A protester is arrested by members of the Gendarmerie during a protest of gilets jaunes (yellow vest) in Paris last month. AFP
A protester is arrested by members of the Gendarmerie during a protest of gilets jaunes (yellow vest) in Paris last month. AFP
A protester is arrested by members of the Gendarmerie during a protest of gilets jaunes (yellow vest) in Paris last month. AFP
A protester is arrested by members of the Gendarmerie during a protest of gilets jaunes (yellow vest) in Paris last month. AFP

Author sees fallout from gilets jaunes crackdown roaring back


Colin Randall
  • English
  • Arabic

French President Emmanuel Macron's efforts to placate the gilets jaunes protesters with minor concessions and assurances that he understood their grievances demonstrate a failure to appreciate the depth of hurt inflicted by the crackdown on the movement for change.

Mr Macron’s ratings slumped at the height of the protests but have subsequently recovered. The figures have not matched those that won him a comfortable victory in 2017. One of those at the heart of the movement believes a backlash against the president will play out before the election in April.

Autopsy on the Gilets Jaunes Movement, written from within the ranks of protesters by two committed activists, Khider Mesloub and Robert Bibeau, provides an explanation of why the president could yet be derailed by the well-spring of anger simmering across France.

Mr Mesloub, the son of a veteran of Algeria’s war of independence, contrasts the French media’s concentration on violence by demonstrators with the view taken by many ordinary people.

“Media focus on the alleged violence of the gilets jaunes, summed up in a few broken windows or burnt cars, aimed to obscure the real state violence perpetrated by the thousands of police officers mobilised against the demonstrators,” he told The National.

“The French population did not fall into the trap of propaganda distilled by the commercial French media, describing the yellow vests as a horde of thugs.”

Among many intriguing features of the gilets jaunes protest movement was the high level of public support it attracted even when demonstrators became violent, attacked property and disrupted daily life.

Opinion polls consistently showed two thirds or more of those questioned to be in favour of the protests, an approval rating that at one point rose above 80 per cent.

  • Protesters take part in a yellow vest demonstration in February 2019, in Paris. The start of the gilets jaunes movement in 2017 was triggered by anger at soaring energy prices. All photos: Getty Images
    Protesters take part in a yellow vest demonstration in February 2019, in Paris. The start of the gilets jaunes movement in 2017 was triggered by anger at soaring energy prices. All photos: Getty Images
  • People wear yellow jackets in a protest against rising prices of fuel and oil in November 2018 in Avignon, France.
    People wear yellow jackets in a protest against rising prices of fuel and oil in November 2018 in Avignon, France.
  • Tear gas surrounds protesters as they clash with riot police during a yellow vest demonstration near the Arc de Triomphe in December 2018 in Paris.
    Tear gas surrounds protesters as they clash with riot police during a yellow vest demonstration near the Arc de Triomphe in December 2018 in Paris.
  • Firefighters work to put out cars set alight on a road near the Arc de Triomphe in December 2018 after yellow vest demonstrations.
    Firefighters work to put out cars set alight on a road near the Arc de Triomphe in December 2018 after yellow vest demonstrations.
  • Yellow vest protesters clash with riot police near the Arc de Triomphe in December 2018.
    Yellow vest protesters clash with riot police near the Arc de Triomphe in December 2018.
  • Yellow vest protesters chant slogans against President Macron and his government in front of Sacre Coeur in Paris in March 2019.
    Yellow vest protesters chant slogans against President Macron and his government in front of Sacre Coeur in Paris in March 2019.
  • Yellow vest protesters walk past the Eiffel Tower in March 2019.
    Yellow vest protesters walk past the Eiffel Tower in March 2019.
  • Yellow vest protesters demonstrate in front of the Palais de Justice in Paris in March 2019.
    Yellow vest protesters demonstrate in front of the Palais de Justice in Paris in March 2019.
  • Yellow vest demonstrators gather in the Bercy neighbourhood of Paris to protest for a 23rd week in April 2019.
    Yellow vest demonstrators gather in the Bercy neighbourhood of Paris to protest for a 23rd week in April 2019.
  • Yellow vest protesters chant against President Macron at the Fontaine des Innocents in Paris during the second day of protests to mark the first anniversary of the movement, in November 2019.
    Yellow vest protesters chant against President Macron at the Fontaine des Innocents in Paris during the second day of protests to mark the first anniversary of the movement, in November 2019.
  • Yellow vests and railway workers walk towards French riot police holding flares amid violent clashes between officers and protesters during a rally near Place de Republique, in support of a national strike in France in December 2019.
    Yellow vests and railway workers walk towards French riot police holding flares amid violent clashes between officers and protesters during a rally near Place de Republique, in support of a national strike in France in December 2019.
  • A yellow vest protester stands defiantly in front of French riot police during Bastille Day anti-government demonstrations at Place de la Bastille in July 2020.
    A yellow vest protester stands defiantly in front of French riot police during Bastille Day anti-government demonstrations at Place de la Bastille in July 2020.
  • A yellow vest protester stands in front of a burning barricade as May Day protests turn violent near Place de la Republique in May 2021.
    A yellow vest protester stands in front of a burning barricade as May Day protests turn violent near Place de la Republique in May 2021.

