Prince Harry highlights effects of inflation crisis on WellChild families

Prince Harry has used a UK charity video to highlight the “tremendous pressure” the cost-of-living crisis is putting on families caring for children who rely on life-saving equipment.

In his first UK charity video since the release of his controversial tell-all memoir Spare, the Duke of Sussex spoke of the “immense challenges” for families looking after youngsters with complex medical needs, and praised their “resilience and fortitude”.

Prince Harry called for nominations for the annual WellChild Awards and hailed carers, doctors, nurses and teachers for the “life-changing support” they give to seriously ill children across the UK.

“WellChild … creates a network of support for families who are facing countless medical, logistical and mental health challenges, compounded by a cost-of-living crisis that adds tremendous pressure in caring for their children who are dependent on life-saving equipment," he said in the footage released on Tuesday.

“And I’d be remiss if I didn’t mention the carers and health professionals, doctors, nurses, teachers, play specialists and many more, who are part of the WellChild family as well.

“They deliver life-changing support each and every day.

“Despite facing immense challenges, WellChild families continue to display a resilience and fortitude that is nothing short of inspiring.”

Prince Harry and Meghan Duchess of Sussex through the years - in pictures

The duke, dressed in a pale blue open-necked shirt, appeared to be wearing the necklace he accused Prince William of ripping while physically attacking him.

Prince Harry wrote in his book that the Prince of Wales knocked him to the floor at Nottingham Cottage after calling the Duchess of Sussex “difficult”, “rude” and “abrasive”.

The ghost-written autobiography — which became the fastest-selling non-fiction book in the UK since records began — laid bare Prince Harry’s frustrations with his family.

He claimed King Charles put his own interests above Prince Harry’s and was jealous of Meghan and the Princess of Wales, and that Queen Consort Camilla sacrificed him on “her personal PR altar”.

The video, which was recorded recently, appears to show Prince Harry standing outside and looking relaxed as he delivers his message.

The duke lives in California after moving to the US in 2020.

Prince Harry's ghostwriter JR Moehringer - in pictures

Prince Harry remained patron of WellChild, a role he has held for more than 15 years, when he stepped down from the working monarchy.

He said he was looking forward to meeting the award winners later in the year, which suggested he will make a return to the UK for the annual award ceremony.

“Each year, I so look forward to meeting with the award winners and spreading awareness about this incredible charity,” Prince Harry said.

It has not been confirmed yet whether he will be invited to or attend his father’s coronation in May.

The duke has revealed he has enough material for two books, but held back because he does not think his father and brother would “ever forgive” him.

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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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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.

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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