LATEST: 'Banging' heard during search for missing Titanic submarine
A Dubai-based explorer is among several people on board a submersible that has gone missing in the Atlantic Ocean.
Hamish Harding is on a deep-sea vessel that takes tourists and researchers to view the wreck of the Titanic, 4,000 metres beneath the surface.
The 58-year-old, who owns an aviation company in the Emirates, posted a message on social media hours before the mission began, saying he was proud to be a “mission specialist on the sub going down to the Titanic”.
“Due to the worst winter in Newfoundland in 40 years, this mission is likely to be the first and only manned mission to the Titanic in 2023,” he wrote.
Brian Szasz, Mr Harding's stepson, confirmed Mr Harding was on the sub, believed to be about 600km off the coast of Newfoundland, Canada.
“Thoughts and prayers for my stepfather Hamish Harding … his submarine has gone missing exploring Titanic. Search and rescue mission is under way,” he wrote on Facebook.
Mr Harding, chairman of Action Aviation, said the vessel left St John's in Newfoundland on Friday. The team planned to start the dive at 4am local time on Sunday.
The National reached out to a colleague of Mr Harding's in the company's UK office, who said they had no further information at this time.
OceanGate Expeditions said its focus was on those aboard the vessel and their families.
“We are deeply thankful for the extensive assistance we have received from several government agencies and deep sea companies in our efforts to re-establish contact with the submersible,” the company said in a statement.
“We are working toward the safe return of the crew members.”
A major search and rescue operation, being led by the US Coastguard and involving military aircraft, is under way.
In a press conference on Monday, Rear Admiral John W Mauger of the US Coastguard said they were doing “everything” they can to find the submersible. He added it has one pilot and four mission operators aboard.
He said they were conducting a search 1450km east of Cape Cod in collaboration with the Canadian armed forces and commercial vessels in the area.
“It is a remote area and a challenge but we are deploying all available assets to make sure we can locate the craft and rescue the people on board,” he said.
He said the submersible vessel has 96 hours of emergency capability, giving a window for rescuers to find the occupants alive.
“We anticipate that there’s somewhere between 70 to the full 96 hours at this point,” he said.
In a post on Instagram on Saturday night, Mr Harding said he was accompanied by “legendary explorers” including PH Nargeolet, a former French Navy commander.
“A weather window has just opened up and we are going to attempt a dive tomorrow,” Mr Harding wrote.
“We started steaming from St John's, Newfoundland, Canada yesterday and are planning to start dive operations around 4am tomorrow morning.
“Until then we have a lot of preparations and briefings to do.
“The team on the sub has a couple of legendary explorers, some of which have done over 30 dives to the RMS Titanic since the 1980s including PH Nargeolet.”
The British entrepreneur is a renowned aviator, explorer and space tourist. Known for his adrenalin-fuelled stunts, he has lived in Dubai for three decades.
He flew on board New Shepard, as part of the Blue Origin NS-21 mission, in June last year – one of six to go to space on the flight.
In 2021, he dived into the Mariana Trench in the Pacific, the deepest point on Earth. In 2019, he flew around the world in a record-breaking flight with Nasa astronaut Terry Virts.
Mr Harding's company is an international aircraft brokerage. It manages various business jets out of Dubai, including its own Boeing business jet.
Space tourist Harding on Blue Origin flight – in pictures
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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There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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 Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
