Q&A: Salim and Sulaiman Merchant say ‘Namaste Abu Dhabi’

Later this week Abu Dhabi is in for the Bollywood treatment when India's leading music duo Salim and Sulaiman Merchant bring their show to the capital. The duo, renowned the world over for their artistic compositions across Bollywood (films including Chak De! India, Fashion, Rab Ne Bana Di Jodi, Band Baaja Baaraat and Heroine) and Hollywood, will take to the Emirates Palace stage as part of this year's Abu Dhabi Summer Season entertainment programme.

The Merchant brothers will be joined by a troupe of 20 musicians and dancers for their performance titled Namaste Abu Dhabi. They took time out of their schedule to talk to The National about their upcoming performance, which is a celebration of India's 70th Independence Day.

Salim and Sulaiman – two of India’s most famous music composers. Courtesy Oberoi Middle East Events

What songs are you most excited to perform at Namaste Abu Dhabi?

We can't wait to sing Shukranallah, Ain Vayi and Rab Ne Bana Di Jodi.

You are one of the most popular music duos in Bollywood, do you ever have disagreements?

We do have differences but eventually music always wins. One thing about us is that we both play different instruments, so have more to contribute to each other rather than have differences.

It has been almost 30 years since you composed for your first film, what would you say is your biggest career-high?

There have been a lot of career-highs, including Chak De! India, Aaja Nachle, FIFA 2010 (the anthem song), Fashion, the Lady Gaga collaboration, Rab Ne Bana Di Jodi, Kurbaan, Band Baaja Baaraat and the list continues.

How did the collaboration with Kenyan singer Eric Wainaina for the FIFA World Cup come about?

It was important for us to collaborate with two African artists, Loyiso Bala and Eric Wainaina, because they brought in the local flavour of Africa. It was truly a memorable experience performing in front of 90,000 people at the opening ceremony.

After your successful collaborations with Lady Gaga and Enrique Iglesias, do you have any upcoming international collaborations you can share with us?

We don't really plan collaborations, they just happen. At the moment there is nothing on the cards but soon there will be.

Are you working on any independent singles at the moment?

We are releasing a very patriotic song that released this week to acknowledge the occasion of India's 70th independence, it is called Mera Desh Hi Dharam Hai Ji.

Salim, you were one of the judges on Indian Idol, have you collaborated with any talent from the show?

Vipul Mehta, the winner of Indian Idol 2012 is part of the Abu Dhabi concert on the 18th, he and Bhoomi Trivedi are permanant singers with us.

Who are your favourite singers in the Indian film industry?

Sukhwinder Singh and Shreya Ghoshal.

What future projects can we look forward to?

We are doing the music for 102 Not Out featuring Mr [Amitabh] Bachchan and Rishi Kapoor. The music will be very unique and vintage.

Namaste Abu Dhabi is presented by OME-Oberoi Middle East Events and Abu Dhabi Tourism and Culture Authority and takes place at Emirates Palace on Friday at 9pm (doors open at 7.30pm). Tickets start from Dh100, go to www.PlatinumList.net

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Bollywood stars who consider the UAE home

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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.”

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Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”