Editorial: It's been a bad week for suspected criminals in UAE
A palatial house decorated with gold fixtures and vintage furniture is the home of the Gupta family in Dubai.
The billionaire brothers, Ajay, Atul and Rajesh Gupta, who allegedly looted billions from state-owned companies in South Africa, lived for a few years with their families in the luxury Emirates Hills community in Dubai.
Dubai Police arrested Atul and the youngest brother, Rajesh, after Interpol placed them on its most-wanted list. South African authorities have sought their arrest on charges of fraud, money laundering and allegedly bribing government officials to secure contracts.
The status of the eldest brother, Ajay, is not clear.
Almost every piece of furniture had a history, a legacy
Prateek Chaudhry,
Dubai-based designer
Very little information is available about the personal lives of the intensely private Indian family.
The National spoke to Prateek Chaudhry, a Dubai-based designer and friend of the Guptas, for a glimpse into their lives.
Founder and managing director of interior design company The First Ferry, Mr Chaudhry was a frequent visitor to their Emirates Hills home and their office in Boulevard Plaza near Burj Khalifa.
“It’s a tight-knit family. The brothers worked together and were very close,” said Mr Chaudhry.
“Everyone stayed in the same house, the brothers, their wives and children. They were one big joint family.”
Furniture once owned by the Tsars and Michael Jackson
When they first met in early 2018, the Guptas' assets had been frozen in South Africa as part of an investigation by law enforcement agencies.
The brothers are accused of siphoning off billions of rand in state funds and building a business empire through their ties to former president Jacob Zuma and his family.
Mr Chaudhry spent a lot of time with Atul between 2018 and 2019.
“There was no bling about him [Atul],” Mr Chaudhry said.
“He was very low profile in the way he dressed and spoke. You had to really listen to hear what he was saying.”
The Guptas' mother presided over prayers every evening.
“They ate only vegetarian food. Their mother is the centre of the home and the three brothers think the world of their mom,” he said.
“She did the puja every evening at 7pm when there was a aarti or a real big puja in the house. Anyone in the house at that time was called to be part of the prayers.”
Mr Chaudhry often discussed overseas projects with Mr Gupta from 10am until late evening, and took part in the prayers.
He was very low profile in the way he dressed and spoke. You had to really listen to hear what he was saying
Prateek Chaudhry on Atul Gupta
Duduzane Zuma, son of the former South African president and a business partner of the Guptas, was in the house and took part in an evening prayer session that Mr Chaudhry was invited to.
The Emirates Hills home had about 35 members of staff, with butlers hired from the city’s top hotels.
Gold inlay work decorated the walls of the 40,000sq ft, 10-bedroom house that boasted a grand staircase, hand-painted central dome, multiple reception rooms with marble floors, and chandeliers.
The house was furnished with antiques and collectables.
Furniture in the living rooms once belonged to Russian tsars, a sofa was owned by Michael Jackson and miniature models of six private jets that the family owns were on display.
“There was gold inlay in the walls but it was not over the top,” Mr Chaudhry said.
“I have seen the most fancy houses in Emirates Hills. Here, the gold never struck your eyes. I would define the architecture as stately.
“Almost every piece of furniture had a history, a legacy. There were several pieces of collectable furniture.
“I have seen descriptions of the house as lavish but it's not. It was a blend of wood panelling, gold and marble.”
The underground parking had space for more than 10 cars, one of which was a rare Rolls-Royce Twilight limited edition.
Luxury community
The Emirates Hills community is filled with tree-lined pathways, lush landscapes and many homes overlook lakes and green stretches of a championship golf course.
Mr Chaudhry designs the interiors of homes, yachts and landscapes in India and overseas. His boutique firm also collaborated with Gauri Khan, the wife of Bollywood movie star Shah Rukh Khan, on homes and restaurant spaces.
His ties with the Gupta family dwindled over the past few years as the family travelled more frequently overseas.
The Gupta brothers deny any wrongdoing and have fought the application of the Red Notices, saying they are the victims of a political witch hunt in South Africa.
“I don’t know about the right and wrong, I just knew him [Atul] as a person,” Mr Chaudhry said.
“I have worked with many wealthy people. He was different because when he came to my office, no one knew he was from the powerful Gupta family.
“Atul was one of the most soft-spoken people I have met in my life.
“When you work with the wealthy, they have an idea, an opinion and it's always their way.
“But with Atul, if you had a better idea he would listen to you.”
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Global state-owned investor ranking by size
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China
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Japan
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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
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
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Pathaan
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Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Maestro
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Company%20profile
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PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
The five pillars of Islam
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020