We’ve reached a sort of tipping point in the way political leaders in the West are reacting to Israel’s assault on Palestinians in Gaza. It’s maddening for two reasons: that it took this long to get an official response from western capitals; and that, once the magnitude of the tragedy became clear, the responses have been so decidedly ineffectual.
The nightmare in Gaza has been unfolding for 22 months. During this entire time, Israel’s use of violence and its punishment of innocent Palestinians has been unrelenting. Early on, Israel’s intent became clear as they demolished hospitals, universities and entire neighbourhoods, using 2,000-pound bombs; forced hundreds of thousands to flee their homes; and ordered electricity and water cut off and blocked the entry of food and medical supplies.
All this was known in 2023, and yet no tangible action was taken. Back then, when a ceasefire was called for, then-US secretary of state Antony Blinken told me that a ceasefire would be deplorable, and the US would not support such a move. In mid-2024, when the UN Security Council twice voted on a ceasefire resolution, only the US opposed it. A third attempt at a ceasefire resolution introduced by the US passed, but it was never acted upon, because despite former US president Joe Biden disingenuously saying Israel had agreed to this resolution, he knew they had not. The entire effort was nothing more than a public relations stunt.
The world has long known that the war on Gaza’s people had to end and yet other than voting on dead-end UN resolutions, they did nothing
The bottom line is that the world has long known that the war on Gaza’s people had to end and yet other than voting on dead-end UN resolutions, they did nothing. Worse still, they continued to sell weapons to Israel. So, what has changed?
The pictures of devastation and eyewitness testimonies, a staple for those who have been following the news on social media, are now featured in mainstream media. As a result, it has become more difficult for the manufacturers of Israeli hasbara to convince the public that the devastation is exaggerated and the stories of human suffering are fabricated.
In most European countries, the percentage of those who support Israel’s actions in Gaza has fallen to less than one third. Despite the effort of Israeli propagandists, the reason behind this sharp decline in support for Israel isn’t the large number of Muslim immigrants in Western Europe, nor is it anti-Semitism.
What has changed is that the European and American publics now know and are horrified by what Israel is doing in Gaza. They are rejecting the excuses offered by their leaders, who had hoped they would not need to respond with anything more than an occasional UN vote of disapproval, expressions of concern, or toothless condemnations of isolated Israeli acts.
As the pressure has grown – with pictures of starving Palestinian children and aerial photos of mass devastation now dominating media coverage of the war on Gaza – western leaders are struggling to find ways to react. Most disturbing is that their motivation appears to be more a need to be seen as acting than finding ways to actually bring about change.
For example, the British threat to recognise a Palestinian state unless Israel agrees to a ceasefire is hollow at best. The German threat to review cultural and trade ties amounts to the same. And the continuing lame calls for “renewed negotiations leading to a two-state solution” (when it is well known that Israel has no interest in nor feels any pressure to submit to such an outcome). These gestures are more performative than effective. Even if the entire UN (except, of course, the US) were to recognise a Palestinian State, little would change on the ground, except possibly enraging the Israelis to take more drastic measures in Gaza, the West Bank and East Jerusalem.
At this point, what is required – to end what many deem to be a genocide, save lives and restore respect for international law and some level of sanity to the region – is for western nations to take concrete steps to punish Israel and demand changes in policy. These must include an end to the assault on Gaza, a ceasefire and withdrawal of Israel forces, and allowing the entry of international peacekeepers and aid, and the start of reconstruction efforts.
While the above steps are in line with the Arab peace plan, a group of 30 nations meeting in Colombia have gone a step further by endorsing a comprehensive package of proposals designed to end the “the era of impunity … and enforce international law”, with 13 of the participants agreeing to measures that would prohibit the transfer of arms and other forms of support to Israel that enable Israel’s assault on Gaza and violations of law in the West Bank. Calling themselves The Hague Group, they pledge concrete actions “to ensure justice for victims of crimes committed in the Occupied Palestinian Territory”.
They will bring their compact to the UN in September urging other nations to join them. Instead of hollow declarations of recognition or calls for renewed negotiations for a two-state solution, this is the reaction needed to end Israel’s crimes.
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
GAC GS8 Specs
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Price: From Dh149,900
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.”
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
GCC-UK%20Growth
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Company%20profile
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Company%20profile
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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Mumbai Indians 213/6 (20 ov)
Royal Challengers Bangalore 167/8 (20 ov)