Polling of UK voters commissioned by The National has yielded intriguing results, presenting a snapshot of a country that, more than three years after Brexit was completed, may be approaching another turning point. There is growing dissatisfaction among Britons with their current Prime Minister on a range of issues – including his environmental policies. If one were to sum it up, the poll’s findings are bad news for Rishi Sunak, but perhaps good news for the planet.
Mr Sunak’s recent U-turn on some key climate goals – such as delaying a proposed ban on gas boilers as well as new diesel and petrol cars – alienated environmentalists, a number of MPs and business figures. Interestingly, The National’s Deltapoll survey discovered that this about-face actually fuelled public support for keeping green targets like the UK’s pledge to achieve net-zero emissions by 2050. But delve a little deeper into the results and it is possible to uncover some important caveats.
People see the wisdom of green policies but fear that they cannot afford to pay for them, whether through higher energy bills or so-called green taxes. For example, although most survey respondents (73 per cent) were in favour of speeding up moves to develop clean energy, nearly the same number said their support was conditional on this leading to lower costs for households. This echoes findings from another UK poll for The National last year that found, when given a straight choice between lower bills and green initiatives, the cost of living crisis took priority: 71 per cent said cutting energy costs should be the focus, while 22 per cent chose climate change.
The reality is that Mr Sunak must perform a tricky balancing act. On one hand, developing green policies is vital in the 21st century amid the undeniable effects of climate change. But if these result in near-term – and unpopular – price increases, then such policies risk alienating the public. Many voters have families to support, mortgages to pay off as well as jobs and businesses to maintain. This can be a day-by-day struggle, especially during times of high inflation and a cost-of-living crisis, leaving little appetite for long-term environmental targets.
However, the difficult choices facing Mr Sunak are not his burden alone. Many governments are confronted by this balancing act, and the UK Prime Minister’s main political rival – Labour Party leader Keir Starmer – would face a similar dilemma. The Cop28 presidency has stressed from the start the importance of encouraging climate action and economic growth.
Given this fraught issue, it was encouraging to see the positivity from respondents about the UK’s links to the Middle East and important economic relationships with countries like the UAE. When asked for their view on the Emirates investing in the UK energy sector, for example, about half of adults in Britain expressed support. The challenge for Mr Sunak, and other major political leaders, is to persuade the public that such green investments – such as the London Array wind farm, which is part-owned by Masdar, the Abu Dhabi renewable energy company – will deliver for the economy. In short, British leaders must make the case that saving the planet and providing a stable standard of living need not be a zero-sum game.
It is also unsurprising that such UAE involvement in the UK economy is welcomed – the two countries have significant historic and contemporary ties. The UAE is the UK’s largest trading partner in the Middle East and third-largest trading partner outside Europe after China and the US. More than 100,000 British citizens live and work in the UAE and a further 1.5 million Britons visit the Emirates each year. It is a relationship that endures, regardless of changing politics.
But change may indeed be coming to the UK. The poll’s other findings that voters think Mr Sunak is getting it wrong on a range of issues – including the economy (62 per cent), the cost-of-living crisis (68 per cent), making the most of Brexit (53 per cent), immigration (67 per cent) and crime (54 per cent) – should make uncomfortable reading for the Conservative leader. Polling in 2022 found a comparable lack of confidence in Mr Sunak’s predecessor, Liz Truss. In addition, Mr Starmer’s party is riding high in the polls – an Ipsos survey on UK voting intensions from earlier this month put Labour at 44 per cent, compared to the Conservatives’ 24 per cent. A recent high-profile meeting between Mr Starmer and French President Emmanuel Macron reflected the Labour leader’s growing stature as a credible next prime minister.
What this polling reveals is that 21st century issues – the climate crisis in particular – will be waiting to confront whoever resides in Number 10. Developing a creative policy portfolio that persuades people of the merits of climate action while avoiding price rises and taxes that hit their income should be central to this UK government – and the next.
Mohammed bin Zayed Majlis
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
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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
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