Four people were killed in Israeli strikes on southern Lebanon on Thursday night as border fighting reached a peak after weeks of clashes.
Israel pummelled southern Lebanon after a volley of Hamas and Hezbollah rockets were fired from across the border, killing four in the Wadi Saluki area, according to state media.
Hamas's Al Qassam brigades said it had launched 12 rockets at the northern Israeli city of Kiryat Shmona and its surroundings "in response to the massacre in Gaza", while Hezbollah said it had launched 19 simultaneous attacks, firing artillery and missiles at border posts.
The Israeli military later said it was striking a series of Hezbollah targets across the border.
While Israel and Lebanese militants have regularly traded fire in recent weeks, the Thursday attacks were the most significant since the Israel-Gaza war began in early October.
Two Israelis were wounded by shrapnel in Kiryat Shmona, the most populous settlement in the border region, which has been largely emptied in recent weeks amid a rise in cross-border clashes.
The threat of a wider regional conflict is mounting as Israel continues to pound the besieged Gaza Strip, where more than 9,000 people have been killed in air strikes, about three quarters of them women, children or elderly.
That threat grew more pronounced on Thursday night as Iraqi militia groups claimed a drone fired towards Israeli positions on Dead Sea earlier in the day.
In a statement on pro-militia Telegram channels, the "Islamic Resistance of Iraq" claimed the attack was "in support of our people in Gaza, and in response to the massacres committed ... against Palestinian civilians".
There was no immediate comment from Israel.
It comes a day before Hezbollah chief Hassan Nasrallah is due to make his first comments on the Israel-Gaza war, which has claimed the lives of more than 10,400 people in less than a month.
More than 70 Lebanese have been killed by Israeli attacks since October 7, as Lebanon becomes more enmeshed in the war in Gaza.
This includes 50 Hezbollah fighters and Reuters journalist Issam Abdallah, who was killed while covering Israeli air strikes on southern Lebanon.
Referencing the fighting during a nightly press briefing, Israeli army spokesman Daniel Hagari said Israel “will respond with action and not words”.
“Dozens of jets are flying all over the Middle East at any given time. Our enemies see that,” he said on Thursday.
The military also accused Iran of sending proxy militias from Syria into southern Lebanon to attack Israel, a claim denied by Hezbollah.
Hezbollah said it had launched the Thursday attack in response to Israeli fire on the disputed Shebaa Farms.
Analysts say Mr Nasrallah is unlikely to declare all-out war on Israel, with many Lebanese fearing such a conflict could push an already struggling country past its breaking point.
The White House on Thursday said that it was concerned by the escalation.
“We're concerned about continued attacks on Israeli forces there in the north, as are the Israelis,” National Security Council spokesman John Kirby told reporters during a news briefing.
However he added that “I don't believe we've seen any indication yet specifically that Hezbollah is ready to go in full force”.
Speaking before departing the US for another visit to Israel, Secretary of State Antony Blinken also said Washington is looking to avoid further fighting on the border.
“We are determined to prevent escalation on any of these fronts, whether its Lebanon … the West Bank, whether it’s anywhere else in the region,” he told reporters on the tarmac.
France has also called for calm between Lebanon and Israel.
Defence Minister Sebastien Lecornu is currently on a visit to Lebanon, warning against a wider regional conflict.
A war with Israel “could have major escalatory effects on the whole region”, Mr Lecornu said in a visit to French UN peacekeepers in the south on Thursday.
President Emmanuel Macron has also said Paris is working to maintain calm between the two countries, while Foreign Minister Catherine Colonna is also due to visit the Middle East on Sunday in a bid to bolster diplomatic efforts to end the war.
Israel has warned any conflict with Lebanon would be much more destructive than the 2006 Lebanon war, which killed at least 1,200 Lebanese.
“Hezbollah may decide to act, and we will have to respond,” Israeli Strategic Affairs Minister Ron Dermer told reporters earlier this week.
“The response now will make what happened in 2006 look like child's play.”
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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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
UAE currency: the story behind the money in your pockets
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
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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Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
