• Wind gusts, blowing down King Street, twist umbrellas during Hurricane Ian in Charleston, South Carolina. AP
    Wind gusts, blowing down King Street, twist umbrellas during Hurricane Ian in Charleston, South Carolina. AP
  • Flood waters on the streets of the South Battery in Charleston, South Carolina, as Hurricane Ian blows through on September 30. AP
    Flood waters on the streets of the South Battery in Charleston, South Carolina, as Hurricane Ian blows through on September 30. AP
  • People wander the wreckage at a beach community in Bonita Springs, Florida, in the aftermath of Hurricane Ian. AFP
    People wander the wreckage at a beach community in Bonita Springs, Florida, in the aftermath of Hurricane Ian. AFP
  • A US Coast Guard helicopter provided residents of Sanibel Island in Florida with an airlift after Hurricane Ian blew through. AP
    A US Coast Guard helicopter provided residents of Sanibel Island in Florida with an airlift after Hurricane Ian blew through. AP
  • A satellite view taken by imaging company Planet Labs shows damage inflicted on an island in the Sanibel Causeway in Florida by Hurricane Ian. AP
    A satellite view taken by imaging company Planet Labs shows damage inflicted on an island in the Sanibel Causeway in Florida by Hurricane Ian. AP
  • A combination of satellite images from Maxar Technologies shows San Carlos Boulevard in Fort Myers Beach, Florida, on August 17, top, and after Hurricane Ian, bottom, on September 30. AFP
    A combination of satellite images from Maxar Technologies shows San Carlos Boulevard in Fort Myers Beach, Florida, on August 17, top, and after Hurricane Ian, bottom, on September 30. AFP
  • Householder John Quigley carries a piece of artwork made by his daughter, the only item he found to salvage from the ruins of his home after Hurricane Ian, as he pulls his girlfriend's son Sebastian in a cart in Fort Myers Beach, Florida. AP
    Householder John Quigley carries a piece of artwork made by his daughter, the only item he found to salvage from the ruins of his home after Hurricane Ian, as he pulls his girlfriend's son Sebastian in a cart in Fort Myers Beach, Florida. AP
  • Fort Myers Beach in Florida after Hurricane Ian. AP
    Fort Myers Beach in Florida after Hurricane Ian. AP
  • Clean-up at a restaurant in Georgetown, South Carolina, close to where Hurricane Ian made landfall on September 30. Reuters
    Clean-up at a restaurant in Georgetown, South Carolina, close to where Hurricane Ian made landfall on September 30. Reuters
  • Debris from beachfront homes and businesses covers a road after Hurricane Ian hit Fort Myers Beach in Florida. AP
    Debris from beachfront homes and businesses covers a road after Hurricane Ian hit Fort Myers Beach in Florida. AP
  • Rescuer Eduardo Tocuya hopes to reunite a dog with its owners after Hurricane Ian hit Fort Myers Beach in Florida. AP
    Rescuer Eduardo Tocuya hopes to reunite a dog with its owners after Hurricane Ian hit Fort Myers Beach in Florida. AP
  • The Matlacha Isles west of Fort Myers in Florida after Hurricane Ian made its mark. EPA
    The Matlacha Isles west of Fort Myers in Florida after Hurricane Ian made its mark. EPA
  • A damage survey party at work after Hurricane Ian hit Fort Myers Beach in Florida. AP
    A damage survey party at work after Hurricane Ian hit Fort Myers Beach in Florida. AP
  • Residents of Fort Myers Beach in Florida pick up the pieces after Hurricane Ian blew through. AFP
    Residents of Fort Myers Beach in Florida pick up the pieces after Hurricane Ian blew through. AFP
  • The collapsed Sanibel Causeway in the aftermath of Hurricane Ian in Sanibel, Florida. AFP
    The collapsed Sanibel Causeway in the aftermath of Hurricane Ian in Sanibel, Florida. AFP
  • People clear debris in the aftermath of Hurricane Ian in Fort Myers Beach, Florida. AFP
    People clear debris in the aftermath of Hurricane Ian in Fort Myers Beach, Florida. AFP
  • Robert Leisure on what was the second floor of his business premises in the aftermath of Hurricane Ian in Fort Myers, Florida. AFP
    Robert Leisure on what was the second floor of his business premises in the aftermath of Hurricane Ian in Fort Myers, Florida. AFP
  • People clear debris in the aftermath of Hurricane Ian in Fort Myers Beach, Florida. AFP
    People clear debris in the aftermath of Hurricane Ian in Fort Myers Beach, Florida. AFP

Hurricane Ian leaves dozens dead as focus turns to aftermath


Willy Lowry
  • English
  • Arabic

With a death toll nearing three dozen, rescuers searched on Saturday for survivors among the Florida homes ruined by Hurricane Ian.

