Latest: Timeline of the deadly Abu Dhabi attack
Explosions that killed three people in Abu Dhabi on Monday were a “heinous attack on civilian facilities” by Yemen's Houthi militia, a senior Emirati official said.
Dr Anwar Gargash, diplomatic adviser to President Sheikh Khalifa, described the group as a “terrorist militia” after two blasts in the capital.
Two Indians and a Pakistani died when a device hit three fuel lorries at Adnoc's petroleum storage unit in the ICAD industrial area of Mussaffah at about 10am. Six people suffered mild to moderate injuries.
Officials said an investigation was ongoing but that the blasts may have been caused by aerial drones.
Authorities in the UAE are dealing transparently and responsibly with the heinous Houthi attack on some civilian facilities in Abu Dhabi
Dr Anwar Gargash,
diplomatic adviser to President Sheikh Khalifa
“Authorities in the UAE are dealing transparently and responsibly with the heinous Houthi attack on some civilian facilities in Abu Dhabi,” Dr Gargash said.
“The tampering of terrorist militias with the stability of the region is too weak to affect the journey of security and safety that we live in, and the fate of this reckless absurdity will be demise and defeat.”
Fires caused by the blasts on Monday morning were brought under control by emergency crews, police said.
At Abu Dhabi airport, a device caused a small fire in an under-construction extension. It is understood the terminals were not affected or damaged.
The Ministry of Foreign Affairs and International Co-operation said in a statement that it “reserves the right to respond to these terrorist attacks and this sinister criminal escalation".
It condemned the “terrorist militia’s targeting of civilian areas and facilities on UAE soil today” and said its thoughts were with those who died in the strike.
UN chief Guterres condemns 'attacks on civilians'
In New York, UN Secretary General Antonio Guterres condemned the attack.
The strikes “reportedly caused several civilian casualties and have been claimed by the Houthis,” said UN spokesman Stephane Dujarric.
“Attacks on civilians and civilian infrastructure are prohibited by international humanitarian law.”
He urged the Houthis, pro-government and coalition forces fighting in Yemen's protracted conflict to “exercise maximum restraint” and engage in an UN-led peace process.
“There is no military solution to the conflict in Yemen,” said Mr Dujarric.
US, Britain and Arab allies condemn strikes
White House National Security Adviser Jake Sullivan condemned the terrorist attacks on Monday and promised a co-ordinated response. US Secretary of State Antony Blinken called his Emirati counterpart Sheikh Abdullah bin Zayed, and the UK's foreign secretary Liz Truss tweeted a public condemnation.
Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, Lebanon, Jordan and Iraq were among the Arab nations to condemn the attacks and express solidarity with the Emirates. The Arab League and Gulf Co-operation Council also voiced their condemnation.
Bahrain's Foreign Ministry said the group had attacked “vital civilian facilities” in an unprovoked strike, while Oman's Foreign Ministry offered solidarity with the UAE, and “support for measures it takes to protect its security and stability".
Saudi Arabia's government said the strikes were a “terrorist act” by a group that threatened stability in the region.
“The kingdom stressed that it continues to confront all attempts and terrorist practices of the Houthi militia through its leadership of coalition forces to support legitimacy in Yemen,” it said.
Adnoc 'deeply saddened' by loss of employees
Adnoc, for whom the three dead and six injured people worked, said in a statement: “At approximately 10am this morning, an incident occurred at our Mussaffah Fuel Depot in Abu Dhabi which resulted in the outbreak of a fire.
“Emergency response teams, including civil defence, fire and ambulance responders as well as an Adnoc emergency response team quickly attended the scene, and the fire was brought under control and extinguished.
“Adnoc is deeply saddened to confirm that three colleagues have died. A further six colleagues were injured and received immediate specialist medical care.
“Professional support teams are supporting the families of all those who have been affected.
“At this time, the entire Adnoc family extends its deepest sympathy to the family and friends of our colleagues who died this morning.
“We are working closely with the relevant authorities to determine the exact cause and a detailed investigation has commenced.”
Etihad Airways said there was limited disruption to flights. Services soon resumed as normal.
“Following an incident in the construction area of Abu Dhabi Airport earlier this morning, precautionary measures resulted in a short disruption for a small number of flights. However, normal airport operations were quickly resumed,” a representative said.
“The safety and comfort of our guests and crew is our number one priority.”
Sunjay Sudhir, India’s ambassador to the UAE, said his government would provide “whatever assistance is possible” to the family of the two deceased Indian citizens. Pakistan's Foreign Ministry expressed its condolences and said it would support the family of the Pakistani who died in the Mussaffah blast.
Recent Houthi losses
The Houthis, who ousted Yemen's internationally recognised government in 2014, have recently suffered heavy losses to pro-government and Saudi-led coalition forces.
In the oil-rich Shabwa province, 40 were killed 10 days ago when fighters from the Southern Transitional Council seized a military base, while as many as 280 died in air strikes on Marib and Al Bayda at the weekend, the coalition said.
The Houthis continue to hold much of the country's north-west, where the bulk of the Yemeni population is concentrated, including the capital Sana'a and Marib.
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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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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.”
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Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
