Turkish counter-terrorism police have carried out raids and apprehended 20 people linked to Kurdish militants a day after a suicide attack in Ankara, Turkish state news agency Anadolu reported.
Interior Minister Ali Yerlikaya said the raids were focused on people who “collected aid” for the Kurdistan Workers' Party (PKK) and “created safe houses” where members could take shelter.
Police visited 26 addresses in 11 districts in Ankara and the western city of Kirklareli on Monday, Mr Yerlikaya said.
He said those arrested included members of the pro-Kurdish Peoples' Democratic Party.
Also on Monday, Turkey launched overnight drone strikes on Kurdish targets in Qamishli, northern Syria, hours after its warplanes bombed Kurdish militants in northern Iraq, the Turkish Defence Ministry said.
The strikes in Iraq and Syria followed the suicide bombing in Ankara on Sunday that was claimed by the PKK, which has waged a decades-long insurgency. Both attackers were killed and two police officers wounded.
The Defence Ministry said the strikes in Syria “neutralised” Muzdelif Taskin, a PKK member accused of planning an ambush that killed 12 Turkish soldiers in 2007.
Sunday's strikes in Iraq destroyed 20 targets, “consisting of caves, bunkers, shelters and depots used by the separatist terrorist organisation”, and also “neutralised” Kurdish militants, the ministry said.
It said it would continue the attacks in northern Iraq until “there is not a single terrorist left”.
Iraq condemned Turkish airstrikes and the presence of Turkish military bases in Iraq's Kurdistan region. Iraq's President Abdul Latif Rashid said he hopes to work with Ankara to resolve this issue.
"These violations are rejected by the Iraqi people, the (Kurdistan) region and all of Iraq's inhabitants," Mr Rashid said in an interview with Saudi-owned television network Al Hadath. It was unclear whether the interview was filmed before or after Sunday's strikes.
The Iraqi president said that civilians are sometimes killed in these strikes including innocent people visiting the region who "become victims of Turkish bombing".
Mr Rashid is a member of the Patriotic Union of Kurdistan (PUK) and has previously summoned the Turkish ambassador to Iraq over similar manoeuvres by Ankara.
Turkey, which along with its western allies considers the PKK a terrorist organisation, accused the group of a bombing in Istanbul last November that killed six people. The PKK denied involvement and called for an international investigation.
Turkey's intelligence organisation, MIT, last week hit targets in the Sulaimaniya province of Iraq's semi-autonomous northern Kurdish region, Turkish state news agency Anadolu reported.
The PKK was adopting “alternative strategies” and was increasing efforts to hire more recruits, Anadolu reported, citing a security source.
“The terror group's latest strategy involves transporting terrorists to Europe and then bringing them back to Iraq and Syria,” Anadolu said, citing the source.
Kurdish news outlet Rudaw said a 57-year-old woman was among those killed in Wednesday's attack by Turkish drones on the village of Bokreskan.
The woman's daughter and husband were wounded as well, Rudaw reported, citing a witness from the village.
More attacks
Speaking to The National from Turkey, a senior UAE-based analyst said Sunday's strikes on northern Iraq could be a prelude to a bigger, “cleansing” incursion in northern Syria involving air strikes.
“The PKK has been launching attacks in Turkey for decades and Turkey has been striking back as well,” he said.
“Turkey has gained a lot of experience over the years in both day and night-time operations and precision strikes in rough terrain, mountainous areas.
“However, there is speculation and reports that Turkey will launch more attacks on PKK targets in northern Syria to eradicate pockets that have remained under PKK control.”
The analyst said Turkey had to consider its current dealings with Russia before launching an offensive in Syria, where Moscow is backing President Bashar Al Assad.
“Turkey is trying to maintain a delicate balance, given its relationship with Russia at the moment,” he said.
Ankara is seeking to reach a deal with Moscow to allow the safe shipment of grain through the Black Sea as the war between Russia and Ukraine, two of the world's biggest suppliers, continues.
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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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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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UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
