Hollywood star, martial artist, musician, Buddhist and Russia’s one-time special envoy to the US, Steven Seagal wears many hats.
One you may not have heard of is his role as brand ambassador for UAE-based Streit, a defence company that makes sophisticated armoured vehicles right here in Ras Al Khaimah.
Born in the US, the actor gained international fame for roles in the 1980s and 1990s in action films such as Under Siege and On Deadly Ground. He is a vocal supporter of Russian President, Vladimir Putin, and holds Russian and Serbian citizenship. But he only wanted to talk Streit at Idex in Abu Dhabi on Tuesday to help launch four new vehicles.
I'm going to try stick with being a diplomat and, with diplomatic work, to help bring nations and people together
“I’m interested in weapons, military history, tanks and armoured cars and I’d heard about Streit, I was very impressed. [These] armoured vehicles are probably the best in the world.”
When asked what sparked that interest, he said: “Why do people like purple instead of green? I was always interested in that since I was a child.”
One of the most striking of the vehicles launched on Tuesday was the Storm, a sleek UAE-manufactured electric behemoth. It was described as looking like a cross between a Lamborghini and stealth fighter and it wouldn’t look out of place in a Batman film. Streit would not reveal how much one cost.
“I’m a shooter. I have thousands of guns,” said Seagal, 68. “People ask me 'what is your favourite gun?' I’ll say 'for what?' Not one gun does everything and it is the same with the vehicles. But my favourite is the Storm. I love that vehicle,” he said.
“It is gorgeous and does a lot of great things. It goes on water, goes on land – it is armoured and bomb proof. That thing is amazing. If I could have any one of those vehicles, I’d have that one.”
Streit was founded in Canada in 1992 and has been headquartered in the UAE since 2005. One of its six production plants is in Ras Al Khaimah where many of the vehicles are manufactured and put through their paces on a specially designed assault course. It produces armoured personnel carriers, luxury and security vehicles as well as armored boats. It says its vehicles are designed to save lives.
When asked about what it was like to have topped the box office for his action films and now worked with a military company. Seagal said it was not a military company but one that helped people.
“It provides armoured vehicles to countries that maybe get attacked so they could be protected.”
All clad in black, Seagal mirrored the Storm’s livery as he posed outside it at Idex. His frame is as imposing in the flesh as it is on the big screen. It’s not his first time in Abu Dhabi but was his first at Idex and it was clear he was impressed. “I’ve been here a thousand times. I love Abu Dhabi a lot. It looks like a lot of great stuff out here.”
Seagal is also a guitarist, involved in a line of energy drinks, an environmentalist and an animal rights activist. But many of his recent films have been direct to video. What does the future hold? “I may make a few more movies,” he said.
“Like any other human being on earth and any other actor on earth everything has to evolve over time. Movies change, genres change, people change – after the pandemic Hollywood completely changed, America changed.
"I’m going to try stick with being a diplomat and, with diplomatic work, to help bring nations and people together.”
Day three of Idex 2021:
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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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
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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.”
