• Britain's Prime Minister Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. Here, 'The National' looks at her time in power so far. AFP
    Britain's Prime Minister Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. Here, 'The National' looks at her time in power so far. AFP
  • Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street
    Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street
  • A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA
    A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA
  • Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP
    Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP
  • Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters
    Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters
  • A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP
    A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP
  • Ms Truss has come under increasing pressure during her short time as prime minister. AFP
    Ms Truss has come under increasing pressure during her short time as prime minister. AFP
  • An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP
    An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP
  • Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty
    Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty
  • Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP
    Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP
  • Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP
    Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP
  • Liz Truss gives a speech at the Conservative Party Conference. EPA
    Liz Truss gives a speech at the Conservative Party Conference. EPA
  • Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ
    Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ
  • Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP
    Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP
  • Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA
    Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA
  • Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP
    Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP
  • The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters
    The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters
  • Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters
    Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters
  • Ms Truss speaks to the media during her visit to the Empire State building in New York. AP
    Ms Truss speaks to the media during her visit to the Empire State building in New York. AP
  • Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA
    Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA
  • Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters
    Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters
  • Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP
    Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP
  • Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA
    Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA
  • King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images
    King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images
  • Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images
    Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images
  • The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg
    The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg
  • Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP
    Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP
  • Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP
    Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP
  • People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters
    People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters
  • Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters
    Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters
  • Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA
    Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA
  • Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA
    Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA
  • Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street
    Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street
  • New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA
    New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA
  • Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA
    Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA
  • Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images
    Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images

Who is Liz Truss? Tory hardliner struggling to get to grips with life as PM


Laura O'Callaghan
  • English
  • Arabic

Liz Truss became the third woman to enter Downing Street as British Prime Minister on September 6 after running a more successful campaign for Conservative leadership than Rishi Sunak.

The victory, by 81,326 votes from party members to Mr Sunak's 60,399, put her in the footsteps of Margaret Thatcher and Theresa May.

Ms Truss, 47, became a strong contender to replace Boris Johnson early in the race, thanks to her public image as a Brexit-supporting libertarian who opposes high taxes and wasteful spending.

But after taking the reins, she has faced immediate difficulties. Queen Elizabeth II died two days later, beginning a period of mourning and frustrating Ms Truss's ability to plan for the early days of her term in office.

Racing to catch up, she sent Chancellor Kwasi Kwarteng to announce a radical shake-up of the economy to fuel growth but in doing so sent the pound tumbling, rocked the FTSE and handed a record poll lead to the Labour opposition.

Her first Conservative party conference has been riddled with ill-discipline and there are already rebellions from within and outside her Cabinet. Some suggest they would consider another leadership change if matters do not improve quickly.

Early years

Born in Oxford to a maths professor father and a teacher mother, Ms Truss came from a Labour-leaning family.

During her younger years, she joined her parents on anti-Thatcher demonstrations and as a teenager progressed to the Liberal Democrats' youth and student wing, frequently taking part in protests.

The politically minded and ambitious Ms Truss became president of the Oxford University Lib Dems then joined the Conservatives after she graduated.

She spent more than a decade in the private sector, primarily as a management accountant and then as deputy director at the right-wing think tank Reform.

Then Conservative Parliamentary candidate for South West Norfolk Liz Truss, whilst canvassing in the village of West Walton, in Norfolk, during the 2010 General Election campaign. PA
Then Conservative Parliamentary candidate for South West Norfolk Liz Truss, whilst canvassing in the village of West Walton, in Norfolk, during the 2010 General Election campaign. PA

She is married to accountant Hugh O'Leary and the couple have two daughters, Frances and Liberty.

Ms Truss spent two years as a Conservative councillor for Greenwich borough in south-east London before being elected as MP for South-West Norfolk in 2010.

She lives with her husband and children in a three-bedroom detached home in the market town of Thetford in her constituency. She frequently stays at her second home in Greenwich.

From Remainer to Brexiteer

Ms Truss voted “remain” in the 2016 Brexit referendum, only to later advocate the UK leaving the EU.

Promoting herself as prime ministerial material, Ms Truss took to Twitter to say she had a clear vision for Britain and possessed “the experience and resolve to deliver it”.

Her zeal for limited government resulted in her pledge during the early stages of her campaign to “start cutting taxes from day one” and reverse a planned National Insurance increase.

  • New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP
    New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP
  • Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA
    Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA
  • Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA
    Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA
  • Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP
    Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP
  • Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP
    Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP
  • Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street
    Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street
  • Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA
    Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA
  • Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street
    Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street
  • Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street
    Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street
  • Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street
    Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street
  • Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street
    Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street
  • Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA
    Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA
  • Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street
    Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street
  • The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street
    The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street
  • Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA
    Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA
  • Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street
    Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street
  • Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street
    Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street
  • Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA
    Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA
  • Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA
    Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA
  • Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA
    Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA
  • In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA
    In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA
  • When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
    When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
  • Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
    Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
  • Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA
    Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA
  • Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA
    Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA
  • The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA
    The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA
  • Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA
    Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA

That stance played well with the Conservative party base but raised eyebrows among others, who feared such promises would make the party seem naive on fiscal matters.

She has served under three prime ministers — David Cameron, Mrs May and Mr Johnson.

The latter found a staunch ally in Ms Truss and, in September 2021, rewarded her for her loyalty with a promotion from international trade secretary to foreign secretary.

New PM's tough stance on Russia

Since being appointed to head the Foreign, Commonwealth and Development Office, Ms Truss's outspoken stance against Russia's invasion of Ukraine has been seen as an example of her no-nonsense approach to challenging issues on the international stage.

A few weeks before Russian troops entered Ukraine, Ms Truss arrived in Moscow for crisis talks with her counterpart Sergey Lavrov.

Before the summit, she posted a tweet demanding Russia withdraw more than 100,000 troops from the boundaries with Ukraine “or face severe consequences”, and said an incursion would be “a huge mistake”.

Her combative nature and warning about the possibility of a conflict between Russia and the West after the February 24 invasion of Ukraine landed her in hot water.

Kremlin spokesman Dmitry Peskov condemned what he called “absolutely unacceptable” remarks about possible “clashes” between Nato and Russia.

He said comments by Ms Truss and others had fuelled Moscow's decision to put its nuclear arsenal on a “special regime of combat duty”.

Liz Truss, right, opted for a matching fur hat and coat during a trip to Moscow in February, a subtle nod to Margaret Thatcher's style. AFP
Liz Truss, right, opted for a matching fur hat and coat during a trip to Moscow in February, a subtle nod to Margaret Thatcher's style. AFP

Channelling Margaret Thatcher

Echoing her political idol Thatcher, Ms Truss has stressed the need to support democracies and said the West must “face down global aggressors” such as China and Russia.

She has, time and again, been compared to Thatcher. She has been emulated her staged photo opportunities by posing with a calf, riding in a tank and wearing a fur hat during a diplomatic trip to Moscow.

Mr Kwarteng was among the first Tory MPs to publicly back Ms Truss's bid for No 10. Tipped to become chancellor of the exchequer in her Cabinet, he said her libertarian stance was one of the reasons he decided to support her.

“Liz’s basic instinct on tax is right … She doesn’t think people should be paying increasingly higher taxes to pay for higher spending”, Mr Kwarteng said.

Culture Secretary Nadine Dorries and Brexit Opportunities Minister Jacob Rees-Mogg also backed Ms Truss's campaign, cementing her position as the arch-Brexiteers' candidate of choice.

In the past, she has put forward her Brexit credentials, looking ahead to a “confident, outward-looking, patriotic and positive” future for the UK.

COMPANY PROFILE

Name: Cofe

Year started: 2018

Based: UAE

Employees: 80-100

Amount raised: $13m

Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group 

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
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

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

FIXTURES

All games 6pm UAE on Sunday: 
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa

RACE CARD

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
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7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m

The years Ramadan fell in May

1987

1954

1921

1888

Results

5pm: Reem Island – Conditions (PA) Dh80,000 (Turf) 1,600m; Winner: Farasah, Antonio Fresu (jockey), Musabah Al Muhairi

5.30pm: Sir Baniyas Island – Maiden (PA) Dh80,000 (T) 1,400m; Winner: SSR Ghazwan, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: Astral Del Sol, Sean Kirrane, Ibrahim Al Hadhrami

6.30pm: Al Maryah Island – Maiden (PA) Dh80,000 (T) 2,200m; Winner: Toumadher, Dane O’Neill, Jaber Bittar

7pm: Yas Island – Handicap (PA) Dh80,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed

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

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Engine: naturally aspirated 6.5-liter V12

Power: 819hp

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How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

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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

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.”

Updated: October 05, 2022, 9:27 AM