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Sri Lankan Prime Minister Ranil Wickremesinghe has been appointed acting president after incumbent Gotabaya Rajapaksa fled to the Maldives, the parliamentary Speaker announced on Wednesday as thousands of protesters demanded both men step down.
"Because of his absence from the country, President Rajapaksa told me that he has appointed the prime minister to act as the president in line with the constitution," Mahinda Yapa Abeywardana said in a brief televised statement.
Sri Lanka declared a state of emergency on Wednesday, hours after Mr Rajapaksa fled the country.
Protesters had stormed Mr Wickremesinghe's office to demand his resignation.
Police said they would impose an indefinite curfew across the Western Province, which includes the capital Colombo, to contain the protests after Mr Rajapaksa flew to the Maldives in a military aircraft.
He left hours before he was expected to step down as widespread protests against his handling of a worsening economic crisis continued.
Thousands of demonstrators had mobbed the prime minster's office, prompting police to fire tear gas to hold them back from overrunning the compound.
"There are ongoing protests outside the prime minister's office in Colombo and we need the curfew to contain the situation," a senior police officer told AFP.
A senior source told Reuters the president left for the archipelago's capital Male.
The country's air force said it provided a plane early on Wednesday to fly him, his wife and two security officials out of the country "under the provisions of the constitution and on a request by the government".
Key members of Sri Lanka's ruling party are keen to back Mr Wickremesinghe as their presidential nominee, a senior party source told Reuters on Wednesday. No decision has yet been taken.
Members met on Tuesday evening, with the "overwhelming consensus" being for Mr Wickremesinghe to replace Mr Rajapaksa.
The Indian High Commission in Colombo said on Twitter it "categorically denies baseless and speculative media reports" that India helped to arrange the departure of Mr Rajapaksa and his wife from Sri Lanka.
The president would most likely proceed to another Asian country, the source told Reuters.
The immigration official said the authorities could not prevent a sitting president from leaving the country.
Mr Rajapaksa was due to step down on Wednesday to make way for a unity government.
It comes after thousands of protesters stormed his and the prime minister's official residences on Saturday, demanding they step down.
The president has not been seen in public since Friday. Parliament will elect his replacement on July 20.
The Rajapaksa family, including Mr Gotabaya's brother, former prime minister Mahinda Rajapaksa, have dominated the politics of the country of 22 million for years. Most Sri Lankans blame them for current problems.
The tourism-dependent economy was hammered badly by the Covid-19 pandemic and a fall in remittances from overseas Sri Lankans, while a ban on chemical fertilisers damaged farm output. The ban was later reversed.
Import cuts on fuel, food and medicine
The Rajapaksas introduced populist tax cuts in 2019 that affected government finances, while shrinking foreign reserves curtailed imports of fuel, food and medicine.
Petrol has been severely rationed and long lines have formed in front of shops selling cooking gas. Headline inflation hit 54.6 per cent last month and the central bank has given a warning that it could rise to 70 per cent in coming months.
Mahinda Rajapaksa, who previously also served as president, resigned as prime minister in May after protests against the family turned violent. He remained in hiding at a military base in the east of the country for some days before returning to Colombo.
In May, the Rajapaksa government appointed Mohammed Nasheed, the Speaker of the Maldives parliament and a former president, to help co-ordinate foreign assistance for crisis-hit Sri Lanka.
The same month, Mr Nasheed publicly denied allegations that he was helping Mahinda Rajapaksa secure a safe haven in the Maldives.
The protests against the Sri Lankan government have simmered since May, but erupted again last Saturday when hundreds of thousands of people surged into Colombo and occupied key government buildings and residences.
On Tuesday, immigration officials prevented another of the president's brothers, former finance minister Basil Rajapaksa, from flying out of the country.
It was not clear where Basil Rajapaksa, who also holds US citizenship, was trying to go. He resigned as finance minister in early April amid street protests against fuel and food shortages, and quit his seat in Parliament in June.
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The specs
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Fire and Fury
By Michael Wolff,
Henry Holt
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
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
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
The specs
Engine: 2.7-litre 4-cylinder Turbomax
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Transmission: 8-speed automatic
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The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
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Fuel economy, combined: 12.1L / 100km
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
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The specs
Engine: 3.0-litre six-cylinder MHEV
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)