From physician to millionaire overnight, thanks to National Bonds

ABU DHABI // From physician to overnight millionaire, it took Dr A. N. two days of missed calls to find out he had won a million dirhams.

The Iraqi was one of many winners of the National Bonds, which rewards its customers for saving money through its shariah-compliant savings scheme.

"My phone was off when they first tried me," he said. "I saw five missed calls from this unknown number and the next day, I once again missed these calls. Finally, after two days, I heard the great news. It was truly an amazing surprise."

He was presented a cheque during a ceremony at the National Bonds' headquarters in Jumeirah yesterday.

Other winners included Wilson Koru, a tailor based in Dubai for the past 30 years, and Ramadan Mishmish, an Emirati. They were both awarded brand new BMW 640i Gran Coupe cars as part of National Bonds' 41st National Day promotions. "There are not many tailors in Dubai that drive BMWs," said Mr Koru. "Although my daughters already decided they will be the ones driving the car. I never thought this was possible, I simply could not have imagined winning such an amazing car."

Mr Koru had started saving with National Bonds to secure his daughters' future. "After winning, I remain committed to regular saving," he said. "The rewards are simply an added bonus."

So far, National Bonds has rewarded thousands of residents with over Dh350 million worth of prizes and 118 bondholders made instant millionaires.

cmalek@thenational.ae

First-round leaderbaord

-5 C Conners (Can)

-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);

-2 C Morikawa (US), M Laird (Sco), C Tringale (US)

Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)

Level B DeChambeau (US), J Rose (Eng)

1 L Westwood (Eng), J Spieth (US)

3 R McIlroy (NI)

4 D Johnson (US)

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

Fuel economy, combined: 8.7L / 100km

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed

Rating: 1/5

Dust and sand storms compared

Sand storm

Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds

Dust storm

Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions

ZAYED SUSTAINABILITY PRIZE

Winners of 2019 Zayed Sustainability Prize announced

Clean water and solar homes: Zayed prize finalists present sustainability solutions

What is the Zayed Sustainability Prize?

In-demand jobs and monthly salaries

Technology expert in robotics and automation: Dh20,000 to Dh40,000
Energy engineer: Dh25,000 to Dh30,000
Production engineer: Dh30,000 to Dh40,000
Data-driven supply chain management professional: Dh30,000 to Dh50,000
HR leader: Dh40,000 to Dh60,000
Engineering leader: Dh30,000 to Dh55,000
Project manager: Dh55,000 to Dh65,000
Senior reservoir engineer: Dh40,000 to Dh55,000
Senior drilling engineer: Dh38,000 to Dh46,000
Senior process engineer: Dh28,000 to Dh38,000
Senior maintenance engineer: Dh22,000 to Dh34,000
Field engineer: Dh6,500 to Dh7,500
Field supervisor: Dh9,000 to Dh12,000
Field operator: Dh5,000 to Dh7,000

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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

WWE Evolution results

Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
Nia Jax won a battle royal, eliminating Ember Moon last to win
Toni Storm beat Io Shirai to win the Mae Young Classic
Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
Ronda Rousey retained the Raw Women’s title by beating Nikki Bella

Millennials step up campaign against plastic

Plastic associations point to recycling and consumer behaviour for pollution

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