It's my first morning in Iceland and I've been walking over the uneven sponge-cake terrain of lava fields for about two kilometres. I'm just about to cross a two-metre crevice, yet this is by no means the biggest challenge. I'm en route to the peak of Thrihnukagigur, a 4,000-year-old dormant volcano 20km south of Reykjavik, and will soon be lowered over the rim into an intact magma chamber.
Yet curiosity conquers fear. The group is made up of eight adventurous visitors from the UK, Canada and Iceland ranging from 25 to 45, who had all heard about the new tour through press coverage or word of mouth. We finally reach base camp to be welcomed by the Inside The Volcano expedition safety team. Their enthusiasm for the trip is infectious.
"Fewer people, to date, have done this than been into space. This is the second week it's open to the public. Tom Cruise was here last week and we have scientists in the chamber experimenting right now!" With Wi-Fi at the base camp and active encouragement to share our experience and spread the word of this new tour via Twitter, Instagram and Facebook, it's a 21st century expedition of 1988BC geology.
We're gradually lowered 120m into the magma chamber, having to push with our hands against the inner walls to keep the rickety platform centred. As we reach the bottom, the air is crisp and a cool 5°C, a stark contrast to the intense heat the chamber once held. Streams of charcoal black violently clash with deep purple, hot pink and tiger orange. Solidified magma formations cover the inner wall like a beautiful dark art installation. Keeping track of time is challenging when there is no sunset, a phenomenon usually enjoyed between mid-June and mid-July. The horizon dips momentarily before rising up again for the night.
I make full use of the day and embark on a midnight whale watching tour from Reykjavik's harbour via a small island seasonally inhabited by puffins. An hour into the voyage, some minke whales playfully raise their fins above the ocean's surface. Despite the lack of dramatic Free Willy leaps, there is something powerful about seeing these creatures out in the open ocean.
In a country with one of the lowest population densities in the world, with an average of just three people per square kilometre, two-thirds of the country's 300,000 population reside in Reykjavik, a mishmash of unusual Nordic architecture. Most buildings are walled with corrugated steel painted in deindustrialising bright colours. There is an evident quirky-bohemian culture generated by shop displays and student life. Room With A View is a furnished apartment block right on the city's main street, Laugavegur. The location is ideal for exploring the capital and contains modern apartments with up to four bedrooms, complete with a kitchen, balcony and helpful round-the-clock staff. The banking collapse of 2008 and weakening of the local currency means that Iceland's reputation as a particularly expensive destination is no longer applicable. The prices, on average, are similar to mainland European capitals.
It is 2am on a weeknight in Reykjavik but it feels like mid-afternoon. With runners and regular revellers on the streets, the only indication that it is past midnight is that the main shops are closed. Hlölla Bátar, an Icelandic institution of Subway-meets-McDonald's, is an ideal 2am snack (average Dh11-Dh18 per person). For a leisurely, sophisticated lunch, Nauthóll (www.nauthol.is) is a modern Nordic-European bistro offering a great view of the ocean, excellently prepared food and good portions.
Next I drive 50km north-east of Reykjavik to explore the a route commonly known as the "Golden Circle", a triple force of nature made up of a waterfall, an erupting geyser and a national park. ingvellir is a national park situated between fissures created by the European and North American tectonic plates tearing apart. The park has waterfalls, hiking routes and giant lakes, all contained within the dramatic sharp drops of the plate walls. Gulfoss is a spectacular double crevice waterfall in a nearby canyon. While not on the same scale as Niagara Falls, it is equally, if not more, dramatic. I make my way down some stairs towards the canyon where Gulfoss lies and a perfectly formed rainbow frames the loud gushing streams of water creating a powerful spectacle for the surrounding swarms of tourists and school geography trips. Although a day trip of the Golden Circle is possible, Hotel Geysir is a destination worth exploring with individual cabins (average price $170 per twin) and an outdoor geothermal pool open until late, which sources water directly from the famous Geysir. I pay a late-night visit to the great Geysir, leaping back as the 80°C water rapidly transforms from a bubbling steamy surface to an erupting jet of water shooting up into the sun-filled midnight sky.
