People in Khan Younis search through buildings that were destroyed during Israeli air raids in the southern Gaza Strip on Sunday. Getty Images
People in Khan Younis search through buildings that were destroyed during Israeli air raids in the southern Gaza Strip on Sunday. Getty Images
People in Khan Younis search through buildings that were destroyed during Israeli air raids in the southern Gaza Strip on Sunday. Getty Images
People in Khan Younis search through buildings that were destroyed during Israeli air raids in the southern Gaza Strip on Sunday. Getty Images


The Israel-Gaza war: a month-long tale of loss, with no end in sight


Nabil Fahmy
Nabil Fahmy
  • English
  • Arabic

November 05, 2023

According to Israel’s official sources, its military campaign in Gaza has now entered phase two, with a configuration of air, ground and special forces engaged in the Palestinian enclave. This is part of a long war, with Israel’s stated objective being to eradicate Hamas’s military and political capabilities. The focus is first on northern Gaza, but it expects to expand its operations to central and southern Gaza as well.

Hamas and other Palestinian groups claim to have repulsed Israeli ground and special forces, while Israel reports having killed Hamas leaders in Gaza and incarcerated others in the West Bank. A handful of hostages held by Hamas have returned, but militarily very little can be objectively verified. Therefore, the only conclusion to be drawn, as the conflict reaches its one-month mark, is that the battles will continue.

From a societal perspective, the enclave’s evident devastation is widespread, with more than 25 per cent of Gaza City razed to rubble. Thousands upon thousands of Palestinians have been killed and tens of thousands maimed or injured, including from the recent air raids on the Jabalia refugee camp. More than a million Palestinians have been displaced across the Strip, which only provides partial safety from intermittent air raids. Israel is pursuing collective punishment and targeting health facilities in violation of international law.

Along with many of its western allies, it has rejected calls for a ceasefire and refused to accept even a humanitarian pause. Israel has essentially deprived the sick and wounded of basic health services, with hospitals being rendered dysfunctional by the high number of patients and the lack of resources.

