A wall of Mexican Federal Police await a new group of Central American migrants wading across the Suchiate River, that connects Guatemala and Mexico. AP/Santiago Billy
A wall of Mexican Federal Police await a new group of Central American migrants wading across the Suchiate River, that connects Guatemala and Mexico. AP/Santiago Billy
A wall of Mexican Federal Police await a new group of Central American migrants wading across the Suchiate River, that connects Guatemala and Mexico. AP/Santiago Billy
A wall of Mexican Federal Police await a new group of Central American migrants wading across the Suchiate River, that connects Guatemala and Mexico. AP/Santiago Billy

From the migrant caravan to the refugee crisis, our conversations should be about community not security


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As Americans head to the midterm polls today, they do so in the face of an existential threat. That, at least, has been the narrative pushed by the nation's right-wing media about the "migrant caravan" now making its way north from the violence-plagued towns of Central America.

The caravan comprises between 3,000 and 4,000 migrants, predominantly from Honduras, El Salvador and Guatemala, many making the arduous, thousands-of-kilometres-long journey on foot to the United States. Yesterday, they arrived in the capital of Mexico, still hundreds of kilometres from the nearest US border crossing.

Nevertheless, this issue has become a political football in the United States, folding into a febrile discourse about immigration, security and borders. Donald Trump called the caravan "an invasion", and sent thousands of troops to the border. He has not explained why a nuclear-armed country of 300 million should be so afraid of a few thousand desperate and downtrodden people.

The language being used in the United States demonstrates a continued securitisation of immigration; the way people seeking opportunities for a better life have been discussed only in the context of the purported dangers they pose. The same language was employed during to the so-called European "refugee crisis", which resulted largely from the Syrian war. In both cases, the focus has been on who those trying to enter are, not the reasons they fled their homes in the first place.

The reality of this procession of families is almost unimaginable. Across huge distances, through day and night, mothers, fathers and children, including babies, brave bad weather, illness, lack of food, and the sheer exhaustion of walking for many hours at a time, simply to seek safety. Barely any of the stories behind this astonishing migration make it into the American media, and even fewer into America’s political discourse.

The same was true of the refugee crisis in Europe, a movement of people so vast it was unprecedented in the modern world. Crimes committed by a minuscule percentage of those displaced people became distorted through space and time. What crimes had they committed in their home countries? What crimes had others committed after being offered asylum? What crimes might they commit in the future? Pressed together into one homogenous group, the lives of the many who were seeking refuge from some of the worst abuses imaginable were defined by the acts of the few.

It is true that among those seeking refuge in Europe and the Middle East, some people had committed crimes, and sometimes in the service of the regimes they were leaving behind. There have been horrific stories of former prisoners of ISIS meeting their captors on European streets. In the midst of the Syrian war, or those of the Balkans or Africa, from which other migrants came, truly horrendous acts have been perpetrated. These risks are real, and it is not unreasonable for potential host countries to exercise caution.

Yet the real reason why such large numbers of people were making their way to Europe was rarely discussed, as is the case in the United States today.

Although it was understood that the majority of refugees were fleeing the war in Syria, it was hardly ever mentioned that the next-highest numbers were coming from Afghanistan, Iraq and Pakistan – all countries western forces had recently carried out air and drone strikes against. In other words, a vast number of those coming to the West were doing so to escape the weapons of the West itself.

The conversation gets distorted in other ways, too. In the US, Mr Trump announced that he would send around 7,000 troops to the nation’s border with Mexico, more than are currently in Iraq and Syria combined. In Europe, even at the height of the refugee crisis, there were more Syrian refugees in Istanbul, that in the entirety of the European Union.

Such manipulations can also be seen in the way the “burden” of migrants and asylum seekers, two discrete categories that are often wrongly conflated, is presented. Those who migrate − “young, strong men”, in Mr Trump's telling − are simultaneously responsible for taking jobs from local people, while at the same time living off the state. This is obviously a fiction.

Such misrepresentations are designed to appeal to emotions of fear and anxiety. The language of security is the language of division. At its root is the idea that anyone who migrates to a new country is doing so with the express intention of causing harm, be it economic, social, or acts of outright terrorism. The reality is that in the overwhelming majority of cases, this is far from the truth.

Far better to replace the language of security with the language of community. The Syrian war was rightly seen by some as a threat to the whole of the Middle East and its neighbours in Europe. The solidarity that EU states demanded from each other should have been extended beyond their borders. After all, it was only relatively recently that refugees from the Balkan wars were pouring into countries such as Turkey.

The same is true of the migrant caravan. Most of its members are part of it because they have nowhere else to go, or because they wish to build a brighter future. Their aim is to become a valuable part of American life, not to undermine it. For those leaving Central America, as for those from Syria, the focus should not be on the fact that that they are heading to our homes; it should be on why they so fear staying in their own.

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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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

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.”

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