Follow the latest on the earthquake in Turkey
Emirates airline will team up with Dubai's International Humanitarian City to deliver as much as 100 tonnes of crucial aid to survivors of the deadly earthquake that hit Turkey and Syria.
An air bridge is being established to transport urgent relief supplies, medical items and equipment over the next two weeks to support on-ground aid efforts and search and rescue activities in both countries, Emirates said.
The first two aid flights were taking off on Friday, carrying high thermal blankets and family tents, medical kits and shelter items.
In the coming days, more consignments of blankets, tents, shelter kits, flash lights, water distribution ramps and trauma and emergency health kits will be transported on Emirates aircraft.
International rescue operations and aid campaigns have been launched in the wake of the devastating disaster on Monday.
The death toll climbed beyond 21,000 on Friday and is expected to rise further still.
Emirates SkyCargo plans to dedicate cargo space for about 100 tonnes of humanitarian relief goods over the course of the next fortnight across its daily flight operations to Istanbul.
The critical emergency supplies brought by Emirates will then be delivered by local organisations to affected areas in southern Turkey and northern Syria, supporting responders on the ground and providing much-needed aid to the hundreds of thousands of people affected by the earthquakes.
“We stand with the Turkish and Syrian people and are working with experts like the International Humanitarian City to help provide urgent relief to those affected and displaced by the earthquakes, as well as support the complex recovery efforts on the ground," said Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group.
"Emirates has extensive experience in supporting humanitarian relief efforts, and through its three daily flights to Istanbul will offer regular and consistent widebody capacity for relief items and medical supplies.
"Emirates also supports the UAE’s ongoing humanitarian efforts to support Turkey and Syria, and Dubai’s unique position as the world’s largest international aid logistics hub means that we can efficiently reach disaster stricken areas and the most vulnerable people as quickly as possible.”
Mohammed Ibrahim Al Shaibani, chairman of the Supreme Committee for the Supervision of International Humanitarian City, said crucial steps were being taken to help those in need.
"The IHC remains committed to providing the people affected by the earthquakes with the humanitarian support and resources they need," he said.
"We are taking urgent action by facilitating airlifts of vital medical supplies, shelter items and other relief goods from the UNHCR, World Health Organisation and World Food Programme to address the pressing demand for aid in the affected regions."
UAE pledges support
The new aid mission is the latest step in the Emirates efforts to support the disaster-hit nations.
The UAE's 50-bed hospital, which will be equipped with a CAT scanner and X-ray machine, arrived at Gaziantep Airport on Wednesday, the Ministry of Defence said.
The field hospital will be set up in Hatay province, Turkey’s ambassador to the UAE said on Wednesday.
Hatay borders north-western Syria and is among the areas worst-affected by the deadliest earthquake in more than a decade that has killed more than 18,000 people in Turkey and Syria.
The arrival of the medical installation brought the total number of aid flights dispatched via an air bridge from the UAE to 22, the ministry said, including seven flights to Syria.
The planes have carried 640 tonnes of humanitarian aid for both countries, which included food and medical supplies. The ministry said 515 tents were sent to Syria to offer temporary shelter to those affected by the earthquake and subsequent aftershocks.
The UAE's search and rescue teams are also racing against time to save people trapped under the rubble.
The Joint Operations Command of the Ministry of Defence said that the teams have been deployed across several affected areas.
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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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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.”
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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.
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.”
Key facilities
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- Premier League-standard football pitch
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