Live updates: Follow the latest on Israel-Gaza
Dozens of people were killed or injured in a shooting near a food bank in Gaza on Sunday, as Israel denied firing on civilians collecting aid.
The Red Cross reported a "mass casualty influx" of 179 people at a field hospital in Rafah, of whom 21 were declared dead on arrival. It said most had gunshot or shrapnel wounds, while survivors said they had been trying to reach an aid distribution site.
Witnesses said the shooting unfolded at dawn near one of the US-backed Gaza Humanitarian Foundation's collection points in Rafah. Palestinian news agency Wafa said Israeli troops had opened fire at civilians, while Gaza's Health Ministry put the toll at 31 dead and 170 injured.
Israel's army offered competing explanations. It first said it was unaware of casualties, then said it did not fire at civilians "near or within" the food bank in the south of Gaza, and that "reports to this effect are false".
An Israeli military official separately said troops had fired warning shots to "prevent several suspects from approaching" the site, but that this was unrelated to the "false claims" against the army. The military also released footage of unknown people "hurling rocks and firing at Gazan civilians" in Khan Younis, as it accused Hamas of thwarting aid delivery.
The Gaza Humanitarian Foundation, which runs the centres, said aid had been distributed "without incidents". It said reports of fatalities were false.
Philippe Lazzarini, the head of aid agency UNRWA, said aid distribution "has become a death trap". He described the new aid centres as a "humiliating system" forcing hungry Gazans to walk for tens of miles to an area ravaged by Israeli bombardment.
Witness accounts
Ibrahim Abu Taima was among the hungry Gazans who set out early in the morning in search of food, arriving shortly after dawn at the US-backed aid centre in Rafah.
The 34-year-old was "hoping to get food before the rush", he told The National. “But people were already packed in. Everyone is hungry, no food, no water, for months.”
Then, soon after sunrise, gunfire erupted near the food bank. “People were shot at without warning. Chaos broke out," said Ibrahim. His cousin Mahmoud was killed, and a young nephew was shot in the leg.
Over the past week at least 39 Palestinians have been reported dead and more than 220 wounded while trying to collect food from the new aid centres in Gaza, which are staffed by US private security guards. Officials and survivors say Israel is drawing starving civilians into a trap under the guise of humanitarian aid. The bloodiest scenes unfolded on Sunday morning after civilians had gathered in the early hours.
"This is not aid. It’s an ambush,” Ismail Al-Thawabti, director of the Government Media Office in Gaza, told The National.
He alleged that “Israel and the US administration are orchestrating these massacres under the pretence of humanitarian relief, killing civilians in cold blood without any legal or international deterrent."
Mohammed Al-Ghareeb, a journalist from southern Gaza, also witnessed the scene. “Thousands of people were there, mothers, children, elderly. The army started firing directly at people’s heads and chests. It was deliberate," he told The National.
He noted that many people had travelled through the night from Gaza city and northern areas to reach the centre. “They left empty-handed, fleeing bullets instead of receiving aid.”
Adding to the horror, looters reportedly waited near the centres to rob aid recipients. “They snatched parcels from people who made it out alive,” he said. “The situation is catastrophic. Famine is claiming lives, and the world remains silent.”
Israel says the new system of food distribution is a way of bypassing Hamas, which it accuses of pilfering aid. The Red Cross said civilians had, for months, been forced to "navigate areas affected by intense hostilities" to find food.
It said the intake at the Rafah field hospital was the "highest number of weapon-wounded in a single incident" since it opened more than a year ago.
Controversial plan
The UN has criticised the aid distribution plan, which also cuts usual aid providers such as Palestinian relief agency UNRWA out of the loop. Little is known about the US-backed Gaza Humanitarian Foundation, and aid groups say it endangers rather than helps civilians by delivering food through narrow, militarised corridors.
After a two-month ceasefire boosted Gaza's food stocks, Israel blocked all aid from entering the strip from March until mid-May. The entire population is thought to be at risk of famine and Gaza's farmland has been destroyed, with barely any land remaining arable.
Amjad Al-Shawa, director of the Palestinian NGO Network in Gaza, condemned the new aid operations as a facade for military targeting.
“Civilians who came to feed their children returned in coffins,” he said. “These are not humanitarian efforts. They are Israeli-American military zones designed to humiliate and kill.”
Mr Al Shawa urged immediate international intervention. “We are living through the worst humanitarian catastrophe in our history. There is no access to the basic elements of life. This can no longer be ignored.”
As starvation and bombardments continue to devastate the population, calls for a ceasefire grow more desperate by the day. Hamas neither accepted nor rejected the latest US ceasefire proposal on Saturday, saying it was willing to release hostages but demanding that Israel should ultimately withdraw.
Ibrahim Abu Taima said there were screams, blood and "bodies everywhere" in the aftermath of the Rafah gunfire as he carried his cousin and nephew to the nearest hospital.
Mahmoud had been married for four years, a father of two. “He went out to get food for his kids and returned home in a shroud. That’s our reality now,” Ibrahim said.
“There are countless safer ways to distribute food,” Ibrahim Abu Taima said. “But they chose the one that kills us.”
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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Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
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.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
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