Syrian Rida Saleh, second from the right, and his family, who fled rebel-held Eastern Ghouta, break their fast in their cramped apartment in the government controlled area of the capital Damascus on June 13, 2016. The family can only afford a modest meal of a few stuffed courgettes, some potatoes, a bowl of salad and a plate of beans for iftar now. Louai Beshara/AFP
Syrian Rida Saleh, second from the right, and his family, who fled rebel-held Eastern Ghouta, break their fast in their cramped apartment in the government controlled area of the capital Damascus on June 13, 2016. The family can only afford a modest meal of a few stuffed courgettes, some potatoes, a bowl of salad and a plate of beans for iftar now. Louai Beshara/AFP
Syrian Rida Saleh, second from the right, and his family, who fled rebel-held Eastern Ghouta, break their fast in their cramped apartment in the government controlled area of the capital Damascus on June 13, 2016. The family can only afford a modest meal of a few stuffed courgettes, some potatoes, a bowl of salad and a plate of beans for iftar now. Louai Beshara/AFP
Syrian Rida Saleh, second from the right, and his family, who fled rebel-held Eastern Ghouta, break their fast in their cramped apartment in the government controlled area of the capital Damascus on J

Frugal Ramadan for cash-strapped Syrians in Damascus


  • English
  • Arabic

Damascus // A radio station in Syria’s capital Damascus presented cash-strapped listeners with a challenge this Ramadan – plan a meal to break the fast for US$3, or just Dh11.

Diala Hasan’s cooking show on Sham FM used to feature recipes for sumptuous Ramadan feasts.

But in government-held parts of Syria, where a five-year war has devastated the currency and unemployment is rife, listeners’ budgets are stretched to the limit.

“We decided to make a programme that demonstrates thrifty recipes costing 1,500 Syrian pounds ($3) to match peoples’ incomes,” Hasan, 26, said as she prepared to record the show at a studio in Damascus.

“We’re not using lamb, expensive spices, or even almonds,” she said.

Throughout the holy month, Muslims usually sit down to a feast after their fast, but in Syria, many struggle to scrape together ingredients even for a basic meal.

Salaries in areas controlled by president Bashar Al Assad’s forces have dropped dramatically with the 92 per cent devaluation of the pound since the war began.

A UN report published in April estimated 83.4 per cent of Syrians live below the poverty line, compared with 28 per cent before the war.

Hasan has even changed the name of her show from “Bread and Salt” – an Arabic saying referring to friendships forged over a meal – to “Ramadan of the poor”.

Rida Saleh and his wife Umm Hassan are among those whose quality of life has plummeted since 2011.

On a recent evening they broke their fast around a little table in a cramped apartment where they settled after fleeing the rebel stronghold of Eastern Ghouta.

They sat down to a modest meal: a few stuffed courgettes, some potatoes, a bowl of salad and a plate of beans – normally used as appetisers but now their main course.

“There are so many dishes and drinks that have become for us just a distant memory,” said Rida, 49.

“It’s the first year we don’t have dessert.”

Umm Hassan agreed.

“Even fruits are now a dream for us. We used to be able to buy apples by the kilo – today the whole family just shares two little apples,” she said.

Living costs have risen so much that charities have nearly doubled the number of iftar meals they distribute to the needy during Ramadan.

“We distributed 130,000 meals in 2013 compared to 230,000 in 2015. But this year, we may reach as many as 500,000,” said Issam Habbal, who heads the charity Saed (Help).

“The crisis didn’t spare anyone. If even the rich have been affected, you can imagine how those that were already unfortunate have been devastated,” he said.

In the shade of the famous Umayyad mosque in the Old City of Damascus, about 100 Saed volunteers cooked and distributed large pots of rice with meat.

Men and women were hard at work chopping cucumbers to add to a mix of lettuce and carrots.

“With each additional year of war, we need more volunteers because there are more poor people,” said Tareq, 24.

Desserts and syrup-covered sweets are an integral part of iftars across the Middle East and are a special delicacy in the Syrian capital.

But today, they have become too expensive for many Damascenes.

In Midan, a neighbourhood in southern Damascus, Ahmad Qaysar tended his bakery, which sold a mix of Arabic sweets. But few customers were buying.

“I inherited this trade from my father and my grandfather. We’ve never had a season like this,” the 30-year-old said.

“Our sales have dropped by half because of the rising prices for pistachios, margarine, semolina, and flour” – indispensable ingredients for delicious oriental sweets, Ahmad said.

In another shop, Shawkat Qornfola, 67, said he will not be able to buy desserts for his grandchildren this year.

“My grandchildren adore sweets but I can’t afford a kilogram of maamoul at 20,000 pounds,” he said, referring to cornmeal pastries stuffed with pistachios, dates, and walnuts.

The price of food also makes it hard to invite guests.

“Before the war, we used to invite everyone over each Friday, but now we don’t have the means,” said Riad Mahayni, who works at the national water service.

He makes 30,000 pounds, which amounted to Dh2,200 before the war but now is worth just Dh240.

Leaning against the wall of Damascus’s citadel, Mohsen, a pistachio seller, said every month is Ramadan now in Syria.

“Because of the rising prices, we fast the whole year,” he said.

* Agence France-Presse

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

Brave CF 27 fight card

Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)

Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)

Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)

Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)

Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)

Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)

Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)

Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

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.”

 

 

THE BIO

Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

Favourite colour: Blue

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

The biog

Favourite pet: cats. She has two: Eva and Bito

Favourite city: Cape Town, South Africa

Hobby: Running. "I like to think I’m artsy but I’m not".

Favourite move: Romantic comedies, specifically Return to me. "I cry every time".

Favourite spot in Abu Dhabi: Saadiyat beach

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200