• The brother of a survivor Gokhan Ugurlu, 35, who was pulled out of the rubble in Hatay, Turkey, reacts as a rescuer looks on. Reuters
    The brother of a survivor Gokhan Ugurlu, 35, who was pulled out of the rubble in Hatay, Turkey, reacts as a rescuer looks on. Reuters
  • A woman walks past flattened buildings in a street in Hatay province, Turkey. Reuters
    A woman walks past flattened buildings in a street in Hatay province, Turkey. Reuters
  • A member of the army stands amid rubble in Kahramanmaras, Turkey. Reuters
    A member of the army stands amid rubble in Kahramanmaras, Turkey. Reuters
  • A man reacts while sitting outside a tent of a temporary accommodation centre set up on a football pitch in Gaziantep, Turkey. Reuters
    A man reacts while sitting outside a tent of a temporary accommodation centre set up on a football pitch in Gaziantep, Turkey. Reuters
  • Earthquake survivors walk on a street in Hatay, Turkey. Reuters
    Earthquake survivors walk on a street in Hatay, Turkey. Reuters
  • A White Helmets volunteer holds a rescued cat in the rebel-held town of Jandaris, Syria. Reuters
    A White Helmets volunteer holds a rescued cat in the rebel-held town of Jandaris, Syria. Reuters
  • A Syrian boy, who lost his family in the deadly earthquake, stands amid the rubble of his family home in Jindayris. AFP
    A Syrian boy, who lost his family in the deadly earthquake, stands amid the rubble of his family home in Jindayris. AFP
  • Rescuers sit by a bonfire in Hatay, Turkey. AFP
    Rescuers sit by a bonfire in Hatay, Turkey. AFP
  • A Turkish soldier walks among destroyed buildings in Hatay. AFP
    A Turkish soldier walks among destroyed buildings in Hatay. AFP
  • Relatives of Palestinian doctor Yusuf Darabeh, who died when the earthquake hit Turkey, comfort each other. AP Photo
    Relatives of Palestinian doctor Yusuf Darabeh, who died when the earthquake hit Turkey, comfort each other. AP Photo
  • People stand by a collapsed building in Kahramanmaras, southern Turkey. AP Photo
    People stand by a collapsed building in Kahramanmaras, southern Turkey. AP Photo
  • A child, injured in the earthquake, is treated at hospital in Bab Al Hawah, Syria. AP Photo
    A child, injured in the earthquake, is treated at hospital in Bab Al Hawah, Syria. AP Photo
  • Vehicles containing aid from Hashid Shaabi (Popular Mobilization Forces) on the Iraqi side of the Iraq-Syria border. Reuters
    Vehicles containing aid from Hashid Shaabi (Popular Mobilization Forces) on the Iraqi side of the Iraq-Syria border. Reuters
  • Rescuers carry Muhammed Alkanaas, 12, to an ambulance after five days under the rubble in Antakya, Turkey. AP
    Rescuers carry Muhammed Alkanaas, 12, to an ambulance after five days under the rubble in Antakya, Turkey. AP
  • Romanian firefighters load a Turkey-bound train with emergency aid near Bucharest. AP
    Romanian firefighters load a Turkey-bound train with emergency aid near Bucharest. AP
  • Collapsed buildings in Jandaris, Syria. Reuters
    Collapsed buildings in Jandaris, Syria. Reuters
  • Abdulkerim Nano, 67, is rescued after five days under the rubble in in Kahramanmaras, Turkey
    Abdulkerim Nano, 67, is rescued after five days under the rubble in in Kahramanmaras, Turkey
  • A Turkish rescue worker checks a collapsed building in Adiyaman. AP
    A Turkish rescue worker checks a collapsed building in Adiyaman. AP
  • Rescuers in Adiyaman, Turkey. AP
    Rescuers in Adiyaman, Turkey. AP
  • A resident in front of his collapsed building in the Elbistan district of Kahramanmaras. AFP
    A resident in front of his collapsed building in the Elbistan district of Kahramanmaras. AFP
  • Syrian refugees shelter in a public market in the Islahiye district of Gaziantep, Turkey. AP
    Syrian refugees shelter in a public market in the Islahiye district of Gaziantep, Turkey. AP
  • A family wait for the bodies of their relatives to be recovered in Antakya, Turkey. AP
    A family wait for the bodies of their relatives to be recovered in Antakya, Turkey. AP
  • A woman plays with a sniffer dog in Antakya, Turkey. AP
    A woman plays with a sniffer dog in Antakya, Turkey. AP
  • Collapsed buildings in Antakya, Turkey. AP
    Collapsed buildings in Antakya, Turkey. AP
  • A Syrian woman takes care of her nephew Hasan Goayid, eight, in Islahiye district, Gaziantep. AP
    A Syrian woman takes care of her nephew Hasan Goayid, eight, in Islahiye district, Gaziantep. AP
  • A Syrian child in a tent in the Islahiye district. AP
