It is now about seven years since Ireland was plunged into one of the severest economic crises to hit any country since the Great Depression. A spectacular property collapse sent banks to the wall, put tens of thousands out of employment and resulted in many more forced to leave, a painful return to the desolate days of mass emigration that were thought banished for good.
Flickers of life have been seen in the economy of late, however, and writers have also shown an increasing vigour for trying to make sense of why things went so wrong. Donal Ryan's The Spinning Heart and Capital Sins by Peter Cunningham are just two of the more impressive works to examine the Celtic Tiger economy's implosion. Now to the fray comes Dermot Bolger with Tanglewood. Bolger is one of the country's most talented writers – his 2012 novella The Fall of Ireland also examined this period, while his 1990 The Journey Home captured a gritty Dublin going through rapid change. As Ronan says to Chris, the two characters at the centre of Tanglewood: "When you lose something, you don't get it back. Remember that."
We are back in the Irish capital, then, in the affluent suburb of Blackrock as the property market is about to crash. Chris and his wife, Alice, are desperate to move out of their small house and buy something larger, as all their peers have done. So Chris and his neighbour Ronan agree to build a townhouse on their shared property, at the behest of a shadowy developer, which will fund the couple’s dream home. But it’s the wrong move at the wrong time, Chris has put most of his family’s savings into the project, and what happens will tear both their families apart.
Bolger at times veers dangerously close to stereotyping. Not everyone in Dublin had a trophy home or talked incessantly about property prices, while not every construction worker from Eastern Europe was stoic and sensible. However, he is simply too good an author to slip terminally into these lazy descriptions. And it is precisely his examination of the experience of many emigrants and illegal workers in Ireland that sets the book apart. The most fully explored character is Ezal, one of the builders on this ill-fated townhouse project. He says little, works hard, but sees the tail end of the Celtic Tiger boom for what it was: “The Irish liked to consider themselves sophisticated, but their inflated sense of destiny, and their optimism that their debts could be eternally long-fingered, reminded Ezal of peasant villagers, meekly surrendering their savings to pyramid scam conmen promising endless wealth.”
It soon transpires that Ezal has fled the former Yugoslavia after witnessing ethnic cleansing of his village and the deaths of his family members as a teenager during the 1990s war. In Dublin, as an illegal immigrant, he has been able to forge a new identity, with a new name and through this character we enter into an underground city, mixing with Moldovan plasterers, Romanian bricklayers and even weightlifters from Belarus.
The city is reinvigorated by this fresh angle and shows how much has changed since he wrote The Journey Home.
Another way Bolger expertly uses Ezal is to savagely critique the treatment meted out to some of these migrants by the Irish contractors who became too greedy as the property market overheated – especially hard to fathom when one considers the Irish experience of emigration. “Ezal had seen their famished faces and wondered how Irish employers could not see this exploitation occurring. The answer was that the Irish had no wish to see ... They were too busy coping with being rich, and too terrified of being left behind to notice the unsold apartments starting to clog up the outskirts of towns.”
Tanglewood is an impressive feat by an author fearlessly interrogating one of the most traumatic moments in recent Irish history. It’s a mirror to an age when the party ended.
John Dennehy is deputy editor of The Review.
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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Killing of Qassem Suleimani
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
The five pillars of Islam
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
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.