Whether hidden underground, as with the Ruby Falls in Tennessee, or acting as a dramatic border between countries, such as the Victoria, Niagara, Iguazu or Ban Gioc Falls, waterfalls are a sight to behold, and a humbling reminder of the immense, unstoppable power of water. Here are 10 of the best.
Victoria Falls, Zambia / Zimbabwe
Forming the border between Zambia and Zimbabwe, Victoria Falls was dubbed Mosi-oa-Tunya, or "the smoke that thunders”, by the Kololo tribe, which inhabited the area surrounding this natural wonder in the 1800s. Almost two kilometres wide, with up to 500 million litres of water descending every minute, it is the largest curtain of falling water in the world, emitting columns of spray that can be seen up to 20 kilometres away as it drops into a gorge more than 100 metres below. Running parallel to the falls and adding to their jaw-dropping beauty is another sheer wall of basalt, which rises to the same height and is covered in verdant rainforest.
Angel Falls, Venezuela
The majestic Angel Falls was named after James Angel, an American pilot, who became the first aviator to fly over it in 1933. His story of a “mile-high waterfall” quickly spread, but the natural phenomenon was not officially measured until 1949. It has since garnered two Guinness World Records, establishing it as the world’s highest waterfall. It is 979 metres tall, with a single uninterrupted drop of 807 metres and a further 172 metres of steep cascades and smaller drops. It is found in the Canaima National Park, in south-eastern Venezuela's Bolivar state, and has earned Unesco World Heritage status.
Niagara Falls, Canada
Perhaps the most famous of the world’s big waterfalls, Niagara spans the border between Ontario, Canada and New York in the US. It consists of three separate sections, Horseshoe Falls, which is the largest, American Falls and Bridal Veil Falls. As well as being a popular tourist attraction on both sides of the border, the rapids are an important source of hydroelectric power. Contrary to popular belief, Niagara does not even count among the top 50 tallest waterfalls in the world, but it is remarkable for its combined height, 670 metres, and the volume of water, 168 million litres, going over every minute.
Ruby Falls, Tennessee, US
You’ll have to head into the heart of Tennessee’s Lookout Mountain to see Ruby Falls, the tallest and deepest underground falls currently accessible to the public in the US. Visitors descend 80 metres in a glass lift before following a cavern trail to the thundering cascade, which descends 45 metres down a vertical shaft. The watery attraction was found by accident in 1928, when a cave explorer, Leo Lambert, took an unexpected journey into the mountain. He named his discovery after his wife.
Sutherland Falls, New Zealand
Sutherland Falls consists of a series of three cataracts on Arthur River in New Zealand’s South Island. Located within the Fiordland National Park, the falls are fed by water from the snow-fed Lake Quill. With a total drop of 580 metres, it makes a cameo in Peter Jackson’s Hobbit trilogy.
Skogafoss, Iceland
Legend has it that a Viking named Thrasi hid his plundered gold under Iceland’s Skogafoss falls, but it has yet to be discovered. A two-hour drive from Reykjavik, the falls are worth visiting even if there is no bounty to be found. Standing about 60 metres tall and fed by the Eyjafjallajokull and Myrdalsjokull glaciers, Skogafos produces such a dense amount of spray that single or double rainbows are visible around the attraction on most sunny days. Visitors who brave the 370 steps leading to the top of the fall will be greeted by stunning views of Iceland’s southern coastline.
Yosemite Falls, US
Yosemite Falls is one of the most popular attractions in California’s famed Yosemite National Park. The snow-fed waterfalls were formed by creeks descending into the Yosemite Valley and consist of three drops. The Upper Yosemite Fall descends 436 metres, while the Lower Yosemite Fall drops 98 metres, with a series of smaller cascades in between. The combined drop is 730 metres, creating one of the highest waterfalls in the world. It generally flows from November to July, peaking in May.
Ban Gioc, China / Vietnam
Straddling China and Vietnam, Ban Gioc is the collective name for a series of waterfalls on the Quay Son river. Part of the Unesco-recognised Non Nuoc Cao Bang geopark, water flows down a series of tiered cliffs in a striking semicircular formation, flanked by verdant forest. The waterfalls are at their most impressive during Vietnam’s wet season, between June and September.
Iguazu Falls, Argentina / Brazil
“My poor Niagara” is what former US first lady Eleanor Roosevelt is reported to have said when first faced with the majesty of the Iguazu Falls. It is true that, at 82 metres high and 2,700 metres wide, with 275 drops, Iguazu does dwarf its North American counterpart. The falls are shared by Argentina and Brazil and were granted Unesco World Heritage status in 1984.
Kaieteur Falls, Guyana
The Kaieteur Falls make an awe-inspiring 226-metre sheer drop off the edge of a sandstone plateau before falling through a 25-metre gorge. Located in west-central Guyana on the Potaro River, they are the central feature of the Kaieteur National Park, and among the world’s tallest and most powerful waterfalls.
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
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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.”
