Live updates: Follow the latest on Israel-Gaza
At least four people were killed in an Israeli air strike on an apartment block near the Cola Bridge in Beirut overnight, marking the first attack on the city centre since the current conflict between Israel and Hezbollah began in October last year.
The Lebanese Health Ministry announced the deaths, adding four others were injured. The strike killed three members of the Popular Front for the Liberation of Palestine (PFLP), the group said, as well as a man living on the floor beneath, residents said.
The Cola area is a busy junction and serves as a key link between Beirut’s airport road and the city centre.
The attack followed the assassination of Hezbollah leader Hassan Nasrallah in another Beirut attack on Friday, as well as assaults on Houthi sites in Yemen on Sunday, as Israel escalates its military campaign.
UAE President Sheikh Mohamed pledged $100 million to “the brotherly Lebanese people,” state news agency Wam reported on Monday.
The strike completely destroyed the fifth floor, and personal items were scattered across the street, including books and a wooden map of Palestine. Blood could also be seen on the ground.
The PFLP is a small Palestinian faction, much smaller in terms of resources and members than Hezbollah or Hamas, but it has been active in cross-border fighting with Israel along Lebanon’s southern border in co-ordination with Hezbollah. The group said that the Israeli strike would only make it more “steadfast” and “resilient”.
The attack has left residents in shock, particularly because of its location in the heart of Beirut, fuelling fears that Israel could strike anywhere in the country, not just Hezbollah-controlled areas.
“Nowhere is safe in Beirut,” said Mahmoud, a 36-year-old resident. He said members of the PFLP had just arrived at the flat in a rented car when the strike occurred. “We have no issue welcoming displaced civilians from targeted areas, but these people are politically-affiliated: they put us in danger,” he added.
Jamil Taha, 61, a father of three, lives above the apartment that was hit. “We heard a loud explosion, and my wife screamed. Everything in the kitchen was shattered, there was smoke everyone and the children were on the floor, and the apartment below was on fire,” he said, adding that his neighbour, an old man, also died in the attack.
“It’s terrifying, especially when you have children. You feel like only God can protect you now.”
Israel's Defence Minister Yoav Gallant told troops on the country's norther border that Israel is willing to "use all of our capabilities, including you”, the latest sign that Israel is considering large-scale ground operations in southern Lebanon. Mr Gallant told troops that they are part of the mission to bring back more than 60,000 Israelis who have been removed from border regions.
Caretaker Prime Minister Najib Mikati said the Lebanese government is ready to fully implement the 2006 UN Security Council Resolution 1701 and deploy the army south of the Litani River, which lies about 30km from Lebanon's southern border, Lebanon's National News Agency said. The resolution aimed to end Hezbollah's armed presence south of the river as part of an agreement to stop war with Israel.
Mr Mikati also said he and House Speaker Nabih Berri had agreed that electing a new president to end a nearly two-year vacancy at the top post would only happen after a ceasefire took hold, in comments delivered after the two leaders met in Beirut.
Series of attacks
The attack on Cola is the latest in a series of air strikes across Lebanon that have killed more than 1,000 people in the past two weeks. In the latest round of attacks, at least 105 people were killed and 359 were wounded on Sunday in Lebanon's Bekaa Valley in the east, Baalbek-Hermel governorate and Beirut's southern suburbs.
One strike in southern Lebanon killed a school principal and member of Hamas, along with his wife and two children, the Gaza-based armed group said on Monday. Hamas named him as Fath Sharif Abu Al Amin of the Deir Yassin high school and said the strike hit the family's home in Al Ras camp.
On Sunday, Israel expanded its campaign into Yemen, killing at least four people and wounding 49 others in strikes on the port of Hodeidah, according to a toll from the Houthi-run Al Masirah news outlet.
The Houthi's Supreme Political Council said the city's Mina power station, Al Hali power station and Al Arj power tanks were struck. It said Israel would face a response that “it could not tolerate”.
The Houthis have been carrying out strikes on Israel and in the Red Sea in solidarity with Palestinians in Gaza after almost a year of Israeli bombardment of the territory following the Hamas attack against Israel on October 7 last year. The Houthis have said they will not let up until a ceasefire in Gaza is reached.
“We will not stop or retreat and will continue with the help and success of God. This aggression will not pass without a response,” the group said on Sunday.
On Monday morning, Israel carried out further strikes on Gaza, killing two people in an attack on a school housing displaced people in the northern city of Beit Lahia, official Palestinian news agency Wafa said. About 41,600 people have been killed in Gaza since October 7. The territory's ministry of health says the toll is likely to be higher with thousands missing or under rubble.
DUNGEONS%20%26%20DRAGONS%3A%20HONOR%20AMONG%20THIEVES
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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
The years Ramadan fell in May
Arsenal's pre-season fixtures
Thursday Beat Sydney 2-0 in Sydney
Saturday v Western Sydney Wanderers in Sydney
Wednesday v Bayern Munich in Shanghai
July 22 v Chelsea in Beijing
July 29 v Benfica in London
July 30 v Sevilla in London
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.”
MEYDAN%20RACECARD
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
Infiniti QX80 specs
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Power: 450hp
Torque: 700Nm
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Available: Now
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
COMPANY%20PROFILE
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
