Ireland’s premier Micheal Martin discussed the “intolerable situation in Gaza” with British Prime Minister Keir Starmer on Friday, as the UK prepares to recognise the State of Palestine.
The pair met at the Prime Minister's country home Chequers for a meeting dealing with the legacy of the 30-year conflict in Northern Ireland, but also the UK's bilateral relationship with Ireland.
"The leaders said they were appalled by the strike in Doha this week and the intolerable scenes in Gaza," a Downing Street spokesperson said.
"They agreed it was essential to end the man-made famine, get aid in at scale, release the hostages and find a pathway to a two-state solution to deliver peace for Israelis and Palestinians."
Ireland views the Palestinian issue with sympathy due its historic struggle for independence.
The Dublin government recognised Palestine in May last year, alongside Spain and Norway – defying most other EU countries. It has laid out plans for a trade ban with Israel, which has been met with resistance from EU allies.
This week, the national broadcaster RTE said it would not participate in the Eurovision song contest next year if Israel is involved, after a similar announcement from Slovenia's RTVSLO and followed by the Dutch broadcaster on Friday.
“Ireland was Britain's oldest colony. This has undoubtedly shaped how people from Ireland engage with postcolonial conflicts,” said Jane Ohlmeyer, a professor of modern history at Trinity College Dublin.
Ireland also served as a “template for partition” with the Government of Ireland Act of 1920 later repurposed for the partitioning of Israel and Palestine in 1948 and India and Pakistan in 1947, which leads to further sympathy.
By contrast, the UK has supported Israel’s military campaign in Gaza as well as those in Lebanon, Yemen and Iran. But it became more critical in recent months as the humanitarian crisis escalated and Israel continued to expand its settlement programme in the occupied West Bank.
Britain has since sanctioned two far-right Israeli ministers and violent Jewish settlers, imposed a partial ban on weapons sales to Israel and is set to recognise Palestine at the UN General Assembly later in September.
Both leaders can draw “hope” as well as lessons from the Good Friday Agreement as they continue calling for a peace process, said Prof Ohlmeyer.
“Despite Irish experiences of settler colonialism, the Good Friday Agreement has forged peace on the island of Ireland,” she told The National. “Might this be a ray of hope at an incredibly dark moment, and, in time, provide a template for securing peace in the Middle East?”
Mr Starmer this year tried to champion the Israel-Palestine International Peace Fund, which was modelled on a similar fund for Northern Ireland, but this was dropped after Israel proposed an 80 per cent tax for NGOs receiving foreign aid money.
Ireland prohibits membership or support of organisations such as Hamas and Hezbollah, which are proscribed by the EU and in the UK. The Irish public has been sympathetic to the group Kneecap as the Gaelic-language rappers' lead singer faces charges in a UK court for waving a Hezbollah flag on stage.
There was also a tendency to view the conflict through the "prism" of the Troubles in Northern Ireland, said Prof Ohlmeyer.
"We see this, for example, in the street murals in Belfast, where republican nationalists sympathise with Palestine and loyalists / unionists with Israel," she said. "However this does not necessarily mean that Catholics are anti-Zionists and Protestants anti-Palestinian."
Mr Martin and Mr Starmer also met in March, in Liverpool, in a new series of annual UK-Ireland summits, hailed as the “next chapter” in their relationship after having “turned a page on the turbulent years”.
Speaking before Friday's meeting, Mr Martin said: “I'm looking forward to meeting with Prime Minister Starmer today and to discussing a range of matters, including the progress to date on the delivery of the UK-Ireland 2030 co-operation programme, which we agreed at our summit in March in Liverpool.
“We will also discuss legacy issues, recognising its importance to people in Northern Ireland and across these islands, and to broader British-Irish relations.
“Our discussions will also cover the welcome progress in strengthening EU-UK relations as well as pressing international issues, in particular the intolerable situation in Gaza, and continued support for Ukraine in its defence against ongoing Russian aggression.”
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 sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
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
