Ethiopians will vote on Monday in a landmark election overshadowed by reports of famine in the country's war-hit Tigray region and beset by logistical problems that mean some people wil not be able to vote until September.
The election is the centrepiece of a reform drive by Prime Minister Abiy Ahmed, whose rise to power in 2018 seemed to signal a break with decades of authoritarian rule and led to him being awarded the Nobel Peace Prize the following year. He described the poll as "the nation's first attempt at free and fair elections".
Mr Abiy’s ruling Prosperity Party, formed in 2019 by merging groups who made up the previous ruling coalition, is widely expected to cement its hold on power. The party that wins a majority of seats in the House of Peoples’ Representatives will form the next government.
“We will secure Ethiopia’s unity,” Mr Abiy said ahead of his final campaign rally on Wednesday, repeating his vow of a free and fair election after past votes were marred by allegations of fraud.
But opposition groups accuse Ethiopia's ruling party of harassment, manipulation and threats of violence that echo abuses of the past.
Mr Abiy is facing growing international criticism over the war in Ethiopia's northern Tigray region. Thousands of civilians have been killed and more than two million people displaced since fighting broke out in November between Ethiopian forces, backed by fighters from neighbouring Eritrea, and those supporting the now-fugitive Tigray leaders.
Last week, humanitarian agencies said that 350,000 people in Tigray were on the brink of famine, a crisis that several diplomats described as manmade amid allegations of forced starvation. Ethiopia's government has rejected the figure and says food aid has reached 5.2 million in the region of six million.
No date has been set for voting in Tigray’s 38 constituencies, where military personnel who usually play a key role in transporting election materials across Africa’s second-most populous country are busy with the conflict.
Meanwhile, voting has been postponed until September in 64 out of 547 constituencies across Ethiopia because of insecurity, defective ballot papers and opposition allegations of irregularities.
Outbreaks of ethnic violence have also killed hundreds of people in the Amhara, Oromia and Benishangul-Gumuz regions in recent months.
Some prominent opposition parties are boycotting the election. Others say they have been prevented from campaigning in several parts of the country.
"There have been gross violations," Yusef Ibrahim, vice president of the National Movement of Amhara, said this month. He said his party had been "effectively banned" from campaigning in several regions, with some party members arrested and banners destroyed.
Neither officials with the Prosperity Party nor Mr Abiy's office responded to requests for comment on the allegations.
Ethiopia last year postponed the election, citing the Covid-19 pandemic, adding to the tensions with Tigray's former leaders. Recently the vote was delayed again by several weeks because of technical problems involving ballot papers and a lack of polling station officials.
Mr Abiy's Prosperity Party has registered 2,432 candidates in the election, in which Ethiopians will vote for national and regional representatives. The next largest party, Ethiopian Citizens for Social Justice, is fielding 1,385 candidates. There are 47 parties contesting the election.
But on Sunday, five opposition parties released a joint statement saying that campaigning outside the capital, Addis Ababa, “has been marred by serious problems, including killings, attempted killings and beatings of candidates”.
Two prominent opposition parties, the Oromo Liberation Front and the Oromo Federalist Congress, are boycotting the vote. "It's going to be a sham election," OFC chairman Merera Gudina said.
That means the Prosperity Party will face little competition in Oromia, Ethiopia’s most populous state.
Several prominent OFC members are behind bars after a wave of unrest last year sparked by the killing of a popular Oromo musician, and the OLF's leader is under house arrest. The leader of the Balderas Party for True Democracy, Eskinder Nega, was also detained and is contesting the election from prison.
Getnet Worku, secretary general of the newly established Enat party, said this month it was not standing candidates in several constituencies because the threat of violence was too high, asserting that armed militias organised by local officials frequently broke up rallies.
There are growing international concerns over whether the elections will be fair. The European Union said it will not observe the vote after its requests to import communications equipment were denied.
In response, Ethiopia said external observers "are neither essential nor necessary to certify the credibility of an election", although it has since welcomed observers sent by the African Union.
Last week the US State Department said it was “gravely concerned about the environment under which these upcoming elections are to be held”, citing “detention of opposition politicians, harassment of independent media, partisan activities by local and regional governments, and the many inter-ethnic and inter-communal conflicts across Ethiopia“.
Mr Abiy's appointment as prime minister in 2018 was initially greeted by an outburst of optimism at home and abroad. Shortly after taking office, he freed tens of thousands of political prisoners, allowed the return of exiled opposition groups and rolled back punitive laws that targeted civil society.
In 2019 he won the Nobel Peace Prize in part for those reforms and for making peace with Eritrea by ending a long-running border stand-off.
But critics say Ethiopia's political space has begun to shrink again. The government denies the accusation.
Several prominent opposition figures accused of inciting unrest are behind bars.
While opening a sugar factory earlier this month, Mr Abiy accused “traitors” and “outsiders” of working to undermine Ethiopia.
This week his spokeswoman, Billene Seyoum, described the election as a chance for citizens to “exercise their democratic rights” and accused international media of mounting a “character assassination of the prime minister”.
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Mohammed bin Zayed Majlis
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
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Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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.”
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
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UAE currency: the story behind the money in your pockets
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
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
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
UAE currency: the story behind the money in your pockets
HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents