Israel's military pushed deeper into Gaza city on Tuesday in its operation to seize the area, forcing more Palestinians to flee the violence on gridlocked roads in lorries at exorbitant prices.
Defence Minister Israel Katz said “Gaza is burning” after heavy air strikes hit the city, while military spokesman Lt Col Avichay Adraee again ordered residents to leave, saying 40 per cent had already done so.
The push to control the city came hours after US Secretary of State Marco Rubio declared America's “unwavering support” for Israel's pursuit of Hamas during a visit to Jerusalem.
For Gazans, there was panic as many attempted to escape, only to find routes blocked and lorry drivers demanding hundreds of dollars for the journey out.
“A hell beyond description,” resident Aya Rajab, 31, said of her experience as helicopters circled her home west of Gaza city overnight. She told The National they flew so low that the sound rattled her bones and bullet casings rained down on her roof.
She and her three children stayed awake all night, uncertain if they would live to see the sunrise, she added.
The Israeli military said its troops were moving deeper as part of a “transition into the main phase of the plan for Gaza city”.
Israel says the area is a major Hamas stronghold housing between 2,000 and 3,000 fighters, with the military operation aiming to neutralise the group's central command.
The army said “thousands” more Israeli troops will join the effort to conquer the city.
Many Gazans told The National they had no way to flee or secure transport to safety, with some lorry drivers charging up to US$1,000 for a ride out.
The only available route, by Al Rashid Road in the west of Gaza, was clogged with families moving south, some stuck for 12 hours or more, Ms Rajab told The National. “Death feels easier than this kind of suffering,” she said.
Mohammed Al Amsi, 27, said he, his sisters and their families tried to escape on a lorry piled high with their belongings. But after 10 hours on a congested road, an Israeli air strike forced the driver to turn back. With the journey aborted, Mr Al Amsi returned to Gaza city, only to find himself trapped. Every lorry was booked and any places left were selling for a thousand dollars, he said.
If they cannot find a vehicle, he and 24 relatives, including children and the elderly, had resolved to walk, he said. “The situation is unbearable, and the longer it lasts, the worse it gets.”
Israel's push into the city came a day after Arab and Islamic nations condemned its actions at an emergency summit in Doha. They criticised what they called a flurry of Israeli aggression, from the Gaza war to Israel's strike on Hamas leaders in Qatar last week and bombardments of Lebanon, Syria and Iran, as well as its policies of settlement and expansion in the West Bank.
However, many Gazans lamented the lack of action from the Doha meeting, saying it would do nothing to alleviate their suffering.
“We thought the Arab summit might help,” Mr Al Amsi told The National. “But the statements disappointed us - no threat to Israel, no pressure.”
Another Gaza city resident, Tayseer Faraj, 36, said Gaza’s destruction would continue regardless of diplomacy. “The occupation tramples over agreements and condemnations,” he said.
Mr Rubio said the window of opportunity to reach a ceasefire was closing.
“Well, as you saw the Israelis have begun to take operations there. So, we think we have a very short window of time in which a deal can happen,” he said. “We don’t have months any more, and we probably have days and maybe a few weeks, so it's a key moment – an important moment.”
Israel's leaders have remained defiant in the face of international criticism. Defence Minister Katz said “Gaza is burning” in a post to X on Tuesday morning. “The [military] is striking with an iron fist at the terrorist infrastructure and soldiers are fighting heroically,” he added. “We will not relent and we will not go back – until the completion of the mission.”
Shortly after his post, UN investigators released a damning report accusing Israel of committing genocide in an effort to “destroy the Palestinians”. They also accused Israeli Prime Minister Benjamin Netanyahu and other senior officials of incitement to the cause.
The UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, which does not speak on behalf of the world body and has faced Israeli criticism, found that “genocide is occurring in Gaza and is continuing to occur”.
The commission is not a legal body, but its reports can influence diplomatic pressure and serve as evidence for later use by courts.
Israel's Foreign Ministry said it “categorically rejects this distorted and false report and calls for the immediate abolition of this commission of inquiry”.
The military also denied the accusations, highlighting its efforts to minimise civilian harm. It said it had recently fixed a new water line in Gaza providing 14 billion litres daily.
Mr Netanyahu and Mr Rubio said on Monday that the only way to end the conflict is the elimination of Hamas and the release of the 48 hostages held by the group. About 20 of them are believed to be alive.
Hamas has said it will only free the hostages in return for Palestinian detainees held in Israel, as well as a lasting ceasefire and the withdrawal of Israeli forces.
While the wrangling continues, Gazans continue to pay the price. “The children cry with every sound of shelling and gunfire. You feel like you wish you had never been born, never had children,” Mr Faraj told The National.
He and his six children chose to flee Gaza city for the south of the enclave, leaving behind what he said would be certain death.
“Gaza is a place where survival itself is a daily negotiation,” he said.
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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.”
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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.
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
SPECS
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Zayed Sustainability Prize
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
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Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
