The day after two explosions ripped through the Lebanese capital, stunned residents struggled to find daily necessities in a city strewn with broken glass and other debris.
With smoke still rising from the portside wreckage of the blast site, there were long queues at ATM machines and sparsely stocked bakeries as panic buyers flocked to stores in fear of a bread or wheat shortage.
Bread lines are already a common sight in Lebanon, as the country suffers a severe economic crisis.
Imports have become prohibitively expensive, forcing the central bank to dip into its reserves to subsidise items such as wheat, fuel and medicine.
The incident – a huge ammonium nitrate explosion sparked by an as yet unknown cause – destroyed the nation's main wheat silo and left Beirut port largely unusable.
The Tripoli port in north Lebanon will now serve as the country's main shipping centre after the incident, with wheat a critical key priority – the country has grain reserves for only "a bit less than a month", according to Economy Minister Raoul Nehme.
Paul Boulos, owner of Sea Slim bakeries – which has three branches in Beirut – said that his bakeries were not damaged in the explosion and were open.
But he was not sure what affect the loss of wheat stores would have on his business. "Of course I have to open, we have to work and live," he told The National.
“They say that the wheat containers have exploded ... I bought wheat this morning with no problems but I need one to two tonnes a day. Will there be wheat, will there be no wheat? No idea.”
With all the glass shattered at the bakery that supplies his shops, he said it would cost him $10,000 (Dh36,729) to make the necessary repairs.
Lebanon relies on privately owned mills to import wheat from Ukraine, Russia and other European countries.
The government used to buy wheat from local farmers at above-market prices but has not done so in years.
Mr Nehme said that to be food secure, the country needs nearly three months of supply, but that the government had the crisis in hand.
“There is no bread or flour crisis,” the minister said. “We have enough inventory and boats on their way to cover the needs of Lebanon in the long term. We are currently looking for storage areas."
Other business owners suffered a more direct blow to business. Simon Douaihy, who owns a 70-year-old sweet shop is the Sassine neighbourhood, said it would take two to three months to replace the broken glass in its shattered facade.
“Everybody in the country needs glass now,” he said.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
COMPANY%20PROFILE
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk