• People gather at Valiasr Square in Tehran, following the death of Iranian president Ebrahim Raisi. AFP
    People gather at Valiasr Square in Tehran, following the death of Iranian president Ebrahim Raisi. AFP
  • Wreckage from Mr Raisi's helicopter at the crash site on a mountain in Varzaghan area, north-western Iran. Reuters
    Wreckage from Mr Raisi's helicopter at the crash site on a mountain in Varzaghan area, north-western Iran. Reuters
  • Candles lit to offer condolences over the deaths of Mr Raisi and other leading officials, outside the Iranian embassy, in Baghdad. Reuters
    Candles lit to offer condolences over the deaths of Mr Raisi and other leading officials, outside the Iranian embassy, in Baghdad. Reuters
  • Women mourn the death of Mr Raisi at Valiasr Square in Tehran. AFP
    Women mourn the death of Mr Raisi at Valiasr Square in Tehran. AFP
  • Iran's First Vice President Mohammad Mokhber, next to the empty seat of Mr Raisi, addresses the cabinet in Tehran. AFP
    Iran's First Vice President Mohammad Mokhber, next to the empty seat of Mr Raisi, addresses the cabinet in Tehran. AFP
  • Rrescuers recover bodies at the crash site of in Varzaghan in north-western Iran. AFP
    Rrescuers recover bodies at the crash site of in Varzaghan in north-western Iran. AFP
  • A screengrab shows the crash site of the helicopter that was carrying Iranian President Ebrahim Raisi, in East Azerbaijan province. AFP
    A screengrab shows the crash site of the helicopter that was carrying Iranian President Ebrahim Raisi, in East Azerbaijan province. AFP
  • Iranian President Ebrahim Raisi and Azerbaijan's President Ilham Aliyev visit Qiz Qalasi dam on the Azerbaijan-Iran border on Sunday. Reuters
    Iranian President Ebrahim Raisi and Azerbaijan's President Ilham Aliyev visit Qiz Qalasi dam on the Azerbaijan-Iran border on Sunday. Reuters
  • The helicopter thought to be carrying Mr Raisi takes off from the Iran-Azerbaijan border after the inauguration of the dam on the Aras river. AFP
    The helicopter thought to be carrying Mr Raisi takes off from the Iran-Azerbaijan border after the inauguration of the dam on the Aras river. AFP
  • A screen grab shows the moment a drone locates the crash site using thermal imaging. Getty Images
    A screen grab shows the moment a drone locates the crash site using thermal imaging. Getty Images
  • A screengrab provided by Iranian state television shows President Ebrahim Raisi, left, with a member of his delegation on-board a helicopter in Iran's East Azerbaijan province. AFP
    A screengrab provided by Iranian state television shows President Ebrahim Raisi, left, with a member of his delegation on-board a helicopter in Iran's East Azerbaijan province. AFP
  • People pray for the well-being of Mr Raisi in Tehran after receiving news that his helicopter had crashed. Reuters
    People pray for the well-being of Mr Raisi in Tehran after receiving news that his helicopter had crashed. Reuters
  • People follow the news of the helicopter crash in a shop in Tehran. Reuters
    People follow the news of the helicopter crash in a shop in Tehran. Reuters
  • Iranian Shiite pilgrims pray for Mr Raisi at the Imam Ali shrine in Najaf, Iraq. Reuters
    Iranian Shiite pilgrims pray for Mr Raisi at the Imam Ali shrine in Najaf, Iraq. Reuters
  • Mr Raisi was visiting Azerbaijan before he flew south as part of a convoy of three helicopters. AFP
    Mr Raisi was visiting Azerbaijan before he flew south as part of a convoy of three helicopters. AFP
  • Mr Raisi during a meeting with Mr Aliyev before the inauguration ceremony of the Qiz Qalasi dam. AFP
    Mr Raisi during a meeting with Mr Aliyev before the inauguration ceremony of the Qiz Qalasi dam. AFP
  • Officials said the helicopter carrying Mr Raisi was forced to make a 'hard landing, in Iran's East Azerbaijan province, sparking a massive rescue operation. AP
    Officials said the helicopter carrying Mr Raisi was forced to make a 'hard landing, in Iran's East Azerbaijan province, sparking a massive rescue operation. AP
  • Rescue vehicles in Varzaghan, East Azerbaijan Province. Reuters
    Rescue vehicles in Varzaghan, East Azerbaijan Province. Reuters
  • A screengrab from Iranian state television shows rescuers heading towards the site of the crash. AFP
    A screengrab from Iranian state television shows rescuers heading towards the site of the crash. AFP
  • The forested area in East Azerbaijan province was covered in fog on Sunday. AFP
    The forested area in East Azerbaijan province was covered in fog on Sunday. AFP
  • Heavy rain and fog has made rescue efforts more difficult. Reuters
    Heavy rain and fog has made rescue efforts more difficult. Reuters

'No sign' of life found at crash site of Iran President Ebrahim Raisi's helicopter


  • English
  • Arabic

There was “no sign” of life among passengers of the helicopter carrying Iran’s President Ebrahim Raisi and other officials, Iran's state television said Monday.

“Upon finding the helicopter, there was no sign of the helicopter passengers being alive as of yet,” state TV reported, citing the Iranian Red Crescent Society head Pir Hossein Kolivand.

While it did not elaborate, the semi-official Tasnim news agency showed rescuers using a small drone to fly over the site, with them saying the same thing.

Semi-official news outlets declared the president dead on Monday morning, although no official confirmation was immediately provided.

Mehr news agency said the president, foreign minister Hossein Amirabdollahian, and several other officials "had an accident while serving the people of Iran" and described them as martyrs.

An Iranian official also confirmed their deaths to Reuters.

“We can see the wreckage and the situation does not look good,” Mr Kolivand told state TV.

The helicopter crashed in the mountainous north-west region of Iran, in East Azerbaijan province, the day before.

State TV said the “hard landing” happened near Jolfa, a city on the border with the nation of Azerbaijan, about 600km north-west of the capital, Tehran.

Later, state TV put it farther east near the village of Uzi, but details remained contradictory.

State news agency IRNA said Mr Raisi was flying in a US-made Bell 212 helicopter.

The chief of staff of Iran's army ordered all resources of the army and the elite Revolutionary Guards to be put to use in search and rescue operations.

Iran's Interior Minister Ahmad Vahidi confirmed that rescue teams had been sent to an area close to Iran's border with Azerbaijan.

Foreign Minister Hossein Amirabdollahian, East Azerbaijan Governor Malik Rahmati and Mohammed Ali Ale-Hashem, the imam of Tabriz, were all also reportedly aboard the helicopter.

Two other helicopters travelling in the convoy landed safely.

Aerial search and rescue operations were suspended after heavy fog left helicopters unable to land.

“It’s a complicated area, and making contact is difficult. We are waiting for teams to reach the area for more information,” Mr Vahidi told state TV.

Iran's supreme leader Ayatollah Ali Khamenei said Iranians should pray for the missing leaders.

“Everyone should pray for the health of these people who are serving the Iranian nation,” Mr Khamenei said in a post on X.

“The nation doesn't need to be worried or anxious as the administration of the country will not be disrupted at all.”

A screengrab from Iranian state television shows rescuers heading towards the site of the crash. AFP
A screengrab from Iranian state television shows rescuers heading towards the site of the crash. AFP

An Iranian official told Reuters that the lives of Mr Raisi and Mr Amirabdollahian were “in danger”.

“We are still hopeful but information coming from the crash site is very concerning,” said the official.

Later overnight, the Iranian Foreign Ministry said: “Despite adverse weather and environmental conditions, efforts by rescue teams to reach the accident site continue earnestly and with hope.”

The ministry “sincerely thanks the numerous governments, nations and international organisations for their expressions of human emotion and solidarity with the government and people of Iran, as well as their offers of help and assistance for the search and rescue operation”.

Mr Raisi, 63, had been on the border with Azerbaijan to inaugurate the Qiz Qalasi and Khoda Afarin dams on the river Aras before he set off to return to Iran by helicopter.

The accident was originally reported near the city of Jolfa. Iran's Tasnim news agency later reported the crash as having happened near Uzi, further east within Iran.

Irna reported that the crash had taken place in the mountainous protected forest area of Dizmar near the town of Varzeqan, which was confirmed by the ministry.

Rescue teams were reportedly searching close to the nearby Sungun copper mine.

Turkey is sending 32 mountain rescue specialists to help Iran search for the helicopter, the government's emergency aid agency Afad said on Sunday.

The team and 32 vehicles have been sent from centres in eastern Turkey, Afad said in a post on X.

The EU on Sunday said it had activated its “rapid response mapping service” to help Iran search for the helicopter.

“Upon Iranian request for assistance, we are activating the EU's Copernicus EMS rapid response mapping service in view of the helicopter accident reportedly carrying the President of Iran and its Foreign Minister,” EU commissioner for crisis management Janez Lenarcic said on X

Other outlets initially gave conflicting versions of the incident, with Mehr claiming Mr Raisi had landed safely in Tabriz.

State TV broadcast prayers for Mr Raisi's safety from the Imam Reza shrine in Mashhad, as rescue teams could be seen travelling to the site in heavy fog.

Executive Vice President Mohammad Mokhber and other government officials departed for Tabriz after news of the accident emerged, the state-run Irna news agency reported.

But state media later denied a meeting of the Supreme National Security Council had taken place.