Meanwhile, authorities and residents in South Carolina began surveying their losses and assessing the damage from the powerful storm’s strike there.

Ian, one of the strongest hurricanes to hit the US, terrorised millions for most of the week, battering western Cuba before raking across Florida from the Gulf of Mexico to the Atlantic Ocean, and then mustering an assault on the Carolinas, as depicted in the gallery below.

  • Hurricane Ian's powerful winds blow the roof off a hotel in Charleston, South Carolina. Photo: Willy Lowry / The National
    Hurricane Ian's powerful winds blow the roof off a hotel in Charleston, South Carolina. Photo: Willy Lowry / The National
  • A downed tree blocks a roadway in Charleston as Hurricane Ian makes another landfall. Photo: Willy Lowry / The National
    A downed tree blocks a roadway in Charleston as Hurricane Ian makes another landfall. Photo: Willy Lowry / The National
  • A motorist drives though high water as another turns around during flooding following Hurricane Ian. AP
    A motorist drives though high water as another turns around during flooding following Hurricane Ian. AP
  • A surfer rides a wave following Hurricane Ian in Folly Island, South Carolina. AP
    A surfer rides a wave following Hurricane Ian in Folly Island, South Carolina. AP
  • Hurricane Ian hit Florida as a Category 4 storm causing widespread damage as it crossed the state before moving into the Atlantic and hitting Charleston as a Category 1 storm. Getty Images / AFP
    Hurricane Ian hit Florida as a Category 4 storm causing widespread damage as it crossed the state before moving into the Atlantic and hitting Charleston as a Category 1 storm. Getty Images / AFP
  • Shops in Charleston shut as Hurricane Ian made its way up the US coast. Getty Images / AFP
    Shops in Charleston shut as Hurricane Ian made its way up the US coast. Getty Images / AFP
  • A local resident braces himself as he looks out at the Charleston Harbour while rain and wind from Hurricane Ian bear down on the city. Reuters
    A local resident braces himself as he looks out at the Charleston Harbour while rain and wind from Hurricane Ian bear down on the city. Reuters
  • A city pump removes floodwater from Charleston's historic streets. Reuters
    A city pump removes floodwater from Charleston's historic streets. Reuters
  • A local resident walks in a flooded street as Hurricane Ian bears down on Charleston. Reuters
    A local resident walks in a flooded street as Hurricane Ian bears down on Charleston. Reuters
  • A good Samaritan pulls a stuck motorists from the high waters as Hurricane Ian batters Charleston. AP
    A good Samaritan pulls a stuck motorists from the high waters as Hurricane Ian batters Charleston. AP
  • Ian is now hitting South Carolina as a Category 1 storm near Charleston. Getty Images / AFP
    Ian is now hitting South Carolina as a Category 1 storm near Charleston. Getty Images / AFP
  • The streets of Charleston are currently a ghost town. Getty Images / AFP
    The streets of Charleston are currently a ghost town. Getty Images / AFP
  • Charleston firefighters form a plan to remove a large tree across a road felled by Hurricane Ian on Friday. AP
    Charleston firefighters form a plan to remove a large tree across a road felled by Hurricane Ian on Friday. AP
  • Age-old trees are always a problem when bad weather hits the historic town of Charleston. AP
    Age-old trees are always a problem when bad weather hits the historic town of Charleston. AP
  • Firefighters mark low-hanging wires after Hurricane Ian barrels through Charleston. AP
    Firefighters mark low-hanging wires after Hurricane Ian barrels through Charleston. AP
  • Residents use pumps to remove water from around their homes in the historic Battery as the effects from Hurricane Ian are felt in Charleston. AP
    Residents use pumps to remove water from around their homes in the historic Battery as the effects from Hurricane Ian are felt in Charleston. AP
  • Cars drive through the nearly deserted historic district of Charleston. Getty Images / AFP
    Cars drive through the nearly deserted historic district of Charleston. Getty Images / AFP
  • A woman walks past a shuttered and sandbagged Apple store in the historic district of Charleston. Getty Images / AFP
    A woman walks past a shuttered and sandbagged Apple store in the historic district of Charleston. Getty Images / AFP
  • A local resident hauls debris from the road in an effort to keep gutter drains clear as Hurricane Ian bears down on Charleston. Reuters
    A local resident hauls debris from the road in an effort to keep gutter drains clear as Hurricane Ian bears down on Charleston. Reuters

The storm weakened on Saturday before going into the mid-Atlantic.

At least 34 people were confirmed dead, including 27 people in Florida mostly from drowning but others from the storm’s after effects.

An elderly couple died after their oxygen machines shut off when they lost power, authorities said. Four more deaths were reported in North Carolina and three earlier in Cuba.

As of Saturday, more than 1,000 people had been rescued from flooded areas along Florida’s south-western coast alone, Daniel Hokanson, a four-star general and head of the National Guard, told the Associated Press.

Chris Schnapp was at the Port Sanibel Marina in Fort Myers on Saturday, waiting to see whether her 83-year-old mother-in-law had been evacuated from Sanibel Island.

A pontoon boat had just arrived with a load of passengers from the island — with suitcases and animals in tow — but Ms Schnapp’s mother-in-law was not among them.

“She stayed on the island. My brother-in-law and sister-in-law own two businesses over there. They evacuated. She did not want to go, thinking it wasn’t going to be bad,” Ms Schnapp said.

Now, she said, she was not sure if her mother-in-law was still on the island or had been taken to a shelter.

River flooding added a major challenge to rescue and supply delivery efforts. The Myakka River washed over a stretch of Interstate 75, forcing a traffic-snarling motorway closure Saturday on the corridor linking Tampa to the north with the hard-hit south-west Florida region that straddles Port Charlotte and Fort Myers.

While rising waters in Florida’s south-west rivers have crested or are near cresting, the levels are not expected to drop significantly for several days, said National Weather Service meteorologist Tyler Fleming in Tampa.

The Myakka River, he said, is “going to be at major flood level way into the week”.

In Myrtle Beach, South Carolina, a strong storm surge coupled with high tide inundated the community causing thousands in the area to lose power for up to eight hours.

The swells caused by Ian washed a shrimp boat on to the beach and left debris strew about the city’s streets.

Ian damaged at least four piers along South Carolina’s northern coast, a tourist destination for American and international travellers.

Forty kilometres south of Myrtle Beach, the storm wreaked havoc on Pawley’s Island causing up to 1.2 metres of flooding and damaging docks and the local pier.

Eddie Wilder, who has been visiting Pawleys Island for more than six decades, said Friday’s storm was “insane to watch.” He said waves as high as 7.6 metres washed away the pier — a landmark — two doors down from his home.

Many of the elevated beach homes still had feet of sand underneath, with dunes completely washed over and nearly flattened.

A shrimp boat is dumped on the shore at Myrtle Beach, South Carolina after Hurricane Ian blasted through the southern US state. Willy Lowry / The National
A shrimp boat is dumped on the shore at Myrtle Beach, South Carolina after Hurricane Ian blasted through the southern US state. Willy Lowry / The National

John Joseph, whose father built the family’s beige beach house in 1962, said on Saturday he was elated to return from Georgetown — which took a direct hit — to find his Pawleys Island home intact.

“Thank God these walls are still here, and we feel very blessed that this is the worst thing,” he said of the sand swept under his home. “What happened in Florida — gosh, God bless us. If we’d had a Category 4, I wouldn’t be here.”

In North Carolina, the storm claimed at least four lives and appeared to have mainly downed trees and power lines, leaving more than 280,000 people across the state without power on Saturday morning, officials said.

Separate vehicle crashes claimed two lives in the storm, the North Carolina officials said, a man drowned when his lorry plunged into a swamp, and another man died of carbon monoxide poisoning from a generator in a closed garage.

Ian decimates Gulf Coast

The storm’s winds were much weaker on Friday than during Ian’s landfall on Florida’s Gulf Coast earlier. Authorities and volunteers there were still assessing the damage as shocked residents tried to make sense of the disaster.

“I want to sit in the corner and cry. I don’t know what else to do,” Stevie Scuderi said after shuffling through the ruins of her Fort Myers flat, mud clinging to her purple sandals.

