• From left, Doug Emhoff, husband of Vice President-elect Kamala Harris, Harris, President-elect Joe Biden and his wife Jill Biden on stage together, Saturday, Nov. 7, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik, Pool)
    From left, Doug Emhoff, husband of Vice President-elect Kamala Harris, Harris, President-elect Joe Biden and his wife Jill Biden on stage together, Saturday, Nov. 7, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik, Pool)
  • US President Donald Trump claps alongside US First Lady Melania Trump after speaking during election night in the East Room of the White House in Washington, DC, early on November 4, 2020. AFP
    US President Donald Trump claps alongside US First Lady Melania Trump after speaking during election night in the East Room of the White House in Washington, DC, early on November 4, 2020. AFP
  • Democratic presidential candidate former Vice President Joe Biden and his wife Jill Biden wave to supporters, Tuesday, Nov. 3, 2020, in Wilmington, Del. AP Photo
    Democratic presidential candidate former Vice President Joe Biden and his wife Jill Biden wave to supporters, Tuesday, Nov. 3, 2020, in Wilmington, Del. AP Photo
  • Supporters of U.S. Senator Lindsey Graham react at his election night party in Columbia, South Carolina, U.S. November 3, 2020. REUTERS
    Supporters of U.S. Senator Lindsey Graham react at his election night party in Columbia, South Carolina, U.S. November 3, 2020. REUTERS
  • Trump supporters react to Minnesota being called for former Vice President Joe Biden on Fox News during the 2020 presidential election at the DoubleTree Hotel in Bloomington, Minnesota, U.S. November 3, 2020. REUTERS
    Trump supporters react to Minnesota being called for former Vice President Joe Biden on Fox News during the 2020 presidential election at the DoubleTree Hotel in Bloomington, Minnesota, U.S. November 3, 2020. REUTERS
  • US President Donald Trump visits his campaign headquarters in Arlington, Virginia, November 3, 2020. AFP
    US President Donald Trump visits his campaign headquarters in Arlington, Virginia, November 3, 2020. AFP
  • Democratic presidential candidate former Vice President Joe Biden pauses in front of a mural during visit to The Warehouse teen centre in Wilmington, Delaware, November 3, 2020. AP Photo
    Democratic presidential candidate former Vice President Joe Biden pauses in front of a mural during visit to The Warehouse teen centre in Wilmington, Delaware, November 3, 2020. AP Photo
  • A broken Make America Great Again hat model lies on the ground as people gather at Black Lives Matter Plaza in Washington. Reuters
    A broken Make America Great Again hat model lies on the ground as people gather at Black Lives Matter Plaza in Washington. Reuters
  • Biden supporters face off a Trump supporter outside of a polling site, on Election Day in Houston, Texas, U.S. November 3, 2020. Reuters
    Biden supporters face off a Trump supporter outside of a polling site, on Election Day in Houston, Texas, U.S. November 3, 2020. Reuters
  • Election officials wait near a long line of hand sanitiser bottles at the Kentucky Exposition Centre on November 3, 2020 in Louisville, Kentucky. AFP
    Election officials wait near a long line of hand sanitiser bottles at the Kentucky Exposition Centre on November 3, 2020 in Louisville, Kentucky. AFP
  • Adri Perez, with Common Cause 866ourvote, on his way to return to polling place with an emergency ballot from a person hospitalized with Covid-19 at Las Palmas Medical Centre in El Paso, Texas on November 3, 2020. AFP
    Adri Perez, with Common Cause 866ourvote, on his way to return to polling place with an emergency ballot from a person hospitalized with Covid-19 at Las Palmas Medical Centre in El Paso, Texas on November 3, 2020. AFP
  • A two-year-old waits for his mother to cast her ballot at the Granby Town Hall, November 3, 2020. AFP
    A two-year-old waits for his mother to cast her ballot at the Granby Town Hall, November 3, 2020. AFP
  • Cookies representing the presidential candidates for sale at the Oakmont Bakery in Oakmont, Pennsylvania, on November 3, 2020. AFP
    Cookies representing the presidential candidates for sale at the Oakmont Bakery in Oakmont, Pennsylvania, on November 3, 2020. AFP
  • US President Donald Trump gestures next to Vice President Mike Pence, as he holds a campaign rally at Gerald R. Ford International Airport in Grand Rapids , Michigan, US, early November 3, 2020. Reuters
    US President Donald Trump gestures next to Vice President Mike Pence, as he holds a campaign rally at Gerald R. Ford International Airport in Grand Rapids , Michigan, US, early November 3, 2020. Reuters
  • Voters in Dixville Notch, a village of 12 residents in the US state of New Hampshire, kicked off Election Day at the stroke of midnight on Tuesday by voting unanimously for Democratic nominee Joe Biden. AFP
    Voters in Dixville Notch, a village of 12 residents in the US state of New Hampshire, kicked off Election Day at the stroke of midnight on Tuesday by voting unanimously for Democratic nominee Joe Biden. AFP
  • A supporter gestures before a campaign rally from Donald Trump Jr for US President Donald Trump ahead of the Election Day, in Scottsdale, Arizona, November 2, 2020. Reuters
    A supporter gestures before a campaign rally from Donald Trump Jr for US President Donald Trump ahead of the Election Day, in Scottsdale, Arizona, November 2, 2020. Reuters
  • Joe Biden gestures at a drive-in campaign rally at Lexington Technology Park in Pittsburgh, Pennsylvania, US, November 2, 2020. Reuters
    Joe Biden gestures at a drive-in campaign rally at Lexington Technology Park in Pittsburgh, Pennsylvania, US, November 2, 2020. Reuters
  • Lady Gaga speaks during a drive-in campaign rally held by former Vice President Joe Biden at Heinz Field in Pittsburgh, Pennsylvania, November 2, 2020. Reuters
    Lady Gaga speaks during a drive-in campaign rally held by former Vice President Joe Biden at Heinz Field in Pittsburgh, Pennsylvania, November 2, 2020. Reuters
  • Workers board up a store ahead of election results in the Manhattan borough of New York, November 2, 2020. Reuters
    Workers board up a store ahead of election results in the Manhattan borough of New York, November 2, 2020. Reuters
  • President Donald Trump jokes about the cold as he arrives for a campaign rally at Michigan Sports Stars Park, Sunday, November 1, 2020, in Washington, Michigan. AP Photo
    President Donald Trump jokes about the cold as he arrives for a campaign rally at Michigan Sports Stars Park, Sunday, November 1, 2020, in Washington, Michigan. AP Photo
  • Democratic US vice presidential nominee Senator Kamala Harris responds to supporters as she arrives for a drive-in campaign rally in Fayetteville, North Carolina, US, on November 1, 2020. Reuters
    Democratic US vice presidential nominee Senator Kamala Harris responds to supporters as she arrives for a drive-in campaign rally in Fayetteville, North Carolina, US, on November 1, 2020. Reuters
  • New York police officers arrest a protestor on a sidewalk during an orderly protest, which was planned in opposition to a pro-Trump car parade planned on the same day, in New York, New York, USA, 01 November 2020. EPA
    New York police officers arrest a protestor on a sidewalk during an orderly protest, which was planned in opposition to a pro-Trump car parade planned on the same day, in New York, New York, USA, 01 November 2020. EPA
  • A person holds real life action figures depicting democratic US presidential nominee and former Vice President Joe Biden and former US President Barack Obama during a campaign canvas kickoff in Bloomfield Hills, Michigan, US, October 31, 2020. Reuters
    A person holds real life action figures depicting democratic US presidential nominee and former Vice President Joe Biden and former US President Barack Obama during a campaign canvas kickoff in Bloomfield Hills, Michigan, US, October 31, 2020. Reuters
  • US President Donald Trump is seen between pumpkins during a campaign rally at Pittsburgh-Butler Regional Airport in Butler, Pennsylvania , US, October 31, 2020. Reuters
    US President Donald Trump is seen between pumpkins during a campaign rally at Pittsburgh-Butler Regional Airport in Butler, Pennsylvania , US, October 31, 2020. Reuters
  • Democratic presidential nominee Joe Biden, his wife Dr. Jill Biden, Democratic Vice Presidential nominee Kamala Harris and her husband Douglas Emhoff raise their arms on stage outside the Chase Centre after Biden delivered his acceptance speech on the fourth night of the Democratic National Convention from the Chase Center, on August 20, 2020. AFP
    Democratic presidential nominee Joe Biden, his wife Dr. Jill Biden, Democratic Vice Presidential nominee Kamala Harris and her husband Douglas Emhoff raise their arms on stage outside the Chase Centre after Biden delivered his acceptance speech on the fourth night of the Democratic National Convention from the Chase Center, on August 20, 2020. AFP
  • Supporters of US President Donald Trump are pictured at Rochester International Airport in Rochester, Minnesota, US, October 30, 2020. Reuters
    Supporters of US President Donald Trump are pictured at Rochester International Airport in Rochester, Minnesota, US, October 30, 2020. Reuters
  • Seven-year-old supporter Lexi Katzman draws campaign slogans on her father's car as Democratic Presidential candidate and former US Vice President Joe Biden delivers remarks at a Drive-in event in Coconut Creek, Florida, on October 29, 2020. AFP
    Seven-year-old supporter Lexi Katzman draws campaign slogans on her father's car as Democratic Presidential candidate and former US Vice President Joe Biden delivers remarks at a Drive-in event in Coconut Creek, Florida, on October 29, 2020. AFP
  • US President Donald Trump rallies with supporters at Phoenix Goodyear Airport in Goodyear, Arizona, on October 28, 2020. Reuters
    US President Donald Trump rallies with supporters at Phoenix Goodyear Airport in Goodyear, Arizona, on October 28, 2020. Reuters
  • Jessie Dales entertains supporters as they wait in line to enter the venue where US President Donald Trump will speak on a campaign stop, outside the venue at Goodyear Airport in Phoenix, Arizona, on October 28, 2020. EPA
    Jessie Dales entertains supporters as they wait in line to enter the venue where US President Donald Trump will speak on a campaign stop, outside the venue at Goodyear Airport in Phoenix, Arizona, on October 28, 2020. EPA
  • New York City Mayor Bill de Blasio stands in line with other voters to cast his ballot during early voting in the Brooklyn borough of New York City, New York, US, October 27, 2020. Reuters
    New York City Mayor Bill de Blasio stands in line with other voters to cast his ballot during early voting in the Brooklyn borough of New York City, New York, US, October 27, 2020. Reuters
  • Democratic US presidential nominee and former Vice President Joe Biden attends a campaign stop in Atlanta, Georgia, US. October 27, 2020. Reuters
    Democratic US presidential nominee and former Vice President Joe Biden attends a campaign stop in Atlanta, Georgia, US. October 27, 2020. Reuters
  • Former President Barack Obama speaks at a rally while campaigning for Democratic presidential candidate former Vice President Joe Biden Tuesday, Oct. 27, 2020, in Orlando, Florida. AP Photo
    Former President Barack Obama speaks at a rally while campaigning for Democratic presidential candidate former Vice President Joe Biden Tuesday, Oct. 27, 2020, in Orlando, Florida. AP Photo

