• A rendering of the Psyche asteroid
    A rendering of the Psyche asteroid
  • Hills are covered with fallen and burnt trees after a meteorite hit in 1908. Getty
    Hills are covered with fallen and burnt trees after a meteorite hit in 1908. Getty
  • People look at what scientists believe to be a chunk of the Chelyabinsk meteor in 2013. AP
    People look at what scientists believe to be a chunk of the Chelyabinsk meteor in 2013. AP
  • People standing near a six-metre hole in the ice of a frozen lake, reportedly the site of a meteor fall, outside the town of Chebakul in central Russia. AFP
    People standing near a six-metre hole in the ice of a frozen lake, reportedly the site of a meteor fall, outside the town of Chebakul in central Russia. AFP
  • A meteorite trail is seen above a residential apartment block in the Urals city of Chelyabinsk in 2013. AFP
    A meteorite trail is seen above a residential apartment block in the Urals city of Chelyabinsk in 2013. AFP
  • The Asteroid Terrestrial-impact Last Alert System (Atlas), pictured in Hawaii.
    The Asteroid Terrestrial-impact Last Alert System (Atlas), pictured in Hawaii.
  • The Vera C. Rubin Observatory, under construction in 2019, promises to reveal more objects faster than any previous telescope. Photo: LSST
    The Vera C. Rubin Observatory, under construction in 2019, promises to reveal more objects faster than any previous telescope. Photo: LSST
  • A computer-generated image shows the impact of the Dart projectile on the binary asteroid system, Didymos. ESA/AFP
    A computer-generated image shows the impact of the Dart projectile on the binary asteroid system, Didymos. ESA/AFP
  • Spotlights illuminate the Saturn V booster rocket on the launch pad at the Kennedy Space Centre in Florida carrying the Apollo 8 spacecraft and its crew of three astronauts, on December 19, 1968. AP
    Spotlights illuminate the Saturn V booster rocket on the launch pad at the Kennedy Space Centre in Florida carrying the Apollo 8 spacecraft and its crew of three astronauts, on December 19, 1968. AP

European Space Agency launches project to help smash meteorites off collision course with Earth


Simon Rushton
  • English
  • Arabic

Spacecraft for a mission aimed at saving Earth from an asteroid strike will be built by the European Space Agency (ESA).
The ESA will make spacecraft for Nasa that can inspect the aftermath of an asteroid impact in space, after signing a $154 million (dh565 million) deal.
"We want to try for the first time to steer an asteroid on its potential collision course with Earth," ESA director Rolf Densing said.
Nasa is scheduled to launch a craft in June 2021 to collide with the Dimorphos asteroid to test whether it could nudge objects that might be threatening Earth on to a safer path.
After the Dimorphos collision, the ESA will launch in October 2024 its Hera craft, named after the Greek goddess of marriage, to map the impact crater and measure the asteroid's mass.

It should catch up with Dimorphos in late 2026 for a six-month survey.
Dimorphos has a diameter of 160 metres, which ESA said was big enough to destroy an entire city if it were to hit Earth.
Hera, set to be about the size of a desk, should navigate autonomously around the asteroid while it collects data.
It will also launch mini 10cm satellites, which will be able to fly much closer to the asteroid's surface.
Marco Fuchs, chief executive of German space and technology group OHB that will develop the Hera craft, said trying to divert an asteroid was like "playing billiards" and noted the challenge of steering towards such a small celestial body.
"You have to steer very precisely, you have to find it first and then approach it in such a way that you can really observe what has happened as a result of the impact of the American probe," he said.

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SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

Scores:

Day 4

England 290 & 346
Sri Lanka 336 & 226-7 (target 301)

Sri Lanka require another 75 runs with three wickets remaining

How to help

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

2289 - Dh10

2252 - Dh50

6025 - Dh20

6027 - Dh100

6026 - Dh200

Nick's journey in numbers

Countries so far: 85

Flights: 149

Steps: 3.78 million

Calories: 220,000

Floors climbed: 2,000

Donations: GPB37,300

Prostate checks: 5

Blisters: 15

Bumps on the head: 2

Dog bites: 1

We Weren’t Supposed to Survive But We Did

We weren’t supposed to survive but we did.      
We weren’t supposed to remember but we did.              
We weren’t supposed to write but we did.  
We weren’t supposed to fight but we did.              
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.        
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.        
We weren’t supposed to return but WE ARE.
Amira Sakalla

Get Out

Director: Jordan Peele

Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford

Four stars

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

AUSTRALIA SQUAD

Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle

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

Dubai World Cup Carnival card:

6.30pm: Handicap (Turf) | US$175,000 2,410 metres

7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) $100,000 1,400m

7.40pm: Handicap (T) $145,000 1,000m

8.15pm: Dubawi Stakes Group 3 (D) $200,000 1,200m

8.50pm: Singspiel Stakes Group 3 (T) $200,000 1,800m

9.25pm: Handicap (T) | $175,000 1,400m

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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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.”

Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

Total number of novels submitted: 1,780

Novels translated internationally: 66

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The biog

Name: Sari Al Zubaidi

Occupation: co-founder of Cafe di Rosati

Age: 42

Marital status: single

Favourite drink: drip coffee V60

Favourite destination: Bali, Indonesia 

Favourite book: 100 Years of Solitude 

Results

1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m

Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2pm Handicap (TB) 68,000 (D) 1,950m

Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer

2.30pm Maiden (TB) Dh60,000 (D) 1,600m

Winner Mazagran, Tadhg O’Shea, Satish Seemar

3pm Handicap (TB) Dh84,000 (D) 1,800m

Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer

3.30pm Handicap (TB) Dh76,000 (D) 1,400m

Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly

4pm Maiden (TB) Dh60,000 (D) 1,200m

Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer

4.30pm Handicap (TB) Dh68,000 (D) 1,200m

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates