• Armenian opposition supporters and relatives of servicemen wounded in the clashes with Azerbaijan's troops gather in front of Parliament in Yerevan to call for the resignation of Prime Minister Nikol Pashinyan. AFP
    Armenian opposition supporters and relatives of servicemen wounded in the clashes with Azerbaijan's troops gather in front of Parliament in Yerevan to call for the resignation of Prime Minister Nikol Pashinyan. AFP
  • The border attacks, which claimed lives on both sides, stoked fears of broader hostilities breaking out between the two countries. AFP
    The border attacks, which claimed lives on both sides, stoked fears of broader hostilities breaking out between the two countries. AFP
  • Armenia said at least 49 of its soldiers were killed while Azerbaijan said it lost 50 troops. AFP
    Armenia said at least 49 of its soldiers were killed while Azerbaijan said it lost 50 troops. AFP
  • The fighting erupted minutes after midnight, with Azerbaijani forces unleashing an artillery barrage and drone attacks in many sections of Armenian territory, according to Armenia’s Defence Ministry. AFP
    The fighting erupted minutes after midnight, with Azerbaijani forces unleashing an artillery barrage and drone attacks in many sections of Armenian territory, according to Armenia’s Defence Ministry. AFP
  • Azerbaijan accused Armenian troops of planting mines and firing on Azerbaijani military positions. AFP
    Azerbaijan accused Armenian troops of planting mines and firing on Azerbaijani military positions. AFP
  • Armenia said shelling grew less intense during the day but accused Azerbaijani troops of trying to advance into its territory. AFP
    Armenia said shelling grew less intense during the day but accused Azerbaijani troops of trying to advance into its territory. AFP
  • The two countries have been locked in a decades-old conflict over Nagorno-Karabakh, which is part of Azerbaijan but has been under the control of ethnic Armenian forces backed by Armenia since a separatist war there ended in 1994. AFP
    The two countries have been locked in a decades-old conflict over Nagorno-Karabakh, which is part of Azerbaijan but has been under the control of ethnic Armenian forces backed by Armenia since a separatist war there ended in 1994. AFP
  • An ambulance approaches a military hospital in Yerevan. AFP
    An ambulance approaches a military hospital in Yerevan. AFP
  • Russian President Vladimir Putin attends an unscheduled session of the Collective Security Treaty Organisation, a Moscow-dominated security alliance of former Soviet nations, after the border attacks between Armenia and Azerbaijan. Reuters
    Russian President Vladimir Putin attends an unscheduled session of the Collective Security Treaty Organisation, a Moscow-dominated security alliance of former Soviet nations, after the border attacks between Armenia and Azerbaijan. Reuters
  • Azerbaijan's President Ilham Aliyev chairs a meeting with the leadership of the country's armed forces. Reuters
    Azerbaijan's President Ilham Aliyev chairs a meeting with the leadership of the country's armed forces. Reuters
  • Azerbaijan's soldiers cross the border as they approach Armenian positions. AP
    Azerbaijan's soldiers cross the border as they approach Armenian positions. AP
  • Armenian Prime Minister Nikol Pashinyan addresses Parliament in Yerevan. AFP
    Armenian Prime Minister Nikol Pashinyan addresses Parliament in Yerevan. AFP

Armenia says truce agreed with Azerbaijan after new clashes


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A truce had been agreed by Armenia and Azerbaijan, according to a senior Armenian official on Wednesday after two days of violence over the territory of Nagorno-Karabakh.

Azerbaijan did not confirm the truce, which would bring to an end the deadliest exchanges between the countries since 2020.

The clashes were linked to a decades-old dispute between the former Soviet states.

Russia is the pre-eminent diplomatic force in the region and maintains 2,000 peacekeepers there. Moscow brokered the deal that ended the 2020 fighting, in which hundreds died.

“Thanks to the involvement of the international community, an agreement has been reached on a ceasefire,” Armen Grigoryan, secretary of Armenia's Security Council, told Armenian television, according to Russian news agencies.

The announcement said the truce had been in effect for several hours. Armenia's defence ministry had earlier said that shooting in border areas had stopped.

Each side blamed the other for the clashes.

