Satellite image released by NASA shows Cyclone Nisarga roaring towards the western coast of India. NASA Worldview via AP.
Satellite image released by NASA shows Cyclone Nisarga roaring towards the western coast of India. NASA Worldview via AP.
Satellite image released by NASA shows Cyclone Nisarga roaring towards the western coast of India. NASA Worldview via AP.
Satellite image released by NASA shows Cyclone Nisarga roaring towards the western coast of India. NASA Worldview via AP.

Cyclone Nisarga: Mumbai braces for once in a century storm


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A cyclone in the Arabian Sea was barrelling toward India’s business capital Mumbai on Tuesday, threatening to deliver high winds and flooding to an area already struggling with the nation’s highest number of coronavirus infections and deaths.

Cyclone Nisarga was forecast to make landfall on Wednesday afternoon on the country’s west coast near Mumbai, a coastal city home to 18.4 million people and known for the Bollywood film industry. Mumbai hasn’t been hit by a cyclone in more than a century, raising concern about its readiness.

National Disaster Response Force personnel have been sent to both Maharashtra state, home to Mumbai, and nearby Gujarat state and officials were urging people in at-risk areas to evacuate.

Maharashtra’s top official, Uddhav Balasheb Thackeray, said on Twitter that residents in Mumbai’s expansive slums had been ordered to evacuate, though it was not immediately clear if shelters had been set up. He also said some 150 coronavirus patients had been moved out of a hospital near the city’s beachfront.

  • A man checks cars in a garage damaged by cyclone Amphan in Satkhira. AFP
    A man checks cars in a garage damaged by cyclone Amphan in Satkhira. AFP
  • A woman salvages items from her house damaged by cyclone Amphan in Satkhira. AFP
    A woman salvages items from her house damaged by cyclone Amphan in Satkhira. AFP
  • A man salvages items from his house damaged by cyclone Amphan in Midnapore, West Bengal. AFP
    A man salvages items from his house damaged by cyclone Amphan in Midnapore, West Bengal. AFP
  • Stranded passengers wait outside Howrah railway station closed due to coronavirus lockdown in Kolkata, India. AP Photo
    Stranded passengers wait outside Howrah railway station closed due to coronavirus lockdown in Kolkata, India. AP Photo
  • Local people try to enforce the embankment before the cyclone Amphan makes its landfall in Gabura outskirts of Satkhira district, Bangladesh. Reuters
    Local people try to enforce the embankment before the cyclone Amphan makes its landfall in Gabura outskirts of Satkhira district, Bangladesh. Reuters
  • A man crosses a flooded street after cyclone Amphan made its landfall, in Kolkata, India. Reuters
    A man crosses a flooded street after cyclone Amphan made its landfall, in Kolkata, India. Reuters
  • Trees are battered by severe winds from cyclone Amphan in Kolkata, West Bengal, India. Reuters
    Trees are battered by severe winds from cyclone Amphan in Kolkata, West Bengal, India. Reuters
  • A woman carries her son as she tries to protect him from heavy rain while they rush to a safer place, following their transfer from a slum area before Cyclone Amphan makes its landfall, in Kolkata, India. Reuters
    A woman carries her son as she tries to protect him from heavy rain while they rush to a safer place, following their transfer from a slum area before Cyclone Amphan makes its landfall, in Kolkata, India. Reuters
  • Members of National Disaster Rescue Force remove a branch of an uprooted tree after cyclone Amphan made its landfall, in Digarh near the border between the eastern states of West Bengal and Odisha, India. Reuters
    Members of National Disaster Rescue Force remove a branch of an uprooted tree after cyclone Amphan made its landfall, in Digarh near the border between the eastern states of West Bengal and Odisha, India. Reuters
  • People make their way to a safer place before the cyclone Amphan makes its landfall in Gabura outskirts of Satkhira district, Bangladesh. Reuters
    People make their way to a safer place before the cyclone Amphan makes its landfall in Gabura outskirts of Satkhira district, Bangladesh. Reuters
  • People gather at a shelter for protection before the cyclone Amphan makes its landfall in Gabura outskirts of Satkhira district, Bangladesh. Reuters
    People gather at a shelter for protection before the cyclone Amphan makes its landfall in Gabura outskirts of Satkhira district, Bangladesh. Reuters
  • This Nasa Earth Observatory image shows cyclone Amphan at 9:45pm India time as it moved north-east over the Bay of Bengal. AFP
    This Nasa Earth Observatory image shows cyclone Amphan at 9:45pm India time as it moved north-east over the Bay of Bengal. AFP
  • A woman removes debris from a road after the landfall of cyclone Amphan in Midnapore, West Bengal. AFP
    A woman removes debris from a road after the landfall of cyclone Amphan in Midnapore, West Bengal. AFP

India’s meteorological department said the storm could intensify throughout the day on Tuesday into a severe cyclone, which is defined as a cyclone with wind speeds of 119 to 165 kilometers per hour (74 to 102 miles per hour) and is the fourth most powerful category on the local scale.

Nisarga comes just two weeks after Cyclone Amphan tore through the Bay of Bengal on India’s east coast and battered West Bengal state, killing more than 100 people in India and neighbouring Bangladesh.

Although post-monsoon flooding is common in Mumbai in the autumn, some experts fear the city isn’t prepared for the high winds and storm surges that come with a cyclone.

“There’s been no test of how the city does in a cyclone,” said Adam Sobel, a climate scientist at Columbia University who has studied the risk to Mumbai. “It just makes me nervous.”

The storm comes as the area grapples with the ongoing coronavirus pandemic. Maharashtra and Gujarat states have reported about 44 per cent of India’s 198,000 Covid-19 cases nationwide, and 61 per cent of all virus deaths.

Local news reports have shown an overwhelmed hospital system in Mumbai, with patients resting on hospital floors until beds become available and bodies left in wards. Doctors associations have reported that a growing number of health care workers are catching the virus, putting an even greater strain on staffing.

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

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.”

'Ghostbusters: From Beyond'

Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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