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.
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.
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”.
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
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
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
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
On sale: Now
Price: From Dh117,059
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
More on Quran memorisation:
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.”