Armenian Prime Minister Nikol Pashinyan had previously told Parliament that 105 Armenian servicemen had been killed since the violence began this week.

Azerbaijan upped their death toll from 50 to 75 in the two days of fighting.

Grigory Karasin, a senior member of Russia's upper house of Parliament, told the RIA news agency that the truce was clinched largely through Russian diplomatic efforts.

Mourners at a mass funeral for Azerbaijani soldiers killed during clashes with Armenian troops, at the cemetery near Baku on Wednesday. EPA
Mourners at a mass funeral for Azerbaijani soldiers killed during clashes with Armenian troops, at the cemetery near Baku on Wednesday. EPA

Kremlin leader Vladimir Putin had spoken to Mr Pashinyan, he said. Mr Putin appealed for calm after the violence erupted and other countries called for restraint on both sides.

In his address to parliament, Mr Pashinyan had said his country had appealed to the Moscow-led Collective Security Treaty Organisation to help to restore its territorial integrity.

“If we say that Azerbaijan has carried out aggression against Armenia, it means that they have managed to establish control over some territories,” Russia's Tass agency quoted him as saying.

Armenia and Azerbaijan have been fighting for decades over Nagorno-Karabakh, a mountainous enclave recognised as part of Azerbaijan while being home to a large Armenian population.

Periodic fighting

Fighting first erupted towards the end of Soviet rule. Armenian forces took control of large areas of territory in and around it in the early 1990s. Azerbaijan, backed by Turkey, largely retook those territories over six weeks in 2020.

Skirmishes have since erupted periodically despite meetings between Mr Pashinyan and Azerbaijani President Ilham Aliyev aimed at clinching a comprehensive peace settlement.

Domestic unhappiness in Armenia about the 2020 defeat has prompted repeated protests against Mr Pashinyan, who dismissed reports he had signed a deal with Baku.

In a Facebook post, he blamed the reports on “informational sabotage directed by unfriendly forces”.

A full-fledged conflict would risk dragging in Russia and Turkey, and destabilise an important corridor for oil and gas pipelines at a time when war in Ukraine is disrupting energy supplies.

Azerbaijan accused Armenia, which is in a military alliance with Moscow and home to a Russian military base, of shelling its army units.

US Secretary of State Antony Blinken said on Tuesday that Russia could either “stir the pot” or use its influence to “calm the waters”.

Results

5pm: Reem Island – Conditions (PA) Dh80,000 (Turf) 1,600m; Winner: Farasah, Antonio Fresu (jockey), Musabah Al Muhairi

5.30pm: Sir Baniyas Island – Maiden (PA) Dh80,000 (T) 1,400m; Winner: SSR Ghazwan, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: Astral Del Sol, Sean Kirrane, Ibrahim Al Hadhrami

6.30pm: Al Maryah Island – Maiden (PA) Dh80,000 (T) 2,200m; Winner: Toumadher, Dane O’Neill, Jaber Bittar

7pm: Yas Island – Handicap (PA) Dh80,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
WORLD RECORD FEES FOR GOALKEEPERS

1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)

2) Alisson, Roma to Liverpool (£67m)

3) Ederson, Benfica to Manchester City (£35m)

4) Gianluigi Buffon, Parma to Juventus (£33m)

5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m

UAE currency: the story behind the money in your pockets
Pathaan
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E640hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20from%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E11.9L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh749%2C800%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
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.”

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The%20specs
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E666hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20at%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ1%202023%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh1.15%20million%20(estimate)%3C%2Fp%3E%0A
The specs: Volvo XC40

Price: base / as tested: Dh185,000

Engine: 2.0-litre, turbocharged in-line four-cylinder

Gearbox: Eight-speed automatic

Power: 250hp @ 5,500rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 10.4L / 100km

Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions
BEACH SOCCER WORLD CUP

Group A

Paraguay
Japan
Switzerland
USA

Group B

Uruguay
Mexico
Italy
Tahiti

Group C

Belarus
UAE
Senegal
Russia

Group D

Brazil
Oman
Portugal
Nigeria

Fifa Club World Cup quarter-final

Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Updated: September 15, 2022, 9:54 AM