Sheikh Mohamed bin Zayed praises Sharjah officer who helped stranded motorist

Sheikh Mohamed bin Zayed praised a Sharjah Police officer who came to the aid of an elderly driver who broke down on a busy motorway.

The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces said Sgt Ahmed Al Hammadi was an exemplary officer and public servant.

The patrolman came to the rescue of Zein Al Abideen, whose vehicle malfunctioned and came to a sudden halt on Sheikh Mohamed bin Zayed Road in Sharjah last week.

The 12-lane highway is one of the busiest in the country and connects Dubai, Abu Dhabi and Sharjah.

"Being helpful and benevolent are values rooted in the UAE society," Sheikh Mohamed wrote.

"We praise what Ahmed Hassan Al Hammadi from Sharjah Police has done for the driver of the vehicle, who expressed with kind words his appreciation and gratitude.

"Al Hammadi is a model in this kind land. I thank them both and praise every person who loyally serves people and represents the values of their community."

Last week, Mr Al Abideen, who is from Sudan and has worked in the UAE for 25 years, called a Sharjah radio station to thank the officer publicly.

He was driving over a section of bridge when his engine suddenly stopped.

“Seconds later, the patrol car stopped to protect me from other vehicles on the road, then he [the officer] asked me how he can help,” he said.

“I swear that not more than a minute passed and the recovery vehicle arrived. The officer called over its driver, I didn’t know why, but I saw them speaking for few seconds."

The recovery vehicle driver told Mr Al Abideen that Sgt Al Hammadi had paid the cost of towing his car.

“Emiratis are made of this land’s soil, a soil that is mixed with mercy,” Mr Al Abideen said.

Al Hammadi joined the police force in 2009.

“What I have done is my duty,” he said in a Sharjah Police news release.

“I provided him with the help he needed. Providing help that would bring happiness to others is our duty,” he said.

Sgt Al Hammadi, who was reunited with Mr Al Abideen for a photograph at the weekend, was also praised by his force.

"Al Hammadi is an honourable model for police officers, and his act reflects our dedication to the job," Sharjah Police chief Maj Gen Saif Al Shamsi said.

Crown Prince of Abu Dhabi – a life of public service

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Year started: 2017

Based: Bahrain

Employees: 100-120

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England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

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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

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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Always use only regulated platforms

Stop all transactions and communication on suspicion

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Courtesy: Crystal Intelligence

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

E-cigarettes report

Tobacco giants, under attack from governments and forced to print gruesome warnings on their products, pour millions into 'healthier' e-cigarette products

Killing of Qassem Suleimani

National Editorial: Suleimani has been killed, now we must de-escalate

Mina Al Oraibi: Air strike casts a long shadow over the decade ahead

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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.”