The wedding of Anant Ambani and Radhika Merchant has set a historic benchmark in extravagant celebrations, leaving a mark on the world stage. Over three days in Mumbai, the Ambani family orchestrated a lavish spectacle that drew elite participation from across the world.
Kicking off on July 12 with the Shubh Vivah ceremony, the festivities showcased a star-studded guest list, including names such as Kim and Khloe Kardashian, Gianni Infantino, Tony Blair, John Cena, and Priyanka Chopra and Nick Jonas. Mukesh Ambani, Asia’s richest man and father of the groom, ensured that no expense was spared.
Central to the event's immense budget was high-profile entertainment. Rihanna and Justin Bieber commanded fees of $9 million and $10 million respectively for their performances. By the end, estimates revealed the total cost of the Ambani wedding reached more than $600 million.
The extensive planning was evident in the 11 pre-wedding events, which included a luxury cruise that featured performances by Katy Perry and the Backstreet Boys. Reports indicated that about $300 million was allocated solely to these pre-wedding festivities.
Security measures further added to the financial costs, as the guest list comprised the who's who of celebrities and influential figures. The Ambani family implemented facial recognition technology to ensure guest authenticity, adding another layer of cost to the already substantial budget.
Lavish gifts for attendees became a hallmark of the celebration, with offerings such as luxury bags and designer accessories inflating expenses even further.
In comparison to historic weddings, the Ambani-Merchant nuptials far surpassed the costs associated with the wedding of Princess Diana and Prince Charles, which was estimated at about $163 million, when adjusted for inflation.
Mukesh Ambani, 66, is ranked as the ninth richest person globally, with a net worth of $116 billion, according to Forbes. He is also the wealthiest person in Asia.
His company, Reliance Industries, is a vast conglomerate that reports more than $100 billion in annual revenue, according to the Associated Press, and has interests in sectors such as petrochemicals, oil and gas, telecommunications and retail.
Anant, the groom, leads the conglomerate's initiatives in renewable and green energy and serves on the board of Reliance Industries alongside his siblings, Isha and Akash. He also manages a 1,200-hectare animal rescue centre in Jamnagar, Gujarat.
Mukesh's wife, Nita, directs the Reliance Foundation, the company’s philanthropic arm, and supports various arts organisations. She has established the Nita Mukesh Ambani Cultural Centre, recognised as a groundbreaking venue in India that integrates visual and performing arts in one location.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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
UAE currency: the story behind the money in your pockets
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
