The ruling handed down by Iraq's high criminal court which sentenced to death Tariq Aziz, the former Iraqi foreign minister, was hardly a surprise, wrote Abdelbari Atwan, the editor-in-chief of the pan-Arab newspaper Al Quds al Arabi.
"The court has nothing to do with justice and embodies the worst of revengeful sentiments. With his suavity, farsightedness, culture and politeness, Mr Aziz was a bright, civilised personage not only in Iraq, but also in the wider Arab world. Accusing him of 'crimes against humanity' is a joke in poor taste that betrays the pettiness of those who have promoted it."
The man never meddled with his country's domestic affairs, let alone took internal decisions. He spent most of his life travelling from one capital to another, fiercely defending Arab causes and exposing conspirators and collaborators with the Israeli regime.
Ironically, those Iraqis running the judiciary now are the same who, under Saddam Hussein, were denouncing repression and injustice and pledged to put in place a model for human rights.
Look at the timing of the sentence; it was far from innocent. As the recent Wikileaks files on Iraq abuses were released to wide public attention, the verdict came to kick up the dust over the failures of the current regime. Mr Aziz isn't the person who should be facing trial.
Saad Hariri needs to ponder resignation
The Lebanese prime minister Saad al Hariri is in a political dilemma, wrote Saleh al Qalab in the Kuwaiti newspaper Al Jareeda. Al Hariri should either accept sustaining pressure from his opponents or reject it by resigning from his post as his father once did.
Al Hariri is resisting the dictations of his detractors from many political forces, mainly Hizbollah. The latter would like him to waive the case concerning the assassination of his father by dissolving the International Tribunal for Lebanon. This way, potential suspects can escape justice.
Mr al Hariri is aware that the situation is getting worse and might lead to a civil conflict that possibly could claim his life in the same scenario as his father. "But how long will he stay firm and obstinate as regional powers interfere to affect the political situation in Lebanon? Mr al Hariri is under both internal and external pressure, which adds to the burden of his responsibilities."
He is keen to legally identify the killers of his father but, at the same time, maintain the stability of Lebanon. As a solution to this intricate dilemma, Mr al Hariri and his supporters should work on the regional track to reduce the sources of power that contribute to Hizbollah's political and military might. But he also should think of resigning, yet without forsaking the judiciary case against those responsible for the assassination of his father.
Israel plans to create a new political reality
In its lead article, the Palestinian newspaper Al Quds described the situation of the Palestinian issue as stalled and settlement activities as in full swing. While Israeli premie minister Benjamin Netanyahu adheres to his expansion policies, the Palestinian Authority sticks to its stance that relates resumption of negotiations with settlement freeze.
This is happening at a time when international political efforts to solve this crisis are failing to bring the divergent views closer. Mr Netanyahu is not ready to give up his expansist ambitions, nor is the Palestinian Authority ready to forsake the most basic Palestinian right, which is the complete cessation of settlement activities.
Mr Netanyahu warns the Palestinians against resorting to the UN, which he considers a threat to Israel. He also opposes to any project that leads to the declaration of an independent Palestinian state.
The crisis may take another turn with an Israeli plan to suddenly and unilaterally withdraw from some unimportant settlements and maintain the largest ones. This will enable Israel to keep Jerusalem within the its wall, reproducing a similar situation as the Gaza Strip.
"If that happens, it might have large-scale implications. This is why we need to seriously address this issue on all levels, locally, regionally and internationally."
Opening the issue of Afghan embezzlement
"The Afghan president Hamid Karzai broached a critical issue that concerns most developing nations: the embezzlement of public funds and international aid," noted the UAE newspaper Akhbar al Arab in its editorial.
The announcement came at a time when the US has intensified its efforts to reinforce the alliance with Mr Karzai against the Taliban movement, especially after a wave of criticism against his government concerning rampant corruption.
It was reported, in this regard, that the US was investigating Iranian funds that were transferred to the Afghan government accounts. This may raise more doubts about secret relations between Kabul and Tehran.
Mr Karzai tried to explain that receiving money from Iran is normal, adding that he also got money from other friendly countries. The way he described his relations with Iran prompted many in Washington to think that he treated his ties with the West on an equal basis with Tehran.
Ironically, the western media attacked Mr Karzai not for this reason, but for corruption and lack of transparency, as if to say: "It is not important where these funds come from, but how should they be spent and to whom should they go?"
* Digest compiled by Mostapha El Mouloudi
melmouloudi@thenational.ae
The years Ramadan fell in May
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.”
Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
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Company%20profile
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MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
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RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
The years Ramadan fell in May
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
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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