• People get tested for coronavirus at the Mina Rashid screening centre in Dubai. Chris Whiteoak / The National
    People get tested for coronavirus at the Mina Rashid screening centre in Dubai. Chris Whiteoak / The National
  • Since the beginning of the coronavirus pandemic, health authorities have called upon citizens and residents to join with the efforts of health care professionals. Health workers, such as these Sheikh Khalifa Medical City, have led the way. Reem Mohammed / The National
    Since the beginning of the coronavirus pandemic, health authorities have called upon citizens and residents to join with the efforts of health care professionals. Health workers, such as these Sheikh Khalifa Medical City, have led the way. Reem Mohammed / The National
  • Healthcare workers at the emergency ward in Sheikh Khalifa Medical City. The President, Sheikh Khalifa, has paid tribute to the frontline workers who helped to curb Covid-19. Reem Mohammed / The National
    Healthcare workers at the emergency ward in Sheikh Khalifa Medical City. The President, Sheikh Khalifa, has paid tribute to the frontline workers who helped to curb Covid-19. Reem Mohammed / The National
  • Healthcare workers at Sheikh Khalifa Medical City receive a patient outside the emergency department. Reem Mohammed / The National
    Healthcare workers at Sheikh Khalifa Medical City receive a patient outside the emergency department. Reem Mohammed / The National
  • A consultant physician at the emergency department in Sheikh Khalifa Medical City, receives a Covid-19 patient. Reem Mohammed / The National
    A consultant physician at the emergency department in Sheikh Khalifa Medical City, receives a Covid-19 patient. Reem Mohammed / The National
  • People get the laser blood test tests at the Mina Rashid screening centre in Dubai. Chris Whiteoak / The National
    People get the laser blood test tests at the Mina Rashid screening centre in Dubai. Chris Whiteoak / The National
  • A nurse sanitises her hands after conducting a swab test at one of the UAE's screening drive-through centres in Mina Rashid, Dubai. Victor Besa / The National
    A nurse sanitises her hands after conducting a swab test at one of the UAE's screening drive-through centres in Mina Rashid, Dubai. Victor Besa / The National
  • A health worker taking the Covid-19 nasal swab test at a testing station in thet Mall of the Emirates in Dubai. Pawan Singh / The National
    A health worker taking the Covid-19 nasal swab test at a testing station in thet Mall of the Emirates in Dubai. Pawan Singh / The National
  • Nurse Renu Venugopal, who contracted Covid-19, recovered and continued to treat patients at Al Zahra Hospital, Sharjah. Chris Whiteoak / The National
    Nurse Renu Venugopal, who contracted Covid-19, recovered and continued to treat patients at Al Zahra Hospital, Sharjah. Chris Whiteoak / The National
  • Ruth Deva Kiruba says being pregnant during a pandemic was surreal and sometimes lonely. Chris Whiteoak / The National
    Ruth Deva Kiruba says being pregnant during a pandemic was surreal and sometimes lonely. Chris Whiteoak / The National
  • EMT nurse Jephy Antony, who contracted Covid-19, recovered and continued to treat patients at the NMC Royal Hospital, DIP, Dubai. Chris Whiteoak / The National
    EMT nurse Jephy Antony, who contracted Covid-19, recovered and continued to treat patients at the NMC Royal Hospital, DIP, Dubai. Chris Whiteoak / The National
  • A visitor gets tested at the Ras Al Khaimah Covid-19 drive-through testing centre. Reem Mohammed / The National
    A visitor gets tested at the Ras Al Khaimah Covid-19 drive-through testing centre. Reem Mohammed / The National
  • Nurse Nikhil Rajendran inside the fever clinic at the Bareen International Hospital in Mohamed Bin Zayed City in Abu Dhabi. Pawan Singh / The National
    Nurse Nikhil Rajendran inside the fever clinic at the Bareen International Hospital in Mohamed Bin Zayed City in Abu Dhabi. Pawan Singh / The National
  • Shane Simeon Galang from Philippines, Mervat Aslan Mhgoub Mohamed from Egypt and Sowmya Kotian from India, who are nurses at the Bareen International Hospital in Mohamed bin Zayed City in Abu Dhabi. Pawan Singh / The National
    Shane Simeon Galang from Philippines, Mervat Aslan Mhgoub Mohamed from Egypt and Sowmya Kotian from India, who are nurses at the Bareen International Hospital in Mohamed bin Zayed City in Abu Dhabi. Pawan Singh / The National

Health

Coronavirus: UAE records drop in daily cases with 3,962 new infections

Number of active cases is 26,189

The National

January 29, 2021

  • English
  • Arabic

Another 3,962 new cases of Covid-19 were recorded in the UAE on Friday, a decrease in the infection rate from the day before.

There were 2,975 patients cleared of the virus, taking total recoveries to 269,999.

The new cases were identified after 180,930 additional tests were carried out in the past 24 hours.

Friday's figures marked the first time since early January that the UAE did not report a record daily number of cases.

The latest information from the Ministry of Health and Prevention revealed an additional seven deaths, increasing the death toll to 826.

The number of people across the country positive for Covid-19 is 26,189 and the tally of infections since the pandemic began increased to 297,014 after Friday's figures were announced.

The Ministry also announced that 137,956 doses of the Covid-19 vaccine were given in the past 24 hours.

The total number of doses provided to date stands at more than three million.

While there has been a surge in cases since the beginning of January, after an influx of winter tourists, the ministry’s vaccination campaign aims to reduce the country’s daily reported cases over the next few months.

The goal is to immunise 50 per cent of the population by the end of the first quarter.

On Thursday, the UK government added the UAE to its red list and banned all direct flights from the Emirates effective 5pm on Friday.

British, Irish and third-country citizens with residence rights in the Emirates can still travel back to the UK and are not banned from entering, but they cannot fly direct from the UAE and will have to enter the UK via another destination.

The UK government said the decision was prompted by evidence of the spread of a coronavirus variant first identified in South Africa.

Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

Zayed Sustainability Prize
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

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
While you're here
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

While you're here
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Zayed Sustainability Prize

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.”

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

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