People get exercise along the lakeshore path on Lake Ontario on a fall day during the coronavirus pandemic in Toronto, 29 September. Nathan Denette/The Canadian Press via AP
People get exercise along the lakeshore path on Lake Ontario on a fall day during the coronavirus pandemic in Toronto, 29 September. Nathan Denette/The Canadian Press via AP
People get exercise along the lakeshore path on Lake Ontario on a fall day during the coronavirus pandemic in Toronto, 29 September. Nathan Denette/The Canadian Press via AP
People get exercise along the lakeshore path on Lake Ontario on a fall day during the coronavirus pandemic in Toronto, 29 September. Nathan Denette/The Canadian Press via AP

A second lockdown will be especially tough in cold countries


  • English
  • Arabic

Montreal, where I live, is going into lockdown again.

The pattern of rising coronavirus cases is by now familiar to people around the world. Countries that had beaten the virus earlier this spring and "flattened the curve" are now struggling with a second wave. France and Spain, which were hit hard in March, are seeing a resurgence of cases rivalling those in the early days. Germany and the Netherlands are in the grip of a second wave. In countries like the US and India, there wasn't even that brief respite.

This week the Quebec government announced a second lockdown in Montreal and Quebec City, as well as some surrounding regions that are hard hit. Only a few countries have reimposed tough lockdown measures a second time, because lockdowns are extremely unpopular, despite the disaster that unfolds without them in place. Israel imposed one earlier this month.

Canada is no exception. Cases in the worst-hit provinces, Quebec and Ontario, are rising as the global death toll passes 1 million. It is a sombre moment, highlighting the relentlessness of this virus.

Quebec recently reported 896 new cases of Covid-19, a figure that competes with spring infections. Most of the new cases are driven by young people contracting and spreading the virus. So while hospitals are not yet overwhelmed by patients, it is only a matter of time before the more vulnerable are affected.

Doctors are worried that younger people will infect older relatives, and that they will take longer to recover when they go to hospital, tying up resources. There have already been a few cases of infections in nursing homes, which were hit particularly hard in March and April.

In total, Quebec, the province that includes Montreal, had over 73,000 infections earlier this week and more than 5,800 deaths. At the prospect of a second lockdown I am experiencing a condensed version of the various stages of grief, cycling between frustration, anger and resignation at various points of the day. But mostly just resignation brought on by exhaustion.

  • Justin Trudeau, Canada's Prime Minister, puts on a protective mask after a news conference in Ottawa, Ontario, Canada, on 25 September. David Kawai/Bloomberg
    Justin Trudeau, Canada's Prime Minister, puts on a protective mask after a news conference in Ottawa, Ontario, Canada, on 25 September. David Kawai/Bloomberg
  • A healthcare worker poses for a photograph while walking towards a line of patients waiting outside a Covid-19 testing centre at St. Michael's Hospital in Toronto, Ontario, Canada on September 19. Cole Burston/Bloomberg
    A healthcare worker poses for a photograph while walking towards a line of patients waiting outside a Covid-19 testing centre at St. Michael's Hospital in Toronto, Ontario, Canada on September 19. Cole Burston/Bloomberg
  • A bartender talks to a patron at Lemeac restaurant on the first day after the coronavirus restrictions were lifted to visit restaurants in Montreal, Quebec, Canada, on June 22. Christinne Muschi/ Reuters
    A bartender talks to a patron at Lemeac restaurant on the first day after the coronavirus restrictions were lifted to visit restaurants in Montreal, Quebec, Canada, on June 22. Christinne Muschi/ Reuters
  • A boy plays on a phone as he waits in line for hours at a Covid-19 assessment centre at Mount Sinai Hospital during in Toronto on 24 September. Nathan Denette/The Canadian Press via AP
    A boy plays on a phone as he waits in line for hours at a Covid-19 assessment centre at Mount Sinai Hospital during in Toronto on 24 September. Nathan Denette/The Canadian Press via AP
  • People queue up outside a Covid-19 testing centre at Women's College Hospital in Toronto, Ontario, Canada, on September 18. Cole Burston/Bloomberg
    People queue up outside a Covid-19 testing centre at Women's College Hospital in Toronto, Ontario, Canada, on September 18. Cole Burston/Bloomberg
  • A woman at a park in the Montreal financial district on 28 September 28. Paul Chiasson/The Canadian Press via AP
    A woman at a park in the Montreal financial district on 28 September 28. Paul Chiasson/The Canadian Press via AP
  • A pedestrian in Old Montreal, on 28 September. Paul Chiasson/The Canadian Press via AP
    A pedestrian in Old Montreal, on 28 September. Paul Chiasson/The Canadian Press via AP
  • A woman wears a face mask as she walks by a sign advising of the mandatory wearing of masks and face coverings in Montreal, on 21 September. Graham Hughes/The Canadian Press via AP
    A woman wears a face mask as she walks by a sign advising of the mandatory wearing of masks and face coverings in Montreal, on 21 September. Graham Hughes/The Canadian Press via AP
  • Chairs stacked outside a bistro as the Quebec government has ordered all restaurants, bars and casinos to close for 28 days effective midnight September 30 as Covid-19 numbers continue to rise in Montreal, Quebec, Canada, 29 September. Christinne Muschi / Reuters
    Chairs stacked outside a bistro as the Quebec government has ordered all restaurants, bars and casinos to close for 28 days effective midnight September 30 as Covid-19 numbers continue to rise in Montreal, Quebec, Canada, 29 September. Christinne Muschi / Reuters

To be sure, the lockdown is less harsh than the measures earlier in spring. Restaurants and bars will be closed, though the former can still offer takeout meals. Museums and libraries will be closed too. But businesses like gyms and hair salons will remain open. In-house gatherings are banned. Schools and day-cares will remain open, even at the highest alert level. There appears to be a government consensus that the social and economic cost of a full lockdown, even one that may arrest this wave in a shorter time, is too great to bear.

Still, it is frustrating. We are barrelling towards winter, which in Canada can be brutal, and without a vaccine candidate that is widely available in the autumn, an impossible feat, I am having a hard time imagining what life is supposed to look like in the coming months.

At least in the summer and fall, there was the panacea of walks in the park, an evening reading on the balcony, socially-distanced meetings with friends, strolls down the city’s boulevards or up the Mont Royal. It is harder to keep that up in sub-zero temperatures, especially with a baby.

I know I am lucky to be here in a country with a functioning healthcare system...

I am also frustrated because crowded bars were allowed to continue operating for much of the summer, despite quickly emerging as hotspots for the virus to spread. Closing these establishments may have allowed for a milder second wave, particularly one that is being driven by younger residents of the city.

I am worried about the next few months. Current infection rates are lagging indicators – they show a snapshot today, but the deaths and further infections that have already happened will show up only in a couple of weeks. As the premier of neighbouring Ontario, the most populous province in Canada, said, the second wave may end up becoming a tsunami.

I know I am lucky to be here in a country with a functioning healthcare system, a pandemic that did not spiral out of control as it did south of the border and where the government's focus has been on tiding people over financially as they struggle with job loss. The cost of health care is not even an issue. And we are spared political and security instability.

But I cannot help but feel sad at the prospect of yet another season without friends, without the laughter and conversation over a warm meal with family, meetings of minds with strangers or a hot cup of coffee while browsing in my favourite bookstore, smiles unhindered by masks, hugs unhindered by fear.

As our reserves are depleted, we will just have to carry on for a while longer, and perhaps we will eventually see ourselves through this whole mess. As Justin Trudeau, Canada’s Prime Minister, said in a recent speech: “It’s all too likely we won’t be gathering for Thanksgiving, but we still have a shot at Christmas.”

Here’s hoping.

Kareem Shaheen is a veteran Middle East correspondent in Canada

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.”

England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29

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

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Brief scoreline:

Liverpool 2

Mane 51', Salah 53'

Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

UAE Rugby finals day

Games being played at The Sevens, Dubai

2pm, UAE Conference final

Dubai Tigers v Al Ain Amblers

4pm, UAE Premiership final

Abu Dhabi Harlequins v Jebel Ali Dragons

AGUERO'S PREMIER LEAGUE RECORD

Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Company%20Profile
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Persuasion
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UAE currency: the story behind the money in your pockets
Inside%20Out%202
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

While you're here
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The specs
Engine: 3.6 V6

Transmission: 8-speed auto

Power: 295bhp

Torque: 353Nm

Price: Dh155,000

On sale: now 

Company profile

Name: Fruitful Day

Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie

Based: Dubai, UAE

Founded: 2015

Number of employees: 30

Sector: F&B

Funding so far: Dh3 million

Future funding plans: None at present

Future markets: Saudi Arabia, potentially Kuwait and other GCC countries

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures