• Miss Lebanon 2018 Maya Reaidy crowns Yasmina Zaytoun, winner of the 2022 pageant, in Beirut. EPA
    Miss Lebanon 2018 Maya Reaidy crowns Yasmina Zaytoun, winner of the 2022 pageant, in Beirut. EPA
  • Ms Zaytoun, 20, a journalism student from Kfarchouba, won the modified title of 'We Miss Lebanon', a nod to Lebanon’s prolonged adversity. EPA
    Ms Zaytoun, 20, a journalism student from Kfarchouba, won the modified title of 'We Miss Lebanon', a nod to Lebanon’s prolonged adversity. EPA
  • This was the first Miss Lebanon pageant to take place since 2018. Reuters
    This was the first Miss Lebanon pageant to take place since 2018. Reuters
  • Other contestants celebrate with Ms Zaytoun. EPA
    Other contestants celebrate with Ms Zaytoun. EPA
  • The event was held in collaboration with Lebanon’s Ministry of Tourism. EPA
    The event was held in collaboration with Lebanon’s Ministry of Tourism. EPA
  • Seventeen women competed for a grand prize of $100,000 and the chance to compete in the Miss World and Miss Universe competitions. EPA
    Seventeen women competed for a grand prize of $100,000 and the chance to compete in the Miss World and Miss Universe competitions. EPA
  • Contestants pose in swimsuits during the competition. EPA
    Contestants pose in swimsuits during the competition. EPA
  • The event was coloured by a touch of nostalgia and longing for a return to normality for the struggling nation. EPA
    The event was coloured by a touch of nostalgia and longing for a return to normality for the struggling nation. EPA
  • Lebanese singer Nancy Ajram performs during the pageant. EPA
    Lebanese singer Nancy Ajram performs during the pageant. EPA
  • Ajram started with a rendition of 'Ila Beirut Al Ontha' in a tribute to the Lebanese capital. EPA
    Ajram started with a rendition of 'Ila Beirut Al Ontha' in a tribute to the Lebanese capital. EPA
  • She also performed 'Salmat Salamat' and her new song, 'Sah Sah'. EPA
    She also performed 'Salmat Salamat' and her new song, 'Sah Sah'. EPA
  • A band perform on stage during the contest. AP
    A band perform on stage during the contest. AP
  • The pageant is part of a campaign to bring more tourism to the struggling country. AP
    The pageant is part of a campaign to bring more tourism to the struggling country. AP
  • Contestants pose in their gowns during the contest. AP
    Contestants pose in their gowns during the contest. AP

Miss Lebanon returns to the nation's screens


Nada Homsi
  • English
  • Arabic

The Miss Lebanon pageant has returned to TVs around the country for the first time in three years.

Veteran Miss Lebanon Maya Reaidy’s reign finally came to an end on Sunday evening with the crowning of the 2022 Miss Lebanon, Yasmina Zaytoun.

It was the first Miss Lebanon pageant to take place since 2018.

Lebanon has been thrown from crisis to crisis, with an economic collapse that began in October 2019 followed closely and compounded by the global Covid-19 pandemic.

And in 2020, a massive explosion in Beirut’s port killed more than 200 people and destroyed a large part of the city.

The prolonged economic crisis has brought a breakdown in basic services such as electricity and water, and chronic shortages of wheat and medicine.

Journalism student Yasmina Zaytoun, 20, from Kfarchouba, won the modified title of "We Miss Lebanon", a nod to Lebanon’s prolonged adversity.

Seventeen women from around Lebanon competed for a grand prize of $100,000 and the chance to compete in pageant competitions Miss World and Miss Universe.

Notable among them was Congolese-Lebanese Dalal Hoballah, who came in fourth place and whose run as a contestant made waves on social media.

When asked by one of the judges what cause she would champion, she answered, “There is beauty in diversity.”

Ms Hoballah was the only racially diverse contestant.

