Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has launched several initiatives over the years to help vulnerable groups around the world during the holy month. @HHShkMohd / X
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has launched several initiatives over the years to help vulnerable groups around the world during the holy month. @HHShkMohd / X
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has launched several initiatives over the years to help vulnerable groups around the world during the holy month. @HHShkMohd / X
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has launched several initiatives over the years to help vulnerable groups around the world during the holy month. @HHShkMohd / X

Fathers' Endowment campaign raises more than Dh3.3 billion


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A fund launched by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to support people in need has already raised more than three times its Dh1 billion ($272.2 million) target.

The Fathers’ Endowment campaign was created to provide "treatment and health care to the poor and needy", said Mohammed Al Gergawi, Minister of Cabinet Affairs and Secretary General of Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI). It was announced on Tuesday that the campaign had raised more than Dh3.3 billion from 160,560 contributors.

The initiative, which coincides with Ramadan, was inspired by the role fathers play in society. People in the UAE have been encouraged to make donations in their fathers' names.

“The Fathers' Endowment campaign, which honours fathers by creating a sustainable endowment fund dedicated to providing treatment and health care for the poor and needy, supports vulnerable populations in a critical area directly impacting their quality of life, stability and ability to contribute to their communities' development," said Mr Al Gergawi, who is overseeing the campaign.

"This initiative will effectively address the medical and health needs of these communities and offer new hope."

The level of public engagement with the initiative demonstrates that a culture of giving is deeply rooted in Emirati society, he said. The UAE has become synonymous with spreading goodwill, easing suffering worldwide and empowering millions to improve their quality of life, he said.

The sum of Dh3.3 billion was the result of broad community engagement, MBRGI said in a statement. Donations have been made by "major contributors, businesses, individuals and public and private sector organisations".

The success of the initiative reflects the UAE's commitment to the goal of providing sustainable healthcare in underserved communities, MBRGI added.

It is the latest initiative launched by Sheikh Mohammed to mark the holy month each year. The Mothers' Endowment campaign was introduced last year to mark Ramadan. It aimed to support the education of millions around the world raising at least Dh1 billion. It surpassed that goal, reaching more than Dh1.4 billion.

Previous campaigns launched to mark Ramadan include the 10 Million Meals initiative of 2020, which secured more than 15.3 million meals for communities affected by the Covid-19 pandemic. The 100 Million Meals campaign was launched in 2021, collecting 220 million meals for vulnerable groups, while the 1 Billion Meals of 2022 achieved its goal in less than a month. In 2023, the 1 Billion Meals Endowment raised Dh1.075 billion.

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

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Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

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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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Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Updated: March 11, 2025, 2:15 PM