Why Chengdu?
In a country where it often feels like you have to crawl over 20 people just to cross the street, Chengdu in southern China is a rare quiet breath. Despite housing 17 million people, most of the surrounding land is countryside, with the astonishingly beautiful Tibetan Plateau a bumpy hour away by car. Tranquil is the wrong word. China doesn't do tranquil, but Chengdu definitely doesn't feel like it's rushing to get anywhere. The people here are more laid back than their northern cousins, happier to sit and watch the world go by. Perhaps it's the presence of so much green space, or the beautiful Jinjiang River that meanders through the city.
A comfortable bed
Chengdu's mid-range accommodations seem to be based on those Hollywood sets where the beautiful facade hides the ugly shack behind. Here's my advice: avoid the mid-range and aim yourself squarely at the budget or high end of the market.
The Shangri-La (www.shangri-la.com) has great views over the city. Rooms begin at 1,394 yuan (Dh830) per night, but if you've got slightly deeper pockets, spring for a Horizon Club room at1,993 yuan (Dh1,187). This gives you access to the club lounge, which is just about my favourite place to be at 5.30pm. This is when the buffet opens and the fantastically friendly staff arrive with complimentary teas and beverages.
On the budget side, I really like the Loft Design Hostel (www.lofthostel.com). Formerly a printing factory, it has huge bare rooms filled with colourful Ikea furniture, but there's free Wi-Fi, electric blankets, pool tables and a massive common room. Private rooms cost from 100 yuan (Dh60) per night.
Find your feet
Navigating Chengdu is pretty easy thanks to the Jinjiang River, which wanders through the city like a dazed rhino. If you're ever lost, just follow the river until you hit a metro station, then get yourself to Tianfu Square - the heart of Chengdu. You'll know it immediately because you'll be under the unblinking stare of the giant Mao statue at its centre. If a local tells you to "meet under Mao", this is what they mean. The other big landmark is Chunxi road, from which Chengdu's shopping district sprawls outward in a messy pile.
Meet the locals
The People's Park is about a 20-minute walk away from Tianfu Square, and every morning plays host to nearly every old person in the city. They fan dance, practise their calligraphy on the square with huge brushes and buckets of water, sip tea, play mahjong and gossip relentlessly about their relatives. Come evening, the students arrive - sitting in groups on the grass with their books scattered about them, laughing and chatting. Wander around for awhile and eventually somebody will ask you to join them. There's a likelihood that you will end up singing karaoke at 2am in some neon-lit monstrosity on Chunxi road but I still suggest that you say yes.
Book a table
Chengdu is the capital of the Sichuan province and is famous for its mouth-searing hotpot; a bubbling cauldron that sits on your table on an open flame. You pick the things you want to dunk into the soup from a list and they're delivered en masse. The longer you leave them in the bubbling inferno, the spicier they get. If you're a masochist, it's an interesting game of chicken with friends. Try Huang Cheng Lao Ma, which offers hotpot followed by Chengdu opera and mask-changing performances for around 125 yuan (Dh75). It's a little bit touristy, but everybody speaks English, which is a necessity considering you're picking off a menu containing chicken feet.
Down at the budget end, the dumpling sellers on Xinsheng road offer some of the city's tastiest, most little-known treats. Expect to pay a few dirhams for three. Price depends on their mood.
Shopper's paradise
Whether you're looking for a Little Red Book, communist-era coins or bizarre sculptures of dragons and quasi-mythological animals, you'll find them at the Songxian Qiao Antique Market, near the beautiful Song Xian Bridge. Don't go expecting beautiful environs, this is a concrete sprawl with stalls squished together wherever there's space. Bargain hard and don't be afraid to walk away. Chances are the sellers will chase after you with a better price.
What to avoid
Visiting in the heat of July.
Don't miss
Mount Qingcheng, about 40 kilometres outside of the city. Covered in pagodas and surrounded by lakes, this is the very definition of ancient China - and it's an absolute doddle to reach from Chengdu. For an easy life hire a taxi for the day for around 620 yuan (Dh370).
Go there
Etihad (www.etihad.com) flies direct from Abu Dhabi to Chengdu four times a week. It takes seven hours and a return ticket costs from Dh1,290.
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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.”
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Ammar 808:
Maghreb United
Sofyann Ben Youssef
Glitterbeat
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
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Sholto Byrnes on Myanmar politics
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
