The QE2 has temporarily closed in Dubai. Andrew Scott / The National
The QE2 has temporarily closed in Dubai. Andrew Scott / The National
The QE2 has temporarily closed in Dubai. Andrew Scott / The National
The QE2 has temporarily closed in Dubai. Andrew Scott / The National

UAE

Dubai's QE2 temporarily closed due to power cut during storm

Famous ocean liner-turned-hotel was hit by storms last weekend and will remain closed until next week

The National

August 11, 2023

  • English
  • Arabic

The QE2 in Dubai has closed its doors until next week after the vessel-turned-hotel lost power in storms last week.

Guests trying to book rooms at the hotel were greeted with the following message: “We regret to inform you that the entire hotel has temporarily closed during this period from Sunday, 6 August 2023, to Tuesday 15 August 2023.

“Unfortunately, an unexpected weather event last 5 August, has led to an unprecedented power cut to the entire hotel. Our team is actively working to resolve this situation as soon as possible, however, we are unable to indicate when our systems will be fully operational again.

“As a result, all hotel facilities including accommodations, restaurants and activities will be closed during this period.”

The company released a statement regarding the temporary closure.

“The recent adverse weather conditions experienced in Dubai have regrettably affected the operational schedule of the Queen Elizabeth 2. We are actively working with utmost diligence to expedite the restoration of normal operations,” read the statement.

“We deeply apologise for any disruptions that our guests may have encountered and reaffirm our unwavering commitment to promptly welcoming visitors on board as soon as possible.”

The QE2, named after the late Queen Elizabeth II, once served as the world's most famous luxury ocean liner – completing more than 1,400 voyages in almost 40 years since its launch in 1967.

Since being retired from sailing duties, the ship was repurposed as a hotel in Dubai's Port Rashid.

The National reported how Dubai was hit by thunderstorms on Saturday, August 5.

Dubai Municipality received more than 100 emergency calls during the unsettled weather, including reports of fallen trees and large pools of rainwater.

Dubai was hit by heavy rain, thunder and dust storms. Residents reported hearing cracks of thunder while a dusty haze blanketed parts of the emirate.

Dubai Municipality said it received 69 reports of fallen trees on Saturday, 16 of which were on main roadways.

There were also 18 requests for excess rainwater to be drained from road surfaces.

The municipality said it had taken preventive measures for the weather, with emergency response teams on standby.

Royal celebrations on the QE2 - in pictures

  • Hundreds gathered to watch King Charles's coronation on board the Queen Elizabeth 2 at Port Rashid, in Dubai. All pictures by Khushnum Bhandari / The National
    Hundreds gathered to watch King Charles's coronation on board the Queen Elizabeth 2 at Port Rashid, in Dubai. All pictures by Khushnum Bhandari / The National
  • Guests are suitably dressed for the occasion, with a sea of red, white and blue on the former ocean liner
    Guests are suitably dressed for the occasion, with a sea of red, white and blue on the former ocean liner
  • Paul Jude and daughter Eve, 10, came to enjoy the historic event in a befitting setting
    Paul Jude and daughter Eve, 10, came to enjoy the historic event in a befitting setting
  • Ferghal Purcell, general manager of the floating hotel, says he is proud to help Britons in Dubai enjoy the momentous event
    Ferghal Purcell, general manager of the floating hotel, says he is proud to help Britons in Dubai enjoy the momentous event
  • Jay and Polly Pathak, with their three children
    Jay and Polly Pathak, with their three children
  • Patriotic pride on display on Saturday on the QE2, a vessel steeped in royal history
    Patriotic pride on display on Saturday on the QE2, a vessel steeped in royal history
  • Organisers made it a regal affair for visitors
    Organisers made it a regal affair for visitors
  • A Scottish bagpipe player serenades guests
    A Scottish bagpipe player serenades guests
  • A man dressed as an English Guard takes part in the colourful pageantry
    A man dressed as an English Guard takes part in the colourful pageantry
Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

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)

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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Rating: 4.5/5

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UAE currency

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.”

Off-roading in the UAE: How to checklist
Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Updated: August 11, 2023, 6:03 PM
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