An Elie Saab gown worn by Emma Stone on the 2015 Oscars red carpet and the sequinned outfit donned by Geri Halliwell in the video for the Spice Girls hit Wannabe are among the star lots at the upcoming To Beirut With Love auction.
Running from Monday, December 7 to Tuesday, December 15, the auction is organised by Sotheby’s, in partnership with Creatives for Lebanon and Art for Beirut, two non-profit organisations established by the Lebanese diaspora in the wake of the August 4 blast.
Proceeds from the auction will be shared among five charities: Nusaned, Beit El Baraka and Baytna Baytak, which focus on offering shelter to displaced families and rehabilitating residential homes and local business; Al Fanar, which provides support for social entrepreneurs and small businesses; and House of Christmas, which is dedicated to preserving and protecting Lebanon’s heritage.
“Lebanon is home to an artistic community whose contributions to the cultural landscape cannot be overstated," says Edward Gibbs, Sotheby’s chairman for the Middle East.
Lebanon is home to an artistic community whose contributions to the cultural landscape cannot be overstated
"The explosion in the Port of Beirut this summer sent shockwaves through the city and the world, impacting every sector of society in Lebanon with countless tales of loss, damage and displacement. Sotheby’s has come together with our partners to host the auction To Beirut with Love, to provide much-needed relief and funds to aid the healing process."
From Giambattista Valli to Ralph & Russo, and Azzedine Alaia to Prada, the auction is a treasure trove of archive pieces by the world’s most influential fashion houses.
Lebanon’s designers are also well represented. Leading the march is the custom-made long-sleeve beaded chartreuse Elie Saab gown worn by Stone to attend the 2015 Oscars. Embroidered with guipure and sequins, and featuring an open back and a thigh-high slit, the dress is estimated to fetch £20,000-£30,000 ($26,500-$39,800).
Lebanese designer Nicolas Jebran's matador-inspired costume for Madonna is also on the auction block, as are dresses worn by Middle Eastern stars, including a silk haute couture gown designed by Egyptian actress Sherihan to wear in her Thousand and One Nights Fawazeer show in 1987, which has been signed by the star for the auction and is estimated to sell for £18,000-£25,000.
Also among the lots if a sky-blue embellished dress from the collection of beloved Lebanese singer Majida El Roumi, which is predicted to fetch £8,000-£10,000. There is also Mick Jagger’s jacket from his 2017 European tour and a guitar signed by Pete Townshend on offer.
Those looking to round off their perfect outfit, meanwhile, may want to avail of the opportunity to create a custom-made pair of Christian Louboutin shoes.
A number of covetable jewellery pieces will also appear in the auction, including a woven yellow gold My Dior cuff with an estimate of £30,000-£50,000. Designed by Victoire de Castellane, artistic director of Dior Joaillerie, the bracelet is a riot of colourful gemstones, from diamonds and sapphires to spinels, amethysts, aquamarines and tourmalines.
Damien Hirst's gold Pill bracelet with diamond skull (estimate: £8,000-£12,000), created in a limited edition of 50 in 2013, as well as the artist's For the Love of God, a sculpture consisting of an 18th-century human skull encrusted with 8,601 flawless diamonds, are also set to attract attention.
And in another example of fashion and art intertwining, supermodel Naomi Campbell has donated one of her favourite portraits to the auction, shot by photographers Rocco Lapasta and Charles DeCaro, which is estimated to raise £3,000-£5,000.
Other artists represented with works in the sale include filmmakers Joana Hadjithomas & Khalil Joreige and photographer Fouad Elkoury, alongside French product designer Herve Van der Straeten.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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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
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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