaparte's audacious invasion of Egypt between 1798 and 1801, occupied the resulting power vacuum by bagging the land of the pharaohs for himself as governor.
Yet, Farouk’s reign began promisingly enough when the boy-king went on radio to declare to his subjects: “I am prepared for all the sacrifices in the cause of my duty … My noble people, I am proud of you and your loyalty … We shall succeed and be happy.”
He had learnt Arabic – none of his predecessors, such as his ruler father, who was educated in Italy, had reportedly ever learnt the language – and was popular at first. But, Fahmy says, the turning point in his fortunes began in 1942. It was the middle of the Second World War and Egypt's British overlords strong-armed him into appointing a government that would be more disposed to supporting Britain's war effort, in the form of prime minister Nahas Pasha, giving credence to the view that the young king's throne could only be secured by "appeasing the British".
This episode, during which Britain surrounded the king's palace with tanks and offered Farouk the choice between abdication and appointing Nahas, appalled Egyptian nationalists. The king "had been made to eat dirt", recalled the late Egyptian journalist Mohamed Heikal of the incident, and "had an electrifying effect on young officers of the army" who all seethed at the humiliation imposed on their country by a foreign power.
Farouk divorced his wife of 10 years, Farida, in 1948, and his love of luxury cars and parties sat in stark contrast to the lot of the people for whom he claimed to care. The military humiliation following the creation of the state of Israel was squarely laid at the door of Farouk’s apparent ineffectual rule.
In 1951, the king married his second wife, Nariman (whom he would divorce only three years later), but he was, by then, losing his grip on the near-150-year royal dynasty. The army had long since plotted to rid themselves of a monarch who it not only held accountable for its catastrophic defeat to Israel, but who was still allied to a much-hated British regime that had dominated Egypt since it first occupied the North African state in 1882.
In 1953 Egypt was declared a republic, setting Farouk's reputation as a wasteful and corrupt monarch in stone
On July 23, 1952, the Free Officers Movement, led by General Muhammad Naguib and Nasser, ousted the 32-year-old king. It was bloodless and empathic, and three days later, Farouk and the royal family sailed aboard the yacht Mahroussa to Italy and exile. One year later, Egypt would be declared a republic – and Farouk's reputation as a wasteful, corrupt and failed monarch was effectively set in stone.
While counter-arguments to Farouk’s legacy are difficult to come by, not everyone in Egypt is so keen on giving the former king’s memory a kicking. Amr Abu Seif, for example, set up a Facebook account dedicated to Farouk in August 2011 – and it has more than five million followers. “Nobody is perfect,” says the Egyptian citizen, who established a website in honour of Farouk four years prior to his Facebook page going live. “He has both positive and negative points. But I wanted, from a historical point of view, to show the people of Egypt the positive sides of the former king.”
Seif says that during Farouk’s reign, not least in the 1940s, “Egypt was a hub of arts and culture”.
"I wanted to show the people of Egypt the bright side of that era," he says, emphasising that it is not his wish to call for the reinstatement of the Egyptian monarchy.
Seif's website, written in Arabic, offers several mitigating factors to explain Farouk's troubled legacy. These include the young age at which he assumed the immense responsibility that came with ruling both Egypt and Sudan, and the ongoing British occupation, which, Seif argues, fatally compromised his rule.
Bassil Mardelli an Egyptian-born author who wrote A King Oppressed: The Story of Farouk I of Egypt (1936-1952), shares some sympathy with Seif's sentiments, and adds that after the death of his father, Farouk's education was prematurely cut short, thrusting him into a role for which he had little worldly preparation. "He stayed at the [Royal Military Academy] for just six or seven months until his father died, and he was pulled from his studies," he says from his home in Beirut. "He was 16 at the time, whereas his ministers were over 50."
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
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
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
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.”