Wanting to escape the tourist trail, I rent a car with a few friends and find this the most cost-efficient and flexible way to explore further afield at my own pace. The country's main Ring Road 1, 1,339km long, circles the island in two lanes, almost perfectly constructed for a road trip. I drive across a unique topographical mix of lava fields, glaciers, lavender pastures and volcanoes with the occasional rainstorm, blinding sunshine, glacial reflection and dark clouds. Among all this, we accidentally come across Seljalandsfoss, a waterfall visible from the ring road with fierce 40-metre drop and a walking path directly behind the fall. We finally reach our halfway point for the day, Reynisfjara, a striking black pebble and black volcanic sand beach with an ideal view of the stand-alone iconic black lava arch in the neighbouring Dyrholaey. This is the southernmost point of Iceland. It is easy to lose track of time here. The view refuses to get dull and with no sense of time, it is a difficult task tearing ourselves away.
Driving through what feels like autumn and winter, the sunshine returns in full force. We drive east for five hours along the south coast ring road to arrive at Skaftafell National Park and head straight to one of the most famous sights in Iceland - Jökulsárlón lagoon, fame that has been increased by its use in the Tomb Raider and James Bond films. Large boats carrying around 200 people provide views from a distance but for a more thrilling and intimate experience, I opt for Zodiac Tours. Started in 2011, Zodiac uses smaller boats carrying up to 10 people, which manoeuvre around the lagoon's constantly reforming icebergs at a close range. The subzero wind chill lashes against my face and fingers as we head out into the lagoon. I forget about the uncomfortable windchill factor when I see an iceberg flip over in front of me, revealing fresh, crystal clear, but age-old ice. Gloves are essential as we touch freshly flipped icebergs. I hear a loud thundering crash and watch a glacier in front of us release part of its wall into the lagoon.
We head next to Fjallsarlon. We access the lagoon via a small red sign and dirt road not far from Jökulsárlón and spend two hours admiring the untouched lagoons with no boats in sight, the midnight sun rising and glimmering reflections of glaciers on the lagoon's surface.
My final adventure was a morning glacier hike on Falljokull, the biggest glacier outside the polar regions, located at the southern tip of Skaftafell National Park. Armed with crampons, an ice axe and a guide occasionally having to axe a new trail for our group of 10, I gradually absorb the close-up view of deep blue ice cauldrons, icefalls and fresh crevices. The guide reminds me that the glacier moves back about 30 metres a year, instantly increasing my appreciation for the experience.
I'm on the quest for the perfect lobster meal on my way back to Reykjavik and have been recommended Red House (Rauda Hausid) by a local as an authentic Iceland lobster institution. We find Red House in the small town of Eyrarbakki, 45 minutes outside Reykjavik, which is an easy place to miss. Established in 1919, the setting is like a grandmother's living room and the quality lives up to expectation (average price per person $27 [Dh99] www.raudahusid.is) but bear in mind, like most restaurants in the country, Red House closes at 9pm.
I wake up early on Sunday for a Reykjavik bike tour. Set up by a husband and wife team, the company uses local guides who understand the history of the city and fill the tour with engaging anecdotes. Edda is a friend of the founders and an excellent guide (www.icelandbike.com $36 [Dh132] per person for classic tour). In hindsight, the bike tour would be one of the first things I would do in Reykjavik for the orientation and information it provides.
With just a few hours left of a five-night trip, we stop at the Blue Lagoon, a geothermal pool situated en route to the main international airport, with facilities catered specifically for pre- or post-flight tourists. A huge tourist attraction is busy by nature, but once I'm in the 40°C lagoon water, I forget about the crowds. I feel like I'm in an interactive spa, with silicone and algae along the banks you're encouraged to rub on your face for glowing skin. This is an ideal end to everyone's trip and the natural minerals seem to work, but ensure that the aimless hours you can easily spend in the lagoon don't make you miss your flight.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
First Person
Richard Flanagan
Chatto & Windus
RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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.”
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
The five pillars of Islam