Live updates: Follow the latest news on Israel-Gaza
With international pressure mounting for Israel and Hamas to extend their truce in the Gaza Strip, Israelis are grappling over whether they want a prolonged pause in hostilities.
The four-day truce from November 24 was extended by two days and was set to expire early on Thursday, with Israel pledging a quick resumption of its air-and-ground campaign that Gaza authorities say has killed more than 15,000 people, most of them women and children.
The pause in fighting has created an opening for desperately needed humanitarian aid to enter southern Gaza and has allowed for the exchange of dozens of Hamas-held hostages for Israeli-held Palestinian prisoners and detainees.
Hamas and aligned militants took about 240 people hostage on October 7 during their attack on southern Israel that killed about 1,200 people.
So far, Hamas has released around 60 Israeli hostages, all of them civilian women or children, and has separately freed 21 citizens of Thailand, the Philippines and Russia. Another exchange was planned for Wednesday night.
Israel has released three Palestinians for each hostage Hamas has set free.
In Jerusalem, Israelis expressed a desire to see more hostages freed but they worried that Hamas is regrouping every moment the truce is in place.
“We are between a rock and a hard place,” Batya Green, a local whose brother is serving with the Israeli military in Gaza, told The National.
“We are eager to see the hostages come home … but a lot of soldiers with [my brother] are very nervous about losing momentum.”
Yossi Shmentov, another Jerusalem resident, said that while he too wanted the hostages home, he saw the truce as a sign of weakness from the Israeli government and said he did not want it extended.
“You don't negotiate with terrorists, it gives them vitality and power. Being weak about it is going to create another 7/10,” he added, referring to October 7.
Hamas has been designated a terrorist organisation by several western powers including the US and EU.
CIA head Bill Burns and the head of Israel’s Mossad intelligence agency were reportedly in Doha on Tuesday for a series of meetings initiated by Qatar to discuss the potential terms of an extended deal, with Egyptian officials also attending.
US Secretary of State Antony Blinken is due to visit Israel and the West Bank on Thursday, his third such trip since October 7.
Israeli Prime Minister Benjamin Netanyahu on Wednesday underscored that Israel will resume its campaign to eliminate Hamas regardless of the length of any temporary ceasefire.
“After this phase of returning our abductees is exhausted, will Israel return to fighting? So my answer is an unequivocal yes,” he said.
“There is no way we are not going back to fighting until the end.”
Israeli political scientist Gerald Steinberg said there was a “50/50 chance” Wednesday's truce would be extended while Mr Blinken is in Israel, provided the release of hostages continues.
“At the same time, Blinken will hear from every Israeli official that Israel is absolutely committed to removing Hamas from power and destroying its military infrastructure,” Mr Steinberg said.
Mr Steinberg, a professor of politics at Bar Ilan University, also said Mr Blinken would be discussing ways to prevent Iran-backed Hezbollah in Lebanon from upping its attacks on Israel if hostilities in Gaza resume.
“If we're going to have a return to large-scale combat in the next day or two or three, then it's very likely that Hezbollah will escalate beyond what is done before to try to help save Hamas and Israel will respond very strongly to that,” he said.
“We may see an escalation and perhaps Blinken will try to come up with ways of preventing a spiral of conflict in the north.”
The pause in fighting has allowed the entry of more humanitarian aid into Gaza, where conditions are “catastrophic”, according to the UN.
US National Security Adviser Jake Sullivan said the US – which is also supplying bombs to the Israeli military – had airlifted about 25 tonnes of medical supplies and food to Egypt that would be delivered to Gaza in the first of three planned shipments.
In Jerusalem's Old City, Palestinian shopkeeper Ali Quais said Hamas had looked after the hostages well and said the only way out of the protracted Palestinian-Israeli conflict was for Israel to end its blockade of Gaza.
“We need peace,” he said. “People have to live together.”
Jerusalem resident Avi Attias said what is happening in Gaza is heartbreaking.
“What can I say? They [Hamas] didn't leave us any choice,” he said, referring to the civilian toll in Gaza.
The latest from the Israel-Gaza war – in pictures
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.”
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
SPECS
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Mohammed bin Zayed Majlis
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
ILT20%20UAE%20stars
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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
