Israel bombarded south Lebanon and the Gaza Strip in the early hours of Friday, just as residents in both territories were preparing to have a suhoor meal before the start of the daily Ramadan fast.
The retaliatory strikes followed a day of rocket fire from Gaza and Lebanon into Israel as tensions rise over raids by Israeli police at Al Aqsa Mosque in Jerusalem.
On Friday, violence again broke out at Al Aqsa Mosque compound and chaotic scenes were seen at one of the entrances to the esplanade before dawn prayers.
Baton-wielding Israeli police descended on crowds of Palestinian worshippers, who chanted slogans praising the rocket attacks as they tried to squeeze into the site.
An hour later, video footage appeared to show people staging a protest on the limestone courtyard, with Palestinians raising their fists and shouting in support of Hamas rocket fire, and Israeli police forced their way into the compound.
Israel has blamed the Gaza-based Hamas movement for Thursday's volley from the strip in the south and from Lebanon to its north. In Gaza, the Israeli army said its jets hit targets, including what it said were tunnels and weapons-manufacturing sites.
In Lebanon, at least two missile strikes were heard south of the coastal city of Tyre, as Israel conducted the overnight bombardment.
Tyre, which is about 20km from the border with Israel, was quiet after the initial strikes. Most residents took refuge in residential shelters or homes.
A small crowd of men gathered on the shoreline shortly after the attack, watching the thick cloud of smoke coming from the direction of the Rashidieh camp for Palestinian refugees on the outskirts of the city.
“What do they want with us?” one stunned resident was heard asking the crowd.
“When they said they’d respond I didn’t expect them to strike all the way in Tyre.”
Another strike appeared to have left a large crater in farmland, with security sources telling Reuters it was near where rockets had been fired.
Hamas condemned the attacks on Gaza and Lebanon, saying it held Israel “fully responsible for the consequences of such grave aggression”.
The Israeli military said. “We will not allow the Hamas terrorist organisation to operate from within Lebanon, and hold the state of Lebanon responsible for every directed fire emanating from its territory.”
This week's exchange of rockets between Lebanon and Israel is the largest escalation between the two countries since the 2006 conflict, when Israel waged war against Lebanon's Iran-backed Hezbollah group.
Earlier on Thursday, before the rockets were fired, senior Hezbollah official Hashem Safieddine said any infringement on Al Aqsa would “inflame the entire region”.
Hezbollah, a Lebanese political party and Iran-backed paramilitary, is an ally of the Hamas movement in Gaza.
Lebanon's Prime Minister Najib Mikati issued a statement condemning any military operations that threatened the country's stability. There was no immediate comment from Hezbollah.
The UN peacekeeping mission in Lebanon known as Unifil said: “Early this morning, the [Israeli military] informed Unifil that they will begin an artillery response to yesterday’s rocket launches. Immediately after, Unifil personnel heard loud explosions around the city of Tyre.
“Unifil's head of mission and force commander, Maj Gen Aroldo Lazaro, is speaking with authorities on both sides of the Blue Line. Our liaison and co-ordination mechanisms are fully engaged.
“Both sides have said they do not want a war. The actions over the past day are dangerous and risk a serious escalation. We urge all parties to cease all actions across the Blue Line now.”
On the outskirts of Tyre, three women tilled the land near a field of lettuce. One shrugged off the missile strikes.
“We’re used to this,” said farmworker Ghalya Abu Zeid, a Syrian mother of two.
She told The National she had arrived in Lebanon less than two months ago after her home in Syria's Hama was destroyed in the massive earthquake that hit Turkey and Syria in February.
“We can't bunker down waiting to die,” she said. “We have to work. I have kids to feed.”
On Thursday, Israel said it had “identified 34 rockets that were fired from Lebanese territory into Israeli territory” and that 25 had been intercepted by Israeli air defences.
While the tensions risk dragging Hezbollah into a conflict similar to the 34-day 2006 war, Israel stressed that it struck only sites linked to Palestinian militants.
In recent years, Hezbollah has said it supported armed responses to Israel but has stayed out of other flare-ups related to the Al Aqsa Mosque.
The latest violence came after Israeli police attacked worshippers at Jerusalem's Al Aqsa Mosque on Tuesday and Wednesday nights.
Following a cabinet meeting on Thursday regarding the increasing unrest across Israel, Prime Minister Benjamin Netanyahu said: “We will hit back at our enemies and they will pay the price for every act of aggression.
“Our enemies will learn again that during times of war, Israeli citizens stand together and united, and support the actions of the [army] and the rest of the security forces to protect our country and our citizens.”
The tensions come as Israel is gripped by internal division over proposed judicial reforms that sparked mass rallies and led Mr Netanyahu to try to fire his Defence Minister, Yoav Gallant.
However, Mr Netanyahu clawed back Mr Gallant's dismissal and opposition leader Yair Lapid said on Wednesday night that the government could count on cross-party support following the rocket attack.
Mr Netanyahu said the people stand behind the military despite internal debate.
“The internal debate in Israel will not prevent us from taking action against them wherever and whenever necessary. All of us, without exception, are united on this,” Mr Netanyahu said.
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
%E2%80%98White%20Elephant%E2%80%99
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jesse%20V%20Johnson%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Michael%20Rooker%2C%20Bruce%20Willis%2C%20John%20Malkovich%2C%20Olga%20Kurylenko%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
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.”
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