On Saturday, a long line of people waited outside an O’Reilly’s auto parts store in Port Charlotte, where a sign read, “We have generators now.” Hundreds of cars were lined up outside a Wawa gas station, and some people walked, carrying gas cans to their nearby cars.

Wood work on clearing a tree from a road in Fort Myers, Florida, which was very badly hit by Ian. AFP
Wood work on clearing a tree from a road in Fort Myers, Florida, which was very badly hit by Ian. AFP

At Port Sanibel Marina in Fort Myers, charter boat captain Ryan Kane was assessing damage to two boats Saturday, after the storm surge pushed several boats and a dock on to shore.

He said the boat he owns was wrecked. He said he could not use it to help rescue people, and it would be a long time before he would be chartering fishing clients.

“There’s a hole in the hull. It took water in the motors. It took water in everything,” he said, adding: “You know boats are supposed to be in the water, not in parking lots.”

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

The%20Boy%20and%20the%20Heron
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EHayao%20Miyazaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Soma%20Santoki%2C%20Masaki%20Suda%2C%20Ko%20Shibasaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3C%2Fp%3E%0A
Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

ENGLAND SQUAD

For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.

Company%20profile
%3Cp%3E%3Cbr%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Khodar%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%20and%20Alexandria%2C%20in%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ayman%20Hamza%2C%20Yasser%20Eidrous%20and%20Amr%20El%20Sheikh%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20agriculture%20technology%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24500%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Saudi%20Arabia%E2%80%99s%20Revival%20Lab%20and%20others%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%2035%3C%2Fp%3E%0A
Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
  • 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
  • 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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.”

Stamp%20duty%20timeline
%3Cp%3E%3Cstrong%3EDecember%202014%3A%3C%2Fstrong%3E%20%20Former%20UK%20chancellor%20of%20the%20Exchequer%20George%20Osborne%20reforms%20stamp%20duty%20land%20tax%20(SDLT)%2C%20replacing%20the%20slab%20system%20with%20a%20blended%20rate%20scheme%2C%20with%20the%20top%20rate%20increasing%20to%2012%20per%20cent%20from%2010%20per%20cent%3A%3C%2Fp%3E%0A%3Cp%3EUp%20to%20%C2%A3125%2C000%20%E2%80%93%200%25%3B%20%C2%A3125%2C000%20to%20%C2%A3250%2C000%20%E2%80%93%202%25%3B%20%C2%A3250%2C000%20to%20%C2%A3925%2C000%20%E2%80%93%205%25%3B%20%C2%A3925%2C000%20to%20%C2%A31.5m%3A%2010%25%3B%20More%20than%20%C2%A31.5m%20%E2%80%93%2012%25%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApril%202016%3A%3C%2Fstrong%3E%20New%203%25%20surcharge%20applied%20to%20any%20buy-to-let%20properties%20or%20additional%20homes%20purchased.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%202020%3A%3C%2Fstrong%3E%20Chancellor%20Rishi%20Sunak%20unveils%20SDLT%20holiday%2C%20with%20no%20tax%20to%20pay%20on%20the%20first%20%C2%A3500%2C000%2C%20with%20buyers%20saving%20up%20to%20%C2%A315%2C000.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMarch%202021%3A%3C%2Fstrong%3E%20Mr%20Sunak%20extends%20the%20SDLT%20holiday%20at%20his%20March%203%20budget%20until%20the%20end%20of%20June.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApril%202021%3A%3C%2Fstrong%3E%202%25%20SDLT%20surcharge%20added%20to%20property%20transactions%20made%20by%20overseas%20buyers.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJune%202021%3A%3C%2Fstrong%3E%20SDLT%20holiday%20on%20transactions%20up%20to%20%C2%A3500%2C000%20expires%20on%20June%2030.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%202021%3A%3C%2Fstrong%3E%20Tax%20break%20on%20transactions%20between%20%C2%A3125%2C000%20to%20%C2%A3250%2C000%20starts%20on%20July%201%20and%20runs%20until%20September%2030.%3C%2Fp%3E%0A

Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%20turbo%20and%203.6-litre%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20235hp%20and%20310hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E258Nm%20and%20271Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh185%2C100%0D%3Cbr%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20SupplyVan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2029%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20MRO%20and%20e-commerce%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

Updated: October 02, 2022, 4:25 AM