• The Philippines: A volunteer arranges lit candles to read 'Fight Covid-19' during Earth Hour near a Catholic church in Borongan City, Eastern Samar province in 2020. AFP
    The Philippines: A volunteer arranges lit candles to read 'Fight Covid-19' during Earth Hour near a Catholic church in Borongan City, Eastern Samar province in 2020. AFP
  • Australia: Before and after the lights were turned off for Earth Hour at the Sydney Harbour Bridge and Opera House. AFP
    Australia: Before and after the lights were turned off for Earth Hour at the Sydney Harbour Bridge and Opera House. AFP
  • China: A view of the National Stadium (Bird's Nest) with lights off during Earth Hour in Beijing. EPA
    China: A view of the National Stadium (Bird's Nest) with lights off during Earth Hour in Beijing. EPA
  • Hong Kong: Before and after the lights were turned off. EPA
    Hong Kong: Before and after the lights were turned off. EPA
  • Malaysia: The Petronas Twin Towers, left, and Kuala Lumpur Tower, right, stand illuminated before their lights are turned off to mark Earth Hour. AFP
    Malaysia: The Petronas Twin Towers, left, and Kuala Lumpur Tower, right, stand illuminated before their lights are turned off to mark Earth Hour. AFP
  • Taiwan: The Taipei 101 Skyscraper is lit up shortly before Earth Hour in Taipei. EPA
    Taiwan: The Taipei 101 Skyscraper is lit up shortly before Earth Hour in Taipei. EPA
  • Thailand: The skyline of Bangkok is seen after some of its lights are turned off to mark Earth Hour. AFP
    Thailand: The skyline of Bangkok is seen after some of its lights are turned off to mark Earth Hour. AFP
  • Indonesia: Before and during Earth Hour in Jakarta. AFP
    Indonesia: Before and during Earth Hour in Jakarta. AFP
  • Japan: Before and after lights were turned off at Tokyo Tower. AFP
    Japan: Before and after lights were turned off at Tokyo Tower. AFP
  • Hungary: These photos show the 'Chain Bridge' in Budapest, illuminated by white lights to honour the efforts of healthcare staff against Covid-19, before and after the city lights were switched off to mark Earth Hour. AFP
    Hungary: These photos show the 'Chain Bridge' in Budapest, illuminated by white lights to honour the efforts of healthcare staff against Covid-19, before and after the city lights were switched off to mark Earth Hour. AFP
  • Belarus: Shots of the Bolshoi Opera and Ballet Theatre of Belarus with lights on and off in Minsk. EPA
    Belarus: Shots of the Bolshoi Opera and Ballet Theatre of Belarus with lights on and off in Minsk. EPA
  • Russia: Moscow's Kremlin with the lights switched on and off to mark Earth Hour. EPA
    Russia: Moscow's Kremlin with the lights switched on and off to mark Earth Hour. EPA
  • Austria: The Schoenbrunn Palace with its illumination lights switched on and off. EPA
    Austria: The Schoenbrunn Palace with its illumination lights switched on and off. EPA
  • Switzerland: Lausanne's Cathedral is pictured with lights switched off during Earth Hour. EPA
    Switzerland: Lausanne's Cathedral is pictured with lights switched off during Earth Hour. EPA
  • Poland: The illumination of the Philharmonic M Karlowicz symbolically dimming down, in Szczecin. EPA
    Poland: The illumination of the Philharmonic M Karlowicz symbolically dimming down, in Szczecin. EPA
  • Serbia: Belgrade's Saint Sava Temple with lights switched off. EPA
    Serbia: Belgrade's Saint Sava Temple with lights switched off. EPA
  • Serbia: Two views of Belgrade's Ada Bridge with its illumination lights switched on and off. EPA
    Serbia: Two views of Belgrade's Ada Bridge with its illumination lights switched on and off. EPA
  • Germany: Brandenburg Gate before and after turning off its illumination lights to mark Earth Hour in Berlin. EPA
    Germany: Brandenburg Gate before and after turning off its illumination lights to mark Earth Hour in Berlin. EPA
  • America: Boston's city skyline remains lit during the Earth Hour event in Boston as seen from Cambridge, Massachusetts. EPA
    America: Boston's city skyline remains lit during the Earth Hour event in Boston as seen from Cambridge, Massachusetts. EPA