    A Syrian child in a tent in the Islahiye district. AP
  • Collapsed buildings in the Elbistan district of Kahramanmaras. AFP
    Collapsed buildings in the Elbistan district of Kahramanmaras. AFP
  • Emirati rescuers sift through the rubble of a collapsed building in the regime-controlled town of Jableh, northwest of the Syrian capital. AFP
    Emirati rescuers sift through the rubble of a collapsed building in the regime-controlled town of Jableh, northwest of the Syrian capital. AFP
  • Volunteers at the Emirates Red Crescent 'Bridges of Goodness' campaign at the South Hall, Dubai Exhibition Centre at Expo City. Leslie Pableo for The National
    Volunteers at the Emirates Red Crescent 'Bridges of Goodness' campaign at the South Hall, Dubai Exhibition Centre at Expo City. Leslie Pableo for The National
  • Martin Griffiths, UN Under Secretary General for Humanitarian Affairs and Emergency Relief Co-ordinator, in Maras, Turkey. Reuters
    Martin Griffiths, UN Under Secretary General for Humanitarian Affairs and Emergency Relief Co-ordinator, in Maras, Turkey. Reuters
  • Rescuers give water to a dog after a rescue operation in Hatay, southern Turkey. AP
    Rescuers give water to a dog after a rescue operation in Hatay, southern Turkey. AP
  • A deadly earthquake struck southern Turkey and northern Syria on February 6. EPA
    A deadly earthquake struck southern Turkey and northern Syria on February 6. EPA
  • Fissures from the earthquake have crumpled the highway near Islahiyeh in Southern Turkey. Matt Kynaston / The National
    Fissures from the earthquake have crumpled the highway near Islahiyeh in Southern Turkey. Matt Kynaston / The National
  • A Kurdish charity's aid convoy enters Syria through the Bab Al Salama crossing with Turkey, in the northern province of Aleppo. AFP
    A Kurdish charity's aid convoy enters Syria through the Bab Al Salama crossing with Turkey, in the northern province of Aleppo. AFP
  • A rescuer with a sniffer dog searches in a destroyed building in Antakya, southern Turkey. AFP
    A rescuer with a sniffer dog searches in a destroyed building in Antakya, southern Turkey. AFP
  • A makeshift camp erected in a stadium in the city of Kahramanmaras, southern Turkey. EPA
    A makeshift camp erected in a stadium in the city of Kahramanmaras, southern Turkey. EPA
  • A woman mourns Turkish Cypriot victims of the earthquake, during a funeral procession in the Turkish occupied area in north-east coastal city of Famagusta, Cyprus. AP
    A woman mourns Turkish Cypriot victims of the earthquake, during a funeral procession in the Turkish occupied area in north-east coastal city of Famagusta, Cyprus. AP
  • Rescuers carry survivor Rabia Ofkeli, 27, from the rubble in Hatay, southern Turkey. Reuters
    Rescuers carry survivor Rabia Ofkeli, 27, from the rubble in Hatay, southern Turkey. Reuters
  • Syrian President Bashar Al Assad visits Aleppo university hospital. Reuters
    Syrian President Bashar Al Assad visits Aleppo university hospital. Reuters
  • Members of the Swiss rescue team with a four-month-old girl, Abir, who was pulled out from the rubble in Antakya. AFP
    Members of the Swiss rescue team with a four-month-old girl, Abir, who was pulled out from the rubble in Antakya. AFP
  • Survivors at a hospital in Kahramanmaras, Turkey. Reuters
    Survivors at a hospital in Kahramanmaras, Turkey. Reuters
  • Members of the White Helmets during the fifth day of rescue operations in Jandaris, Syria. Reuters
    Members of the White Helmets during the fifth day of rescue operations in Jandaris, Syria. Reuters
  • Indonesian Muslims perform a prayer for the victims at Istiqlal grand mosque in Jakarta. EPA
    Indonesian Muslims perform a prayer for the victims at Istiqlal grand mosque in Jakarta. EPA
  • Emergency personnel conduct a rescue operation to save Melda, 16, from beneath the rubble of a collapsed building in Hatay, southern Turkey. AFP
    Emergency personnel conduct a rescue operation to save Melda, 16, from beneath the rubble of a collapsed building in Hatay, southern Turkey. AFP
  • The earthquake caused a railbed overpass to collapse in Nurdagi, Turkey. AFP
    The earthquake caused a railbed overpass to collapse in Nurdagi, Turkey. AFP
  • A framed picture on the cracked wall of a collapsed building in Kahramanmaras, south-eastern Turkey. EPA
    A framed picture on the cracked wall of a collapsed building in Kahramanmaras, south-eastern Turkey. EPA
  • A coastal area of Iskenderun, Turkey, was flooded after the quake. Reuters
    A coastal area of Iskenderun, Turkey, was flooded after the quake. Reuters
  • A sheet of paper lies among the rubble in Elbistan. AP
    A sheet of paper lies among the rubble in Elbistan. AP
  • Relief supplies destined for earthquake survivors in Turkey, at a warehouse in Schoenefeld, near Berlin, Germany. AP
    Relief supplies destined for earthquake survivors in Turkey, at a warehouse in Schoenefeld, near Berlin, Germany. AP
  • Rescuers search for survivors in the rubble of collapsed buildings in Kahramanmaras, three days after the earthquake struck. AFP
    Rescuers search for survivors in the rubble of collapsed buildings in Kahramanmaras, three days after the earthquake struck. AFP
  • Rescuers with a child pulled out from under the rubble. Reuters
    Rescuers with a child pulled out from under the rubble. Reuters
  • Rescuers rest on top of rubble as an aircraft drops water over a fire at the port in the quake-stricken town of Iskenderun. Reuters
    Rescuers rest on top of rubble as an aircraft drops water over a fire at the port in the quake-stricken town of Iskenderun. Reuters
  • A rescue worker in Kahramanmaras, three days after a 7.8-magnitude earthquake struck south-east Turkey. AFP
    A rescue worker in Kahramanmaras, three days after a 7.8-magnitude earthquake struck south-east Turkey. AFP
  • People try to pull out a dog trapped beneath the rubble in Iskenderun, Turkey. Reuters
    People try to pull out a dog trapped beneath the rubble in Iskenderun, Turkey. Reuters
  • Lorries carrying humanitarian aid wait at Bab Al Hawa crossing on the Turkey-Syria border. Reuters
    Lorries carrying humanitarian aid wait at Bab Al Hawa crossing on the Turkey-Syria border. Reuters
  • Syrians warm up by a fire outside a makeshift tent near the rebel-held town of Jindayris in Syria. AFP
    Syrians warm up by a fire outside a makeshift tent near the rebel-held town of Jindayris in Syria. AFP
  • A dam on the Orontes river in Syria's rebel-held Idlib province collapsed after the quake, flooding the neighbourhood. AFP
    A dam on the Orontes river in Syria's rebel-held Idlib province collapsed after the quake, flooding the neighbourhood. AFP
  • The sails of the Sydney Opera House lit with a black ribbon in remembrance and mourning of the earthquake victims. Getty
    The sails of the Sydney Opera House lit with a black ribbon in remembrance and mourning of the earthquake victims. Getty
  • Smoke billows amid an expanse of collapsed and damaged buildings in Kahramanmaras, Turkey. Reuters
    Smoke billows amid an expanse of collapsed and damaged buildings in Kahramanmaras, Turkey. Reuters
  • Dogs of the German International Search and Rescue team rest between operations in Kirikhan, Turkey. Reuters
    Dogs of the German International Search and Rescue team rest between operations in Kirikhan, Turkey. Reuters
  • White Helmets volunteers rescue a child trapped beneath the rubble in Jandaris, Syria. Reuters
    White Helmets volunteers rescue a child trapped beneath the rubble in Jandaris, Syria. Reuters
  • People gather to collect food and humanitarian aid in the Elbistan district of Kahramanmaras, south-east Turkey. EPA
    People gather to collect food and humanitarian aid in the Elbistan district of Kahramanmaras, south-east Turkey. EPA
  • The statue of Mustafa Kemal Ataturk, founder of modern Turkey, is surrounded by damaged buildings in Adiyaman province. AP
    The statue of Mustafa Kemal Ataturk, founder of modern Turkey, is surrounded by damaged buildings in Adiyaman province. AP
  • A plane carrying humanitarian air sent for earthquake survivors lands in Damascus. Mahmoud Rida / The National
    A plane carrying humanitarian air sent for earthquake survivors lands in Damascus. Mahmoud Rida / The National
  • Motorway fractured by earthquake causes car crash near Kahramanmaras, Turkey. Matt Kynaston / The National
    Motorway fractured by earthquake causes car crash near Kahramanmaras, Turkey. Matt Kynaston / The National
  • A tent camp has been set up at a stadium in south-eastern Turkish city of Kahramanmaras to shelter families whose homes were destroyed in the quake. AFP
    A tent camp has been set up at a stadium in south-eastern Turkish city of Kahramanmaras to shelter families whose homes were destroyed in the quake. AFP
  • A displaced Syrian woman rests under a tree in a field on the outskirts of the rebel-held town of Jindayris. AFP
    A displaced Syrian woman rests under a tree in a field on the outskirts of the rebel-held town of Jindayris. AFP

