Day in the life: Abu Dhabi financial planner ready to look after your money

Malcolm Bell is a UK-qualified financial planner and the managing partner of the wealth management company Acuma. The Briton has worked in the industry for 17 years and has spent the past five years living in Abu Dhabi.

6.30am

The alarm goes off and the kettlebells sitting on my bedroom floor look at me in disgust as I tiptoe past them. I’m a firm believer in a good start to the day, so breakfast is a big bowl of Dorset Cereal with fresh banana, raspberries and blueberries. It’s not quite the required five-a-day, but it helps. I also watch BBC World News or Sky News to check up on any events that may have occurred overnight.

8am

I’m in the office checking the closing prices of the world’s stock markets from the day before and the price of gold and oil with a large cup of coffee to hand. I then read any emails that have come in over night.

9am

I spend the next hour designing a solution for a client’s financial goals after a meeting that took place the previous evening. This could be a regular savings plan (such as a pension substitute), a possible pension transfer, lump-sum investment or life insurance to protect a family in the event of premature death or critical illness. I then spend some time with the guys in the office giving them advice based on my 17 years of experience in the industry. This enables them to give the best possible advice to their own clients.

11am

I have a client meeting with a man who’s been in Abu Dhabi for a couple of years; he’s concerned that his retirement plans need reviewing. We discuss his circumstances and I ask numerous questions about his future plans and financial goals. Thankfully he’s sufficiently impressed with my knowledge and advice to commit to a further meeting and to recommend me to friends and colleagues. It’s really important that those who are looking for a financial planner do their research and establish what qualifications he or she has, and from which country they obtained these qualifications. Furthermore, you should check whether the company that they represent is fully licensed and regulated in the UAE. Sadly, too many are not.

Midday

Sometimes I grab a bite to eat around lunchtime, but more often than not I’ll work through.

2pm

I have another client meeting and this time it’s a follow up to a previous meeting. I’ve designed a solution for this particular client’s retirement planning and he’s very happy with it, so he’s completing the necessary paperwork. In the meantime, we’ve also put in place some life coverage, so that in the event of his premature death his wife and family are protected.

4pm

It’s back to the office to complete the paperwork from the earlier meeting to ensure that it’s all in order and promptly sent to the product provider.

5pm

If there’s any spare time I’ll go home and grab a bowl of pasta. If there’s no time I’ll try to get something to eat later.

7pm

I have an evening meeting with clients. I meet a couple that have been in the region for five years and have accumulated some capital, but they are concerned about their children’s higher education fees, as they plan to send them to university in the United Kingdom. We discuss the cost of sending children to the UK to study and we all agree that this is something that needs to be planned for and managed. We then discuss a suitable vehicle for their lump-sum investment. The couple wants to ensure that the investment is held in a part of the world that gives the highest levels of protection for their investment and that the recommended funds reflect their attitude to risk. We discuss this and they complete our risk profiler so that we can match funds to profile. We agree to meet again in a few days when I’ve completed my research and have sent them my recommended solution.

9.30pm

I arrive home, put the kettle on and unwind while watching some TV. The kettlebells are still staring at me from the bedroom floor. I’ll catch up with some personal emails and if the awesome Manchester United is playing I’ll try to make sure that I watch them.

business@thenational.ae

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age	$250 a month	$500 a month	$1,000 a month
25	$640,829	$1,281,657	$2,563,315
35	$303,219	$606,439	$1,212,877
45	$131,596	$263,191	$526,382
55	$44,351	$88,702	$177,403

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HAJJAN

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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

While you're here

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What is hepatitis?

Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.

There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.

Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.

People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.

There are an estimated 170 million carriers of Hepatitis C around the world.

The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).