Pakistan's army chief Gen Qamar Javed Bajwa will retire after serving a six-year term. AP Photo
Pakistan's army chief Gen Qamar Javed Bajwa will retire after serving a six-year term. AP Photo
Pakistan's army chief Gen Qamar Javed Bajwa will retire after serving a six-year term. AP Photo
Pakistan's army chief Gen Qamar Javed Bajwa will retire after serving a six-year term. AP Photo

World

Pakistan PM picks former spy chief to head army

Syed Asim Munir named to take over when Qamar Javed Bajwa retires next week

The National

November 24, 2022

  • English
  • Arabic

Pakistan Prime Minister Shahbaz Sharif has named a former head of the national intelligence service to be the next army chief.

Information Minister Maryam Aurangzeb announced Mr Sharif’s decision to appoint Lt Gen Syed Asim Munir to the post shortly after a cabinet meeting on Thursday.

Lt Gen Munir, currently serving as the army's quartermaster general, will replace Gen Qamar Javed Bajwa, who will retire next week after six years as head of the army.

Mr Sharif also decided to appoint Lt Gen Sahir Shamshad Mirza as the chairman of the Joint Chiefs of Staff Committee, the information minister said.

The appointments must be approved by the president, Arif Alvi.

The top military posts carry great significance in Pakistan, where the armed forces wield enormous political influence and have ruled the country for half of its 75-year history.

Former prime minister Imran Khan has accused the military of being part of what he alleges was a US-backed conspiracy to remove him from office in a no-confidence vote earlier this year.

On Wednesday, Gen Bajwa rejected Mr Khan’s claims as "fake and false" while saying the military would have no role in national politics in the future.

Defence Minister Khawaja Asif said the appointment of Gen Bajwa's successor was “based on merit, law and as per the constitution".

Lt Gen Munir is the most senior ranking general after Gen Bajwa and served as chief of Pakistan's two most influential intelligence agencies, the Inter-Services Intelligence (ISI) and the Military Intelligence.

He was removed as head of the ISI in 2019 at the request of Mr Khan, who took office the previous year. No reason was given for the decision.

Pakistani forces at 11th International Defence Exhibition and Seminar — in pictures

  • Pakistan Navy servicemen during the 2022 International Defence Exhibition and Seminar in Karachi. EPA
    Pakistan Navy servicemen during the 2022 International Defence Exhibition and Seminar in Karachi. EPA
  • Pakistani marines take part in a drill off the beach in Karachi during the event. AFP
    Pakistani marines take part in a drill off the beach in Karachi during the event. AFP
  • Pakistan Navy members during a demonstration at the exhibition. EPA
    Pakistan Navy members during a demonstration at the exhibition. EPA
  • Members of Pakistan's navy at the exhibition. EPA
    Members of Pakistan's navy at the exhibition. EPA
  • A Pakistan Navy soldier during an exercise at the exhibition. EPA
    A Pakistan Navy soldier during an exercise at the exhibition. EPA
  • Pakistan military paratroopers show off their skills at the 11th International Defence Exhibition and Seminar in Karachi. EPA
    Pakistan military paratroopers show off their skills at the 11th International Defence Exhibition and Seminar in Karachi. EPA
  • Pakistan Navy special forces during a counter-terrorism demonstration at the exhibition. Reuters
    Pakistan Navy special forces during a counter-terrorism demonstration at the exhibition. Reuters
  • Pakistan Navy skydivers. EPA
    Pakistan Navy skydivers. EPA
  • Members of the Pakistan armed forces during a parachute demonstration. Reuters
    Members of the Pakistan armed forces during a parachute demonstration. Reuters
  • Pakistan special forces during a counter-terrorism demonstration in Karachi, November 17, 2022. Reuters
    Pakistan special forces during a counter-terrorism demonstration in Karachi, November 17, 2022. Reuters
  • Pakistani soldiers take part in a drill during the International Defence Exhibition and Seminar. AFP
    Pakistani soldiers take part in a drill during the International Defence Exhibition and Seminar. AFP
While you're here
Comment on Coronavirus
Sunday's games

All times UAE:

Tottenham Hotspur v Crystal Palace, 4pm

Manchester City v Arsenal, 6.15pm

Everton v Watford, 8.30pm

Chelsea v Manchester United, 8.30pm

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

While you're here
UAE currency: the story behind the money in your pockets
RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
RESULTS

6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby

7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko

7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor

20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill

8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara

9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi

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

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

Updated: November 24, 2022, 8:40 AM
South AsiaPakistan