Cipriani Yas Island, Emirates Palace and Armani Hotel Dubai have special white-truffle infused menus this month. Getty Images
Cipriani Yas Island, Emirates Palace and Armani Hotel Dubai have special white-truffle infused menus this month. Getty Images
Cipriani Yas Island, Emirates Palace and Armani Hotel Dubai have special white-truffle infused menus this month. Getty Images
Cipriani Yas Island, Emirates Palace and Armani Hotel Dubai have special white-truffle infused menus this month. Getty Images

The lowdown: It’s white-truffle season


Selina Denman
  • English
  • Arabic

rejoice in the fact that ... it's white-truffle ­season. They may essentially be a fungus, but white truffles are an increasingly rare and coveted treat. They are only available for two or three months of the year and are found in specific parts of Italy, most ­famously in the northern town of Alba. They cannot yet be ­cultivated, so are one of the last remaining edibles for which we remain dependent on the whims of Mother Nature. They grow symbiotically with trees such as the oak, hazel, poplar and beech, but ambient temperatures need to be just right – not too cold and not too warm. Truffles are ­usually served in their raw state, and most commonly shaved over ­pastas and risottos.

Did you know ... that white truffles were dubbed "diamonds of the kitchen" by the 18th-­century chef Jean Anthelme ­Brillat-Savarin? And that they can cost up to three times as much as their black counterparts? Last December, a record-setting 1.89-kilomgam white truffle was auctioned off by Sotheby's for US$61,250 (Dh225,000). It is worth noting that Sabatino Truffles, which found the specimen in Umbria, Italy, donated the proceeds to charity, but this was by far the largest white truffle ever found, nearly twice the size of the previous record holder, which was sold for $417,200 (Dh1.5 million) in 2010.

Indulge ... your love of white truffles across the UAE this month. Cipriani Yas Island has launched a dedicated Truffle Season menu, which includes uovo in raviolo – filled with ricotta, Parmesan, spinach and fresh white truffles from Alba, with a sprinkling of white truffle on the top. There's also the lamb chop "alla Norcina" with fresh white truffle, and Wagyu rib-eye steak, veal piccatine and other tasty dishes featuring the delicacy. Meanwhile, Emirates Palace is serving up a white Alba truffle risotto, as well as pastas and salads topped with truffles, at Mezzaluna throughout the month of November, and Armani Hotel Dubai is offering a seven-course truffle degustation menu featuring both black and white varieties. The menu includes such delights as a Parmesan and truffle crème brûlée paired with a sweet garlic cappuccino. You can also learn to cook with truffles during a masterclass with chef Alessandro Salvatico in the Armani/Ristorante kitchen. You'll get four hours of tuition and the chance to sample your efforts, which will include Angus beef carne cruda with shaved black truffle and risotto with white truffle.

Don't bother if ... you like your food on the bland side. White truffles have a strong, complex and pungent taste that cannot be masked.

Read this and other fashion-, jewellery- and lifestyle-related stories in Luxury magazine, out with The National on Thursday, November 5.

sdenman@thenational.ae

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

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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