Palestinians inspect the destruction after an Israeli strike on a site where displaced people were living in Rafah on Monday. AP
Palestinians inspect the destruction after an Israeli strike on a site where displaced people were living in Rafah on Monday. AP
Palestinians inspect the destruction after an Israeli strike on a site where displaced people were living in Rafah on Monday. AP
Palestinians inspect the destruction after an Israeli strike on a site where displaced people were living in Rafah on Monday. AP

Qatar warns Rafah attack could hinder ceasefire talks amid global fury over deadly strike


Mina Aldroubi
  • English
  • Arabic

Live updates: Follow the latest on Israel-Gaza

Qatar on Monday warned that Israel's deadly strikes on a camp for displaced civilians could hinder talks towards a ceasefire and hostage release deal.

The Gulf nation said it was concerned the bombing, which killed at least 45 people, would "complicate ongoing mediation efforts and hinder reaching an agreement for an immediate and permanent ceasefire”.

Qatar, alongside the US and Egypt, has been engaged in months of talks aimed at securing a truce between Israel and Hamas in the devastated Gaza Strip.

The Israeli strikes represent a “dangerous violation of international law”, Qatar's Foreign Ministry warned.

Palestinians put out a fire at the site of an Israeli strike in Rafah. Reuters
Palestinians put out a fire at the site of an Israeli strike in Rafah. Reuters

It called on the international community to take immediate action to prevent Israel from “implementing its plans to forcibly displace [Palestinians] from the city, which has become a final refuge for hundreds of thousands”.

Discussions are set to resume on a 12-month ceasefire after an initial six-week truce in which Hamas will release about 20 of the estimated 130 hostages it still holds, along with an unspecified number of bodies of Israelis who died in captivity.

But talks have reached a stalemate after Israel sent troops to the southern Gaza city of Rafah on the border with Egypt.

Other Gulf nations strongly criticised the strike, reaffirming international warnings to Israel to refrain from the Rafah operation.

The UAE condemned Israel's attack on "displaced persons in Rafah", state news agency Wam reported on Monday.

The UAE "stressed the importance of committing to implement the measures ordered by the International Court of Justice demanding Israel's immediate halt to the operations in Rafah".

Saudi Arabia said it condemned “in the strongest terms the continued massacres committed by Israeli occupation forces”.

The kingdom's Foreign Ministry called on the international community “to intervene immediately to halt the massacres” committed by the Israeli military in Gaza.

Palestinians gather at the site of an Israeli strike on a camp area housing displaced people in Rafah. AFP
Palestinians gather at the site of an Israeli strike on a camp area housing displaced people in Rafah. AFP

Kuwait's Foreign Ministry also decried the Israeli attack on the camp, saying it exposed Israel's “blatant war crimes and unprecedented genocide to the whole world”.

It also called for an “immediate and firm intervention by the international community”.

Egypt said the attack was a “deliberate bombardment by Israeli forces of displaced peoples' tents” in Rafah. The Egyptian Foreign Ministry called on Israel to “implement the measures ordered by the International Court of Justice concerning an immediate cessation of military operations” in Rafah.

Cairo condemned the strike as “a new flagrant violation of the provisions of international humanitarian law”.

It deplored the “tragic event” and denounced the “targeting of defenceless civilians” and “a systematic policy aimed at widening the scope of death and destruction in the Gaza Strip to make it uninhabitable”.

Jordan also expressed its condemnation, accusing Israel of committing “ongoing war crimes”.

Amman said the bombardment in Rafah “defies the rulings of the International Court of Justice and constitutes a severe violation of international law and international humanitarian law”.

Other countries reacted with stronger statements, with Turkish President Recep Tayyip Erdogan saying his country would “do everything possible to hold these barbarians and murderers accountable, who have nothing to do with humanity.”

In the occupied West Bank, Palestinian Authority presidential spokesman Nabil Abu Rudeineh called the attack a “heinous massacre” and a “challenge to all the resolutions of international legitimacy, particularly the lucid and candid ruling of the International Court of Justice ordering Israel to cease its military offensive against the city of Rafah”.

Anger in Europe

In Europe, countries that stood behind Israel in its initial response to the October 7 attack were quick to chastise it and demand an end to the Rafah operation.

French President Emmanuel Macron said he was “outraged” by Israel's latest attacks.

“These operations must stop. There are no safe areas in Rafah for Palestinian civilians,” he said on X.

In Germany, Israel's largest supplier of arms outside the US, Foreign Minister Annalena Baerbock and EU foreign policy chief Josep Borrell said the ICJ ruling must be respected.

“International humanitarian law applies for all, also for Israel's conduct of the war,” Ms Baerbock said. “We do not support a major military operation in Rafah without a plan to protect the hundreds of thousands of civilians who remain there.”

Seeking to limit further damage to its international standing, Israel’s chief military prosecutor said her country’s overnight strike on Rafah was “very grave” and was being investigated.

“The details of the incident are still under an investigation, which we are committed to conducting to the fullest extent,” said Maj Gen Yifat Tomer on Monday.

The military “regrets any harm to non-combatants during the war”, she added.

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.”

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How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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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. 

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Updated: May 27, 2024, 2:35 PM