The minaret of a mosque is silhouetted by the setting sun in Deir Al Balah in central Gaza on August 16. AFP
The minaret of a mosque is silhouetted by the setting sun in Deir Al Balah in central Gaza on August 16. AFP
The minaret of a mosque is silhouetted by the setting sun in Deir Al Balah in central Gaza on August 16. AFP
The minaret of a mosque is silhouetted by the setting sun in Deir Al Balah in central Gaza on August 16. AFP

US presents Gaza ceasefire proposal 'bridging remaining gaps' between Israel and Hamas


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Live updates: Follow the latest on Israel-Gaza

The US, with support from Egypt and Qatar, on Friday presented “a final grid proposal” to Israel and Hamas that aims to bridge the remaining gaps between the sides, as the latest round of talks in Doha came to an end.

A senior US administration official said the sides plan to reconvene in Cairo next week, with the aim of securing an agreement that would end the 10-month-old war.

“We aim to conclude this deal,” the official told reporters. “We put down a final grid proposal, a comprehensive text.”

US Secretary of State Antony Blinken was due to travel to Israel on Saturday to push for the deal.

The US, Qatar and Egypt said the proposal builds on areas of agreement and bridged the remaining gaps in a manner “that allows for a swift implementation of the deal”.

The latest round of negotiations in the Qatari capital took place on Thursday and Friday. Israeli officials attended, but Hamas chose not to take part.

Despite the positive statement from mediators, Hamas said no progress has been made so far.

“The information we have received from the negotiations does not meet the aspirations of the Palestinian people and does not look promising,” Walid Kilani, a Hamas spokesman in Lebanon, told The National on Friday.

The US official said more work remains ahead as the sides are still negotiating the list of hostages and the sequence by which they would be released, as well as the list of Palestinian detainees to be released from Israeli jails in exchange.

The official also addressed discussions on the Philadelphi Corridor, a stretch of land along the border with Egypt, now controlled by Israel.

“We've been working very closely with Egypt and others, and also, of course, Egypt mediation with Hamas about the arrangements in Philadelphi Corridor,” the official said. “I think that issue is moving the right way.”

Hamas said the prospects for a ceasefire deal appear bleak, despite the continuing talks, accusing Israel of introducing new conditions to complicate negotiations.

“The outcome so far does not reflect what was agreed upon in July,” Mr Kilani said. He also accused Israel of “imposing additional conditions and trying to establish a new reality”.

He stated that “Israel continues to obstruct efforts to reach a solution, even though Hamas has already welcomed [US President Joe] Biden’s ceasefire plan and agreed in July to begin its implementation”.

UN agencies on Friday called for two seven-day breaks in the fighting in Gaza to vaccinate more than 640,000 children against polio, which has been detected in the wastewater.

The UN's health and children's agencies said they had drawn up detailed plans to reach children across the besieged Palestinian territory, starting later this month.

“WHO and Unicef request all parties to the conflict to implement humanitarian pauses in the Gaza Strip for seven days to allow for two rounds of vaccination campaigns to take place,” they said.

A WHO spokeswoman said they were asking for seven days during each round.

“These pauses in fighting would allow children and families to safely reach health facilities and community outreach workers to get to children who cannot access health facilities for polio vaccination,” the statement said.

“Without the humanitarian pauses, the delivery of the campaign will not be possible.”

Ongoing violence

A Palestinian UN worker was killed on Thursday night when the Israeli military bombed Al Bureij refugee camp in central Gaza, the Wafa news agency reported. Six people were also killed in an air strike on a residential building in the northern Jabalia camp, it added.

Wafa published images of the body of a man on a stretcher wearing a blue UN vest. The UN has not yet confirmed the death of one of its workers.

Casualties from the attack on the building in Jabalia were taken to the Indonesian Hospital in Beit Lahia, northern Gaza.

On Friday, the Israeli army said it distributed flyers in northern Khan Younis and eastern Deir Al Balah telling people to evacuate. The move will worsen overcrowding in Al Mawasi refugee camp, which was designated as a “safe zone” by the military.

Half a million people have taken shelter at the camp, but it has come under attack several times. Last month, at least 90 people were killed and 300 injured in Israeli strikes on the site. Israel said Mohammed Deif, leader of Hamas's military wing, was the target of the strikes.

The Israeli army said on X that “the humanitarian area will be adjusted”. But a resident of Al Mawasi told The National there was “no space” left. Those two areas [of evacuation] have a huge amount of people.”

Israel called on civilians to “temporarily evacuate” the area. But many residents said their homes had been destroyed, giving them little reason to return.

The Israeli attacks and displacement orders came after the death toll in Gaza passed 40,000 on Thursday, with at least 92,400 injured, health officials in the enclave said. Thousands are feared buried under rubble left by Israel's war on Gaza, which began on October 7.

Figures in May showed at least 255 humanitarian workers have been killed in Gaza since October 7, including 188 from the UN agency for Palestinian refugees.

A child in Khan Younis, southern Gaza. More than 92,400 Palestinians have been injured since the war began. AFP
A child in Khan Younis, southern Gaza. More than 92,400 Palestinians have been injured since the war began. AFP

In the occupied West Bank, one Palestinian was killed and another critically injured on Thursday when about 50 Israeli settlers invaded the village of Jit, east of Qalqilya. Settlers torched at least four homes and six vehicles, an Israeli security official told the Times of Israel.

The body of the villager, identified as Rashid Mahmoud Sedda, 22, and the injured man were taken to the Rafidia Government Hospital in Nablus, Wafa reported. The Palestine Red Crescent Society said its medics provided treatment to the injured man.

Rashid Mahmoud Sedda, 22, was killed when about 50 Israeli settlers invaded the village of Jit, in the occupied West Bank. Photo: Wafa
Rashid Mahmoud Sedda, 22, was killed when about 50 Israeli settlers invaded the village of Jit, in the occupied West Bank. Photo: Wafa

Hamas, whose attack on southern Israel in October killed about 1,200 people, described the village invasion as a “criminal attack”, saying it was part of Israel’s plans to eradicate Palestinians in the West Bank.

“The policy of raids, assassinations and unleashing herds of settlers will only increase our people’s adherence to their land and sanctities,” the group said.

Israeli Prime Minister Benjamin Netanyahu said he took the attack on the village and “injury to life and property” seriously. “Those who fight terrorism are the [army] and the security forces, and no one else,” he said. “Those responsible for any criminal act will be caught and prosecuted.”

Israeli President Isaac Herzog issued a statement condemning the “pogrom”. Police and army units intervened and arrested one Israeli, the military said. It is examining reports of the death of the Palestinian, it added.

Jack Lew, US ambassador to Israel, criticised the attack and called for the settlers responsible to be held accountable. “I am appalled by yesterday's violent attack by settlers against Palestinians in the West Bank,” he said on X on Friday.

SECRET%20INVASION
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ali%20Selim%20%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Samuel%20L%20Jackson%2C%20Olivia%20Coleman%2C%20Kingsley%20Ben-Adir%2C%20Emilia%20Clarke%20%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%26nbsp%3B%3C%2Fp%3E%0A
Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

First Person
Richard Flanagan
Chatto & Windus 

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

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

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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.”

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Vault%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EBilal%20Abou-Diab%20and%20Sami%20Abdul%20Hadi%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EInvestment%20and%20wealth%20advisory%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EOutliers%20VC%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E14%3Cbr%3E%3C%2Fp%3E%0A
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Homie%20Portal%20LLC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20End%20of%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdulla%20Al%20Kamda%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20Undisclosed%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2014%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ELaunch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League, semi-final result:

Liverpool 4-0 Barcelona

Liverpool win 4-3 on aggregate

Champions Legaue final: June 1, Madrid

KEY DEVELOPMENTS IN MARITIME DISPUTE

2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.

2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus

2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.

2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.

2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.

AT%20A%20GLANCE
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Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

Updated: August 17, 2024, 4:54 AM