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Iran's supreme leader Ayatollah Ali Khamenei has said Israel's Saturday attack on his country should neither be exaggerated nor played down, in his first comments on the offensive.
Four Iranian soldiers and a civilian were killed in the strikes, which analysts said targeted ballistic missile production centres in several provinces. The “evil” attack “should not be magnified or belittled”, said Mr Khamenei, according to state media.
“The miscalculations of the Israeli regime must be disrupted. It is essential to make them understand the strength, will, and initiative of the Iranian nation and its youth,” he said while meeting the families of the four dead.
Iranian news outlets named the civilian killed in the attack as Allahverdi Rahimpour.
While Iran's government has condemned the attack, the army said the strikes inflicted “limited damage”, and the US has warned Tehran against responding.
“It is up to the authorities to determine how to convey the power and will of the Iranian people to the Israeli regime and to take actions that serve the interests of this nation,” Mr Khamenei added.
His comments came as Israeli leaders were expected to meet to discuss the attack. Israel's war cabinet will convene on Sunday to deliberate on a potential Iranian response, Israeli public broadcaster Kan reported.
Explosions were heard in Tehran on Saturday morning as Israel launched an attack on military bases in Ilam, Khuzestan and Tehran provinces. Israel said the attack was in response to an Iranian missile barrage launched at Tel Aviv on October 1, itself a response to the Israeli assassination of Hezbollah chief Hassan Nasrallah and a senior commander in Iran's Islamic Revolutionary Guard Corps.
“The air force attacked throughout Iran. We hit hard Iran's defence capabilities and its ability to produce missiles that are aimed at us,” Israeli Prime Minister Benjamin Netanyahu said in a speech, calling the attack “precise and powerful” and saying it met all its objectives.
While Iran's Foreign Ministry said the country was “obligated” to defend itself, a statement from the military seemed to play down the Israeli strikes, saying Tehran “recognises its responsibilities towards regional peace and security”.
The US urged Tehran not to retaliate. “Iran should not make the mistake of responding to Israel’s strikes, which should mark the end of this exchange,” Defence Secretary Lloyd Austin said in a post on social media network X.
However, Foreign Minister Abbas Araghchi said US complicity the attack is “quite clear”, after Israel insisted it was not influenced by the US in its decision to attack military sites in Iran.
Mr Araghchi accused the US of providing a “space corridor” and equipment needed by Israel to conduct the strike.
Analysts said the strikes damaged ballistic missile production centres in several locations. Israel hit Parchin, a military complex near Tehran, and a missile production site called Khojir, they told Reuters.
The strikes may have “significantly hampered Iran's ability to mass produce missiles”, said Decker Eveleth, an associate research analyst at a Washington-based think tank.
“Israel says they targeted buildings housing solid-fuel mixers. These industrial mixers are hard to make and export-controlled. Iran imported many over the years at great expense, and will likely have a hard time replacing them.”
As Iran assessed the aftermath of the attack, the Israeli army continued to attack Gaza and Lebanon, where several people were killed overnight Saturday and early on Sunday.
Air strikes were reported across Beirut's suburbs and in southern parts of Lebanon. An intensive bombardment hit the southern districts of Tyre and Bint Jbeil, Lebanon's state-run National News Agency reported, with at least three people killed.
Three others died in a strike on the town of Zoutar Al Sharqiya in the Nabatieh area, the health ministry said on Sunday morning. Casualties were also reported after strikes on Al Zarariyeh.
In the Beirut region, air raids were reported on the suburbs of Al Hadath, Burj Al Barajneh and Haret Hreik on Saturday. The Israeli army had issued another eviction order to civilians in the area on Saturday night.
Israeli strikes and shelling have killed at least 2,653 people across Lebanon since cross-border fighting began last October, before Israel launched an all-out war on Lebanon-based militant group Hezbollah last month and a subsequent ground invasion.
Four more Israeli soldiers were killed in southern Lebanon on Saturday, the Israeli army announced. Fourteen others were wounded in the same incident, with several said to be seriously injured.
The Israeli military called on residents of 14 villages in southern Lebanon to leave immediately and move north of the Awali river on Sunday. The army has regularly issued eviction orders ahead of attacks. At least five people were killed by Israeli bombings in the south Lebanese city of Saida.
Dozens of people were also injured in a ramming attack outside Israel's Mossad intelligence headquarters in Tel Aviv on Sunday morning, according to Israeli police and paramedics.
A lorry was driven into a bus stop outside the Glilot base, which is home to a military intelligence unit. The driver was shot dead, according to police and local media reports.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Director: Peyton Reed
Starring: Paul Rudd, Evangeline Lilly, Michael Douglas
Three stars
The years Ramadan fell in May
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.”
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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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- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
KILLING OF QASSEM SULEIMANI
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