Support survived the effects of shocking images of destruction, including a mob attack on the Arc de Triomphe in Paris,

that

led foreign governments to advise against travel to France.

The authors say they detected the “revolutionary potential” of a spontaneous protest movement that refused to be constrained by conventional political organisations or taken over by any party or trade union.

Anger at Mr Macron’s proposal, later abandoned, to impose a “green tax” on fuel provided the trigger, Mr Mesloub says, but the movement escalated into a broader struggle to defend living and working conditions.

Mr Mesloub believes that heavy-handed police action rather than Mr Macron's “anti-social policies or arrogance” brought the president unpopularity.

He rejects the idea of the movement being dominated by far-right and far-left elements, portraying it instead as an “anti-system political paradigm, in an anti-government dynamic that broke with classic institutional political categories”.

A wide range of studies of the movement reveals general acceptance that several factors contributed to the striking level of public endorsement of the revolt and, until the protests faded, disapproval of the president.

There was a widespread feeling that, for all the violence of some protesters, harsh police counter-measures – endorsed by a tough-talking Interior Minister, Christophe Castaner – were excessive.

This sentiment was deepened by the large number of injuries inflicted at demonstrations, where police responded to attacks by using rubber bullets, stun grenades and tear gas.

Many in France also identified with the concerns that drove the gilets jaunes on to the streets: plummeting living standards as wages or benefits failed to keep pace with rising prices of essential goods and services, and disenchantment with the political establishment.

Fuel prices were a particular issue in small towns and rural areas where public transport is limited and people rely heavily on their own cars.

As a relic of the French Revolution that overthrew royalty in the late 18th century, France likes to think of itself as a country of rebellion, forcing change through protest.

“Just look at our history,” says a retired bank worker and natural centre-right voter in north-western France. “You see that many, maybe most, important social advances have been won by militants.”

Khider Mesloub. Photo: Khider Mesloub
Khider Mesloub. Photo: Khider Mesloub

The analysis by Mr Mesloub will seem fanciful to some, who may also dispute his emphasis on police violence – “hundreds of officers dressed as RoboCop, over-armed, equipped with deadly technology” – though he also denounces “gratuitous violence perpetrated by thugs”.

He has been heartened, since first speaking to The National last month, by the resurgence of the movement in response to further rises in fuel and energy prices, and diminishing purchasing power. The protests have been modest so far but Mr Mesloub foresees them growing and even spreading.

“After 18 months of sanitary conditioning, big business is once again threatening us, in France and around the world, with drastic increases in energy prices,” he said.

“Will these price increases for energy materials lead to the reiteration of the yellow vests movement but on an international scale? We think so. All the objective conditions are in place to trigger a radical worldwide protest movement.”

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

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Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
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How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
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10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

FIGHT CARD

Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight

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.”

$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

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Updated: December 03, 2021, 8:26 AM