Sisters Akshita, left, and Mrinalika Bhanj Deo, the daughters of Praveen Chandra Bhanj Deo, the 47th ruler of the Bhanja dynasty. Photos: The Belgadia Palace
Sisters Akshita, left, and Mrinalika Bhanj Deo, the daughters of Praveen Chandra Bhanj Deo, the 47th ruler of the Bhanja dynasty. Photos: The Belgadia Palace
Sisters Akshita, left, and Mrinalika Bhanj Deo, the daughters of Praveen Chandra Bhanj Deo, the 47th ruler of the Bhanja dynasty. Photos: The Belgadia Palace
Sisters Akshita, left, and Mrinalika Bhanj Deo, the daughters of Praveen Chandra Bhanj Deo, the 47th ruler of the Bhanja dynasty. Photos: The Belgadia Palace

Indian royal princesses transform family palace into hotel dubbed 'a living museum'


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Nestled amid rolling hills and sparkling waterfalls, The Belgadia Palace is a charming Victorian-era property in the princely province of Mayurbhanj, in India’s eastern Odisha state.

Still home to the Bhanjas, one of the country's oldest living royal families, the 200-year-old manor has welcomed international royalty and foreign dignitaries. The late Indian Nobel laureate Rabindranath Tagore’s family, Mark Shand (late brother of Camilla, Duchess of Cornwall), Gyanendra Shah, former king of Nepal and billionaire tycoons have all converged at the property. As the longest-reigning clan of the kings of Mayurbhanj, the Bhanjas ruled for more than 1,000 years until their kingdom's merger, after the Indian Union in January 1949.

After a makeover in 2019, the palace has now opened its doors to travellers as a boutique heritage hotel. On offer are nine rooms brimming with jewel tones and vintage furniture, overlooking landscaped gardens filled with the woody scent of tropical blooms. Doric-Corinthian columns, hand-painted verandas, beautiful patios and lush mango orchards add to the regal aesthetic.

  • Jewel tones and vintage furniture dominate in the rooms. All photos: The Belgadia Palace
    Jewel tones and vintage furniture dominate in the rooms. All photos: The Belgadia Palace
  • The boutique property has nine rooms
    The boutique property has nine rooms
  • Many of the 200-year-old property's original decorative features have been maintained
    Many of the 200-year-old property's original decorative features have been maintained
  • In its heyday, the manor would welcome international royalty and foreign dignitaries
    In its heyday, the manor would welcome international royalty and foreign dignitaries
  • Akshita Bhanj Deo, right, and Mrinalika Bhanj Deo, the royal sisters responsible for transforming The Belgadia Palace into a boutique heritage hotel
    Akshita Bhanj Deo, right, and Mrinalika Bhanj Deo, the royal sisters responsible for transforming The Belgadia Palace into a boutique heritage hotel

The estate is also home to 15 species of birds, including black drongos, which can often be spotted perched on the pristine white building, while Simlipal National Park, an elephant and tiger Unesco Biosphere Reserve, is located nearby.

The Belgadia Palace is a living museum. Nothing has changed here for the past 200 years and we want people to partake of this unique and timeless experience
Akshita Bhanj Deo

The credit for the palace’s restoration goes to sisters Akshita, 28, and Mrinalika Bhanj Deo, 32, the second and third daughters of Praveen Chandra Bhanj Deo, the 47th ruler of the Bhanja dynasty. Their mother is Rashmi Rajya Laxmi Bhanj Deo, from the royal family of Jaisalmer, and their grandmother, Maharani Bharati Rajya Lakshmi Devi, is the daughter of Nepal’s late King Tribhuvan.

As social entrepreneurs and directors of The Belgadia Palace and its philanthropic arm, The Mayurbhanj Foundation, the siblings say they became hoteliers “to allow people to experience the magic of living in a palace, as well as the intangible heritage Mayurbhanj has to offer in terms of its unique art and culture, food, architecture and people”.

“[The] Belgadia Palace is a living museum. Nothing has changed here for the past 200 years and we want people to partake of this unique and timeless experience,” says Akshita.

Born and raised in Kolkata, the sisters studied at the United World College of South East Asia in Singapore, after their initial schooling in India. Their interest in international affairs, sustainability and tourism helped them attain a scholarship for higher studies in the US.

The entrepreneurial bug hit in 2015 when the duo decided to put Mayurbhanj on the global tourism map. “Mayurbhanj has such an illustrious history. It was a creative crucible where our ancestors invited European and American artists, scholars, writers and poets to live and work,” says Mrinalika.

Mayurbhanj was a constitutional monarchy, elaborates Akshita, but was operated as a democracy where “our forefathers encouraged mutually enriching interactions between the palace residents and locals”. Patronage was extended to talented artists and performers. “We were always taught to be accessible to people and keep the palace gates open for all. Having memories of that culture as a child sowed the seeds in our minds to create an inclusive and empowered community with no barriers of caste, creed, gender or religion,” says Akshita.

What better place than our own ancestral home to host guests and then reinvest profits back into the region?
Akshita Bhanj Deo

After travelling to palaces and heritage homestays in Europe and South America, the sisters decided to embrace the idea of a palace being more of a platform than a property. “So we thought, what better place than our own ancestral home to host guests and then reinvest profits back into the region?” says Mrinalika.

India's royals lost their official ruling powers in 1947, and the privy purses they were paid by the central government were abolished in 1971. But the Bhanjas continued to leverage their centuries-old familial contacts across the world to promote local art and culture in the region, while embracing eco-tourism. This had a multiplier effect on the region’s economy, helping poorer families to earn livelihoods.

The duo’s parents are also actively involved in The Mayurbhanj Foundation, which supports local communities. “As an extension, we curate special experiences for our guests encompassing heritage, arts and culture, culinary experiences and wildlife. Broadly, we’re promoting rural tourism to help people discover what country living actually means. It is immersive and responsible travel,” says Akshita.

There’s plenty to see and do at the palace hotel. You can learn about exotic and endangered crafts such as dokra (an ancient wax casting art form) or Mayurbhanj Chhau (a martial arts dance form). For culture buffs, excursions can be organised to nearby Sitakund waterfall, where, according to local folklore, the Hindu goddess Sita bathed. Arts and culture aficionados can visit centuries-old villages where generations of artisans have lived and worked. These include craftspeople specialising in items made from sabai grass, which was brought back to Odisha from Madagascar at the turn of the century to act as a cash crop during famines.

“We also organise tours to villagers’ homes, encourage guests to cook and eat with the locals, and shop locally. The adventurous can walk with our guides through paddy fields, help sow and learn tribal songs passed down orally by farmers through generations,” says Akshita.

The Mayurbhanj Foundation conducts various activities to resuscitate the rural economy. “We hire and skill local youth, which helps retain the economic benefits of tourists coming in to stay with us,” explains Mrinalika. “We also try to create synergies between community organisations and small and medium-sized enterprises that can mentor our youth to make them employable. Guest interactions with local craftsmen are also facilitated, to explore how the former can help augment market links for tribal communities.”

In the dokra village, guests can purchase goods directly from artisans. “We have tie-ups with local community non-profits, to promote local businesses and provide an alternative livelihood from eco-tourism to locals without any middlemen, with 100 per cent profits channelled back to communities,” says Akshita.

“Through the foundation, we also hope to sustain Mayurbhanj Chhau and help in the sports education of young girls,” says Mrinalika.

The sisters’ passion for sports stems from their own love of the outdoors. Both are national-level equestrians, competing in dressage and showjumping, and are also proficient swimmers and basketballers. Mrinalika is a yoga practitioner and facilitates spiritual retreats in India and abroad.

The duo’s love for the environment is reflected in the various sustainable initiatives they have adopted at the hotel. Single-use plastic is banned. Only glass bottles, ceramic mugs and refillable containers are used on palace grounds. Refillable toiletry containers, low-flush toilets, and grass-woven dustbins, bags and doormats further promote sustainability. In addition, composting sites have been created on-site and eco-friendly waste management techniques are employed to further whittle down the property’s carbon footprint.

“The idea is to invite guests to take a trip down memory lane and experience purposeful travel," Akshita says. "In the process, if they can also engage with the local tribal community and get a taste of real India, all the better.”

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

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Narrated by: Sir David Attenborough

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Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

 

 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

The biog

Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.

Favourite Hobby: Writing and cooking

Favourite Book: The Prophet by Gibran Khalil Gibran

Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
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Man of the Match: Kaide Gordon (Liverpool)

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Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Company%20profile
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Updated: November 04, 2021, 5:54 AM