Drones and rescue teams were sent to the site, the head of Iran's Red Crescent told the Isna news agency.

The US State Department said it was “closely following” reports from Iran following the crash, and the White House confirmed President Biden was briefed on the incident.

The UAE's Ministry of Foreign Affairs said it was following with deep concern media reports of the helicopter crash.

The office of UN Secretary General Antonio Guterres said he was following reports with concern and hopes for the safety of Mr Raisi and his entourage.

Iraqi Prime Minister Mohammed Shia Al Sudani said he had instructed his country's Ministry of Interior and the Iraqi Red Crescent to assist in the search and rescue efforts.

Azerbaijan's President Ilham Aliyev, who met Mr Raisi earlier on Sunday, said he was “profoundly troubled” by the reports of the crash.

“As a neighbour, friend and brotherly country, the Republic of Azerbaijan stands ready to offer any assistance needed,” he said in a post on X.

Countries including Russia, Saudi Arabia and Qatar also expressed their concern and offered assistance.

Iran has a poor aviation safety record, partly due to international sanctions making it difficult to acquire modern parts for aircraft.

Its military air fleet also largely dates back to before the 1979 Islamic Revolution.

The Aviation Safety Network has recorded 20 “incidents” across Iran in the past 10 years.

Mr Raisi, a hardliner who took office in 2021, had been touted as the potential successor to Mr Khamenei.

He previously served in the judiciary, including as prosecutor and deputy prosecutor for Tehran, and was put under US sanctions due to his involvement in the mass execution of thousands of political prisoners in 1988.

Iranian President Ebrahim Raisi met Azerbaijan's Ilham Aliyev to inaugurate Qiz Qalasi Dam on the Aras River earlier on Sunday. Getty Images
Iranian President Ebrahim Raisi met Azerbaijan's Ilham Aliyev to inaugurate Qiz Qalasi Dam on the Aras River earlier on Sunday. Getty Images

Although Mr Khamenei has the ultimate say in Iran, experts say the death or incapacitation of Mr Raisi could send his succession plan into disarray.

Jason Brodsky, policy director at United Against Nuclear Iran, said such a situation would “not change the fundamentals of Iran's regime policies” but had “the potential to shake Iran's succession system”.

“Raisi is also the most qualified person by virtue of bureaucratic experience to succeed Khamenei and has been the closest president ideologically to Khamenei since he took over as supreme leader,” he wrote on X.

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BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

How to come clean about financial infidelity
  • Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
  • Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help. 
  • Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
  • Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
  • Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported. 

Carol Glynn, founder of Conscious Finance Coaching

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Tips%20for%20travelling%20while%20needing%20dialysis
%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
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

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20PlanRadar%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2013%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EIbrahim%20Imam%2C%20Sander%20van%20de%20Rijdt%2C%20Constantin%20K%C3%B6ck%2C%20Clemens%20Hammerl%2C%20Domagoj%20Dolinsek%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EVienna%2C%20Austria%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EConstruction%20and%20real%20estate%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E400%2B%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20B%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Headline%2C%20Berliner%20Volksbank%20Ventures%2C%20aws%20Gr%C3%BCnderfonds%2C%20Cavalry%20Ventures%2C%20Proptech1%2C%20Russmedia%2C%20GR%20Capital%3C%2Fp%3E%0A

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Dooda%20Solutions%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Lebanon%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENada%20Ghanem%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20AgriTech%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%24300%2C000%20in%20equity-free%20funding%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2011%3C%2Fp%3E%0A
The specs: 2018 Peugeot 5008

Price, base / as tested: Dh99,900 / Dh134,900

Engine: 1.6-litre turbocharged four-cylinder

Transmission: Six-speed automatic

Power: 165hp @ 6,000rpm

Torque: 240Nm @ 1,400rpm

Fuel economy, combined: 5.8L / 100km

Tentative schedule of 2017/18 Ashes series

1st Test November 23-27, The Gabba, Brisbane

2nd Test December 2-6, Adelaide Oval, Adelaide

3rd Test Dcember 14-18, Waca, Perth

4th Test December 26-30, Melbourne Cricket Ground, Melbourne

5th Test January 4-8, Sydney Cricket Ground, Sydney

Last-16

France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')

Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')

PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero

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

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

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.”

Past winners of the Abu Dhabi Grand Prix

2016 Lewis Hamilton (Mercedes-GP)

2015 Nico Rosberg (Mercedes-GP)

2014 Lewis Hamilton (Mercedes-GP)

2013 Sebastian Vettel (Red Bull Racing)

2012 Kimi Raikkonen (Lotus)

2011 Lewis Hamilton (McLaren)

2010 Sebastian Vettel (Red Bull Racing)

2009 Sebastian Vettel (Red Bull Racing)

 

Updated: May 20, 2024, 5:41 AM