A Palestinian student crowned one of three winners of the Arab Reading Challenge in Dubai on Wednesday has delivered a message of hope amid the heartbreak of war.
Salsabil Sawalha, 17, from Hebron, in the occupied West Bank, has overcome adversity as the Israel-Gaza war rages on to take home a cash prize of Dh500,000 ($136,000) for her love of reading.
Salsabil dedicated her win to the “people of Palestine” and said her success showed that even in times of great struggle, dreams can still come true.
“I give this win to the children of Gaza, the West Bank, and every Palestinian around the world,” she said.
“We love education and science, and we always defy hardships. This win is proof that we can achieve what we set our minds to."
She told The National that “the road to success is not easy – it’s filled with bumps, and even death. But with God’s help, it can end in success beyond your wildest dreams.”
Referring to the war, Salsabil said that it’s “heartbreaking not to know when death will come for you, to turn you from a person full of dreams and ambitions into just another number added to the death toll”.
She added that it was a huge challenge but she “continued reading and eventually made it to the UAE, despite all the hardships”.
Salsabil’s family relocated from the Netherlands to Hebron to ensure that she and her siblings remained connected to their roots. She has yet to decide what she would do with the prize money, but said it would be to support reading.
Joy for triumphant trio
Fellow winners Hatem Al Tarkawi, nine, from Syria, and Kadi bint Musaffar, 11, from Saudi Arabia, joined Salsabil on stage at Dubai Opera as Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, honoured them for their efforts.
Collectively, they read a total of 1,002 books – with Salsabil reading 500, Hatem 400, and Kadi completing 102 books.
Honouring the winners, Sheikh Mohammed said: “Our joy at the millions of Arab youth flocking to reading makes us optimistic, despite all the circumstances.
“Our investment in reading is an investment in the Arab mind, in Arab awareness and in the future of Arab youth.”
The eighth Arab Reading Challenge involved 28 million students from 50 countries. Launched in 2015 by Sheikh Mohammed, the competition encourages young people to read at least 50 books a year.
Speaking to the participants, Sheikh Mohammed said: “Your continued passion for knowledge is a continuation of your passion for life and the future. What you will experience will be better and greater, God willing.”
During the ceremony, an Arab reading digital platform was launched to offer access to thousands of Arabic books and promote reading culture among Arab youth.
Making it count
Hatem said his passion for history and science fuelled his reading journey. “I love reading about history and science, especially about Muslim Arab scientists,” he told The National.
He lives with his two older sisters and a brother in Salamieh, western Syria, while his parents work in a nearby village. “My oldest sister is in her fourth year of architectural engineering, my other sister is studying Arabic, and my brother is pursuing agricultural engineering,” Hatem said.
With his prize money, Hatem wants to buy one sister a new laptop, a car for his mother, a mobile phone for his other sister and a pick-up truck for his brother.
Kadi has always been an avid reader. “I’ve always loved reading, for as long as I can remember,” she said, adding that she preferred it over watching cartoons.
She’s still contemplating how to use her prize money but has a strong desire to inspire other children to read. “I’m thinking of starting my competition on social media to encourage more children to read,” Kadi said.
“Maybe I’ll pick a book and ask children to read it, then post questions about it for them to answer.”
More winners
In addition to the three champions, several other awards were given away on Monday.
Omar Abdul Latif from Egypt came in second in the reading challenge and took home Dh100,000, while Sulaiman Al Shumaimari from Kuwait claimed third place for Dh70,000.
Rabee Ahmed, from Syria, won Dh300,000 and the title of Outstanding Supervisor for his efforts in guiding and motivating pupils, while Dubai’s Al Ibdaa School won the Dh1 million Best School award.
In the Arab pupils living abroad category, Mohammed Al Fateh from Sweden was named the champion, while Mohammed Ahmed Hassan from Egypt won Dh200,000 and the title of Reading Champion in the People of Determination category.
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.”
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
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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
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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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