  • Palestinians cry as they walk away after an area hit by Israeli missiles in Rafah, the Gaza Strip. AP
    Palestinians cry as they walk away after an area hit by Israeli missiles in Rafah, the Gaza Strip. AP
  • Palestinians with foreign passports wait for permission to leave Gaza at the Rafah border crossing with Egypt. Reuters
    Palestinians with foreign passports wait for permission to leave Gaza at the Rafah border crossing with Egypt. Reuters
  • A Palestinian boy pushes a man on a wheelchair past debris in Rafah. AFP
    A Palestinian boy pushes a man on a wheelchair past debris in Rafah. AFP
  • A paramedic holds an injured bird as he searches through buildings destroyed during Israeli air raids in Khan Younis, in the southern Gaza Strip. Getty Images
    A paramedic holds an injured bird as he searches through buildings destroyed during Israeli air raids in Khan Younis, in the southern Gaza Strip. Getty Images
  • Israeli soldiers take part in ground operations at a location given as Gaza. Reuters
    Israeli soldiers take part in ground operations at a location given as Gaza. Reuters
  • A man listens for any potential sounds of life following an Israeli air strike on the Maghazi refugee camp in Gaza. AFP
    A man listens for any potential sounds of life following an Israeli air strike on the Maghazi refugee camp in Gaza. AFP
  • People flee after Israeli air strikes on the Maghazi refugee camp. AFP
    People flee after Israeli air strikes on the Maghazi refugee camp. AFP
  • An Israeli soldier arranges artillery shells near the border with the Gaza Strip. AFP
    An Israeli soldier arranges artillery shells near the border with the Gaza Strip. AFP
  • Relatives and friends of those kidnapped during the October 7 Hamas attack hold photos of their loved ones during a protest calling for their return outside Israel's parliament. AP
    Relatives and friends of those kidnapped during the October 7 Hamas attack hold photos of their loved ones during a protest calling for their return outside Israel's parliament. AP
  • Israeli flares illuminate the sky over west Gaza in the northern Gaza Strip. EPA
    Israeli flares illuminate the sky over west Gaza in the northern Gaza Strip. EPA
  • Smoke rises from northern Gaza after Israeli pounded the besieged enclave. AFP
    Smoke rises from northern Gaza after Israeli pounded the besieged enclave. AFP
  • Ambulances queue at the Rafah border as they wait to cross into Gaza to transport the injured back to Egypt for treatment. Getty Images
    Ambulances queue at the Rafah border as they wait to cross into Gaza to transport the injured back to Egypt for treatment. Getty Images
  • Women cry as one of them holds an injured toddler outside Shuhada Al Aqsa hospital after an Israeli bombardment of Deir Balah, in the central Gaza Strip. AFP
    Women cry as one of them holds an injured toddler outside Shuhada Al Aqsa hospital after an Israeli bombardment of Deir Balah, in the central Gaza Strip. AFP
  • Displaced Palestinian children sit in a makeshift shelter at Al Shifa hospital, amid the Israel-Gaza war. Reuters
    Displaced Palestinian children sit in a makeshift shelter at Al Shifa hospital, amid the Israel-Gaza war. Reuters
  • Israeli soldiers patrol outside a house destroyed during fighting with Hamas militants, in the kibbutz of Kfar Aza. Bloomberg
    Israeli soldiers patrol outside a house destroyed during fighting with Hamas militants, in the kibbutz of Kfar Aza. Bloomberg
  • Palestinians from Bureij refugee camp use Salah Al Din street as they flee the southern Gaza Strip. AP
    Palestinians from Bureij refugee camp use Salah Al Din street as they flee the southern Gaza Strip. AP
  • Palestinian children clean up outside their home after Israel struck Maghazi refugee camp in the Gaza Strip. AP
    Palestinian children clean up outside their home after Israel struck Maghazi refugee camp in the Gaza Strip. AP
  • Khan Younis residents search through buildings destroyed during Israeli air raids. Getty Images
    Khan Younis residents search through buildings destroyed during Israeli air raids. Getty Images
  • People take part in a candlelight vigil in Dizengoff Square, in Tel Aviv. Getty Images
    People take part in a candlelight vigil in Dizengoff Square, in Tel Aviv. Getty Images
  • Demonstrators rally in support of Palestinians in Denver, Colorado. AFP
    Demonstrators rally in support of Palestinians in Denver, Colorado. AFP
  • Galya David, the mother of hostage Evyatar David, takes part in the 'Bring them home' event organised by the Greek Israeli Community in Athens. EPA
    Galya David, the mother of hostage Evyatar David, takes part in the 'Bring them home' event organised by the Greek Israeli Community in Athens. EPA
  • Lebanese parademics show the blood-stained high-vis jackets of four of their colleagues wounded after their ambulances were hit in a strike on the Lebanese town of Tayr Harfa. AFP
    Lebanese parademics show the blood-stained high-vis jackets of four of their colleagues wounded after their ambulances were hit in a strike on the Lebanese town of Tayr Harfa. AFP
