Read more:
- Pope arrives in Bahrain for four-day visit
- Collins Dictionary declares its word of the year
- Plans unveiled for tallest building in far eastern city
- Max Verstappen sets new Formula 1 record at Mexican Grand Prix
- World’s longest train completes 25km journey through Swiss Alps
- Ancient Christian monastery discovered in United Arab Emirates
- European Space Agency releases spooky audio recording of sound from space
- UK MP Matt Hancock suspended from Conservative Party after signing up for reality TV show
- Twitter boss Elon Musk proposes to charge monthly fee for ‘blue tick’ verified account
- Actress reveals that hospital bill for her birth was paid by Martin Luther King Jr
Pictures of the week: From the Pope in Bahrain to Israel’s election
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Pope Francis reacts during a meeting with Bahrain's King Hamad bin Isa Al Khalifa in the Sakhir Palace during his apostolic journey, south of Manama, Bahrain. Reuters -

A boat transports Pirarucu fish to a processing ship, in the San Raimundo settlement lake, in Carauari, Brazil. The giant fish not so long ago nearly vanished. The illegal and unsustainable fishing left river and Indigenous communities struggling to catch their staple food. AP Photo -
Omar Al Suwaidi (blue) beats Theyab Al Nuaimi (red) to win gold in the -56kg division. Jiu-Jitsu: World Championship opening day. Jiu-Jitsu Arena, Abu Dhabi. Chris Whiteoak / The National -

Television screens show a news report about the latest North Korean missile launch with file footage of a North Korean missile test, at an electronic market in Seoul. North Korea fired one long-range and two short-range ballistic missiles on November 3, Seoul's military said, with one prompting warnings for residents of a South Korean island and people in parts of northern Japan to seek shelter. AFP -
A man stands in front of mounds of red chili pepper, at the Mirch Mandi wholesale market, in Kunri, Umerkot, Pakistan. "Last year, at this time, there used to be around 8,000 to 10,000 bags of chillies in the market," said trader Raja Daim. "This year, now you can see that there are barely 2,000 bags here, and it is the first day of the week. By tomorrow, and the day after, it will become even less." Reuters -

A woman plugs a USB media device containing freedom-related content into a socket on a wall depicting multiple heads of North Korean leader Kim Jong Un during the Oslo Freedom Forum in Taipei. AFP -

A man swims in a swimming pool at a residential condominium in Bangkok. AFP -

Afghan children train in circus acts at a home in Kabul, Afghanistan. Two teenage Afghan sisters, Najma and Bahara, not only put on spectacular circus acts but also inspire and train others to pursue the art form, spreading joy and fun among Afghan children. The sisters have learned the art from Khalilullah Hamid, the founder of the Afghan Parwana circus, who taught hundreds of students for two decades after the fall of the Taliban regime in 2001. EPA -

The winner of the Mangroves & Wildlife category in the Mangrove Photography Awards 2022, by Jayakumar MN, UAE. Photo: Jayakumar MN / Mangrove Photography Awards -

Residents participate in the making of giant kites during the celebration of All Saints Day, in Santiago Sacatepequez, Guatemala. Reuters -

Sri Lanka's Milka Gehani receives medical attention after sustaining an injury during the Gymnastics World Championships in Liverpool. Reuters -

Opposition party supporters clash with police during an anti-government protest march in Colombo, Sri Lanka. Thousands of opposition party supporters and opposition lawmakers staged a protest march against the government's crackdown and over the alleged failure to address the worst economic crisis. Protests have been affecting the country for over seven months as Sri Lanka faces its worst-ever economic crisis in decades due to a lack of foreign reserves, resulting in severe shortages in food, fuel, medicine, and imported goods. EPA -

Nomadic women milk their hardy Himalayan goats that produce cashmere in the remote Kharnak village in the cold desert region of Ladakh, India. As this part of Asia is particularly vulnerable to climate change, shifting weather patterns are altering people’s lives through floods, landslides and droughts in Ladakh, an inhospitable yet pristine landscape of high mountain passes and vast river valleys that in the past was an important part of the famed Silk Road trade route. AP Photo -

A woman walks amid maple trees in Srinagar. AFP -

Residents dismantle a vehicle belonging to the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) in Kanyaruchinya, part of Nyiragongo territory in the Democratic Republic of Congo after it was set on fire overnight by angry residents. AFP -

A man wearing an aquarium with goldfishes on his head walks among the pedestrians at the 'Village de Saint-Malo', the start point of the Route du Rhum solo sailing race, in Saint-Malo. The Route du Rhum solo sailing race starts on November 6, 2022, from Saint-Malo to Pointe-a-Pitre in Guadeloupe. AFP -

