As tensions in the Middle East simmered, many countries opted to close their airspace following Iran's attack on Israel and this led to hundreds of delayed and cancelled flights across the region and beyond.
In lighter news, Scotland's capital city of Edinburgh has been named Europe's most sustainable destination and Four Seasons is offering out its private jet for charter bookings.
Here's a round-up of recent travel and tourism news – in case you missed it.
Ongoing flight disruption in the Middle East
Travellers heading to the Middle East may face delays or disruptions to their journey after several airlines in the region cancelled or diverted flights due to rising tensions between Israel and Iran.
On Saturday, Iran launched a barrage of drones and missiles at Israel. Immediately after, several countries in the region closed their airspace, including Jordan, Lebanon, Iraq and Israel. This resulted in many airlines grounding flights, and diverting others to avoid Iranian airspace.
By Monday, most airlines had resumed scheduled services but passengers could face delays and disruption over the coming days due to the knock-on effects. Etihad Airways advised passengers that they may face knock-on effects, and Swiss International Air Lines announced it was cancelling all flights to Beirut until Thursday, and to Tel Aviv until further notice. The European carrier is also avoiding Israeli airspace until at least Thursday, meaning some travellers will face longer flight journeys as the airline, and others, take alternative routes.
Instead of flying standard routes through the Middle East, many planes are instead diverting to fly over Saudi Arabia and Egypt – an option that will add extra travel time to passenger journeys.
Australia's flag carrier Qantas previously announced that it will not fly over Middle East airspace while the situation is ongoing, meaning there are currently no direct flights operating from Perth to London.
EasyJet's efforts to make air travel greener
Budget UK airline easyJet took a big stride forward in its efforts to promote more sustainable flying this week, after completing the first successful airside hydrogen refueling trial.
The experiment was the first to take place at any major UK airport, and was intended to show that hydrogen can be safely and reliably used in place of other fuel options, many of which are less sustainable.
Dubbed Project Acorn, the trial saw easyJet use the fuel to power up its baggage tractors – a critical component of the airline's ground services operations.
“It’s without doubt that hydrogen will be an important fuel of the future for short-haul aviation, as demonstrated by the rate of innovation we’re seeing.
“While the technology is advancing at an exciting pace, as hydrogen isn’t used in commercial aviation today, there is currently no regulatory guidance in place on how it can and should be used, and so trials like this are very important in building the safety case,” said David Morgan, chief operating officer at easyJet.
Data and insight gathered from the trial will be used to create the first safety guidance and inform the creation of the regulatory framework.
The project was approved by the UK Civil Aviation Authority, which acted as an independent reviewer of the safety case, and it's hoped that the trial will accelerate the use of hydrogen in aviation and across other industries.
Scotland’s pretty capital is Europe’s most sustainable holiday destination
Travellers looking to make a sustainable choice for summer holiday plans may want to consider booking a trip to Edinburgh, the historic capital of Scotland, after the city was ranked Europe’s greenest destination in a study.
Looking at factors including pollution levels, vegan restaurants, nature spots and percentage of hotels with EV charging stations, the study from Discover Cars found that Edinburgh was Europe’s most sustainable city, with plenty of green spaces for visitors to enjoy, great vegan offerings and low pollution rates. Second in the rankings is Zurich in Switzerland, where travellers can hop on and off electric public transport, and easily find hotels to charge electric vehicles.
France, the world's most visited country can also claim to be one of Europe’s most sustainable destinations as Paris ranked third in the study, after it was lauded for efforts to remove 70,000 parking spaces and replace them with trees, bike spaces and EV charging points.
Rounding out the top five are Barcelona – praised for its vegan and eco-minded restaurants – and Rotterdam, the Netherland’s sustainable waterfront city where eco-friendly electric boats are the ideal way to get around town.
The remaining cities in the top 10 were Hamburg, Ghent, Copenhagen, Turin and Limerick.
Four Seasons Private Jet opens for charter bookings
Four Seasons has announced that its custom-designed private jet is now open for charter bookings for a limited number of dates this year. The sleek aircraft can accommodate up to 48 passengers and comes with luxury lie-flat seats and a private chef on hand to create in-flight gourmet meals.
But the experience doesn't come cheap – the Airbus A321neo-LR costs about $115,000 per day to hire, including flights, onboard services, pilots and crew.
If that hefty price tag isn't out of your holiday budget, the jet is available to charter on dates between August 4 to 26 and from December 20 to 27 only. And when it comes to your destination, the world is your oyster – almost. Limitations include the jet's range, which is limited to nine hours, and restrictions on domestic flights in select countries, including the US.
Travellers can opt to explore existing Four Seasons itineraries, which include A Journey of Discovery that takes in the Great Barrier Reef in Australia and the ancient Pyramids in Egypt, or the Around the World trip that showcases the buzz of Tokyo, the shores of the Maldives and the plains of the Serengeti. Or enlist the help of Four Seasons team members to create a personalised itinerary, making use of the hotel group's vast network of on-the-ground experts.
Fly direct to France to check out the Summer Olympics and see filming locations from Emily in Paris, before heading to Croatia for sun-soaked beach days and island discoveries. Embrace your inner White Lotus guest with a trip to Maui and then to Taormina, where Four Seasons resorts served as the backdrops in the first two seasons of the hit HBO show. Embrace holiday magic in December with a visit to Europe's best Christmas markets in Prague and Vienna, before taking in the city lights of London and visiting Santa's reindeer in Lapland. All itineraries can include guided tours and exclusive access at many of the world's tourism landmarks.
Queen
Nicki Minaj
(Young Money/Cash Money)
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
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Results
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m | Winner: ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer)
7.05pm: Maiden (TB) Dh165,000 1,400m | Winner: Al Shamkhah, Royston Ffrench, Sandeep Jadhav
7.40pm: Handicap (TB) Dh190,000 1,200m | Winner: Lavaspin, Richard Mullen, Satish Seemar
8.15pm: Maiden (TB) Dh165,000 1,200m | Winner: Kawasir, Dane O’Neill, Musabah Al Muhairi
8.50pm: Rated Conditions (TB) Dh240,000 1,600m | Winner: Cosmo Charlie, Pat Dobbs, Doug Watson
9.20pm: Handicap (TB) Dh165,000 1,400m | Winner: Bochart, Richard Mullen, Satish Seemar
10pm: Handicap (TB) Dh175,000 2,000m | Winner: Quartier Francais, Fernando Jara, Ali Rashid Al Raihe
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.”
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
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
Dunki
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MATCH INFO
Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')
Man of the match: Theo Walcott (Everton)
