Protesters throw a statue of slave trader Edward Colston into Bristol harbour, during a Black Lives Matter protest rally, in Bristol, England, on Sunday June 7, 2020, in response to the recent death of black man, George Floyd, in Minneapolis police custody. AP
Protesters throw a statue of slave trader Edward Colston into Bristol harbour, during a Black Lives Matter protest rally, in Bristol, England, on Sunday June 7, 2020, in response to the recent death of black man, George Floyd, in Minneapolis police custody. AP
Protesters throw a statue of slave trader Edward Colston into Bristol harbour, during a Black Lives Matter protest rally, in Bristol, England, on Sunday June 7, 2020, in response to the recent death of black man, George Floyd, in Minneapolis police custody. AP
Protesters throw a statue of slave trader Edward Colston into Bristol harbour, during a Black Lives Matter protest rally, in Bristol, England, on Sunday June 7, 2020, in response to the recent death o

Bristol statue provides UK with a 'Saddam Hussein moment' in Black Lives Matter protests


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For more than 100 years the statue of 17th century slave trader Edward Colston looked out over Bristol city centre.

Now his Victorian memorial lies at the bottom of the city’s harbour, torn down in anti-racism protests that have swept across the Atlantic from the US.

The poignancy of Sunday’s destruction in Bristol was not lost on the demonstrators who broke UK coronavirus lockdown rules to show support for protesters in America appalled by the death of African-American George Floyd, 46.

The relations between the past and the present in the city, where Colston grew rich through transatlantic slave trade, has sparked debate in the UK over structural racism closer to home.

Nowhere has the debate been fiercer than in Bristol, where the statue was the subject of heated disagreement for decades before the death of Floyd in police custody in Minneapolis, Minnesota.

After the protests, Bristol Mayor Marvin Rees said he knew the removal of the statue would be divisive but he backed the demonstrators.

Some of the protesters said it was a Saddam Hussein moment, echoing the ecstasy that drove a Baghdad crowd to pull down the dictator's statue in 2003 after US-led troops seized the city.

"I know the removal of the Colston statue will divide opinion, as the statue itself has done for many years," Mr Rees said.

"However, it’s important to listen to those who found the statue to represent an affront to humanity.

"Let's make the legacy of today about the future of our city, tackling racism and inequality.

"I call on everyone to challenge racism and inequality in every corner of our city and wherever we see it."

Despite agreement in the current climate that the statue should have been taken down years ago, senior British politicians said the statue’s removal should have been through normal, democratic means.

“I grew up in Bristol. I detest how Edward Colston profited from the slave trade. But this is not OK,” former chancellor Sajid Javid wrote on Twitter during the protests.

“If Bristolians want to remove a monument it should be done democratically, not by criminal damage."

But many, including former Bristol mayor George Ferguson, have said democracy had not worked in taking down the statue.

Mr Ferguson said he regretted not removing the memorial even though it would have been “flying in the face of majority Bristol opinion”.

A worker cleans the Churchill statue in Parliament Square that had been spray painted with the words 'was a racist' Getty
A worker cleans the Churchill statue in Parliament Square that had been spray painted with the words 'was a racist' Getty

Mr Rees has tried to build momentum from the destruction of the Colston statue.

The slave trader's presence remains spread about the city in the names of buildings, schools and even in a stained-glass window in Bristol’s cathedral.

As the Black Lives Matter movement gives new urgency to discussions about historical monuments in Europe, Colston’s legacy may be the thin end of the wedge.

On Monday renewed calls were made for the removal of a statue of British colonialist Cecil Rhodes from Oriel College, Oxford.

The Rhodes Must Fall movement was established in 2015 at Cape Town University, and later spread to Oxford, where students demanded that the statue be removed.

In 2016 Oriel College decided to keep the statue despite widespread student demands to remove it.

Campaigners from the Rhodes Must Fall group said that the row illustrated Britain's "imperial blind spot".

The Colston statue was not the only monument attacked during Sunday’s protests.

A statue of former British prime minister Robert Peel, the Conservative politician described as the founder of modern policing, was vandalised in Glasgow.

But it was graffiti on a statue in Whitehall in London that called wartime prime minister Winston Churchill a racist, which provoked the greatest backlash.

Protesters also climbed on the cenotaph, the national memorial to Britain’s war dead, and appeared to try to set fire to its flags.

Nigel Farage, one of the principal architects of Britain’s exit from the EU, has warned that violence could follow if monuments were not properly protected.

“If Boris Johnson won't lead and stand up for the country, as its symbols are trashed, then people will start taking it into their own hands," Mr Farage told LBC radio.

"Full-on race riots are now possible. Show leadership and fast."

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

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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.”

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

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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