Guns and poll watchers could cast shadow over election day in Michigan


Willy Lowry
  • English
  • Arabic

Latisha Lawson rushed through the wind and cold, determined to cast her ballot at one of downtown Detroit’s dozens of early voting sites.

“I’m a little bit worried about election fraud, but I just have to trust the process and pray that it all works out,” Ms Lawson, 32, said on Sunday.

She is one of millions in Michigan and across the US who cast their ballots before Tuesday’s election.

As people trickled in and out of the quiet polling station in the early morning, many spoke about a charged atmosphere around this election, with some concerned that it could boil over into voter intimidation and even violence on election day.

We are hoping that people don't bring their guns to the polls, that we don't have any issues and that the responsible gun owners will realise that it does make people uncomfortable

A recent poll by The Detroit News  found that 72 per cent of likely voters in Michigan were concerned about post-election violence, and almost 64 per cent were worried about foreign interference in the election.

President Donald Trump spent months questioning the integrity of the vote, making repeated unproven claims of fraud and dysfunction with mail-in-ballots, and urging his supporters to protect the election.

"I'm urging supporters to go into the polls and watch very carefully," Mr Trump said during the first presidential debate on September 29.

"If it's a fair election, I am 100 per cent on board. But if I see tens of thousands of ballots being manipulated, I can't go along with that."

His son, Donald Trump Jr, posted a video that urged people to join the “army for Trump’s election security operation” and warned that the Democrats planned to “add millions of fraudulent ballots” to cancel votes for his father.

Michigan is considered a battleground state in this month’s election. Mr Trump won by a margin of 0.2 per cent in 2016, a little fewer than 11,000 votes.

The president’s calls are being answered in Michigan by dozens of conservative groups, including the Election Integrity Fund, which has trained more than 500 poll watchers to monitor Tuesday’s vote.

On their website, the group published a 39-page training manual on how to be a poll watcher.

Among the many points are tips to bring food and water and to brace for a long day, as well as how to report incidents and challenge a vote.

“If you care about your vote, you should care enough to protect it," an advertisement for the Guard the Vote operation read.

"We need an army of volunteers to make sure the Dems don’t play games with all those absentee ballots that will need to be counted."

Under law, registered poll watchers have the right to challenge people’s eligibility to vote and report actions by election workers.

But they cannot speak to voters or handle election materials.

Grass-roots organisations such as All Voting is Local have responded to these conservative calls by making sure they have enough of their own observers at polling stations.

