The TV series Industry has been praised for its realism as well as its diversity of cast.
The popular HBO/BBC co-production returns to our screens at the weekend for a second season, following the long days, and even longer nights, of the young employees of fictional London investment bank Pierpoint & Co.
The first season, written by former London bankers Mickey Down and Konrad Kay, introduced a world where, as long as you are making money for the bank, little else matters, leading to a toxic work culture of bullying, harassment and some very questionable morals.
When it comes to depictions of investment banking — and the industry itself — the genre has typically been populated by white men a la The Wolf of Wall Street and The Big Short. The trading floor of Pierpoint, however, features a refreshingly mixed bunch of aspiring Gordon Geckos. This includes Myha’la Herrold’s Harper Stern, a young black woman uprooted from her native New York, and who lied about her qualifications to try and make her fortune among the old boys network of London’s financial district. There's also Ken Leung’s Asian-American manager Eric Tao and Harry Lawtey’s Robert Spearing, who is Welsh, working-class, and an Oxford graduate.
Then there's the character of Yasmin Kara-Hanani, played by Marisa Abela. Yasmin is the British-raised child of wealthy Lebanese parents who, as well as demonstrating the ability to flit effortlessly between Western and Arabic cultural norms, is fluent in English, Arabic, Spanish, German and French.
Like Yasmin, Abela was raised in the UK, but her heritage is Maltese, Libyan, Russian and Polish. So how closely does her own multicultural background mirror that of her character?
“Well, I am someone whose mum and dad come from completely different cultures — my dad is Maltese Arab, and my mum is from a family of Polish Jewish refugees,” she tells The National. “You'll see this season that Yasmin's dad is more similar to my mum’s heritage, and her mum’s is most similar to my dad’s. Like Yasmin, my parents are separated, and we both grew up and went to boarding school in England. But the thing I relate to most is that those two cultures can be quite divisive, and you can feel like you're being pulled in different directions.”
Despite the surface similarities, and the shared experience of being sometimes caught between two worlds, Abela admits that Yasmin’s polyglot nature is not one she closely relates to. “Oh no, not at all,” she says with a laugh. “I spoke Spanish at school, and that was about it. I love languages though and it's always a nice challenge when Yasmin has to speak French or Arabic.”
As part of that challenge, Abela was required to take classes for many of Yasmin’s multilingual lines, and she didn’t have to look too far from home for assistance with the Arabic dialogue. The Maltese language is the only surviving example of the Arabic dialects that were spoken in the European Mediterranean in the Middle Ages, and the only Semitic language which is written in Latin Script. About a third of Maltese words, not to mention almost all of its grammar, come directly from Arabic, while research by the Linguistics Society of Europe has found that as much as 40 per cent of Maltese can be understood by speakers of Maghrebi Arabic, and vice versa.
With most of Abela’s paternal family still living in Malta, she had a convenient place to turn to for a crash course. “Maltese has a lot of Arabic in it — counting to 10 in Maltese is exactly the same as counting to 10 in Arabic — so it wasn't something I was coming completely new to,” Abela explains. “I used my grandad to learn all of the Arabic he could teach me through Maltese, in particular, to get the sounds right, because they’re totally different. It’s not like French or Spanish, the Arabic sounds sit in a totally different part of the mouth, so I tried to get all that right first, and then when it came to the actual classes, I really took them seriously as I was determined to get it right.”
While season one of Industry was heavy on finance and light on back stories (perhaps understandably so because many characters’ identities are almost entirely defined by their work), season two promises to spend more time outside Pierpoint’s walls. We'll get to know plenty more about Yasmin’s family and background, and see if those Arabic lessons have paid off.
For Abela’s co-star Herrold, with whom she shares top billing in the show, there’s another reason to be excited. “I would say this is the only bit of television that you come to through the eyes of young women in the finance industry,” Herrold says. “I don't know of anything else that exists, and we're lucky to be two young women with these really strong storylines leading this show.
“What's exciting about these characters is that they don't fall into any of the tropes a lot of women characters do. For example, at the end of the first season, Marisa and I had a fight, but we were all committed not to make it a ‘catfight’ and fall into stereotypes. It’s been important to me to play a woman who is not what you might assume. That’s refreshing, it’s what makes the show work, and it’s important.”
Industry season 2 comes out on OSN+ on Monday, August 1
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
PREMIER LEAGUE RESULTS
Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
The biog
Name: Gul Raziq
From: Charsadda, Pakistan
Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
Golf Handicap: 6
Childhood sport: cricket
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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
Chinese Grand Prix schedule (in UAE time)
Friday: First practice - 6am; Second practice - 10am
Saturday: Final practice - 7am; Qualifying - 10am
Sunday: Chinese Grand Prix - 10.10am
The%20specs
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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