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    Miss Universe Turkey 2022 is Aleyana Sirin. Photo: Instagram / Aleyanasirinn
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    Miss Universe Italy 2022 is Virginia Stablum. Photo: / Instagram / Virginia.Stablum
  • Miss Universe Kyrgyzstan 2022 is Altynai Botoyarova. Photo: Instagram / botoyarova_altynai
    Miss Universe Kyrgyzstan 2022 is Altynai Botoyarova. Photo: Instagram / botoyarova_altynai
  • Evlin Khalifa, 24, is the second Miss Universe Bahrain. Photo: Miss Universe Bahrain
    Evlin Khalifa, 24, is the second Miss Universe Bahrain. Photo: Miss Universe Bahrain
  • Miss Universe Spain, Alicia Faubel, comes from Alicante and has lived in Dubai and the Philippines. Photo: Instagram / alicia.aliccia
    Miss Universe Spain, Alicia Faubel, comes from Alicante and has lived in Dubai and the Philippines. Photo: Instagram / alicia.aliccia
  • Divita Rai, 23, winner of India's Miss Diva Universe 2022. Photo: Miss Diva
    Divita Rai, 23, winner of India's Miss Diva Universe 2022. Photo: Miss Diva
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    Sophiya Bhujel was crowned Oriflame Miss Universe Nepal 2022. Photo: Miss Universe Nepal
  • Ndavi Nokeri, winner of Miss Universe South Africa 2022. Photo: Miss South Africa
    Ndavi Nokeri, winner of Miss Universe South Africa 2022. Photo: Miss South Africa
  • Anna Sueangam-iam was named Miss Universe Thailand 2022. Photo: Miss Universe
    Anna Sueangam-iam was named Miss Universe Thailand 2022. Photo: Miss Universe
  • Balsam Hussein when she was declared Miss Iraq 2022. Azhar Al-Rubaie for The National
    Balsam Hussein when she was declared Miss Iraq 2022. Azhar Al-Rubaie for The National
  • Yasmina Zaytoun after being crowned Miss Lebanon 2022 at Forum De Beirut. EPA
    Yasmina Zaytoun after being crowned Miss Lebanon 2022 at Forum De Beirut. EPA
  • Noky Simbani was crowned Miss Universe Great Britain 2022. Photo: Instagram / Miss Universe Great Britain
    Noky Simbani was crowned Miss Universe Great Britain 2022. Photo: Instagram / Miss Universe Great Britain
  • Miss Ukraine 2022 is Viktoria Apanasenko, first runner-up from last year's contest. There was no pageant held this year owing to the war in the country. Photo: Instagram / Viktoria Apanasenko
    Miss Ukraine 2022 is Viktoria Apanasenko, first runner-up from last year's contest. There was no pageant held this year owing to the war in the country. Photo: Instagram / Viktoria Apanasenko
  • Nguyen Thi Ngoc Chau has been named Miss Universe Vietnam 2022. Photo: Facebook / Nguyen Thi Ngoc Chau
    Nguyen Thi Ngoc Chau has been named Miss Universe Vietnam 2022. Photo: Facebook / Nguyen Thi Ngoc Chau
  • Filipino-Italian beauty queen Celeste Cortesi was crowned Miss Universe Philippines 2022 in Manila. EPA-EFE
    Filipino-Italian beauty queen Celeste Cortesi was crowned Miss Universe Philippines 2022 in Manila. EPA-EFE
  • Bhutan is marking its pageant debut this year and Tashi Choden is the country's first beauty queen. Photo: Tashi Choden
    Bhutan is marking its pageant debut this year and Tashi Choden is the country's first beauty queen. Photo: Tashi Choden
  • Laksmi Suardana took the Puteri Indonesia 2022 crown, becoming the first contestant from Bali to enter Miss Universe. Photo: Laksmi Shari De Neefe Suardana
    Laksmi Suardana took the Puteri Indonesia 2022 crown, becoming the first contestant from Bali to enter Miss Universe. Photo: Laksmi Shari De Neefe Suardana
  • Miss Universe Ghana 2022 Engracia Afua K Mofuman was one of the first women to be crowned in 2022, in order to compete in the 71st Miss Universe pageant. Photo: Engracia Mofuman
    Miss Universe Ghana 2022 Engracia Afua K Mofuman was one of the first women to be crowned in 2022, in order to compete in the 71st Miss Universe pageant. Photo: Engracia Mofuman
  • Hanna Kim, from Seoul, will represent South Korea in the next Miss Universe pageant. Photo: Hanna Ming
    Hanna Kim, from Seoul, will represent South Korea in the next Miss Universe pageant. Photo: Hanna Ming
  • The first and last time the Seychelles competed in Miss Universe was 1995 and so, after that 27-year hiatus, Gabriella Gonthier, from Mahe, will be representing her home country. Photo: Gabriella Gonthier/ Miss University Africa
    The first and last time the Seychelles competed in Miss Universe was 1995 and so, after that 27-year hiatus, Gabriella Gonthier, from Mahe, will be representing her home country. Photo: Gabriella Gonthier/ Miss University Africa
  • Amelia Tu, from Vancouver, winner of Miss Universe Canada 2022. Photo: Miss Universe Canada
    Amelia Tu, from Vancouver, winner of Miss Universe Canada 2022. Photo: Miss Universe Canada
  • Miss Universe Jamaica 2022, Toshami Calvin, 26, is the cousin of Miss World 2019 Toni-Ann Singh. Photo: Instagram / officialmissuniversejamaica
    Miss Universe Jamaica 2022, Toshami Calvin, 26, is the cousin of Miss World 2019 Toni-Ann Singh. Photo: Instagram / officialmissuniversejamaica

The We Miss Lebanon event was held in collaboration with Lebanon’s Ministry of Tourism.

The ministry has in recent months encouraged tourism to the country – specifically from the sprawling Lebanese diaspora – to try to restart the economy.

The event was coloured by a touch of nostalgia and longing for a return to normality for the struggling nation.

Third-placed Jacinta Rashed told judges Lebanon’s economic hardships had caused her to migrate to Italy.

“But I’ll return to my village. That’s a promise,” Ms Rashed told judges.

Those watching on TV probably related to fourth-placed Lara Hraoui’s story:

“We couldn't get the medicine for my dad, nor could we get our money out of the bank to get his medical care,” she said. “Despite everything, my dad lived.”

Ms Hraoui was referring to the chronic medicine shortages plaguing Lebanon, and the capital controls imposed by Lebanese commercial banks, which have stopped depositors withdrawing the full value of their savings since 2019.

“My father is like Lebanon. Although death came for him, he returned to life.”

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.”

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

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

Updated: July 25, 2022, 2:23 PM