In Australia "no worries" is an expression that's used every day – we say it often and without much thought. During my trip to Zanzibar, I found the Swahili equivalent – "hakuna matata" – far more fun to use, even if my Aussie accent took a shine off the delivery.
Hakuna matata, and “jambo”, which means hello, are sung to me on just about every street corner and beach I step foot on, and in most of the shops or market stalls I pass by, during my time on the small cluster of islands off the east coast of Africa. It’s not just the words themselves or their meaning, it’s the musical way in which they’re delivered.
Zanzibar, a semi-autonomous part of Tanzania, is something of a travel hotspot right now. FlyDubai added the route to its schedule last year, and provides access to the archipelago four times a week.
After a short stopover in Dar es Salaam, our plane approaches the international airport – it’s then that I get that African feeling, and probably rightly so, because it’s my first time here. The dirt roads and ramshackle houses I see out the window elicit a real sense of excitement.
After passport and yellow-fever-card formalities, we make our way from the small, basic terminal onto a minibus, where the luggage is being loaded through the back window, one bag after another, until the back seat is full, all bags stacked neatly. It’s a novel sight, even if somewhat unconventional, but hakuna matata, right?
As we head to our hotel, I hang on to every word our guide, Taib Hassan, says. We’re staying at the Meliá Zanzibar, a five-star, all-inclusive resort on the north-east coast, 45 minutes from the airport, so there’s plenty of time for insight.
“Tomorrow, we will visit the historical city of Stone Town, which was once the capital city of East Africa; today, a Unesco World Heritage Site,” Hassan, a Zanzibari, says as the bus makes its way through several small villages, all softly lit and lined with food stalls and locals gathering as darkness envelops them.
“[Stone Town’s] architecture is an infusion of Omani Arab, Swahili, Indian and European cultures. Stone Town has a number of historical sites – a lot has happened in Zanzibar. It is very famous in trading in general, like the spice trade, east meeting west,” he says. “Dubai today is what Zanzibar was before the 1960s – had there not been any interruptions like the revolutions and stuff, this would be your Dubai.”
After a 30-minute history lesson – which includes details about how Stone Town was largely the creation of the Sultan of Oman, who in 1840 shifted his seat from Muscat to Zanzibar; how Muslims make up the majority of the population; and how Queen’s frontman Freddie Mercury (then Farrokh Bulsara) was born here – we’re on the driveway heading to our resort. As we pull up, we’re met by what seems like the entire staff. Managers, porters and even spa therapists greet us with broad smiles and happy faces. “Jambo,” they say, and when we say thank you for the help, there it is again – “hakuna matata”.
The resort is set on a 40-acre estate, and has its own 300-metre-long private beach, five restaurants and an underground cave, plus various accommodation options. After we round off our first evening at a welcome barbecue dinner on Gabi Beach, complete with toe-tapping African beats and local fare, it’s with weary contentment that I jump into my four-poster canopy bed, ahead of tomorrow’s walking tour of Stone Town and trip to Prison Island, a piece of paradise about five kilometres north-west of the mainland.
It’s not until the sun rises the next morning that the full extent of our surroundings becomes clear. After a lovely buffet breakfast, we’re on the bus to Stone Town. The Darajani Bazaar is our first stop, but before we’ve even started, a man approaches me.
“Bungo fruit for you, miss?” he asks hopefully, reaching out to me with something that looks like a lemon in his hands. “Try it, miss”, he says, as he gives me a piece, and while he’s friendly enough, by entertaining him I become a target for others trying to sell their wares. I try a piece, and find it’s extremely sour. “It’s our native fruit, miss, you want to buy?”
I recall our guide telling us that bungo fruit is one of the most popular fruits for juicing here, “somewhere between a mango, an orange and a pineapple”. I resolve to try some at breakfast the next day, but decline the offer to buy as we head off into the food maze. If you can, visit first thing in the morning, before the heat of the day mixes with the fish and meat smells.
Before arriving, I was told by a friend that it’s a must to get lost in Stone Town among the cobbled streets and 500 or so beautifully carved doors that back in the day denoted wealth and status, because it’s part of the charm. But it’s nearly impossible to get lost when you’re part of an organised group, so I choose to let the sights, sounds and smells fuel my experience instead.
Being here is like taking a step back in time, with its narrow streets and Arabic-style houses, its blend of cathedrals and mosques and fresh produce aplenty. As we wind our way down the alleyways, every twist reveals something new, whether it’s locals painting on canvas, coffee vendors or stalls selling everything from second-hand shoes to woven baskets and spices – there are plenty of those here: they don’t call Zanzibar “Spice Island” for nothing.
As we wander down one alleyway, we hear a giggle from above, and when we look up, a little girl is smiling broadly back at us, peeking out from a window frame. She can’t be more than 5 years old, and she seems to be wondering what the fuss is about as we reach for our cameras and phones, and start snapping.
We’re still smiling about her as we head to the new Park Hyatt Zanzibar hotel, which is our lunch stop. Afterwards, it’s off to the beachfront, where we kick off our shoes and climb aboard a dhow bound for Prison Island, an unspoilt beach about 30 minutes away.
The island, which once housed a prison that was later used as a quarantine hospital, is popular with tourists and deemed one of the best spots for swimming and snorkelling. It’s also home to a giant-tortoise colony, some of them more than 100 years old. The tortoises were imported from the Seychelles in the late 19th century as a gift from the Seychelles government.
On our ride back to Stone Town, the sweet sounds of taarab music lull us into relaxation mode, and as the sun sets and the mainland changes colour it’s easy to see why Zanzibar is popular with tourists, to the tune of about 100,000 visitors a year. The fact that it’s temperate all year-round doesn’t hurt, either.
If you’re a foodie, be sure to visit The Rock Restaurant, an exclusive seafood spot perched on a rock in the middle of the Indian Ocean on Michanwi Pingwe Beach, on the south-east of the island. It is known the world over, and is a genuine experience, especially if you come across the Masai warriors on the way.
During the remainder of our stay, I am humbled often – there’s an obvious disparity between the haves and the have-nots in Zanzibar. Even though tourism is the top economic driver here – the five-star resorts and hotels are owned, run and mostly staffed by foreigners.
Hassan tells us that many who live outside of Stone Town don’t have running water or electricity in their homes, and the locals who do have jobs earn an average monthly income of US$200 (Dh734), which about the same as a night at the Meliá resort here.
After four days in this part of East Africa, and despite the tensions experienced here in recent weeks as a result of the latest elections, I’d say it’s a must-visit destination. If it’s on your bucket list, hakuna matata. And when you get there, be sure to say “jambo” from me.
mhealy@thenational.ae
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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.”
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Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
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Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The view from The National
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
UAE currency: the story behind the money in your pockets
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
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
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Origin
Dan Brown
Doubleday
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The five pillars of Islam
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5