Tory leadership hopefuls Boris Johnson and Rishi Sunak. PA
Tory leadership hopefuls Boris Johnson and Rishi Sunak. PA
Tory leadership hopefuls Boris Johnson and Rishi Sunak. PA
Tory leadership hopefuls Boris Johnson and Rishi Sunak. PA

Rishi Sunak takes swipe at Boris Johnson as he declares Tory leadership bid


Laura O'Callaghan
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Boris Johnson is said to remain determined in his bid for 10 Downing Street on Sunday, despite his rival Rishi Sunak having the upper hand in the race to become prime minister.

The pair were reportedly locked in talks on Saturday evening to see if they could reach a deal, but no agreement was reached.

Mr Sunak has gained the support of Conservative Party “big beasts” and appears ahead of Mr Johnson in terms of the number of MPs supporting him.

The former chancellor officially announced he was running on Sunday, vowing to fix the economy, reunite the divided Tory party and deliver change for Britain.

He appeared to take a swipe at his opponent when he said there would be “integrity, professionalism and accountability” in a government run by him. Mr Johnson's time in office was marred by the “Partygate” saga, among other scandals.

Mr Johnson, who has yet to officially declare his bid, dashed back to the UK on Friday after Liz Truss resigned as leader of the Conservative Party on Thursday. She will remain as prime minister until her successor is sworn in, which will happen by Friday.

Nominations for the Tory leadership race will close at 2pm on Monday.

Penny Mordaunt is also competing in the contest, but is trailing Mr Johnson and Mr Sunak.

Business Secretary Jacob Rees-Mogg on Sunday insisted Mr Johnson will stand in the Tory leadership race.

“I have been speaking to Boris Johnson, and clearly he’s going to stand, there’s a great deal of support for him,” he told the BBC.

Boris Johnson’s campaign team reportedly told supporters on Sunday evening they had secured the 100 nominations needed from MPs for the former prime minister to get on the ballot paper.

Northern Ireland Secretary Chris Heaton-Harris has sent a WhatsApp message to supporters confirming they have the numbers, according to The Sun’s political editor Harry Cole.

Mr Heaton-Harris told them: “OK everyone! Some very good news! Thanks to all your hard work I can confirm we have completed all the paperwork (verified all nominations, with proposer and seconder) to be on the ballot tomorrow.”

However, supporters of former chancellor Rishi Sunak reacted to the claim with suspicion, suggesting it was a desperate attempt to drum up support.

Sunak vows to fix UK economy

Mr Sunak announced his campaign for Downing Street on Twitter on Sunday, declaring that the UK “is a great country but we face a profound economic crisis.”

“That’s why I am standing to be leader of the Conservative Party and your next prime minister,” he said.

“I want to fix our economy, unite our party and deliver for our country.”

Mr Sunak sought to use his experience as chancellor during the Covid-19 pandemic as the platform for his bid.

“I served as your chancellor, helping to steer our economy through the toughest of times,” he said. “The challenges we face now are even greater. But the opportunities, if we make the right choice, are phenomenal.

“I have the track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto.

“There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done.

“I am asking you for the opportunity to help fix our problems. To lead our party and country forwards towards the next general election, confident in our record, firm in our convictions and ready to lead again.”

Home Secretary Grant Shapps on Sunday became the latest Conservative stalwart to come out in support of Mr Sunak.

Mr Shapps, who previously served as transport secretary in Mr Johnson's Cabinet, said the UK needs a leader “who can provide stability and proven economic competence in these challenging times and Rishi Sunak is that person.”

Suella Braverman, who Ms Truss sacked as home secretary, also announced she was backing Mr Sunak.

“Things need to change. We, as a party, need to change,” she wrote in the Telegraph. “We need to provide leadership, stability and confidence to the British people.

“We cannot indulge in parochial or nativist fantasies.”

She said Mr Sunak would be a leader who would “inspire hope for a better future and raise our spirits”.

Deal or no deal?

Multiple media reports suggested Mr Johnson and Mr Sunak held late night discussions on Saturday to try to reach a deal on a joint ticket for Downing Street.

Tory MPs are said to have urged the pair to the negotiating table as the party has suffered badly from infighting.

But reports on Sunday indicated the talks had not been fruitful.

Mr Johnson held a call with Tory MPs backing him early on Sunday, telling them he is “still going for it”. One MP on the call told The Telegraph that there's “no doubt” he's still in the race.

Dominic Raab, who served as Mr Johnson’s deputy prime minister, said he was not expecting a pact between his former boss and Mr Sunak, whom he is backing.

Former British Prime Minister Boris Johnson arrives at Gatwick Airport on Friday. Reuters
Former British Prime Minister Boris Johnson arrives at Gatwick Airport on Friday. Reuters

Asked if the pair had done a deal during Saturday’s meeting, Mr Raab told the BBC: “No, I don’t think there’s any issue around deals here and that’s not the right way to proceed.”

Pressed further, Mr Raab asked: “What would that deal involve?”

He went on to highlight the “range” of support Mr Sunak has among Tory MPs, adding: “What they did have was a very good conversation about the need for unity.”

Mr Raab said while he would support Mr Johnson’s return to front-line politics it would not be practical given the continuing inquiry into whether the former prime minister misled MPs on lockdown-breaking parties in Downing Street.

“I’d love to see Boris Johnson come back to front-line politics, I’m speaking personally,” Mr Raab said.

“But we have this major issue which led to him having to resign, which is partygate, and in a matter of days, not weeks, he’s going to see televised witness testimony, including his own, which is going to take him right back into that spiral.”

Foreign Secretary James Cleverly has come out in support of Mr Johnson.

Mr Cleverly said the last few weeks have demonstrated that the job of a prime minister is “tough” and given that Mr Johnson has “learnt lessons from his time in No10" he is the right person for the job. He said Mr Johnson “will ensure the focus is on the needs of the country from day one.”

“I will be supporting him to return to the role of PM,” he added.

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.”

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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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

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1 Lewis Hamilton, Mercedes, 10 wins 387 points

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4 Charles Leclerc, Ferrari, 2 wins, 249 points

5 Sebastian Vettel, Ferrari, 1 win, 230 points

Abu Dhabi GP weekend schedule

Friday

First practice, 1pm 
Second practice, 5pm

Saturday

Final practice, 2pm
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Sunday

Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm

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Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

UAE currency: the story behind the money in your pockets
The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

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Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
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Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

Dubai Bling season three

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Rating: 1/5

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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Volvo ES90 Specs

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

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

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

Price: Exact regional pricing TBA

It

Director: Andres Muschietti

Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor

Three stars

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Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

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Updated: October 24, 2022, 5:31 AM