Tens of thousands of malnourished children risk dying in hard-to-reach areas of Ethiopia's conflict-racked Tigray region, which is now facing famine, the UN said on Friday.
"Without humanitarian access to scale up our response, an estimated 30,000-plus severely malnourished children in those highly inaccessible areas are at high risk of death," the UN children's fund spokesman James Elder said in Geneva.
His comments came after the UN on Thursday said about 350,000 people in Tigray were facing famine, while two million more were a step away from those extreme conditions.
"There is famine now in Tigray," UN humanitarian chief Mark Lowcock said.,"Every expert you speak to will tell you this is going to get a lot worse."
Mr Lowcock said recent data showed that the number of people classified as being in famine conditions was "higher than anywhere in the world at any moment since a quarter of a million Somalis lost their lives in 2011".
The UN said that more than 90 per cent of the more than five million people in the Tigray region need emergency food aid and urgently appealed for more than $200 million to scale up the organisation's response.
Ethiopian Prime Minister Abiy Ahmed, winner of the 2019 Nobel Peace Prize, sent troops into the northern region in November to detain and disarm leaders of the Tigray People's Liberation Front (TPLF), the area's former ruling party.
He said the move was in response to attacks on federal army camps.
Although he promised that the conflict would be brief, fighting continues seven months later and reports of atrocities, including the widespread use of rape, are proliferating. Many leaders are concerned that a major catastrophe is looming.
The US and the EU on Thursday issued a plea for greater international efforts to tackle famine in the region.
International aid organisations repeatedly say they are being denied access to the region by Ethiopian forces and troops from neighbouring Eritrea.
A UN report released this week says the Eritrean military has committed “deliberate attacks against civilians and summary executions, indiscriminate attacks, sexual and gender-based violence, arbitrary detention, destruction and looting of civilian property and displacement and abduction of Eritrean refugees and asylum seekers".
On Wednesday, the US Agency for International Development announced that it is providing more than $181m in aid to more than three million people in Tigray.
The US is also attempting to increase pressure within the UN Security Council to end the fighting.
US ambassador to the UN Linda Thomas-Greenfield expressed her frustration at the paralysis within the UN Security Council and its failure to end the suffering caused by the fighting.
“The humanitarian situation in Tigray is a moment of truth for the international community. Thousands have been killed or horrifically abused during this crisis. When will the UN Security Council or [the African Union] Peace and Security Council speak up and act?” she asked on Twitter.
Richard Gowan, UN director at the International Crisis Group, pointed to several elements, including Russian and Chinese support for Ethiopia, that have stalled UN action on the issue.
"Other crises, like Myanmar, have overshadowed Tigray at the UN this year, but it is proving a hugely divisive issue. African members of the council have only offered tepid support for council statements, and China and Russia are taking Ethiopia's side," Mr Gowan told The National.
On Thursday, Ethiopian Foreign Minister Demeke Hassen held a phone conversation with his Chinese counterpart, Wang Yi.
“We affirmed our mutual commitment for co-operation and respect for each other’s sovereignty to handle internal matters resisting undue interferences,” Mr Hassen tweeted.
Though China and Russia seem to have sided with Ethiopia, Mr Gowan pointed to the US and Ireland as main proponents of UN action.
“Tigray is facing famine, but diplomats are still bickering about whether to even have a public meeting on the crisis. This is turning into a moral failure for the UN,” he said.
The UN Security Council statement issued in April on Tigray refrained from calling for a ceasefire, a US and EU demand that Ethiopia has resisted.
The only possible turning point would be if African Union states were to lose patience with Ethiopia, Mr Gowan said.
“But for now, the council is limping towards a catastrophe.”
The conflict has already displaced about two million civilians, and about 5.5 million people are facing food insecurity in the Tigray and Amhara regions, the UN said in a report released this week.
Human rights organisations such as Doctors Without Borders and Amnesty International have documented several incidents of sexual violence, extrajudicial killings, massacres and other grave abuses committed during the conflict.
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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Rating: 4.5/5
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.”
The five pillars of Islam
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)