Palestinian family dies in Turkey earthquake after fleeing violence in Gaza


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Follow the latest news on the earthquake in Turkey

More than 12 years ago, Abdel Karim Abu Jalhoum fled violence and poverty in the Palestinian territory of Gaza for safety in Turkey.

On Monday, the earthquake that devastated parts of southern Turkey and northern Syria killed him and his entire family.

The Palestinian Foreign Ministry said Mr Abu Jalhoum, 50, his wife Fatima, 33, and their four children, were among 70 Palestinians who had been found dead.

The overall death toll in the quake passed 16,000 on Thursday.

“My brother went to Turkey to seek a better life away from wars and blockades here in Gaza,” Mr Abu Jalhoum's brother, Ramzy, 43, said, as relatives and neighbours visited the family's house in the town of Beit Lahiya, in northern Gaza, on Wednesday to pay respects.

“We lost the family. An entire family was wiped off the civil registration record,” he said.

Mr Abu Jalhoum had worked as a taxi driver in Gaza but struggled to support a growing family and left in 2010 for Turkey.

There, he worked in a wood factory in the southern city of Antakya, and Fatima and their children joined him once he was established.

In Antakya, life was promising for the couple and their children, Noura, 16, Bara, 11, Kenzi, 9 and Mohammad, 3, who was born in Turkey. Six months ago, they had moved to a new apartment, their family said.

