The true scale of destruction from Beirut's August 4 explosion is hard to comprehend: whole districts have been severely damaged by the blast, scores killed and hundreds of thousands of people have lost homes and businesses.
This small, vibrant city is famous for its creative spirit, with designers' workshops and ateliers packed into the districts in and around Gemmayze, Mar Mikhael, Charles Helou Avenue and Saifi Village.
Designers and creatives have been drawn to these areas for their central location and plethora of old, light-filled buildings with gloriously high ceilings. Situated close to the sea and port, all were near the epicentre of the explosion.
Fashion designer and couturier Zuhair Murad's office and atelier on Charles Helou Avenue have both been left in ruins. Talking on social media, the designer wrote: "my heart is broken. Can't stop crying. The efforts of years went in a moment."
Purpose-built over several floors, the designer's headquarters faced the sea, and had little protection against the force of the explosion.
A few blocks behind, the buzzing areas of Mar Mikhael and Gemmayzeh have also been severely damaged, as documented by Rebuild Beirut, a social media site that has sprung up to help mobilise clean-up efforts.
Filled with bars, nightclubs, cafes, shops, boutiques and second-hand stores, the narrow streets are now a mass of rubble and destruction. They once unearthed tiny delights, such as Margarita’s, a sliver of a restaurant serving delicious pizzas straight from the oven, as well as second-hand stores piled high with old radio sets and bakelite telephones.
Meanwhile, on one of Gemmayzeh's main streets, Rue Gouraud, there was Aaliyas Books, which took "quite a beating" its owner has pronounced on social media.
"As much as I love the shop, it is only bricks, mortar and (now twisted) metal and (shattered) glass. Aaliya's true essence is none of those material things; it is you, who came to us as customers."
These narrow, winding streets, crammed with tiny shops, capture Beirut's passion for art, beauty and style.
Across the road from the Mohammad Al-Amin Mosque sits Saifi Village, formerly a bustling labyrinth of streets filled with countless independent young designers and boutiques, selling fashion, jewellery and accessories, alongside niche cafes and artisan metal workshops. It is also home to the important Starch Foundation, which acts as an incubator for emerging design talent.
The moment the blast swept through this area was caught on film by a videographer capturing Dr Israa Seblani's wedding day. The footage shows Seblani, in a gown and veil, posing for the camera, before she is knocked sideways by the force of the explosion.
Across Martyr's Square in the upscale Beirut Souqs, the arched walkways are now filled with debris and glass, the shop windows all smashed by the force of the explosion. A historic part of the city, it was severely damaged during Lebanon's civil war, and completely rebuilt in the years since.
Home to high-end brands that have rubberstamped Beirut's position among the world's most fashionable cities, it is filled with rubble once again.
As this dynamic, beautiful and creative city lies in tatters, anyone lucky enough to have visited will already know that it will rebuild.
Although Lebanon is crippled by a collapsing economic system and lacks even the electricity needed to support the clean-up, Beirut and its people are resilient.
While it's hard to imagine right now, as a former resident I am confident that this dazzling gem on the Mediterranean will rise again.
And its creative scene will flourish once more because the minds behind the city's countless designs are both tenacious and passionate.
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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
ABU DHABI T10: DAY TWO
Bangla Tigers v Deccan Gladiators (3.30pm)
Delhi Bulls v Karnataka Tuskers (5.45pm)
Northern Warriors v Qalandars (8.00pm)
COMPANY%20PROFILE%20
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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.”
