A Indian paramilitary trooper stands guard in Srinagar, the main city in the India-controlled portion of Kashmir, after an attack on police on February 19, 2021. AFP
A Indian paramilitary trooper stands guard in Srinagar, the main city in the India-controlled portion of Kashmir, after an attack on police on February 19, 2021. AFP
A Indian paramilitary trooper stands guard in Srinagar, the main city in the India-controlled portion of Kashmir, after an attack on police on February 19, 2021. AFP
This month, a five-second Instagram video produced by a 19-year-old woman in Pakistan went viral. In the video, Dananeer Mobin points the camera to her friends as they listen to music and dance while their car is pulled over on the side of a mountain road, with Ms Mobin saying to the viewer in Urdu: “This is our car, this is us, and this is our party.”
Her pronunciation of the word “party” as “pawry” is deliberate – an imitation of elite Pakistanis educated abroad who speak with foreign accents. Urdu and Hindi are mutually intelligible, so Ms Mobin’s video resonated with many not just in her home country, but in neighbouring India, too, where it has racked up millions of views, spawning copycat videos from Indian police departments and Bollywood celebrities alike.
“India and Pakistan are two nations with one soul,” goes an old but oft-repeated cliche. And yet, as much as their history is shared, their present is bitterly divided.
After two years of escalating tensions between the two countries, Ms Mobin inadvertently reminded Indians and Pakistanis how easy it can be for them to share a laugh.
The most recent escalation in tensions on the subcontinent began in February 2019, when India blamed Pakistan-sponsored militants for the deaths of 44 soldiers in Indian-administered Kashmir, a disputed area. Six months later, New Delhi revoked Kashmir's autonomous status, provoking anger in Islamabad and a threat to merge Gilgit-Baltistan – a neighbouring disputed area – with the rest of Pakistan. Various clashes since then have resulted in dozens of casualties, including civilian ones, being reported by both sides.
On Friday, however, the two countries' militaries began a mutually agreed total ceasefire. In reality, it is the restoration of a previous one signed in 2003, though after so many years it appears a fresh start. The ceasefire would bring much-needed relief to ordinary Kashmiris who have spent nearly a generation caught in the crossfire. It potentially also represents an important first step towards a normalisation of ties.
But India and Pakistan, it must be mentioned, have been here before. Short periods of peace have often been disrupted by long durations of cross-border fire and violence in the border areas. Indeed, over the past two years, almost 11,000 ceasefire violations have been reported. Trust is at an all-time low.
To bring long-term peace to the Kashmir valley and build a sustainable relationship, the two governments must focus on taking small steps rather than giant strides.
Security personnel stand guard near the site where suspected militants fired at police near Nowgam bypass in Srinagar. At least two policemen were killed and another wounded after militants allegedly opened fire on police party in Nowgam area, local media reported on August 14. AFP
Security personnel and police on patrol in Srinagar. AFP
Inspector-General Vijay Kumar said militants sprayed bullets at the police from a narrow lane. AFP
Reinforcements of counterinsurgency police and soldiers were searching the area for the attackers. AFP
Security personnel gather near the site where suspected militants fired at police near Nowgam bypass in Srinagar. AFP
None of the rebel groups that have been fighting against Indian rule since 1989 immediately claimed responsibility for the attack. AFP
Indian policemen enter homes in Kashmir searching for Anti-India rebels accused of firing on a police convoy in Srinagar, EP
Members of special Operations Group (SOG) of Jammu and Kashmir police examine at the site of the attack. AP Photo
New Delhi insists on putting the issue of what it sees as Pakistan-sponsored terrorism on the table. Islamabad, meanwhile, wants to discuss the future of Kashmir. Talks have stalled with neither government ready to accept the other side’s demand. Rather than digging their heels, however, they could be talking about issues that are more easily resolved. This is important, especially with both countries experiencing economic headwinds and trouble in other border areas: along the Line of Actual Control between India and China and the Durand Line separating Pakistan and Afghanistan.
Beyond it being a feel-good measure, the restoration of trade and cultural exchanges will boost both countries' pandemic-stricken economies. India, a vaccine-manufacturing hub, could extend its "vaccine diplomacy" – afforded thus far to some neighbours and allies – to Pakistan as well. Much else can be done but will require political will and bold leadership.
A dash of humour, provided by Ms Mobin, brought a sense of fraternity and cheer to millions of Indians and Pakistanis, even if it was for a fleeting moment. The task ahead for their officials is to somehow turn such fleeting moments into something more lasting and permanent.
UAE currency: the story behind the money in your pockets
Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday
ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23
T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29
Tickets Available at www.q-tickets.com
Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.
Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.
England's Ashes squad
Joe Root (captain), Moeen Ali, Jimmy Anderson, Jofra Archer, Jonny Bairstow, Stuart Broad, Rory Burns, Jos Buttler, Sam Curran, Joe Denly, Jason Roy, Ben Stokes, Olly Stone, Chris Woakes.
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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.”
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
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
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
