• A Quran written in gold from the 16th century will go on sale at auction in London. It is part of the Arts of the Islamic World and India at Sotheby’s, pieces from which will go on auction on October 27, with the Quran going for an estimated £300,000 to £500,000. AP Photo
    A Quran written in gold from the 16th century will go on sale at auction in London. It is part of the Arts of the Islamic World and India at Sotheby’s, pieces from which will go on auction on October 27, with the Quran going for an estimated £300,000 to £500,000. AP Photo
  • A large brass astrolabe from Morocco, signed by the famous explorer Muhammad ibn Ahmad al-Battuti, from 1728-29 AD is estimated at £400,000 to £600,000. Getty Images
    A large brass astrolabe from Morocco, signed by the famous explorer Muhammad ibn Ahmad al-Battuti, from 1728-29 AD is estimated at £400,000 to £600,000. Getty Images
  • A pair of Mughal spectacles set with emerald lenses, in diamond-mounted frames, from India. Getty Images
    A pair of Mughal spectacles set with emerald lenses, in diamond-mounted frames, from India. Getty Images
  • Roxelana was the legendary wife of the longest-reigning Ottoman Sultan Suleyman the Magnificent (r.1520-66), who became the most powerful and influential woman in Ottoman history. Roxelana had an unprecedented relationship with the great monarch, bearing him four sons (when conventions dictated a concubine must bear only one) and becoming a true political confidante. Getty Images
    Roxelana was the legendary wife of the longest-reigning Ottoman Sultan Suleyman the Magnificent (r.1520-66), who became the most powerful and influential woman in Ottoman history. Roxelana had an unprecedented relationship with the great monarch, bearing him four sons (when conventions dictated a concubine must bear only one) and becoming a true political confidante. Getty Images
  • A gold and silver-inlaid brass candlestick produced in Iraq is the highest valued item on auction and is estimated to fetch between £2mn to £3mn. AP Photo
    A gold and silver-inlaid brass candlestick produced in Iraq is the highest valued item on auction and is estimated to fetch between £2mn to £3mn. AP Photo
  • A Iznik pottery dish, which has an estimate of £250,000 to £350,000. AP Photo
    A Iznik pottery dish, which has an estimate of £250,000 to £350,000. AP Photo
  • A Safavid silk and metal thread 'Polonaise' rug, from the early 17th century. The rug was formerly in the collection of tycoon Judge Elbert Gary (1846-1927), one of the founders of US steel. The rug was sold in his estate sale in 1928, where it was acquired by John D Rockefeller, and later gifted to the Arkansas Museum of Fine Arts Foundation. It is now returning to auction for the first time in almost a century and is estimated to be worth between £300,000 and £500,000.
    A Safavid silk and metal thread 'Polonaise' rug, from the early 17th century. The rug was formerly in the collection of tycoon Judge Elbert Gary (1846-1927), one of the founders of US steel. The rug was sold in his estate sale in 1928, where it was acquired by John D Rockefeller, and later gifted to the Arkansas Museum of Fine Arts Foundation. It is now returning to auction for the first time in almost a century and is estimated to be worth between £300,000 and £500,000.
  • An inscribed feline-form bronze incense burner, with an estimate of £30,000 to £50,000. AP Photo
    An inscribed feline-form bronze incense burner, with an estimate of £30,000 to £50,000. AP Photo

Dazzling display of art from Islamic world and India at Sotheby's London auction


Layla Maghribi
  • English
  • Arabic

Two pairs of emerald and diamond spectacles and a Quran written in gold are among the extraordinary highly valued pieces that will go under the hammer next week in London.

Sotheby’s Arts of the Islamic World and India auction is offering historic objects, paintings and manuscripts spanning 10 centuries.

The international auction house said it is the highest value iteration of the biannual sale in a decade. Its top lot, a gold and silver-inlaid brass candlestick from the 13th century is expected to fetch between £2 million and £3m ($2.3-$3.5m), with the auction house calling it “the finest example of Islamic metalwork to appear on the market in over 10 years”.

Recently exhibited at the Metropolitan Museum of Art in New York, Sotheby’s described the ornament, which was made in Northern Iraq about 1275, as “embodying the courtly ceremonies of the period”.

Two pairs of diamond and emerald spectacles, called Halo of Light and Gate of Paradise, respectively, are set to captivate bidders. On offer at auction for the first time, the dazzling glasses were commissioned by an unknown prince in 17th century Mughal India and are each set to go for between £1.5m and 2.5m. The auction house said the artistry used to shape the diamonds was masterly.

“They are undoubtedly a marvel for gemologists and historians alike, and it is a real thrill to be able to bring these treasures to light and to offer the world the opportunity to wonder at their brilliance and the mystery behind their creation,” said Edward Gibbs, chairman of Sotheby’s Middle East and India.

A Quran written in gold from 16th-century Persia is also available. One of few complete manuscripts in which the main body of the text has been entirely executed in gold script, the holy book could sell for up to £500,000, Sotheby’s estimates.

Astronomy enthusiasts can get their hands on some of the Muslim world’s early advances in the field through a large brass astrolabe dating back to 18th-century Morocco and a rare Mughal brass celestial globe engraved with the Arabic names of more than 1,000 stars.

Sotheby’s Arts of the Islamic World and India sales are held twice a year in April and October and exhibit high-quality artworks including calligraphy, paintings, ceramics, metalwork, jewellery and furniture produced between the seventh and 19th centuries. The past two auctions raised a combined total of more than £20m.

The auction takes place at Sotheby’s in London on October 27 where bidding can take place in-person and online.

Kat Wightman's tips on how to create zones in large spaces

 

  • Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
  • Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
  • Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
  • Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
  • Use a considered collection of prints and artworks that work together to form a cohesive journey.
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

if you go

The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to ­Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/

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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.”

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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
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COMPANY PROFILE

Name: N2 Technology

Founded: 2018

Based: Dubai, UAE

Sector: Startups

Size: 14

Funding: $1.7m from HNIs

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Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

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Updated: October 23, 2021, 11:28 AM