• A helicopter puts out a fire at the scene of the explosion at the port of Lebanon's capital Beirut on August 4, 2020. AFP
    A helicopter puts out a fire at the scene of the explosion at the port of Lebanon's capital Beirut on August 4, 2020. AFP
  • Smoke billows from an area of a large explosion that rocked the harbour area of Beirut, Lebanon. EPA
    Smoke billows from an area of a large explosion that rocked the harbour area of Beirut, Lebanon. EPA
  • The aftermath of blast in Beirut. Sunniva Rose / The National
    The aftermath of blast in Beirut. Sunniva Rose / The National
  • The scene of the explosion that rocked Beirut. AFP
    The scene of the explosion that rocked Beirut. AFP
  • The harbour area with smoke billowing from an area of the explosion, Beirut, Lebanon. EPA
    The harbour area with smoke billowing from an area of the explosion, Beirut, Lebanon. EPA
  • A man reacts at the scene of an explosion at the port in Lebanon's capital Beirut. AFP
    A man reacts at the scene of an explosion at the port in Lebanon's capital Beirut. AFP
  • The scene of the explosion at the port in Beirut. AFP
    The scene of the explosion at the port in Beirut. AFP
  • The scene of the explosion at the port in Beirut. AFP
    The scene of the explosion at the port in Beirut. AFP
  • The scene of the explosion in Beirut. AFP
    The scene of the explosion in Beirut. AFP
  • People gather near the scene of the explosion in Beirut. AFP
    People gather near the scene of the explosion in Beirut. AFP
  • The scene of the blast in Beirut. AFP
    The scene of the blast in Beirut. AFP
  • The scene of the explosion in Beirut. AFP
    The scene of the explosion in Beirut. AFP
  • A wounded man is checked by a fireman near the scene of the explosion in Beirut. AFP
    A wounded man is checked by a fireman near the scene of the explosion in Beirut. AFP
  • A resident stands in the street by a destroyed car, following the explosion near by at the port of Beirut. Bloomberg
    A resident stands in the street by a destroyed car, following the explosion near by at the port of Beirut. Bloomberg
  • Lebanese Red Cross officers carry an injured woman following an explosion at the port of Beirut on August 4, 2020. AFP
    Lebanese Red Cross officers carry an injured woman following an explosion at the port of Beirut on August 4, 2020. AFP
  • Smoke rises after the explosion was heard in Beirut. Reuters
    Smoke rises after the explosion was heard in Beirut. Reuters
  • Firefighters spray water at a blaze after the explosion in Beirut. Reuters
    Firefighters spray water at a blaze after the explosion in Beirut. Reuters
  • People walk at scene of the explosion in Beirut. AFP
    People walk at scene of the explosion in Beirut. AFP
  • The blast at Beirut port. Twitter/ @borzou
    The blast at Beirut port. Twitter/ @borzou
  • Army personnel around entrance to port.
    Army personnel around entrance to port.
  • The aftermath of the blast in Beirut. Sunniva Rose / The National
    The aftermath of the blast in Beirut. Sunniva Rose / The National
  • The aftermath of the blast in Beirut. Sunniva Rose / The National
    The aftermath of the blast in Beirut. Sunniva Rose / The National
  • The aftermath of the blast in Beirut. Sunniva Rose / The National
    The aftermath of the blast in Beirut. Sunniva Rose / The National
  • The aftermath of blast in Beirut. Sunniva Rose / The National
    The aftermath of blast in Beirut. Sunniva Rose / The National
  • Sailors leave their damaged ship near the explosion in Beirut. AP Photo
    Sailors leave their damaged ship near the explosion in Beirut. AP Photo
  • A vehicle stands damaged on a road following a large explosion at the port area of Beirut. Bloomberg
    A vehicle stands damaged on a road following a large explosion at the port area of Beirut. Bloomberg
  • Firefighters try to extinguish flames after a large explosion rocked the harbour area of Beirut. EPA
    Firefighters try to extinguish flames after a large explosion rocked the harbour area of Beirut. EPA
  • People and journalists gather at the scene of an explosion at the port of Lebanon's capital Beirut. AFP
    People and journalists gather at the scene of an explosion at the port of Lebanon's capital Beirut. AFP
  • An injured man sits outside American University of Beirut medical centre on August 5, 2020. Reuters
    An injured man sits outside American University of Beirut medical centre on August 5, 2020. Reuters
  • Men stand before wrecked buildings near the port. Getty Images
    Men stand before wrecked buildings near the port. Getty Images
  • A man walks by an overturned car and destroyed buildings. Getty Images
    A man walks by an overturned car and destroyed buildings. Getty Images
  • Lebanese soldiers stand outside American University of Beirut medical centre. Reuters
    Lebanese soldiers stand outside American University of Beirut medical centre. Reuters
  • Injured people stand after the explosion. AP Photo
    Injured people stand after the explosion. AP Photo
  • People gather by cars destroyed following an explosion at the port of Lebanon's capital Beirut. AFP
    People gather by cars destroyed following an explosion at the port of Lebanon's capital Beirut. AFP
  • Wounded people wait to receive treatment outside a hospital following an explosion near the Beirut port. AFP
    Wounded people wait to receive treatment outside a hospital following an explosion near the Beirut port. AFP

Beirut port blast: French company to clear 30,000 tonnes of insect-infested grain


Sunniva Rose
  • English
  • Arabic

A French company is working to clear Beirut's port of up to 30,000 tonnes of grain, 10 months after a explosion rocked Beirut and destroyed the port's silos.

