In a blackened, desolate orchard on the Greek island of Evia, Vaggelis Georgantzis walks to his last remaining pine tree.
“This is the last one I own,” he says, softly.
A plastic bag dangles from the bark collecting sticky resin, now crusty and dry from the heat of the fire that engulfed the surrounding trees. He says he’ll keep it as a memento.
Mr Georgantzis tears up. “We’re finished. I am finished. I’ll never be able to produce resin in my lifetime.”
Known as “retsini” locally, the resin is the lifeblood of this now devastated community. Used primarily as an ingredient in paint solvent and in wine production, the crop embodies the stark reality many on this island now face.
A single pine tree takes between 20 and 40 years to mature fully; only then can resin can be extracted. There are no shortcuts. It is hard to overstate the impact of this loss for the island.
Mr Georgantzis is head of the Resin Producers Association on Evia, representing 1,500 farmers. He says 800 of these farms were lost in the fire, representing close to three quarters of the island’s production. Beneath those farms is a complex and mature value chain, leading all the way to processing and export.
Resin exports are worth $15 million a year to the Greek economy, which accounts for 2.5 per cent of the global export market and 85 per cent of those exports come from Evia, Mr Georgantzis says.
But resin is not the only industry coming to terms with loss. So much value is given to Evia’s forest by locals, it is a source of pride and love, as well as an example of respect for natural resources. It seeps into almost every aspect of island life. Gaze over Evia’s charred hills and mountains you see devastated olive groves, fig trees and virgin forest.
Evia’s honey is renowned in Greece for its sweet pine aroma – it also accounts for 50 per cent of honey production. Bees in Evia had access to tens of thousands of hectares of pine trees. With more than 50,000 hectares ravaged by wildfires, that crop too has become greatly diminished.
Honey makers told CNN that 60 per cent of production has been destroyed. They will now have to move their bees to other parts of the country.
Locals say they have been living through hell during these fires. Firefighters speak of monster flames devouring everything in their path.
Not surprisingly, beach bars and cafeterias are devoid of tourists. Some owners have transformed their businesses into safe houses and supply bases, where volunteers still gather to co-ordinate firefighting and the monitoring of rekindles.
Food and other supplies, donated by unaffected locals and from other parts of Greece, have made their way to fire-affected areas and into the hands and mouths of emergency services.
One firefighter tells me he’s never seen this level of co-ordination by volunteers. “The food, water and help are something special and the people of Evia helped constantly. For the first time in the years I’ve been fighting wildfires, I’ve never had to worry about food or where to sleep in between shifts.”
Greece has as many as 6,000 islands, but only 150 are inhabited. People live in small villages, most of which rely on agriculture and tourism.
One business has a multiplier effect creating more demand; the value chains are intricate and fragile. A catastrophe of this scale, impacting multiple industries and requiring decades to recover, has knock-on effects wherever you look. Higher unemployment means less demand for everything from mechanics to hairdressers.
The Greek government has proposed a $600m relief package for Evia, but many young people already say they want to leave. “There’s nothing left, there’s no future,” one 30-year-old entrepreneur said. A mass exodus would be catastrophic to the island’s economy.
Mr Georgantzis says relief will need to be targeted and expertly distributed to ensure the best and quickest outcome to regrow the lost forest. He believes the only way to save his industry is to work with locals. “We know the forest and if we don’t take the right steps, we might end up waiting 100 years instead of 20.”
He doesn’t care why the help comes, as long as it arrives. He is sceptical that it will. Another island is still reeling from fires and floods, he says, after government promises of recovery aid failed to materialise.
“Even if politicians help us because they don’t want to lose political favour, that’s fine. As long as they don’t forget us,” he says. “We want signatures not promises.”
As men sit around the diner, or “kafenio|, in the village of Skepasti, some drinking their ouzo with their worry beads, or “komboloi”, in hand, they discuss what comes next. Many agree that the Mitsotakis administration has an opportunity here: to make Evia an example of how drawing on local experience and love for the land can be the winning formula for restoration and reforestation.
The men say they don’t want handouts so they can sit idle in the coffee shop; they want to be heard and included in their island’s future. Something they worry won’t happen.
“They can’t just parachute in experts,” one says. We know what to do and how to fix this. We are ready to rebuild, even if it takes a generation.”
Story%20behind%20the%20UAE%20flag
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
ABU%20DHABI%20CARD
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
COMPANY%20PROFILE
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The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
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
Long Shot
Director: Jonathan Levine
Starring: Charlize Theron, Seth Rogan
Four stars
SPECS
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
More from Neighbourhood Watch:
Napoleon
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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
