A lorry is submerged by mud after flooding of the Vesubie river because of heavy rain in the south-eastern French town of Roquebilliere. EPA
A lorry is submerged by mud after flooding of the Vesubie river because of heavy rain in the south-eastern French town of Roquebilliere. EPA
A lorry is submerged by mud after flooding of the Vesubie river because of heavy rain in the south-eastern French town of Roquebilliere. EPA
A lorry is submerged by mud after flooding of the Vesubie river because of heavy rain in the south-eastern French town of Roquebilliere. EPA

Mountain flooding kills two in Italy and traps dozens in France


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Italian firefighters rescued 25 people trapped on the French side of a high mountain pass by severe flooding that killed two people in Italy, while 15 people were stuck in a train station for the night and eight more remained missing on Saturday in France.

A storm that overnight moved across south-eastern France into north-western Italy caused major flooding on both sides of the border, destroying bridges, blocking roads and isolating communities.

In Italy, a firefighter was killed during a rescue operation in the mountainous northern region of Val d’Aosta.

A search team found a body in the Piedmont region's Vercelli province, where a man was swept away by flood waters late on Friday.

Italian firefighters used a helicopter to move 17 people to safety from the French town of Vievola, including a woman with two grandchildren.

A bulldozer fetched another eight people who managed to climb the Col de Tende, a high mountain pass linking France and Italy, to a tunnel.

Fifteen more people took shelter in the Vievola train station after the operation to rescue them was put off until daylight.

The spokesman for Italy’s firefighters, Luca Cari, said a search was ongoing for a missing shepherd who was pulled into flood waters on Col de Tende.

His brother managed to grab on to a tree and was saved and authorities are searching on the French side for the shepherd.

The situation at the tunnel on the high mountain pass was complicated by the fact French emergency responders cannot access their side because of flood damage, Mr Cari said.

Unrelenting rainfall overnight hit levels not recorded since 1958 in northern Italy's Piedmont region, where as much as 630 millimetres of rain fell in 24 hours, according to the Italian civil protection agency.

Hundreds of rescue operations were carried out. Eleven campers were saved in Vercelli province, where floodwaters hit 20-year highs.

Alpine rescue squads helped seven people find safety after their houses cut off by flooding at Terme di Valdieri. Some had to be carried on stretchers owing to the muddy conditions and accumulation of detritus.

In south-eastern France, almost a year's average rain fell in less than 12 hours in the mountainous area surrounding the city of Nice. Nice mayor Christian Estrosi said more than 100 homes were destroyed or severely damaged in the area.

French Prime Minister Jean Castex, who flew over the area in an helicopter, confirmed that at least eight people were missing in France, including two firefighters whose vehicle was carried away by water when a road collapsed.

“I cannot hide our grave concern on the definitive toll,” Mr Castex said.

Many worried families had not heard from their relatives because phone services were cut off in the area.

“As I speak, priority goes to searching for victims, providing supplies and accommodation for the people affected, and restoring communications," Mr Caztex said.

Rescue efforts included 871 personnel and military helicopters and troops helped with emergency assistance, Mr Castex said.

On Saturday, French President Emmanuel Macron expressed gratitude towards rescuers on Twitter. "Together we will get through this," he said.

France’s national weather agency, Meteo France, said that up to 500 millimetres of rain were recorded in some areas, the equivalent of almost one year of average rainfall.

The agency issued a danger alert on Friday and all schools in the region were closed. Local authorities urged people to stay at home.

In central Switzerland, flooding along the Reuss river caused the closure of a stretch of the A2 motorway, a major trans-Alpine route. Further east, 13 residents were rescued from their homes in the town of Diesbach because of flooding.

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

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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

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Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

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Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

US households add $601bn of debt in 2019

American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.

Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.

Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.

In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.

The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.

"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.

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Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en