Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai and Minister of Finance, died on Wednesday.
His brother, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced Sheikh Hamdan's death.
A mourning period of 10 days was declared in Dubai.
Flags will fly at half-staff in Dubai and work will be suspended in government departments and institutions for three days, starting on Thursday.
Other attractions such as Expo 2020's sustainability pavilion will close and dates for reopening will be announced soon.
Sheikh Mohammed bin Rashid led funeral prayers at Zabeel Mosque on Wednesday.
He was joined by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and other sheikhs.
They were restricted to family members because of Covid-19 restrictions.
Sheikh Hamdan, who was in his seventies, had been unwell for some months – Sheikh Mohammed tweeted prayers and well-wishes for his brother as recently as March 9.
On Wednesday, Sheikh Mohammed posted a picture of his brother saying: "We belong to God and to Him we shall return ... May God have mercy on you, my brother, my support and my companion."
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, paid tributes to Sheikh Hamdan.
"Today, we lost one of the loyal men of the Emirates after a life full of giving and sincere patriotism," Sheikh Mohamed tweeted.
“May God have mercy on my brother Sheikh Hamdan bin Rashid, and reward him with the best reward for what he offered to his country and its people.
“I express my condolences to my brother Mohammed bin Rashid and the honourable Maktoum family for this great misfortune. [I wish them] patience and solace.”
Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, mourned the death of Sheikh Hamdan.
The Ruler of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, said the UAE has lost today one of its loyal and devoted leaders.
“God have mercy on Sheikh Hamdan bin Rashid Al Maktoum. With his wisdom and insightful vision, he helped build our institutions of government since the founding days of this nation.
“He helped lead a march of national achievements and humanitarian work that will go down in the history of the nation and the conscience of the Emirati people.
“Our condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, to the honourable Al Maktoum family and to the people of the Emirates for this great loss to the homeland.”
Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, and Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, expressed their heartfelt condolences on the death.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, paid tribute to his uncle.
“To Allah we belong and to Him we shall return,” he said.
“Today, the country bid farewell to one of its symbols and a knight who stepped down after a journey of giving.
“His journey will remain immortal and from it we will draw inspiring moral lessons in upholding the status of the homeland and in spreading the roots of goodness.
“We ask God Almighty to have mercy on Sheikh Hamdan bin Rashid Al Maktoum and make heaven his resting place.”
In October, Sheikh Hamdan was wished well by officials and colleagues after surgery abroad.
They welcomed him on his return to the Emirates after the operation.
Details of the surgery or the location were not stated.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
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
Sholto Byrnes on Myanmar politics
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