Live updates: Follow the latest news on Israel-Gaza
Israel has announced the beginning of a "tactical pause" in military operations in parts of Gaza, to allow aid to enter the besieged enclave at the Karam Abu Salem border crossing.
Israel’s Co-ordinator of the Government Activities in the Territories (Cogat) said the move, to take place from 8am to 7pm every day, aimed to "increase the volumes of humanitarian aid entering Gaza" after discussions with the UN and humanitarian organisations.
The Israeli army emphasised there was no ceasefire in place and that the pause would only apply to one aid route. Hostilities will continue in other parts of Gaza, including the southern city of Rafah, it said.
The UN welcomed the decision but urged more "concrete measures" to facilitate the humanitarian response.
"We welcome this announcement," UN aid agency OCHA's spokesman Jens Laerke said in an email to AFP, noting that "this has yet to translate into more aid reaching people in need".
"We hope this leads to further concrete measures by Israel to address longstanding issues preventing a meaningful humanitarian response in Gaza."
Ceasefire talks have stalled in recent weeks, but Hamas hinted on Sunday that it may be open to continuing negotiations along the lines of "principles" laid out by US President Joe Biden at the end of May.
Ismail Haniyeh, the group's Doha-based political leader, said the response Hamas sent after the latest ceasefire proposal was consistent with Mr Biden's plan.
"Hamas and the [Palestinian] groups are ready for a comprehensive deal that entails a ceasefire, withdrawal from the strip, the reconstruction of what was destroyed and a comprehensive swap deal," Mr Haniyeh said, referring to the exchange of Israeli hostages in Gaza for Palestinian detainees held in Israel.
Some Israeli politicians remain firmly opposed to ending the fighting, amid rifts in the cabinet.
Itamar Ben-Gvir, Israel's far-right National Security Minister, condemned the announcement of a "tactical pause" in parts of Gaza. His criticism is emblematic of the political pressure on Prime Minister Benjamin Netanyahu.
He has been criticised by centrists for failing to develop a war strategy, and has been denounced from the right for not being forceful enough in the conflict.
The UN said aid groups faced challenges moving supplies into the enclave, including the arbitrary return of full aid lorries due to items Israel deemed "dual-purpose", such as sleeping bags and medical supplies.
Between June 1 and June 13, Israel allowed only 23 of 44 planned humanitarian missions to northern Gaza to take place, the UN said.
"Four were denied access, 10 were impeded and seven were cancelled due to logistical, operational or security reasons" as military operations intensified, the UN said.
In southern Gaza, 108 of 151 aid missions went ahead as planned. Seven were denied, 24 were impeded and 12 were cancelled, the UN added. The "impeded" missions included those that subjected to prolonged delays by the Israeli military.
On Friday, Unicef spokesman James Elder said a lorry carrying "medicine and nutrition supplies for 10,000 children was turned back".
"Two fishermen seeking food for their families [were] shot dead on the beach in front of us," he added.
Humanitarian workers are also sounding the alarm about the heat in Gaza, which has exacerbated already desperate conditions. Water is scarce, shelter is not weatherproof and there is little electricity.
"People have lost their fans, their refuge and sanctuary," Mr Elder said.
Israeli reported the deaths of soldiers in violence in Rafah and northern Gaza on Saturday, marking one of the deadliest days for Israel since it began its war on the enclave.
Two soldiers were killed in an explosion in the north of the enclave and eight were killed in an attack on an armoured personnel carrier in Rafah, the army said.
Hamas claimed responsibility for one of the attacks, in a statement on Saturday evening.
It said its Ezzedine Al Qassam Brigades military wing "trapped" the Israeli vehicle in a minefield at the Nabulsi junction, south-west of Gaza city.
"We watched as a helicopter arrived to evacuate the casualties," Hamas said in the statement.
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
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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
