• The month of Ramadan is a period of appreciation for traditional sweets in Bahrain. All photos: AFP
    The month of Ramadan is a period of appreciation for traditional sweets in Bahrain. All photos: AFP
  • Bahrainis with a sweet tooth have long been spoilt for choice with a wide array of dessert franchises, but traditional confectioners still hold their ground.
    Bahrainis with a sweet tooth have long been spoilt for choice with a wide array of dessert franchises, but traditional confectioners still hold their ground.
  • Workers prepare Halwa, a Bahraini sweet made primarily from sugar, corn starch, saffron and nuts at Hussain Showaiter Sweets at the Muharraq island store in northern Bahrain.
    Workers prepare Halwa, a Bahraini sweet made primarily from sugar, corn starch, saffron and nuts at Hussain Showaiter Sweets at the Muharraq island store in northern Bahrain.
  • Bahraini confections are a fixture on tables for the iftar meal.
    Bahraini confections are a fixture on tables for the iftar meal.
  • Workers prepare sweet sambosa at Hussain Showaiter Sweets in northern Bahrain.
    Workers prepare sweet sambosa at Hussain Showaiter Sweets in northern Bahrain.
  • General manager at the Hussain Showaiter Sweets and 5th generation member of the family-run business Muhana Fouad Hussain Showaiter shows special packaging introduced in the Muslim month of Ramadan, during a factory tour on Muharraq island in northern Bahrain, on April 18, 2022. - Bahrainis with a sweet tooth have long been spoiled for choice, with ample massive dessert franchises, but behind the flashy logos, another brand of confectioners still holds a traditional charm. (Photo by Mazen Mahdi / AFP)
    General manager at the Hussain Showaiter Sweets and 5th generation member of the family-run business Muhana Fouad Hussain Showaiter shows special packaging introduced in the Muslim month of Ramadan, during a factory tour on Muharraq island in northern Bahrain, on April 18, 2022. - Bahrainis with a sweet tooth have long been spoiled for choice, with ample massive dessert franchises, but behind the flashy logos, another brand of confectioners still holds a traditional charm. (Photo by Mazen Mahdi / AFP)
  • Saleh Al Halwachi, co-owner of Saleh Radhi Al Halwachi Sweets, makes Bahraini saffron and cardamom cakes known as khanfaroosh, at his shop in Jid Hafs village on the outskirts of the Bahraini capital, Manama.
    Saleh Al Halwachi, co-owner of Saleh Radhi Al Halwachi Sweets, makes Bahraini saffron and cardamom cakes known as khanfaroosh, at his shop in Jid Hafs village on the outskirts of the Bahraini capital, Manama.
  • Confectioners are not averse to innovating to appeal to a younger clientele.
    Confectioners are not averse to innovating to appeal to a younger clientele.
  • An expert in Bahrain's popular heritage said that while innovative twists are popular, people still prefer 'sweets in their traditional form'.
    An expert in Bahrain's popular heritage said that while innovative twists are popular, people still prefer 'sweets in their traditional form'.
  • Saleh Radhi Al Halwachi sweet shop in Jid Hafs village on the outskirts of Manama.
    Saleh Radhi Al Halwachi sweet shop in Jid Hafs village on the outskirts of Manama.

MENA

Traditional sweets are the star of iftar meals in Bahrain - in pictures

Artisans hold their ground against dessert franchises

The National

April 22, 2022

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  • Arabic

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yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

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Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

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Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

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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

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Updated: April 22, 2022, 9:01 AM
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