Emmanuel Macron, President of France, welcomes Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Paris in November 2018. The two leaders spoke on the phone on Sunday. Mohamed Al Hammadi / Ministry of Presidential Affairs
Emmanuel Macron, President of France, welcomes Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Paris in November 2018. The two leaders spoke on the phone on Sunday. Mohamed Al Hammadi / Ministry of Presidential Affairs
Emmanuel Macron, President of France, welcomes Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Paris in November 2018. The two leaders spoke on the phone on Sunday. Mohamed Al Hammadi / Ministry of Presidential Affairs
Emmanuel Macron, President of France, welcomes Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Paris in November 2018. The two leaders spoke on

Sheikh Mohamed condemns violence in France in call with Emmanuel Macron


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Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, condemned the recent attacks in France during a phone call with President Emmanuel Macron on Sunday.

Sheikh Mohamed offered his condolences to Mr Macron and the families of those who were killed. He wished the injured a speedy recovery.

"These violent atrocities are inconsistent with the teachings and principles of all monotheistic religions that call for peace, tolerance and love and emphasise the sanctity of human life," said Sheikh Mohamed.

He reiterated his rejection of hate speech and said it divided people of different nationalities and faiths and only served those with extremist ideas. Sheikh Mohamed also rejected any justification that may be used to excuse such criminal acts of violence and terrorism, reported state news agency Wam.

He said the Prophet Mohammed is a sacred figure to all Muslims and should not be politicised or linked to violence.

He called for peaceful and respectful dialogue between individuals of different backgrounds, citing the UAE as an example of an Arab Muslim country with proud values of coexistence, tolerance and co-operation among its diverse population.

  • Civil Protection ambulance crew fit personal protective equipment before attending to a patient inside an ambulance in Paris. Bloomberg
    Civil Protection ambulance crew fit personal protective equipment before attending to a patient inside an ambulance in Paris. Bloomberg
  • Ambulance crew wheel a trolley bed carrying a patient into an ambulance outside of a residential apartment block in Paris. Bloomberg
    Ambulance crew wheel a trolley bed carrying a patient into an ambulance outside of a residential apartment block in Paris. Bloomberg
  • An employee stacks chairs on a restaurant terrace a few minutes before curfew in Saint Jean de Luz, southwestern France. AP Photo
    An employee stacks chairs on a restaurant terrace a few minutes before curfew in Saint Jean de Luz, southwestern France. AP Photo
  • Empty streets are pictured after curfew in Marseille. AP Photo
    Empty streets are pictured after curfew in Marseille. AP Photo
  • Members of the French National police, CRS, speak to a delivery man, as they patrol in the streets of Toulouse. AFP
    Members of the French National police, CRS, speak to a delivery man, as they patrol in the streets of Toulouse. AFP
  • Police speak with a pedestrian as they patrol in the streets of Toulouse at the start of a curfew. AFP
    Police speak with a pedestrian as they patrol in the streets of Toulouse at the start of a curfew. AFP
  • Empty streets of Toulouse during a curfew. AFP
    Empty streets of Toulouse during a curfew. AFP
  • A masked couple ride an electric scooter by the Invalides memorial, in Paris. AP Photo
    A masked couple ride an electric scooter by the Invalides memorial, in Paris. AP Photo
  • Commuters wearing face masks walk on the platform of a Paris subway. AP Photo
    Commuters wearing face masks walk on the platform of a Paris subway. AP Photo
  • A man wearing a mask walks in the Montmartre district of Paris. AP Photo
    A man wearing a mask walks in the Montmartre district of Paris. AP Photo

The leaders spoke after a priest was shot twice and days after three people were killed in a terrorist attack at a church in France.

Mr Macron has sent thousands of soldiers to protect sites such as places of worship and schools after a surge of violence across France.

A spate of attacks has taken place after the murder of teacher Samuel Paty, who showed pupils cartoons of the Prophet Mohammed – a prohibited act in Islam – as part of a lesson on free speech.

Mr Macron, who has vowed to stamp out radical Islamism in his country, sought to quell some of the anger directed at France on Saturday by saying he could understand how Muslims might be shocked by the cartoons.

Since Paty's killing, French officials have asserted the right to display the cartoons, and the images have been shown at marches staged in solidarity with the dead teacher.

This prompted an outpouring of anger in parts of the Muslim world, with some governments accusing Mr Macron of pursuing an anti-Islam agenda.

During their call Sheikh Mohamed and Mr Macron also discussed developments in the Middle East and Eastern Mediterranean, emphasising regional security and stability and non-interference in the internal affairs of sovereign states.

Sheikh Mohamed spoke of the strong ties between France and the UAE. The leaders voiced their support for efforts or initiatives that would help reach political settlements in the region's conflicts.

They also reviewed the latest developments to combat coronavirus in their countries and around the world, saying it was important for nations to co-operate to overcome the deadly virus.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

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
Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

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.”

The specs

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Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

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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