“I’m confident that if anything happens we’ll be able to deal with it,” said Aghogho Edevebie, the Michigan director for the group.

“People should feel free to cast their ballot and make their voice heard.”

But others are more worried about conservative poll watchers being sent to minority communities in places such as Detroit that predominantly vote Democrat.

They believe their presence could lead to people not casting their vote.

“We drove here from Chicago, so that shows you how concerned we are,” said a liberal poll observer outside an early voting site in inner-city Detroit, about 450 kilometres from his home.

Guns at polling sites

There are also concerns in Michigan that some poll observers could be armed.

Michigan is an open-carry state, which allows people to wear holstered guns at public polling sites.

Michigan’s Secretary of State, Jocelyn Benson, tried to ban openly carried guns at voting sites this year, to ensure no voter felt scared or intimidated.

But a judge blocked the order and an appeal has been lodged at Michigan’s Supreme Court.

“People have been open-carrying at polling stations for at least 20 years in Michigan,” said Jim Makowksi, a conservative lawyer who opposed the ban.

“It’s a first amendment freedom of expression type of thing. This is how people express their political views.”

Mr Makowski said simply carrying an “inanimate metal object” without threatening behaviour should not be considered intimidating to other voters.

Regardless of the outcome in the courts, several law enforcement agencies in Michigan said they would not be able to enforce a ban based on lack of legal grounding.

“We’re hoping that just because people can they won’t,” said Bob Stevenson, the executive director of the Michigan Association of Chiefs of Police.

“We are hoping that people don't bring their guns to the polls, that we don’t have any issues and that the responsible gun owners will realise that it does make people uncomfortable.”

Mr Stevenson said the fact that most polling stations in Michigan were at churches and schools, places that ban people from carrying firearms, would be enough.

But he said law enforcement in the state was prepared to respond to any calls of voter intimidation.

"We're confident we can stop intimidation. We'll be watching for that. We have laws for it and we're confident that we can stop that from happening," Mr Stevenson told The National.

He said there was a heightened awareness around this election and that people could expect to see more police officers at polling stations.

A recent report by the Armed Conflict Location and Event Data Project highlighted Michigan as a possible site for election-related violence, with the presence of active militias and far-right groups such as the Proud Boys.

“Traditionally, the police have tried to avoid being at polling locations, because to some people that could actually be considered intimidating,” Mr Stevenson said.

“But I think the population will recognise the reason we’re there is for their protection.”

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Race card:

6.30pm: Maiden; Dh165,000; 2,000m

7.05pm: Handicap; Dh165,000; 2,200m

7.40pm: Conditions; Dh240,000; 1,600m

8.15pm: Handicap; Dh190,000; 2,000m

8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m

9.25pm: Handicap; Dh170,000; 1,600m

10pm: Handicap; Dh190,000; 1,400m

The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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.”

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Hot%20Seat
%3Cp%3EDirector%3A%20James%20Cullen%20Bressack%3Cbr%3E%3Cbr%3EStars%3A%20Mel%20Gibson%2C%20Kevin%20Dillon%2C%20Shannen%20Doherty%2C%20Sam%20Asghari%3Cbr%3E%3Cbr%3ERating%3A%201%2F5%3C%2Fp%3E%0A

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

Mane points for safe home colouring
  • Natural and grey hair takes colour differently than chemically treated hair
  • Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
  • When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
  • Most modern hair colours are technique-based, in that they require a confident hand and taught skills
  • If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

Racecard
%3Cp%3E%0D5pm%3A%20Al%20Maha%20Stables%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%0D%3Cbr%3E5.30pm%3A%20Al%20Anoud%20Stables%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%0D%3Cbr%3E6.30pm%3A%20Arabian%20Triple%20Crown%20Round%202%20%E2%80%93%20Group%203%20(PA)%20Dh%20300%2C000%20(T)%202%2C200m%0D%3Cbr%3E7pm%3A%20Liwa%20Oasis%20%E2%80%93%20Group%202%20(PA)%20Dh300%2C000%20(T)%201%2C400m%0D%3Cbr%3E7.30pm%3A%20Dames%20Stables%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%3C%2Fp%3E%0A
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

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

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

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

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

The Old Slave and the Mastiff

Patrick Chamoiseau

Translated from the French and Creole by Linda Coverdale

While you're here
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The biog

Date of birth: 27 May, 1995

Place of birth: Dubai, UAE

Status: Single

School: Al Ittihad private school in Al Mamzar

University: University of Sharjah

Degree: Renewable and Sustainable Energy

Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.