Charity boxes being loaded onto vehicles to be sent to Ukrainian Refugees at a depot in Dumfries, UK, on March 21. PA wire
Charity boxes being loaded onto vehicles to be sent to Ukrainian Refugees at a depot in Dumfries, UK, on March 21. PA wire
Charity boxes being loaded onto vehicles to be sent to Ukrainian Refugees at a depot in Dumfries, UK, on March 21. PA wire
Charity boxes being loaded onto vehicles to be sent to Ukrainian Refugees at a depot in Dumfries, UK, on March 21. PA wire


The kindness of strangers for the people of Ukraine


  • English
  • Arabic

March 23, 2022

Can you answer these quiz questions? In 1876 Alexander Graham Bell was granted a patent for what? How many countries share a land border with Ukraine? And which movie has the famous line, “You can’t handle the truth?” The answers, as you may know, are that Bell invented the telephone; seven countries have borders with Ukraine, and the Hollywood movie is A Few Good Men.

I’ve been asking questions like this over the past couple of days in a charity quiz organised by a friend who runs a local hotel. The idea is that people pay £20 each to enter in teams of six. They have a modest supper (chicken, coleslaw, French fries) and the winners of the quiz receive either a free meal or a small cash prize. But all the entrance fee money, and anything else we collect, goes to the Disasters Emergency Committee.

The DEC is a group of 15 prominent charities including the Red Cross, Christian Aid, Oxfam, Islamic Relief Worldwide, Save the Children and others. It has raised £200 million so far, including £25 million from the British government, the rest from donations and small fundraising events like ours. We managed to raise £3500 in two hours, which doesn’t sound like much – just a small stream flowing in to a big ocean of need, but the very idea of charity touches the human soul. It helps those suffering from the Ukraine conflict and it also makes those of us who collect the money feel we are doing something useful.

A large number of cards and letters of love and support written by children, which are to be included with donated aid to be sent to Ukrainian Refugees by Opir (a river in Ukraine) and MOOL (Massive Outpouring of Love) Charity. The aid is being loaded into vehicles at their depot in Dumfries, UK ahead of departing for Ukraine. March 21. PA Wire
A large number of cards and letters of love and support written by children, which are to be included with donated aid to be sent to Ukrainian Refugees by Opir (a river in Ukraine) and MOOL (Massive Outpouring of Love) Charity. The aid is being loaded into vehicles at their depot in Dumfries, UK ahead of departing for Ukraine. March 21. PA Wire

A local pet shop has organised collections of clothes, blankets, hygiene products and other materials, sending a truck load to the Polish-Ukraine border. Schools, youth groups, religious organisations are all doing something too. Islam, Christianity, Judaism, Buddhism, Sikhism, Hinduism and other religions recognise that giving is an essential part of faith. The benefits are for those who give as well as those who receive.

When floods, famines, wars and other disasters strike, the act of giving allows donors to feel a sense of what psychologists call “agency” – being able to change just a little part of the world for the better. It therefore helps us overcome the sense of helplessness we all feel when confronted by a human-made or natural calamity. Former German chancellor Angela Merkel put this idea well when during the Syrian refugee crisis, she told Germans: “Wir schaffen das,” meaning “we make it work” or “we can do it".

Discussing with the quiz organisers what we should do with the money has also been an education, one far more profound than the facts of the general knowledge questions in the quiz itself. We have all been forced to look beyond the daily news of atrocities of war and into the mechanics of aiding the human victims. What is needed? Where? And what is realistically achievable?

Out of 41 million Ukraine citizens, some 18 million are predicted to be displaced either within Ukraine or forced out of their country. Around 4 million have already been forced from their homes. In eastern and central Europe an army of civilian volunteers has begun to help.

One friend – a musician in Berlin – volunteered with many others to help resettle Ukrainian families in the German capital and beyond. The refugees, who my friend has seen, are mostly women and children but also some old and frail people. She told me that in one day 13,000 arrived at the Hauptbahnhof, Berlin’s main train station.

Ukrainian refugees are guided by volunteers to reach a train to Berlin at the main train station, in Krakow, Poland, on March 15. Reuters
Ukrainian refugees are guided by volunteers to reach a train to Berlin at the main train station, in Krakow, Poland, on March 15. Reuters

Dealing with the trauma of thousands of refugees in an unrelenting stream has taken a toll on the mental health of the volunteers. Most are physically exhausted and emotionally drained. Then a Polish friend told me of up to 2 million refugees (at the latest estimate) arriving in Poland, although many are in transit through Poland to other countries.

One Polish charity is helping in neighbouring Moldova, the poorest country in Europe, with a population of just 2.5 million. Moldova now has more than 250,000 refugees, and numbers are rising there too.

For most nations the prospect of a 10 per cent increase in population in one month would be profoundly unsettling, almost unimaginable. In the UK it would be like dealing with the arrival of 6.8 million people. My Polish friend tells me that refugees say what Ukraine needs now includes help to end the serious shortages of medical equipment, tourniquets, bandages, pharmaceuticals and protective flak jackets.

The flak jackets are needed by nurses and paramedics, medical and aid workers because they themselves have been targeted and killed. The British appeal suggests £30 provides toiletries and hygiene supplies for three people for a month; £50 provides blankets for four families and £100 is enough for emergency food rations for two families for a month. Our little fundraiser cannot stop the war, or end the suffering, but because we cannot do everything, it does not mean that we should stand by and do nothing. Wir schaffen das.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

RESULTS

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Education reform in Abu Dhabi

 

The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

Take Me Apart

Kelela

(Warp)

UAE WARRIORS RESULTS

Featherweight

Azouz Anwar (EGY) beat Marcelo Pontes (BRA)

TKO round 2

Catchweight 90kg

Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)

Split points decision

Welterweight

Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)

TKO round 1

Flyweight (women)

Lucie Bertaud (FRA) beat Kelig Pinson (BEL)

Unanimous points decision

Lightweight

Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)

TKO round 1

Catchweight 100kg

Marc Vleiger (NED) beat Mohamed Ali (EGY)

Rear neck choke round 1

Featherweight

James Bishop (NZ) beat Mark Valerio (PHI)

TKO round 2

Welterweight

Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)

TKO round 1

Middleweight

Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)

Unanimous points decision

Bantamweight

Fabio Mello (BRA) beat Mark Alcoba (PHI)

Unanimous points decision

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)

TKO round 1

Bantamweight

Trent Girdham (AUS) beat Jayson Margallo (PHI)

TKO round 3

Lightweight

Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)

TKO round 1

Middleweight

Tarek Suleiman (SYR) beat Steve Kennedy (AUS)

Submission round 2

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

TKO round 2

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

Donating your hair

    •    Your hair should be least 30 cms long, as some of the hair is lost during manufacturing of the wigs.
    •    Clean, dry hair in good condition (no split ends) from any gender, and of any natural colour, is required.
    •    Straight, wavy, curly, permed or chemically straightened is permitted.
    •    Dyed hair must be of a natural colour
 

 

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

Updated: March 23, 2022, 4:00 AM