• QE2 reopened in 2018 as a floating hotel at Port Rashid. All photos: Antonie Robertson / The National
    QE2 reopened in 2018 as a floating hotel at Port Rashid. All photos: Antonie Robertson / The National
  • A theatre where live entertainment is held on Dubai’s only floating hotel, the Queen Elizabeth 2, which is being taken over by French hospitality group Accor.
    A theatre where live entertainment is held on Dubai’s only floating hotel, the Queen Elizabeth 2, which is being taken over by French hospitality group Accor.
  • The interior of the ship, which is permanently docked at Dubai's Mina Rashid port, has been completely preserved.
    The interior of the ship, which is permanently docked at Dubai's Mina Rashid port, has been completely preserved.
  • The midships lobby area in the restored QE2.
    The midships lobby area in the restored QE2.
  • The old Golden Lion pub.
    The old Golden Lion pub.
  • The casino is filled with slot machines - now purely decorative.
    The casino is filled with slot machines - now purely decorative.
  • A games arcade cluttered with old machines remains.
    A games arcade cluttered with old machines remains.
  • The QE2's stairs have been restored.
    The QE2's stairs have been restored.
  • The hotel has 447 hotel rooms and nine food and beverage outlets.
    The hotel has 447 hotel rooms and nine food and beverage outlets.
  • Inside a deluxe room on the QE2 hotel.
    Inside a deluxe room on the QE2 hotel.
  • Inside the renovated Yacht Club restaurant on the QE2.
    Inside the renovated Yacht Club restaurant on the QE2.
  • The corridors are all soft carpet and 1970s kitsch.
    The corridors are all soft carpet and 1970s kitsch.
  • The ocean liner is named after the late Queen Elizabeth II.
    The ocean liner is named after the late Queen Elizabeth II.
  • The midships lobby area in the restored QE2.
    The midships lobby area in the restored QE2.

Dubai's 'QE2' to get a makeover under new ownership


Evelyn Lau
  • English
  • Arabic

Dubai’s only floating hotel is getting new ownership. French hospitality group Accor is taking over the Queen Elizabeth 2, with plans to add upgrades and renovations to the property.

Once the project is complete, there will be 447 hotel rooms and nine food and beverage outlets. There’s also expected to be six retail outlets, a swimming pool and a gym. On the business front, there will be 10 meeting rooms, plus a 5,620-square-metre area for outdoor events.

All of these renovations will take place in phases.

“We are very excited to partner with Accor on this project. We trust the group’s expertise will elevate the QE2 to a new era of operations,” says Saeed Al-Bannai, chief executive of Ports, Customs and Free Zone Corporation.

“The Queen Elizabeth as we know her, has made history and we are confident that Accor will keep her legacy alive while her strong heritage and notoriety will remain a destination in itself, where guests and visitors alike can enjoy a unique experience.”

The world-famous ocean liner-turned-hotel, is permanently docked at Dubai's Mina Rashid port. In 2020, it opened its bridge to the public for the first time in 52 years with one-hour tours.

While there were previously heritage tours of the QE2, the Bridge tours differ by going into detail about nautical facts, while giving visitors a behind-the-scenes look at the commanding station of the ship and its old maritime equipment.

What is the 'Queen Elizabeth 2'?

The floating hotel opened in 2018 with 224 refurbished rooms and suites, 13 restaurant and nightlife venues, a shopping arcade and 25 meeting rooms and conferencing facilities.

QE2 was built by the John Brown shipyards in Clydebank, Scotland, and was launched on September 20, 1967, by Queen Elizabeth II.

The length of the ship (294 metres) is a third of the height of Burj Khalifa, while the diesel engines once produced enough energy to power Fujairah. She had completed more than 800 Atlantic crossings and carried more than 2.5 million passengers before she was sold to Dubai in 2007.

The years Ramadan fell in May

1987

1954

1921

1888

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

2289 - Dh10

2252 - Dh50

6025 - Dh20

6027 - Dh100

6026 - Dh200

MATCH RESULT

Al Jazira 3 Persepolis 2
Jazira:
Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

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.”

Superpower%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESean%20Penn%2C%20Aaron%20Kaufman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

Updated: May 10, 2022, 2:46 PM