A lighted window and a night sky bright with stars seen as the street lights are switched off in Mykolaiv, Ukraine. Scheduled power cuts were introduced in Kyiv, power operator Ukrenergo said, following the Russian destruction of Ukrainian power stations. Russian troops on 24 February entered Ukrainian territory, starting a conflict that has provoked destruction and a humanitarian crisis. EPA -

People participate in a protest against the alleged use of chemical weapons by Turkey against Kurds, in The Hague, the Netherlands. The organizers of the action accused Turkey of using such weapons in Iraqi Kurdistan and want the Organization for the Prohibition of Chemical Weapons (OPCW) to investigate. EPA -

A Syrian boy plays at Beirut's seaside promenade, along the Mediterranean Sea as the sun sets over the capital Beirut, Lebanon. AP Photo -

The belongings of victims of the deadly Halloween celebration stampede are shown at a gym in Seoul, South Korea. One hundred and fifty-one people have been reported killed and at least 150 others were injured in a deadly stampede on October 29 in Seoul's Itaewon district, after huge crowds of people gathered for Halloween parties, according to fire authorities. Getty Images -

Supporters of Brazil's President Jair Bolsonaro block highway BR-251 during a protest against President-elect Luiz Inacio Lula da Silva who won a third term following the presidential election run-off, in Planaltina, Brazil. Reuters -

President Joe Biden and first lady Jill Biden arrive to give treats to trick-or-treaters on the South Lawn of the White House, on Halloween. AP Photo -

Afghan women carry baskets of saffron flowers in a field on the outskirts of Herat province. AFP -

Iraqis stand on the shore of the Shatt al-Arab waterway, formed at the confluence of the Euphrates and Tigris rivers, as the sun sets over Iraq's southern city of Basra. AFP -
Theopiste Maloko, 42, a local health official, and a nurse collect skin samples from Angelika Lifafu, 6, to test for monkeypox, at the Yalolia health centre, in Tshopo, Democratic Republic of Congo. Without treatment, Angelika can only wait for the illness to run its course. Ahead of her lies a myriad of possible outcomes including recovery, blindness, or, as was the case with a family member in August, death. "These children have a disease that makes them suffer so much," said Angelika's grandfather Litumbe Lifafu. "We demand the government provides medicines for us poor farmers, and the vaccine to fight this disease." Reuters -

Rescue personnel conduct search operations after a bridge across the river Machchhu collapsed at Morbi in India's Gujarat state. At least 130 people were killed in India after a colonial-era pedestrian bridge collapsed, sending scores of people tumbling into the river below, police said on October 31. AFP -

Hindu devotees perform a ritual while offering prayers to the Sun God on the occasion of the Hindu festival 'Chhath Puja', at Juhu beach, in Mumbai, India. Chhath Puja is an ancient Hindu festival dedicated to Surya, the Hindu Sun God, also known as Surya Shashti. The Sun, considered the god of energy and the life force, is worshiped during the Chhath festival to promote well-being, prosperity, and progress. EPA -

The crescent moon sets beyond a stop light in Overland Park, Kansas. AP Photo -

Katja, 23, sits with her cats in her new flat in Zaporizhzhia, Ukraine. The flat where she used to live with 19 cats and other animals, was hit during a Russian missile strike the previous month. She has since moved into a new apartment in the city. Russian troops on 24 February entered Ukrainian territory, starting a conflict that has provoked destruction and a humanitarian crisis. EPA -

An Ultra-Orthodox Jewish Israeli selects his ballot paper on the day of Israel's general election in a polling station in Jerusalem. Reuters
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
THE%20HOLDOVERS
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
While you're here
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
More about Middle East geopolitics
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Gertrude Bell's life in focus
A feature film
At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.
A documentary
A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.
Books, letters and archives
Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
A list of the animal rescue organisations in the UAE
Looking for a new family pet? Here are the links to visit when it comes to adopting...
Arabian Saluki Center of Dubai (Ascod)
Emirates Animal Welfare Society
Rescue Animals in Need United Arab Emirates
Sniff - Strays Needing Interim of Furever Friends
PARA UAE - Protection of Animal Rights Association
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
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.”
THE SPECS
Engine: 2.0-litre four-cylinder turbo
Transmission: eight-speed automatic
Power: 258hp at 5,000-6,500rpm
Torque: 400Nm from 1,550-4,400rpm
Fuel economy, combined: 6.4L/100km
Price, base: from D215,000 (Dh230,000 as tested)
On sale: now
The%20Roundup
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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