Welcome to The National's weekly newsletter Beshara, where we share the most positive stories of the week.
Fireworks at Burj Khalifa welcome 2025 in Dubai. Pawan Singh / The National
It is said the Babylonians, more than 4,000 years ago, were the first to celebrate a new year, with festivals, gifts and pledges. And while the ancient people of Mesopotamia celebrated this in the spring, known as Akitu, and still marked each year by Iraqi Assyrians, its legacy is a ritual that has spread across cultures to become a near-global event that we will ring in on Wednesday at midnight.
With it, despite the usual ticking of the clock and the normal passage of one day to the next, we will usher in a new beginning with a collective hope for renewal, a chance for positive change and a commitment to do or be better.
The feeling of promise and anticipation as we peek over the starting line of 2026 is a powerful lens for looking ahead – and as you’ll discover below, there is plenty to look forward to.
Yaqeen Kankar, a Syrian girl with spinal muscular atrophy, was given Zolgensma in Dubai this year. Itvisma is an advanced treatment using the same drug. Antonie Robertson / The National
But first, to a medical milestone that is expected to offer a lifeline to children and adults with spinal muscular atrophy (SMA).
Sheikh Khalifa Medical City Hospital in Abu Dhabi has made history by becoming the first in the world to deliver pioneering gene-therapy treatment, Itvisma. The one-dose drug works to replace the defective SMN1 gene responsible for the debilitating disease and, unlike earlier forms of treatment, it can be used on patients beyond infancy.
SMA, which is thought to affect one in 50,000 people globally, causes a broad spectrum of severity. In its most severe form, the disease can be fatal before a child’s second birthday and is the leading genetic cause of death in infants and toddlers. Milder cases may not show symptoms until much later in childhood or adulthood.
The advancement is the latest measure in a UAE-wide effort to improve the lives of patients with SMA. Clinicians expect families from around the world to travel to the Emirates to receive the life-changing treatment – a single dose that could transform thousands of lives. Read the full story here.
Quoted
'The most valuable things we give, and give to ourselves, are not always the ones that take up space. Often, they are the ones that stay with us long after the season has passed'
Tourists enter the Khufu Pyramid via the so-called Robbers' Tunnel. Photo: Getty Images
From the depths of the pyramids to the far side of the Moon, James Langton has been busy looking at events the world can expect in 2026.
In his round-up of what the coming year has in store is a record-breaking natural phenomenon, some major milestones for human endeavour and plenty more celebrations – read it here.
He has also delved into the happenings on the UAE horizon – from the much-anticipated national passenger rail network to new laws aimed at improving health or helping the environment. You can read that round-up here.
Faisal Al Zaabi has scoured the listings and new releases for you to create this bumper list of 30 films to look forward to in the next 12 months.
If you’re looking for inspiration for those resolutions – whether it be more challenges or travel – this collective effort from across our newsroom has plenty to inspire: our top 16 destinations for 2026. And for those who want challenges and travel, take inspiration from our intrepid reporter and runner, Lizzie Porter, who has shared her round-up of marathons she has completed across the Middle East.
Snapshot
A traditional dance during a mass wedding reception at Qasr Al Hosn, Abu Dhabi. Photo: UAE Presidential Court
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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.”
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
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.
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
New schools in Dubai
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