Environmental engineering company Recygroup International has identified a number of potential health risks caused by the piles of rotting grain.

"Insects and rats are feeding on the grain, which has been lying outside fermenting under the rain and now in the heat, spreading foul odours and germs," Benjamin Constant, one of the company's vice presidents, told The National during a visit to Beirut.

Temperatures in Beirut are expected to near 30°C by the end of the week, with high humidity levels.

The blast, one of the biggest non-nuclear explosions in recent history, killed more than 200 people and destroyed tens of thousands of homes on August 4.

Lebanese authorities, who said the blast was caused by thousands of tonnes of poorly stored ammonium nitrate, are still investigating the disaster.

Recygroup International signed a contract valued at €1.4 million ($1.7 million) with the Lebanese Economy Ministry on May 6 during French Foreign Affairs Minister Jean-Yves Le Drian's visit to the country.

With these funds, which were donated by the French government, Recygroup International will sanitise the leftover grain from the explosion with the help of local construction company Man Enterprise.

In early July, the company will set up a treatment centre at the port to spray the grain with fertiliser and separate it from port waste, including concrete and rocks.

The grain may then be used locally for different purposes, such as compost and fertiliser.

“We will guarantee that the grain is treated correctly, but we are not responsible for its distribution and storage,” said vice president Vianney Mercherz.

There are four kinds of material: metal, mineral matter such as concrete, mixed waste, and 600 to 700 old cars.


Built in 1968, the giant port silos are widely believed to have shielded Beirut from more destruction. They had a capacity of 120,000 tonnes and were the brainchild of Palestinian banker Yusuf Beidas.

Last August, caretaker economy minister Raoul Nehme said that the destroyed silos held 15,000 tonnes of grain at the time of the blast.

But Recygroup International believes between 20,000 and 30,000 tonnes of grain, mostly wheat, are currently scattered around the port.

A number of foreign countries are involved in clearing the area, a prerequisite before reconstruction.

In the days and weeks after the explosion, the French army supported its Lebanese counterpart to render the port, via which most of the country's imports are moved, operational again.

In November, German company Combi Lift started removing the remaining hazardous material. in early May, a ship laden with more than 1,000 tonnes of dangerous chemicals left Beirut for Germany for treatment.

The previous month, German companies unveiled a $7.2 billion plan to revamp the port, but the proposal is tied to the Lebanese government implementing long-awaited reforms to increase transparency and fight corruption.

Such reforms are unlikely to be enacted any time soon. The government resigned after the blast, and President Michel Aoun and prime minister designate Saad Hariri have been bickering for almost nine months about how to distribute ministerial jobs in the new Cabinet despite the country's worsening economic crisis.

Lebanon is governed along sectarian lines. The country's many sects are represented proportionally in government and parliament.

In addition to treating the grain, Recygroup International has been working at the port for several months to identify waste and suggest ways of selling or upcycling it to local authorities.

Products that were stored at the port before the blast, including bags of salt, clothes, and paint, are jumbled together in large piles.

"There are four kinds of material: metal, mineral matter such as concrete, mixed waste, and 600 to 700 old cars," Mr Constant said.

The study, which was approved on January 15, is also financed by a donation from the French government valued at €820,000.

Port authorities are evaluating their options and expect a final report from Recygroup International in mid-July, said port director Bassam Al Qaissi.

“Do you remove parts from the cars and sell them separately or sell the car [as a whole]? These are the kinds of scenarios we’re looking at,” he said.

Mr Al Qaissi spoke to The National hours before his successor, Omar Itani, was officially appointed on Thursday afternoon.

He became port director in the days after the blast but for health reasons  did not renew his mandate on May 14.

Hassan Koraytem, Mr Al Qaissi’s predecessor, is in pretrial detention along with 19 other port officials and employees.

Last month, a judicial source told The National that new charges are expected in the coming weeks.

Bert van Marwijk factfile

Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder

Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
MATCH INFO

Leeds United 0

Brighton 1 (Maupay 17')

Man of the match: Ben White (Brighton)

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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.”

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)

 

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin%20electric%20motors%20and%20105kWh%20battery%20pack%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E619hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C015Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3EUp%20to%20561km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ3%20or%20Q4%202022%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh635%2C000%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

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

Race card

5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m

6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m

7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m

Results:

6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres

Winner: AF Al Sajanjle, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m

Winner: Blue Point, William Buick, Charlie Appleby

7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m

Winner: Muntazah, Jim Crowley, Doug Watson

8.15pm: Meydan Trophy Conditions (TB) | $100,000 (T) | 1,900m

Winner: Art Du Val, William Buick, Charlie Appleby

8.50pm: Balanchine Group 2 (TB) | $250,000 (T) | 1,800m

Winner: Poetic Charm, William Buick, Charlie Appleby

9.25pm: Handicap (TB) | $135,000 (D) | 1,200m

Winner: Lava Spin, Richard Mullen, Satish Seemar

10pm: Handicap (TB) | $175,000 (T) | 2,410m

Winner: Mountain Hunter, Christophe Soumillon, Saeed bin Suroor