  • Flares are dropped by Israeli forces above Gaza, as seen from Sderot, near the border with the Palestinian enclave. AFP
    Flares are dropped by Israeli forces above Gaza, as seen from Sderot, near the border with the Palestinian enclave. AFP
  • Israeli forces at a position along the the border with Gaza. AFP
    Israeli forces at a position along the the border with Gaza. AFP
  • Palestinians search for bodies and survivors at Magazi refugee camp in Gaza after an Israeli air strike. Reuters
    Palestinians search for bodies and survivors at Magazi refugee camp in Gaza after an Israeli air strike. Reuters
  • Leaflets are dropped by the Israeli army over Gaza city asking people to evacuate towards the south of the Palestinian enclave. AFP
    Leaflets are dropped by the Israeli army over Gaza city asking people to evacuate towards the south of the Palestinian enclave. AFP
  • An injured toddler awaits treatment at the emergency ward of Al-Shifa Hospital following an Israeli strike, in Gaza city. AFP
    An injured toddler awaits treatment at the emergency ward of Al-Shifa Hospital following an Israeli strike, in Gaza city. AFP
  • A Palestinian man wails amid a search for casualties after an Israeli strike on houses, at Magazi refugee camp, Gaza. Reuters
    A Palestinian man wails amid a search for casualties after an Israeli strike on houses, at Magazi refugee camp, Gaza. Reuters
  • Anadolu news agency cameraman Mohammed El Aloul pictured after several of his children and siblings were killed in Israeli strikes. Reuters
    Anadolu news agency cameraman Mohammed El Aloul pictured after several of his children and siblings were killed in Israeli strikes. Reuters
  • Israeli soldiers walk past debris and damaged buildings at a location given as Gaza by Israel's military. Reuters
    Israeli soldiers walk past debris and damaged buildings at a location given as Gaza by Israel's military. Reuters
  • Protesters rally outside the White House in support of Palestinians in Gaza, Washington. Reuters
    Protesters rally outside the White House in support of Palestinians in Gaza, Washington. Reuters
  • A man mourns after losing relatives following an Israeli air strike in Gaza city. AP
    A man mourns after losing relatives following an Israeli air strike in Gaza city. AP
  • An art installation of prams with the faces of kidnapped children on display in Tel Aviv. Getty Images
    An art installation of prams with the faces of kidnapped children on display in Tel Aviv. Getty Images
  • An Israeli woman calls for a ceasefire in the Gaza Strip. AP
    An Israeli woman calls for a ceasefire in the Gaza Strip. AP
  • A Palestinian man stands on a collapsed building following a strike by the Israeli military on Khan Yunis in the southern Gaza Strip. AFP
    A Palestinian man stands on a collapsed building following a strike by the Israeli military on Khan Yunis in the southern Gaza Strip. AFP
  • Palestinians gather at the site of Israeli strikes on a residential building in Khan Younis. Reuters
    Palestinians gather at the site of Israeli strikes on a residential building in Khan Younis. Reuters
  • Thousands of civilians, both Palestinians and Israelis, have died since October 7, 2023. AFP
    Thousands of civilians, both Palestinians and Israelis, have died since October 7, 2023. AFP
  • A Palestinian woman sits in the rubble as rescuers look for her relatives following the Israeli bombardment of Khan Younis. AFP
    A Palestinian woman sits in the rubble as rescuers look for her relatives following the Israeli bombardment of Khan Younis. AFP
  • Smoke rises from Gaza as the conflict between Israel and Palestinian group Hamas continues. Reuters
    Smoke rises from Gaza as the conflict between Israel and Palestinian group Hamas continues. Reuters
  • Mourners at the funeral of Druze Israeli Lt Col Salman Habaka in the village of Yanuh Jat, northern Israel. AP
    Mourners at the funeral of Druze Israeli Lt Col Salman Habaka in the village of Yanuh Jat, northern Israel. AP
  • A Palestinian boy pulled from the rubble of a building following an Israeli air attack on Bureij refugee camp, in the Gaza Strip. AP
    A Palestinian boy pulled from the rubble of a building following an Israeli air attack on Bureij refugee camp, in the Gaza Strip. AP
  • A survivor calls from Nasser Hospital in Khan Younis following Israeli air attacks. EPA
    A survivor calls from Nasser Hospital in Khan Younis following Israeli air attacks. EPA
  • People wait on the Egyptian side of the border after passing the Rafah border crossing between the Gaza Strip and Egypt. EPA
    People wait on the Egyptian side of the border after passing the Rafah border crossing between the Gaza Strip and Egypt. EPA
  • Pro-Palestinian supporters during a demonstration near a US military transport vessel at the Port of Oakland in California. AP
    Pro-Palestinian supporters during a demonstration near a US military transport vessel at the Port of Oakland in California. AP
Crisis management efforts need to be complemented by conflict resolution efforts on the core issue of ending Israeli occupation of Palestinian territory

