Hundreds of relatives and friends streamed into the home of an Indian worker killed in a terrorist attack in Abu Dhabi to pay their final respects on Wednesday.
Men and women recited from the holy Sikh scripture and joined in the singing of kirtan hymns outside the home of Hardeep Singh in Mehsampur village in northern India’s Punjab state on the 10th day after his death.
Tanker driver Mr Singh, 29, was one of three men killed when vehicles caught fire following an assault by Yemeni’s Houthi rebels on an Adnoc oil store in the UAE on January 17.
His wife went into shock and kept saying, ‘Deep will come back. He will not leave us.’
Rajbir Singh,
cousin of Abu Dhabi blast victim Hardeep Singh
A large photograph of him decorated with a garland of flowers was placed in an open area near his home.
More than 1,000 people bowed their heads for prayers asking for peace for his soul.
“People have come from all over Punjab to give the family strength and pray for peace in his journey,” Gagandeep Singh, a cousin who lives in Abu Dhabi and accompanied Hardeep’s body home, told The National.
“He was loved by so many. Never did anyone imagine this would happen to someone so young.
“Everyone is asking,' why did this attack have to happen to this family?' It is too tough and painful for his mother and wife to bear.”
World leaders have condemned the Houthi attack on Abu Dhabi and rejected any threat to the security and sovereignty of the UAE.
Recently married
Mr Singh was the youngest killed in the blast. His father passed away more than a year ago and as the only child, he was the sole support for his mother Charanjit Kaur.
His grieving widow Kanupriya Kaur wore red bangles at the prayer ceremony, signifying they were recently married.
The couple were married 10 months ago, after which she returned to study in Canada. Her husband returned to work in Abu Dhabi and was planning to visit her this year.
Instead, she returned to India last week after being told Mr Singh was injured in an accident.
The family intended to break the news when she was back home surrounded by relatives. It was only when she saw the mourners gathered at his home that she realised he had been killed.
Another of his cousins, Rajbir Singh, said the family needed time to process the loss.
“His wife went into shock when she came home. She kept saying, ‘Deep will come back. He will not leave us.’ It is too difficult for the family.”
Hardeep Singh was a keen sportsman who enjoyed playing kabaddi and volleyball. The mourners included many of the young people he played sports with.
“He was a king of sports and inspired youngsters with his positivity. He was always available for any social work, for the development of the village,” Rajbir said.
“He was a gem of a person. He was like my brother, he was my brother. We grew up together.”
The family had observed the Lohri, a popular harvest festival on January 13 with Mr Singh and his wife joining the celebrations online.
The first Lohri holds special significance for newly-weds in Punjab as they seek blessings from the elders in the family.
“He was so excited and happy that they both could join us in the celebrations even if it was online,” Rajbir said.
“That was the last time we saw him. And then four days later he was dead. It is too much for us to handle. We all feel alone without him.”
The UAE Government and Adnoc have committed to maintaining support for all families who suffered from the attack.
Mohammed bin Zayed Majlis
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.”
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
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
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
UAE Rugby finals day
Games being played at The Sevens, Dubai
2pm, UAE Conference final
Dubai Tigers v Al Ain Amblers
4pm, UAE Premiership final
Abu Dhabi Harlequins v Jebel Ali Dragons
AGUERO'S PREMIER LEAGUE RECORD
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The specs
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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
Company%20Profile
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Persuasion
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UAE currency: the story behind the money in your pockets
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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