• A woman takes a holiday box of food from the Food Bank For New York City ahead of the Thanksgiving holiday in Harlem. Reuters
    A woman takes a holiday box of food from the Food Bank For New York City ahead of the Thanksgiving holiday in Harlem. Reuters
  • A woman looks through a box of canned food during a Thanksgiving food distribution event at Food Bank For New York City in Harlem. AFP
    A woman looks through a box of canned food during a Thanksgiving food distribution event at Food Bank For New York City in Harlem. AFP
  • Bread for the City is one of the non-profit organisations trying to safely meet the spike in food insecurity in Washington DC. Courtesy of Bread for The City
    Bread for the City is one of the non-profit organisations trying to safely meet the spike in food insecurity in Washington DC. Courtesy of Bread for The City
  • Bread for The City delivers food packages. Courtesy of Bread for The City
    Bread for The City delivers food packages. Courtesy of Bread for The City
  • Turkeys are given to residents at a food distribution event ahead of the Thanksgiving holiday in Brooklyn, New York City. AFP
    Turkeys are given to residents at a food distribution event ahead of the Thanksgiving holiday in Brooklyn, New York City. AFP
  • Volunteer Sean Armstrong hands turkeys to volunteer Nina Norwood at Harlem's Food Bank For New York City, a community kitchen and food pantry. AP Photo
    Volunteer Sean Armstrong hands turkeys to volunteer Nina Norwood at Harlem's Food Bank For New York City, a community kitchen and food pantry. AP Photo
  • A person holds their ticket for a turkey during a Thanksgiving food distribution event at Food Bank For New York City in Harlem. AFP
    A person holds their ticket for a turkey during a Thanksgiving food distribution event at Food Bank For New York City in Harlem. AFP
  • Pallets of food are seen during a Thanksgiving food distribution event at Food Bank For New York City in Harlem. AFP
    Pallets of food are seen during a Thanksgiving food distribution event at Food Bank For New York City in Harlem. AFP
  • Volunteer Daisy Valdivia, of Forth Worth, Texas, takes down information from a person waiting in line to receive food items during a Tarrant Area Food Bank mobile pantry distribution event in Arlington, Texas. AP Photo
    Volunteer Daisy Valdivia, of Forth Worth, Texas, takes down information from a person waiting in line to receive food items during a Tarrant Area Food Bank mobile pantry distribution event in Arlington, Texas. AP Photo
  • US Army soldiers of the 36th Infantry Division hand out frozen turkeys and other food items during a Tarrant Area Food Bank mobile pantry distribution event in Arlington, Texas. AP Photo
    US Army soldiers of the 36th Infantry Division hand out frozen turkeys and other food items during a Tarrant Area Food Bank mobile pantry distribution event in Arlington, Texas. AP Photo
  • Volunteers build bags of dry goods in a parking lot outside of AT&T Stadium during a Tarrant Area Food Bank mobile pantry distribution event in Arlington, Texas. AP Photo
    Volunteers build bags of dry goods in a parking lot outside of AT&T Stadium during a Tarrant Area Food Bank mobile pantry distribution event in Arlington, Texas. AP Photo
  • People line up in their cars to receive Thanksgiving meal boxes that include turkey and pantry items during the largest food giveaway of the Tarrant Area Food Bank at AT&T Stadium parking lot in Arlington, Texas. Star-Telegram via AP
    People line up in their cars to receive Thanksgiving meal boxes that include turkey and pantry items during the largest food giveaway of the Tarrant Area Food Bank at AT&T Stadium parking lot in Arlington, Texas. Star-Telegram via AP
  • Volunteers Jailene Cruz and Genesis Maldonado sort food at the Los Angeles Regional Food Bank distribution center in Los Angeles, California. Reuters
    Volunteers Jailene Cruz and Genesis Maldonado sort food at the Los Angeles Regional Food Bank distribution center in Los Angeles, California. Reuters
  • Kristen McKenna, center, and other volunteers pack boxes of food outside Second Harvest Food Bank in Irvine, California. AP Photo
    Kristen McKenna, center, and other volunteers pack boxes of food outside Second Harvest Food Bank in Irvine, California. AP Photo
  • People wait in line as the Los Angeles Regional Food Bank distributes food outside in Los Angeles, California. Reuters
    People wait in line as the Los Angeles Regional Food Bank distributes food outside in Los Angeles, California. Reuters
  • A woman leaves with a wagon of food as the Los Angeles Regional Food Bank distributes food outside a church in Los Angeles, California. Reuters
    A woman leaves with a wagon of food as the Los Angeles Regional Food Bank distributes food outside a church in Los Angeles, California. Reuters

Thanksgiving: Americans queue at food banks amid coronavirus downturn


Joyce Karam
  • English
  • Arabic

It’s an all-American-holiday, a time to come together and give thanks. But with a pandemic ravaging the country, and poverty and food insecurity on the rise, the US will mark a sombre Thanksgiving this Thursday as millions grow dependent on food banks for help.

The scenes of thousands of Americans in cars and long lines queuing outside food pantries in Houston, New York city, Boston, and Los Angeles are beyond what the country has experienced since the Great Depression.

With 16.7 per cent of the population in poverty according to Columbia University’s Centre on Poverty and Social Policy, 10 million Americans still out of work, and the government failing to pass another stimulus, the Covid-economy is hitting those in need the hardest.

Outside a food pantry in Warrenton, a middle-class town in the state of Virginia, the line for free Thanksgiving items stretched through the car park last Friday.