The Gulf takes centre stage in Biden's green future


  • English
  • Arabic

Environment justice and action on climate change, along with creation of jobs were always going to be at the core of Joe Biden's priorities. Even during his election campaign, the US President had indicated rejoining the Paris Agreement and he did so as soon as he took office, on January 20. Now, Mr Biden, who wants America to achieve the milestone of zero carbon emissions by 2050, has invited leaders of 40 countries, including the UAE and Saudi Arabia, to partake in a climate summit in the US next month. The year's big climate event, COP26, was otherwise slated to be only held in Glasgow in November.

By calling for international co-operation on lowering carbon emissions – even as the pandemic has far from loosened its grip on the world – Mr Biden has underlined the sense of urgency necessary for a green recovery and to tackle the global problem of rising temperatures while also creating employment by harnessing new green technologies. One important ambition – both for the Leaders Summit and later in the year at COP26 – will be to push for steps that limit global warming to well below 2°C, but preferably to 1.5°C.

For its part, the UAE has long been a champion of creating sustainable solutions and switching to carbon-neutral alternatives, and was one of the first countries contacted by the US special envoy for climate. Just 10 days after coming into office, John Kerry held talks with UAE Special Envoy for Climate Change and Minister of Industry and Advanced Technology Dr Sultan Al Jaber on joint efforts to deliver global action on key environmental issues.

The virtual Leaders Summit, which people world over will be able to watch as it will be streamed live, is exactly the sort of forward-thinking measure that the world needs.

Even as several countries, grappling with rising cases, have little choice but to enter the third lockdown well over a year after the pandemic began, it is wishful thinking to imagine that climate-related disasters will be on hold until Covid-19 finally abates and the world's entire population has been vaccinated.

It is wishful thinking to imagine that climate-related disasters will be on hold until Covid-19 finally abates

Decisiveness and direction from the highest levels of leadership inspire people to switch to more sustainable ways of living and inspire them to evaluate daily choices that, to however seemingly minor a degree, affect the global ecosystem.

As the world on Saturday marks a virtual edition of the 15th Earth Hour, an annual event in which people switch off all lights and appliances for 60 minutes, it is important to reflect on why it is essential to re-energise the conversation around climate change and how much of the future we risk by neglecting to do so.

Last year, despite Covid-19 lockdowns world over, here in the UAE, more than 3 million people and 700 organisations were involved in the global Earth Hour campaign.

Gearing up for later this year, the Sustainability Pavilion at Expo 2020 Dubai has already received more than 50,000 visitors since it opened to the public in January. Of this number, interestingly 97 per cent said they would change their behaviour and be more mindful of the environment. This is heartening, for while greater international co-operation among the world's major economies is pivotal to slow the effects of climate disasters, it is prudent also that people at all levels of society come together for the planet, and not just for an annual hour. Collective effort will bear fruit when consistent action is taken, bearing in mind that our future generations are at stake.

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

%E2%80%98White%20Elephant%E2%80%99
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jesse%20V%20Johnson%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Michael%20Rooker%2C%20Bruce%20Willis%2C%20John%20Malkovich%2C%20Olga%20Kurylenko%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

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.”

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

MATCH INFO

Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD

Fight card

Bantamweight

Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)

Lightweight

Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)

Catch 74kg

Tohir Zhuraev (TJK) v Omar Hussein (JOR)

Strawweight (Female)

Weronika Zygmunt (POL) v Seo Ye-dam (KOR)

Featherweight

Kaan Ofli (TUR) v Walid Laidi (ALG)

Lightweight

Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)

Welterweight

Ahmad Labban (LEB) v Sofiane Benchohra (ALG)

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR)

Lightweight

Mohammed Yahya (UAE) v Glen Ranillo (PHI)

Lightweight

Alan Omer (GER) v Aidan Aguilera (AUS)

Welterweight

Mounir Lazzez (TUN) Sasha Palatnikov (HKG)

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR)