A series of ambitious projects will transform Sharjah's east coast exclave of Kalba.
They include the restoration of one of Sharjah's most historic houses, construction of a clock tower roundabout and the opening of a revamped Corniche.
The plans aim to improve the lives of residents, while placing the town on the UAE's tourist trail.
The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, visited the coastal town on Friday and Saturday to oversee and launch the projects. Here are the main ones:
A historic house is restored
Sheikh Dr Sultan inspected the completed first phase of a careful restoration of the historic Bait Sheikh Saeed bin Hamad Al Qasimi.
It is believed the house, in a traditional style with local architectural motifs, was built between 1898 and 1901 in front of the historic Kalba Fort.
The building's eastern section includes an outer majlis overlooking the shore, while the western section includes family living units.
The restoration – undertaken by the Sharjah Institute for Heritage – is about 40 per cent complete and the house will reopen to the public as a museum once finished.
Clock tower roundabout
Sheikh Dr Sultan also laid the cornerstone of Kalba's new Clock Tower Square. The tower will stand at 42 metres tall and a viewing platform will provide stunning vistas of the town and sea.
In the centre of the square, a fountain will represent a clock. Drilling operations have now finished at the site but it was not revealed when the square will be complete.
The project also includes developing the roads surrounding the new square, adding lanes and building car parks to accommodate more visitors.
Khor Kalba Fort reopens and a new museum in the pipeline
Sheikh Dr Sultan opened the restored Kalba Fort on Friday. Inside is a treasure trove of excavated artefacts.
It is believed the fort was built around 1745 and added to in about 1820. It is not yet clear when the fort will welcome visitors.
After reopening the fort, Sheikh Dr Sultan was briefed on designs of the Kalba Heritage Museum project.
The sail-shaped museum will be built on the seashore, and will house sections that tell about the region's heritage; social, economic and even political life; as well as fashion and food over the ages.
Kalba Beach Corniche finishes
Sheikh Dr Sultan also opened the revamped Kalba Beach Corniche on Friday. Jogging paths, shaded sea-facing seats and 95,000 cubic metres of pristine sand can now be enjoyed by all.
More than 1,500 trees were planted, along with additional picnicking spaces for visitors. A flood drainage network has been constructed to prevent flooding that has hit the area in the past.
Heritage Mosque Square in Kalba opens
Heritage Mosque Square, located on the Kalba Beach Road, was also opened by the Ruler on Friday.
The square is one of the emirate's key tourist sites, as it is surrounded by landmarks including Kalba Fort in the north and the redeveloped Kalba Corniche to the east.
The square also features the heritage Saif bin Ghanim Mosque and a new fountain. Recently restored, the mosque is one of Sharjah's oldest places of worship. In keeping with Kalba's seafaring tradition, it is built of coral and its roof is covered with palm fronds.
Start of breakwater project
The Ruler also launched the Kalba breakwater project to protect the beach from hurricanes and seasonal storms.
After giving the go-ahead for commencing work, Sheikh Dr Sultan watched the first rocks being laid down.
The breakwater project will be built in a manner that preserves the beauty of the beach and protects the surrounding ecological life. Four breakwaters will be built in total.
Souq Al Jubail project begins
Sheikh Dr Sultan laid the foundation stone for the new Souq Al Jubail.
Covering more than 32,701 square metres, the souq will feature retail spaces for vegetables, fruits, fish and meat, as well as a number of restaurants.
The new building will be four times the area of the existing market.
Soor Kalba project provides new shops and apartments
Sheikh Dr Sultan also visited the Soor Kalba project. The Dh180 million initiative spans 79,353 square metres and involves the construction of 105 buildings, with a total of 420 apartments and 319 shops overlooking the Kalba Corniche.
Each building consists of four residential units and three shops designed in a traditional architectural style, with an arcade on the ground floor.
The sites surrounding the project will be developed and car parks will be provided, in addition to green spaces and a lagoon for marine sports.
Kalba on the tourist trail
Kalba is home to historic forts, mountains and mangroves. Along with Khor Fakkan to the north, these two Sharjah exclaves are emerging as major tourism destinations.
In 2020, Sharjah opened a Dh1 billion ($272m) road that cuts the travel time between the exclave and Sharjah city in the west to only an hour instead of 90 minutes.
The emirate also plans to open a new waterfront hotel in Kalba soon.
With more people than ever before exploring the country due to the pandemic and restrictions on international travel, Sharjah has positioned itself to take advantage of the year of the staycation.
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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
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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.”
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All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
