Featured property...
York Terrace West, Regent's Park, London, NW1 4QA $20,420,400 (£15,000,000)
Park life...
London is blessed with an array of Royal Parks whose value has never been more keenly appreciated than now. During the last 12 months Londoners have flocked to these verdant expanses in their droves in search of spirit-lifting counterpoints to the daily drudgery of lockdowns and restrictions.
The prospective owners of the three adjacent apartments available in York West Terrace, Regent's Park, won't have to flock anywhere, however - they will be located within the park's perimeter. Other Royal Parks boast many superb properties but they surround the parks rather than fall within their confines.
Where the city meets the village
The allure of a more peaceful life in the heart of London has long drawn people to Marylebone's Village - and it is mere minutes away from York Terrace West.
Marylebone denizens are unlikely to tire of the village's assortment of boutique shops, quaint cafes and time-erasing pubs that decorate its tree-lined high street.
However, if they do then there is yet more on offer, as outlined by MaryleboneVillage.com, a paean to all things NW1.
"Visitors can enjoy a range of cultural and lifestyle activities, from art exhibitions to exercise classes, as well as the masterclasses, collaborations and promotions hosted by our shops and restaurants, most of which also participate in the major community events organised by Howard de Walden: the Marylebone Food Festival, Marylebone Design District, Marylebone Summer Festival and Marylebone Christmas Lights."
The magic of three...
Unique is an overused word. However, its use can be justified when describing the three adjoining apartments for sale in York West Terrace - the park's most sought-after block.
"I've been working in the area since 2007 and I've never seen anything like this come up," said Zach Madison, the Savills agent looking after the sale.
"To be able to get three apartments next to each other in a block of this prestige will never happen again."
Having nearly 5,064 square feet of living space, apportioned between three separate living areas, and in one of the best blocks in one of the best locales in London rather sells itself, so Mr Madison will have had tougher assignments on his hands during his time in real estate.
Ideal for a middle-eastern family
Such a living arrangement is "perfect for the international buyer", and unsurprisingly Mr Madison has received significant interest from abroad.
He is in no doubt as to whom the apartments would most suit - a large middle-eastern family.
"It's on the only private gated road in the park, and with 24-hour porter service it is an ideal lock-up and leave."
The area is also awash with excellent schools, including the American School in St John's Wood which boasts outstanding sports and arts facilities.
And for children from a coastal emirate like Dubai, their nautical yearnings can be sated daily in Regent's Park boating lake which the properties' 20 park-facing windows look out on.
A liquid asset
Given the apartments' location, depreciation isn't going to be a concern and Mr Maddison describes them as being a "very liquid asset".
Adding to their liquidity is the block opposite - York Terrace East. The entire site is currently on the market for $252 million (£185 million) with planning permission for two houses and 26 apartments.
Now that's the definition of an area uplift!
Key features
- Three apartments (two three-beds and one two-bed)
- Views over Regent's Park and easy access to its many amenities including open-air theatre and zoo
- Four underground parking spaces
- Access to communal gardens
- 24-hour porter
- 20 park-facing windows
- On Marylebone side of park
York Terrace West is on the market with Savills
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Find out here how London is luring Middle East demand for luxury homes during the Covid pandemic.
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
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
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
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Killing of Qassem Suleimani
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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.”
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
