The rulers of the emirates, various sheikhs and ministers have offered their congratulations and loyalty to the new president, Sheikh Mohamed bin Zayed.
The Federal Supreme Council unanimously elected Sheikh Mohamed to the role on Saturday.
A poignant letter, shared online by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, looked back on Sheikh Mohamed’s public service and ahead to new ambitions.
“For many years, the people of the UAE have loved him,” Sheikh Mohammed wrote of the new president.
With your leadership we begin a historic journey, filled with achievements and hope
Sheikh Abdullah bin Zayed,
Minister of Foreign Affairs and International Cooperation
“They loved him for his generosity kindness, and compassion for his people.
“They saw him cure their sick, help their distressed, support their children, console their martyrs, and think and plan for their future generations.
“They saw him visit their homes, motivate them at their work fields, welcome them in his frequented council, and saw him launch development projects and new industries and establish economic national sectors and leading international companies throughout many years of service to his country and people.
“Today, his people pledge allegiance to him, promise to listen and obey, and follow him while he leads them in a new historical journey in UAE. The future generations rejoice in the third president of the UAE, and the world is pleased with a country that represents a future international model characterised by goodness and brotherhood to all of humanity,” Sheikh Mohammed said.
“We congratulate His Highness again and the people of the UAE.
“We pray God to protect him.
“We tell him: Take us to new heights. We are part of you and alongside with you. We are optimistic about the future of the UAE, which will be the most beautiful and the greatest.”
Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, said Sheikh Mohamed has significantly contributed to the UAE's development and achievements by his vision, constant support and direct guidance.
“We congratulate President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and ask Allah Almighty to grant him success and prosperity,” Sheikh Dr Sultan said.
“We affirm our permanent solidarity in serving the nation and preserving its union under his wise leadership.”
Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, welcomed the election of Sheikh Mohamed as President and the continuity it will bring to the UAE.
“The election of His Highness Sheikh Mohamed bin Zayed Al Nahyan assures the continuation of the country's path as it advances politically, economically, socially and culturally,” Sheikh Humaid said.
“I congratulate His Highness and wish him continued success, and the people of the UAE progress and prosperity under his wise leadership.”
Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, said: “His Highness Sheikh Mohamed bin Zayed is a generous and loving leader. He is the protector of our country, a partner and a brother to all the people of the Emirates.
“Today, this election comes as a continuation of the country's development path and the consolidation of prestige that the UAE assumed during the era of the Founding Father, the late Sheikh Zayed, and the rule of Sheikh Khalifa bin Zayed Al Nahyan.
“I congratulate His Highness and wish him great success, and reaffirm the absolute trust of the UAE's people in his leadership.”
Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, said Sheikh Mohamed's election represents a continuation of the legacy started by the late Sheikh Zayed bin Sultan Al Nahyan, Sheikh Khalifa bin Zayed and the Founding Leaders.
Sheikh Saud praised the vision of Sheikh Mohamed bin Zayed and his “tremendous efforts and unlimited support in what the UAE has achieved at the local, regional and global levels”, Wam reported.
Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, said: “At this historical stage of our story, we affirm our support to President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and we pledge to work under his wise leadership to achieve more progress and prosperity, and lead the country towards a bright future that meets the aspirations of its people.”
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, said: “We swear allegiance to you as our president, the leader of our journey and the cornerstone of our development.
“You were always a role model of leadership. Your plans for the UAE's path will lead to a bright future, one that is safe and prosperous.”
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, said: “You are the protector of the nation and the leader of its path, the brave knight of peace, and a man of tolerance and humanity.”
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, said: “Nations are built and they thrive by the hands of men.
“My brother and leader His Highness Sheikh Mohamed bin Zayed, the President of the country, we swear allegiance to you and promise you obedience.
“With your leadership we begin a historic journey, filled with achievements and hope.”
Sheikh Tahnoun bin Zayed, National Security Adviser, said: "We congratulate His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, may God protect him, and we ask Almighty God to grant him success in continuing the path of goodness and giving to the UAE and its people."
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said: "The UAE's flag will wave with pride under His Highness's rule. We will continue on the path of great achievements on all fronts."
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said “we pledge allegiance with sincerity and love” to President Sheikh Mohamed.
Sheikh Tahnoun bin Mohammed, the Ruler's Representative in the Al Ain Region of Abu Dhabi, said the people promise loyalty and effort on the road to prosperity for the UAE.
Sheikh Hamdan bin Zayed, the Ruler's Representative in Abu Dhabi's Al Dhafra region, said: “My brother, your highness Sheikh Mohamed bin Zayed Al Nahyan, we swear loyalty to you. With your guidance, the nation and its people will continue on the journey of giving and greatness.”
Sheikh Hazza bin Zayed, Deputy Chairman of Abu Dhabi Executive Council, said Sheikh Mohamed is “the guardian of this journey, and under his wise leadership the people of the UAE will move forward to glory and greatness”.
Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working Systems, said that Sheikh Mohamed would be the “best successor to the best predecessor”.
Dr Ahmed Al Tayyeb, Grand Imam of Al-Azhar and chairman of the Muslim Council of Elders, said: "While sympathising with my dear brother, His Highness Sheikh Mohamed bin Zayed Al Nahyan, over losing his brother, the late Sheikh Khalifa, I would like to congratulate him, and pray to Allah Almighty to grant him the strength to succeed as the UAE's president and leader, and pick up the torch from his wise brother in serving his country and nation and spreading justice and good.”
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said: “We congratulate the honourable people of the UAE and those residing on its land, and ourselves, this feat of leader, and we pledge allegiance to His Highness for loyalty and obedience.”
Abdulla Al Marri, Minister of Economy, said: “We pledge allegiance to you, Your Highness, for loyalty and obedience, and we ask God Almighty to protect you, guide you, and direct your steps.”
Mariam Al Mheiri, Minister of Climate Change and Environment, said: “Today, we congratulate ourselves and the people of the UAE, for His Highness Sheikh Mohamed bin Zayed, may God protect him, assumed the position of President of the State, and we pledge to continue working under his leadership with all seriousness and dedication to enhance the prestige of our country and the competitiveness of our country."
Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, said: “I extend my warmest congratulations to Sheikh Mohamed bin Zayed on his election as the president of the UAE, and we pledge allegiance and obedience to him. His Highness Sheikh Mohamed is an exceptional and wise leader committed to serving our nation, following in the footsteps of the founding fathers.
“We all stand behind His Highness to continue the UAE’s march of development and progress and achieve growth and prosperity, while establishing our country’s leading position at regional and global levels.”
The five pillars of Islam
UAE currency: the story behind the money in your pockets
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
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RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
The%20specs
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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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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
The Porpoise
By Mark Haddon
(Penguin Random House)
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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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Tesalam Aleik
Abdullah Al Ruwaished
(Rotana)
Coal Black Mornings
Brett Anderson
Little Brown Book Group
U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
