• To close the Balenciaga autumn/winter 2022 show at Paris Fashion Week, a yellow look evoked the colours of the Ukrainian flag. All photos: Balenciaga
    To close the Balenciaga autumn/winter 2022 show at Paris Fashion Week, a yellow look evoked the colours of the Ukrainian flag. All photos: Balenciaga
  • The blue of this dress was a nod to the colours of the Ukrainian flag.
    The blue of this dress was a nod to the colours of the Ukrainian flag.
  • Models walked on a snowy, windswept catwalk.
    Models walked on a snowy, windswept catwalk.
  • There were even pretty floral patterns.
    There were even pretty floral patterns.
  • Two models were entirely wrapped in tape.
    Two models were entirely wrapped in tape.
  • Despite the bleak set, this dress is covered in orange flowers.
    Despite the bleak set, this dress is covered in orange flowers.
  • A model wore sunglasses in the fake snowstorm.
    A model wore sunglasses in the fake snowstorm.
  • A long coat billows in the wind.
    A long coat billows in the wind.
  • A model in an oversized jacket and boots clutches a black plastic bag.
    A model in an oversized jacket and boots clutches a black plastic bag.
  • A model wears a white body suit under a black dress.
    A model wears a white body suit under a black dress.
  • Some clothes felt utilitarian, with many pockets.
    Some clothes felt utilitarian, with many pockets.
  • A model wraps himself in a towel.
    A model wraps himself in a towel.
  • A heavy coat and sturdy boots.
    A heavy coat and sturdy boots.
  • A model carries a plastic bag and a coat over her arm.
    A model carries a plastic bag and a coat over her arm.
  • A caped dress in red.
    A caped dress in red.
  • A model wearing a huge, faux-fur coat.
    A model wearing a huge, faux-fur coat.
  • Balenciaga had models carrying rubbish bags on the catwalk.
    Balenciaga had models carrying rubbish bags on the catwalk.

Balenciaga supports Ukraine at Paris Fashion Week


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Balenciaga delivered a show of support for Ukraine at Paris Fashion Week on Sunday as Russia continues its attack on the country.

It was the first in-person show for the house since the start of the pandemic and all eyes were on the creative director Demna (he's ditched his surname Gvasalia) to see what one of the strongest voices in fashion would deliver next.

Already one to examine the darker side of life, the designer’s favourite colour is black. His last physical show in 2020 had models walk a flooded runway, to highlight the threat of climate change, while his pandemic shows included armour-clad avatars in a custom-made video game.

For this outing, Demna again stayed close to the theme of climate change and the dire consequences it will unleash. This time, the catwalk was banked in snow, a howling wind sending flurries into the air.

The finale of the Balenciaga autumn/winter 2022 show was a dress in the colour of the Ukrainian flag. Photo: Balenciaga
The finale of the Balenciaga autumn/winter 2022 show was a dress in the colour of the Ukrainian flag. Photo: Balenciaga

That, in itself, would have been attention-grabbing enough, but the sets were finished long before Russia invaded Ukraine, so Demna had no way of knowing it would feel so relevant. Suddenly the meaning of the show shifted to something more personal.

Demna and his family were forced to flee their homeland, Abkhazia, because of the 1992-1993 conflict between Georgian government forces, Abkhaz separatist forces, the Russian government armed forces and North Caucasian militants. That's when they moved to Ukraine, setting up home in Odesa, a city now under threat.

Dresses, coats and even capes billowed in the wind as part of the Balenciaga autumn winter 2022 collection in Paris. Photo: Balenciaga
Dresses, coats and even capes billowed in the wind as part of the Balenciaga autumn winter 2022 collection in Paris. Photo: Balenciaga

Suddenly the violent weather on the catwalk became a commentary on the plight of Ukrainians forced from their homes, as the models, wrapped mainly in coats (except for a few of the men who wore little but towels), turned a spotlight on the hardships now being endured by people in the country.

As a show of solidarity with his adoptive home, a T-shirt in the yellow and blue of the Ukrainian flag was placed on every chair, with a statement from Demna.

In addition, the show started with the sound of Demna reading a work by the prominent Ukrainian poet Oleksandr Oles. The reading was deliberately left in Ukrainian, with no translation offered.

As for the clothes, which were almost difficult to see through the snow flurries, many were in black, with the models carrying huge drawstring bags, as if filled with precious things hurriedly gathered. Others carried what looked like several plastic bags.

The clothes were disjointed, with tops sliding off shoulders, jaunty prints, mid-length dresses and long coats that billowed in the wind. Utilitywear-inspired looks, as oversized, multi-pocketed jackets and trousers, or funnel-neck jackets, practical hoodies and jeans, felt much-needed. Some models were wrapped in great faux fur coats and heavy shoes, while others clutched meagre towels around themselves, as if having rushed from the house.

It made for uncomfortable watching, as it brought home the sheer unpredictability of warfare.

The Balenciaga autumn/winter 2022 collection included this look, in the yellow of the national flag. Photo: Balenciaga
The Balenciaga autumn/winter 2022 collection included this look, in the yellow of the national flag. Photo: Balenciaga

To close the show, Demna sent out looks in the colours of the Ukrainian flag. The first was a yellow men's look of funnel-neck jacket over matching trousers, while the second was a blue dress with long train that danced in the wind. Put on display for the world to see during Paris Fashion Week, the message was clear: Demna is not going to let Russia get away with this.

Results

5pm: Reem Island – Conditions (PA) Dh80,000 (Turf) 1,600m; Winner: Farasah, Antonio Fresu (jockey), Musabah Al Muhairi

5.30pm: Sir Baniyas Island – Maiden (PA) Dh80,000 (T) 1,400m; Winner: SSR Ghazwan, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: Astral Del Sol, Sean Kirrane, Ibrahim Al Hadhrami

6.30pm: Al Maryah Island – Maiden (PA) Dh80,000 (T) 2,200m; Winner: Toumadher, Dane O’Neill, Jaber Bittar

7pm: Yas Island – Handicap (PA) Dh80,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
WORLD RECORD FEES FOR GOALKEEPERS

1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)

2) Alisson, Roma to Liverpool (£67m)

3) Ederson, Benfica to Manchester City (£35m)

4) Gianluigi Buffon, Parma to Juventus (£33m)

5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m

UAE currency: the story behind the money in your pockets
Pathaan
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E640hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20from%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E11.9L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh749%2C800%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
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.”

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Updated: March 07, 2022, 1:29 PM