"I used to donate to food banks but now me and my family need this"

Katarina Carrillo said this is the first time she has stood in such a line. “I used to donate to food banks, but now me and my family need this,” Ms Carrillo, who lost her job as a waitress said while waiting in line for a Thanksgiving basket.

Not far from her is Lorena Maradiaga, who was working as a housekeeper before the pandemic and now finds herself unemployed. “I don’t like it but I have no choice,” she said.

Their stories are repeated at food banks across the country that are doubling their efforts to keep up with increased demand. The North Texas Food Bank (NTFB) registered its largest food donation ever to date last week.

More than 6,000 cars and nearly 25,000 people were served by the organisation. Footage of the event that went viral online recorded distribution of 600,000 pounds of food, including 7,280 turkeys.

Bread for the City is one of the non-profit organisations that has galvanised a network of volunteers as well as partnering with Uber Eats and Amazon deliveries to try and safely meet the spike in food insecurity in Washington DC, the country’s capital.

In March, before the pandemic's impact was felt, the organisation was donating 1,290 bags per month. This number skyrocketed to 19,102 deliveries in June and is close to 10,000 now according to their data.

George Jones, the chief executive officer of Bread for the City, describes a challenge to meet the spike in demand and poverty in the city. "The poverty rate has gone up in DC from 100,000 to 150,000… we are trying to meet the increased volume we have received, sometimes it fluctuates between 400 to 1000 households a day," Mr Jones told The National in a phone call.

Mr Jones’ organisation has opted for deliveries and gift cards this year as a safe measure during the pandemic. That adds to the strain to deliver a fresh holiday turkey bird, which Bread for the City has substituted with a $50 gift card for over 15,000 recipients in need.

Attracting new donors during a tough economy is also a challenge for these food banks. But Mr Jones sees increasing empathy and some encouraging signs despite the hardships.

“The pandemic has helped in giving rebirth to the US civil rights movement and created a political will in the country to tackle some of systematic issues that cause food insecurity.” The need across different communities, despite it being higher among Black and Latino populations, has created more empathy, he argued.

That political will is evident in an open conversation about racial justice and economic inequity, and in Congress through the passing of a historic $2 trillion stimulus package last May known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

But with political polarisation accentuated across the US government, failure to renew both the CARES act and federal unemployment insurance will see vital support structures dry up in the coming months.

A nationwide eviction moratorium protecting renters unable to pay due to coronavirus job losses will also expire by the end of the year. If Congress and the White House fail to act, 12 million Americans would lose current benefits and 40 million renters could be evicted.

Zachary Parolin, a Postdoctoral Research Scientist at the Centre on Poverty & Social Policy at Columbia University, warned that the continued political stagnation will only deepen America’s food insecurity and poverty issues.

"Our evidence suggests that poverty rates have increased in the US after the expiration of the key income supports from the CARES Act. The poverty rate in the US is now higher than before the start of the crisis, and higher than the rate in April and May when the unemployment rate was actually higher," Mr Parolin told The National.

“Given that the high rate of unemployment will likely persist for some time, families will continue to struggle in the absence of more income support. This will likely lead to higher rates of food insecurity, more evictions… we should be deeply concerned about both the short- and long-term effects that this crisis will have on families with children,” he added.

The centre’s study published last month saw the number of those in poverty in the US grow by eight million since May. “Black people and Latinos are more than twice as likely as white people to be poor,” it found.

This Thanksgiving, the pandemic economy has taken its toll, and Americans who never thought they would be standing in line for food are doing just that. With a Covid-19 vaccine on the horizon and the US economy slowly recovering, many hope that the next Thanksgiving will be less taxing.

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

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.”

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Scoreline

Arsenal 0 Manchester City 3

  • Agüero 18'
  • Kompany 58'
  • Silva 65'
RESULTS

5pm Maiden (PA) Dh80,000 (Turf) 1,600m

Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)

5.30pm Handicap (PA) Dh80,000 (T) 1,600m

Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi

6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m

Winner Hameem, Adrie de Vries, Abdallah Al Hammadi

6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m

Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7pm Maiden (PA) Dh80,000 (T) 1,200m

Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm Handicap (TB) Dh100,000 (T) 2,400m

Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A
Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

MATCH INFO

Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)

How it works

Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com

Brief scores:

Liverpool 3

Mane 24', Shaqiri 73', 80'

Manchester United 1

Lingard 33'

Man of the Match: Fabinho (Liverpool)

Results

2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)

2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili

3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson

3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer

4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar

4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly

School counsellors on mental well-being

Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.

Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.

Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.

“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.

“Some have got used to being at home don’t want to go back, while others are desperate to get back.

“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.

“It is worrying and has taught us how important it is that we prioritise mental well-being.”

Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.

The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.

At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.

“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.

“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.

"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
What is safeguarding?

“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.

The Bio

Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”

Holiday destination: “I like Paris very much, it’s a city very close to my heart.”

Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”

Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”

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.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

The years Ramadan fell in May

1987

1954

1921

1888

UAE currency: the story behind the money in your pockets
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

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Draw:

Group A: Egypt, DR Congo, Uganda, Zimbabwe

Group B: Nigeria, Guinea, Madagascar, Burundi

Group C: Senegal, Algeria, Kenya, Tanzania

Group D: Morocco, Ivory Coast, South Africa, Namibia

Group E: Tunisia, Mali, Mauritania, Angola

Group F: Cameroon, Ghana, Benin, Guinea-Bissau

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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