• Many residents lost appliances and cars in the floods that hit Fujairah in July. All photos: Aster
    Many residents lost appliances and cars in the floods that hit Fujairah in July. All photos: Aster
  • Homes across Fujairah and Sharjah were damaged due to floodwaters.
    Homes across Fujairah and Sharjah were damaged due to floodwaters.
  • Mud left behind by floodwater has been a challenge for volunteers helping families in Fujairah with the clean up.
    Mud left behind by floodwater has been a challenge for volunteers helping families in Fujairah with the clean up.
  • Aster Volunteers arrived from Dubai to help with the clean-up in Fujairah.
    Aster Volunteers arrived from Dubai to help with the clean-up in Fujairah.
  • Many residents were without insurance so are facing huge repair bills.
    Many residents were without insurance so are facing huge repair bills.
  • Work from 15 young people from the Youth India Fujairah group, operated by Aster healthcare, helped families get back into their homes.
    Work from 15 young people from the Youth India Fujairah group, operated by Aster healthcare, helped families get back into their homes.
  • Floodwaters posed a potential health hazard to families hoping to move back home.
    Floodwaters posed a potential health hazard to families hoping to move back home.
  • Aster Volunteers helped with the clean up to allow families like the Kumars move back in.
    Aster Volunteers helped with the clean up to allow families like the Kumars move back in.

UAE

UAE authorities hold meeting over heavy rain forecast for weekend

Crisis authority, ministries and police co-ordinate response to latest bout of bad weather

Chris Maxwell
Chris Maxwell

August 12, 2022

  • English
  • Arabic

UAE authorities have come together to develop a nationwide action plan to deal with heavy rain and high winds forecast for the weekend.

The National Emergency, Crisis and Disasters Management Authority, better known as Ncema, took part in a meeting with the National Centre of Meteorology, the Ministry of Defence, the Ministry of Interior, the Ministry of Energy and Infrastructure, and police chiefs.

Talks centred on efforts to ensure authorities are ready to respond to the hazardous weather expected in the days ahead.

“All local and national teams are highly prepared to ensure an effective and proper response to any risks that may arise as a result of the condition,” Ncema said.

The National Centre of Meteorology said in its latest five-day forecast that downpours are expected across the country.

Abu Dhabi Media Office issue an alert on Friday calling for people to exercise caution during challenging weather conditions.

It said the emirate was expected to receive "mild to heavy rains" along with a significant drop in temperatures from Sunday until Thursday, August 18.

Motorists were urged to drive carefully and abide by safety guidelines and speed limits.

People were advised to avoid going to the beach during high tides and turbulent sea conditions.

High winds of up to 45 kilometres an hour are predicted until Tuesday, which could lead to dust and sand storms, the NCM said.

The NCM had told The National on Wednesday of the impending rainfall.

“There will be a chance of rain formation in some parts of the east and south on Saturday and Sunday,” a forecaster from the NCM said.

“There is a low-pressure system with humid air from the Sea of Oman and Arabian Sea coming towards our area,” he said. “We expect some moderate to heavy rain.”

The authorities remain on alert after deadly flash floods hit the eastern UAE last month.

Seven people died and more than 800 were rescued after torrential downpours caused flooding across the northern and eastern coasts.

The NCM said it was the wettest July in decades.

SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

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

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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.”

Updated: August 12, 2022, 12:53 PM
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