The situation has become so dire that several US and UN officials have resigned in protest. Numerous demonstrations have been witnessed in several western countries, countering their own governments’ positions and calling for a ceasefire in Gaza. Bolivia, Chile, Colombia and Jordan have either cut relations with or reduced the level of representation in Israel. Other countries could follow.

Regrettably, however, I foresee more pain and suffering of non-combatants before this page is turned. The only question is how many more lives will be lost and civilians injured.

The political consequences of the events of the past month are also quite significant.

It was hardly surprising that the US and most of the western world were inclined to support Israel. However, US President Joe Biden’s meeting with Israel’s recently assembled war cabinet was particularly inappropriate, and alarming, as he effectively green lighted the subsequent Israeli operations. It was not surprising, therefore, that the leaders of Egypt, Jordan and Palestine then decided to cancel their meetings with Mr Biden.

The subsequent refusal of the US and several western governments to support calls for a ceasefire, and their insistence that Israel had the right to self-defence, further affirmed the belief of a wide-ranging majority of public opinion that the West was biased and applying double standards. This was evident at the Cairo Peace Summit held shortly after hostilities broke out. This forced some Arab countries to distance themselves from their western friends.

Arab and international efforts have been made at the UN Security Council and General Assembly to generate wider public support for a ceasefire and humanitarian pause. Several western countries joined in these efforts, but the US remained in opposition. While this obvious bias will not immediately change Arab positions towards the West, there will be incremental consequences as public opinion heats up if Israel continues its relentless use of force, especially at the expense of civilians.

As the war is prolonged as projected by Israel, and the number of civilian casualties continues to mount, we are seeing an erosion of support for Israel in global public opinion, including in the western world. The traditional contemporary narrative that Israel is a small country facing existential threats from aggressive neighbours has already lost some ground and will continue to do so.

US Secretary of State Antony Blinken, Egyptian Foreign Minister Sameh Shoukry and Jordanian Deputy Prime Minister and Foreign Minister Ayman Safadi met in Amman over the weekend. AFP
US Secretary of State Antony Blinken, Egyptian Foreign Minister Sameh Shoukry and Jordanian Deputy Prime Minister and Foreign Minister Ayman Safadi met in Amman over the weekend. AFP

Most importantly, public opinion in the Arab world, including among those who do not support Hamas, is increasingly aggrieved by the ruthlessness of the Israeli military campaign, which justifies Palestinian deaths as acceptable collateral damage. The feelings of dismay and anger are bound to increase as the death toll keeps going up, as will growing perceptions that all this is part of a preconceived plan to evacuate Palestinians by transferring them from Gaza to the Sinai Peninsula in Egypt and subsequently from the West Bank to Jordan. Public opinion will carefully monitor Israeli actions and Arab reactions in the weeks to come, with the expectation that concrete measures will be taken at the Arab League summit in Riyadh on November 11.

There are concerns that the Gaza crisis will spill over into a wider regional conflict. There have been several cross-border incidents involving Israel, Egypt, Hezbollah and even reports of missile activity in the Red Sea, with the US targeting some Iranian sites in Syria. For now, all these appear to be contained and controlled actions rather than precursors to a regional conflict, but one should never underestimate the potential threats and risks embodied in the fog of a war that can quickly get out of hand.

Looking forward, one can only conclude that without a paradigm shift, things will only worsen as risks of spill overs increase. In essence, the status quo is politically untenable and morally unacceptable. Palestinian lives are not collateral damage, especially non-combatants. In the absence of a ceasefire or humanitarian pause, Palestinian losses will only fuel more anger against Israel and possibly even generate a greater need for personal revenge and retribution.

US Secretary of State Antony Blinken returned to the region on Friday, with behind-the-scenes diplomacy ongoing, albeit mostly regarding hostage exchange and the provision of humanitarian support. The humanitarian issues there need to be dealt with expeditiously. I therefore expect renewed efforts in the UN to deal with them more cogently in the next few days.

These issues alone, however, do not address the root causes of the Palestinian-Israeli conflict that, in essence, are existential choices of whether these two peoples will live together peacefully moving forward. Crisis management efforts need to be complemented by conflict resolution efforts on the core issue of ending Israeli occupation of Palestinian territory and the creation of a Palestinian state as part of a two-state solution. That is what will provide peace and security for all, including Israel.

The%20Witcher%20-%20season%20three
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVarious%0D%3Cbr%3E%3Cstrong%3E%0D%3Cbr%3EStars%3A%20%3C%2Fstrong%3EHenry%20Cavill%2C%20Freya%20Allan%2C%20Anya%20Chalotra%3Cstrong%3E%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

How Filipinos in the UAE invest

A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

The specs
Engine: 3.6 V6

Transmission: 8-speed auto

Power: 295bhp

Torque: 353Nm

Price: Dh155,000

On sale: now 

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Mobile phone packages comparison
Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

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

Results

2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)

2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash

3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly

3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson

4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer

4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Top goalscorers in Europe

34 goals - Robert Lewandowski (68 points)

34 - Ciro Immobile (68)

31 - Cristiano Ronaldo (62)

28 - Timo Werner (56)

25 - Lionel Messi (50)

*29 - Erling Haaland (50)

23 - Romelu Lukaku (46)

23 - Jamie Vardy (46)

*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

First Person
Richard Flanagan
Chatto & Windus 

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The bio

Academics: Phd in strategic management in University of Wales

Number one caps: His best-seller caps are in shades of grey, blue, black and yellow

Reading: Is immersed in books on colours to understand more about the usage of different shades

Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus

Cars: Loves exotic cars and currently drives a Bentley Bentayga

Holiday: Favourite travel destinations are London and St Tropez

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

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.”

Updated: November 05, 2023, 2:10 PM