Pedestrians in Dubai's Deira district wear face masks to protect themselves from the coronavirus as the worldwide search for a vaccine or treament for Covid-19 continues. Pawan Singh / The National
Pedestrians in Dubai's Deira district wear face masks to protect themselves from the coronavirus as the worldwide search for a vaccine or treament for Covid-19 continues. Pawan Singh / The National
Pedestrians in Dubai's Deira district wear face masks to protect themselves from the coronavirus as the worldwide search for a vaccine or treament for Covid-19 continues. Pawan Singh / The National
Pedestrians in Dubai's Deira district wear face masks to protect themselves from the coronavirus as the worldwide search for a vaccine or treament for Covid-19 continues. Pawan Singh / The National

UAE firms strike deal with Israeli companies on coronavirus research, says official


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Two private UAE companies have signed an agreement with two Israeli firms to develop research and technology to fight the coronavirus outbreak, a UAE official announced on Thursday night.

Hend Al Otaiba, director of strategic communications at the UAE  Foreign Ministry, said the move was “in light of strengthening international co-operation in the fields of research, development and technology in service of humanity” during the pandemic.

Global cases of Covid-19 passed 9 million this week and are on track to hit 10 million with the next seven days.

Ms Al Otaiba did not name the UAE or Israeli firms involved in the deal, stating “two private companies in UAE signed an agreement with two companies in Israel to develop research and technology to fight Covid-19”.

No Arab state other than Egypt and Jordan has formal relations with Israel, although the UAE does not have specific laws against conducting business there, as do some Middle East countries.

Israeli Prime Minister Benjamin Netanyahu said the news would help to improve health security in the entire region.

Coronavirus around the Middle East 

  • A billboard on Al Khalil Road in Dubai advises people to wear masks to prevent the spread of the coronavirus pandemic. Chris Whiteoak / The National
    A billboard on Al Khalil Road in Dubai advises people to wear masks to prevent the spread of the coronavirus pandemic. Chris Whiteoak / The National
  • A mask-clad Palestinian boy is seen through the fumes from a Hebron municipality vehicle fumigating a street in the city of Hebron in the occupied West Bank, after a recent surge of coronavirus cases. AFP
    A mask-clad Palestinian boy is seen through the fumes from a Hebron municipality vehicle fumigating a street in the city of Hebron in the occupied West Bank, after a recent surge of coronavirus cases. AFP
  • An Abu Dhabi resident shows his catch after fishing along the Corniche. Victor Besa / The National
    An Abu Dhabi resident shows his catch after fishing along the Corniche. Victor Besa / The National
  • A man on his bike along the Corniche in Abu Dhabi amid the Covid-19 pandemic. Victor Besa / The National
    A man on his bike along the Corniche in Abu Dhabi amid the Covid-19 pandemic. Victor Besa / The National
  • People wear protective face masks as a preventive measure against the spread of coronavirus in Deira, Dubai. Pawan Singh / The National
    People wear protective face masks as a preventive measure against the spread of coronavirus in Deira, Dubai. Pawan Singh / The National
  • A health worker of the Palestinian Hebron municipality, dressed in PPE, rides in a fumigation vehicle sterilising streets and buildings in the city of Hebron in the occupied West Bank. AFP
    A health worker of the Palestinian Hebron municipality, dressed in PPE, rides in a fumigation vehicle sterilising streets and buildings in the city of Hebron in the occupied West Bank. AFP
  • People wear protective face masks against curb the spread of the coronavirus in Kizilay Square, in Ankara, Turkey. AFP
    People wear protective face masks against curb the spread of the coronavirus in Kizilay Square, in Ankara, Turkey. AFP
  • Police officers wearing face masks to protect against the spread of coronavirus, patrol in a public garden, warning people to respect social distancing, in Ankara. AP Photo
    Police officers wearing face masks to protect against the spread of coronavirus, patrol in a public garden, warning people to respect social distancing, in Ankara. AP Photo
  • A man who has recovered from the coronavirus wears a protective face mask as he donates his blood plasma to help critically ill patients at Basra Teaching Hospital in Basra, Iraq. Reuters
    A man who has recovered from the coronavirus wears a protective face mask as he donates his blood plasma to help critically ill patients at Basra Teaching Hospital in Basra, Iraq. Reuters
  • A couple who have recovered from the coronavirus wear protective face masks as they wait to donate blood plasma to help critically ill patients at Basra Teaching Hospital in Basra, Iraq. Reuters
    A couple who have recovered from the coronavirus wear protective face masks as they wait to donate blood plasma to help critically ill patients at Basra Teaching Hospital in Basra, Iraq. Reuters
  • An assistant of Dr Hiba Jabbar Ashoor wears a protective face mask while taking a break at Basra Teaching Hospital, following the outbreak of the coronavirus disease, in Basra, Iraq. Reuters
    An assistant of Dr Hiba Jabbar Ashoor wears a protective face mask while taking a break at Basra Teaching Hospital, following the outbreak of the coronavirus disease, in Basra, Iraq. Reuters
  • Deputy Syrian health minister, right, and Chinese ambassador to Syria Feng Biao, left, sign a document for receiving boxes of Chinese medical supplies at a store in Damascus, Syria. EPA
    Deputy Syrian health minister, right, and Chinese ambassador to Syria Feng Biao, left, sign a document for receiving boxes of Chinese medical supplies at a store in Damascus, Syria. EPA
  • Workers unload boxes of Chinese medical supplies in Damascus, Syria. EPA
    Workers unload boxes of Chinese medical supplies in Damascus, Syria. EPA
  • Sanitary workers remove rubbish from a street amid the spread of epidemics, in Sanaa, Yemen. EPA
    Sanitary workers remove rubbish from a street amid the spread of epidemics, in Sanaa, Yemen. EPA
  • A woman consults a doctor at a small treatment centre set up by local volunteers in the Shambat district of northern Khartoum, amid shortage of medicine as Sudan fights to control the spread of coronavirus. AFP
    A woman consults a doctor at a small treatment centre set up by local volunteers in the Shambat district of northern Khartoum, amid shortage of medicine as Sudan fights to control the spread of coronavirus. AFP

Israel claimed a "significant breakthrough" towards a treatment for Covid-19 last month, saying it had isolated a crucial coronavirus antibody at its main biological research laboratory.

It is just one of more than 125 potential vaccines undergoing tests, with 20 in human trials.

Meanwhile, the World Health Organisation said on Thursday that an effective Covid-19 vaccine may take more than a year to develop.

WHO director general Dr Tedros Adhanom Ghebreyesus told members of the European Parliament's health committee that if such a vaccine were found, it should be available to all.

"It would be very difficult to say for sure that we will have a vaccine," Dr Tedros told the video conference.

"Hoping that there will be a vaccine, the estimate is we may have a vaccine within one year.

"If accelerated, it could be even less than that, but by a couple of months. That's what scientists are saying."

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.”

England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29

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

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Brief scoreline:

Liverpool 2

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Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

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