Destroyed buildings in Antakya, southern Turkey. AP
Destroyed buildings in Antakya, southern Turkey. AP

In the hours after the tremors, the extended family desperately tried to make contact, calling everyone who could offer any information. On Tuesday, they recognised the family in a photo showing them buried under the rubble, lifeless.

In the picture, Mr Abu Jalhoum is seen embracing his children, seemingly trying to protect them with his body as their home collapsed on them.

There are no exact figures as to how many Palestinians live in Turkey, but many, especially from Gaza, have in recent years moved there.

Many are seeking opportunities away from the densely populated territory that has witnessed frequent conflict between the ruling Hamas movement and Israeli forces that has left the economy in ruins.

Wedad, the mother of Palestinian Abdel Karim Abu Jalhoum, who died with his family in the earthquake in Turkey, mourns in Beit Lahiya, northern Gaza. Reuters
Wedad, the mother of Palestinian Abdel Karim Abu Jalhoum, who died with his family in the earthquake in Turkey, mourns in Beit Lahiya, northern Gaza. Reuters

UN relief agency UNRWA estimates around 438,000 Palestinian refugees live in Syria.

The Palestinian Authority, which has a limited rule in the Israeli-occupied West Bank, said it had sent a rescue mission to affected areas.

At the family house in Beit Lahiya, Mr Abu Jalhoum's mother, Wedad, prayed that the family's bodies could be returned home for burial.

“I haven't seen my son, nor his children for 12 years,” she said.

“I want my children, I want to see them and bid them farewell.”

UAE FIXTURES

October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi

October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium

November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium

How they line up for Sunday's Australian Grand Prix

1 Lewis Hamilton, Mercedes

2 Kimi Raikkonen, Ferrari

3 Sebastian Vettel, Ferrari

4 Max Verstappen, Red Bull

5 Kevin Magnussen, Haas

6 Romain Grosjean, Haas

7 Nico Hulkenberg, Renault

*8 Daniel Ricciardo, Red Bull

9 Carlos Sainz, Renault

10 Valtteri Bottas, Mercedes

11 Fernando Alonso, McLaren

12 Stoffel Vandoorne, McLaren

13 Sergio Perez, Force India

14 Lance Stroll, Williams

15 Esteban Ocon, Force India

16 Brendon Hartley, Toro Rosso

17 Marcus Ericsson, Sauber

18 Charles Leclerc, Sauber

19 Sergey Sirotkin, Williams

20 Pierre Gasly, Toro Rosso

* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice

The Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

While you're here

Rainbow

Kesha

(Kemosabe)

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Straightforward ways to reduce sugar in your family's diet
  • Ban fruit juice and sodas
  • Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
  • Give young children plain yoghurt with whole fruits mashed into it
  • Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
  • Don’t eat dessert every day 
  • Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
  • Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
  • Read food labels if you really do feel the need to buy processed food
  • Eat everything in moderation
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

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.”

25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
The%C2%A0specs%20
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Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

HER%20FIRST%20PALESTINIAN
%3Cp%3EAuthor%3A%20Saeed%20Teebi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%C2%A0House%20of%20Anansi%20Press%3C%2Fp%3E%0A
THE TWIN BIO

Their favourite city: Dubai

Their favourite food: Khaleeji

Their favourite past-time : walking on the beach

Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll

The specs: 2019 Aston Martin DBS Superleggera

Price, base: Dh1.2 million

Engine: 5.2-litre twin-turbo V12

Transmission: Eight-speed automatic

Power: 725hp @ 6,500pm

Torque: 900Nm @ 1,800rpm

Fuel economy, combined:  12.3L / 100km (estimate)

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

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Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

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.

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

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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Glossary of a stock market revolution

Reddit

A discussion website

Redditor

The users of Reddit

Robinhood

A smartphone app for buying and selling shares

Short seller

Selling a stock today in the belief its price will fall in the future

Short squeeze

Traders forced to buy a stock they are shorting 

Naked short

An illegal practice  

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

 

 

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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Updated: February 09, 2023, 9:01 AM