• Protesters and police square off on Avenue Habib Bourguiba on Tuesday. Erin Clare Brown / The National
    Protesters and police square off on Avenue Habib Bourguiba on Tuesday. Erin Clare Brown / The National
  • A young protester washes her eyes with Coca-Cola after being pepper sprayed by police in downtown Tunis Tuesday. Erin Clare Brown / The National
    A young protester washes her eyes with Coca-Cola after being pepper sprayed by police in downtown Tunis Tuesday. Erin Clare Brown / The National
  • Police shoving protesters after deploying tear gas. Erin Clare Brown / The National
    Police shoving protesters after deploying tear gas. Erin Clare Brown / The National
  • Protesters and police square off on Avenue Habib Bourguiba on Tuesday. Erin Clare Brown / The National
    Protesters and police square off on Avenue Habib Bourguiba on Tuesday. Erin Clare Brown / The National
  • Antigovernment protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
    Antigovernment protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
  • Anti-government protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
    Anti-government protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
  • Anti-government protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
    Anti-government protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
  • Anti-government protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
    Anti-government protests in downtown Tunis, Monday, January 18, 2021. Erin Clare Brown / The National
  • Protesters stand amidst fumes as they block a street during clashes with security forces in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
    Protesters stand amidst fumes as they block a street during clashes with security forces in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
  • A scene of overnight clashes between members of the Tunisian security forces and rioters following a protest in the working-class Ettadhamen neighbourhood on the edge of the capital Tunis. Clashes broke out for a third consecutive evening in several Tunisian cities, pitting stone-throwing youths against security forces despite a tight lockdown to curb the spread of coronavirus. A decade on from the revolution, many Tunisians are increasingly angered by poor public services and a political class that has repeatedly proved unable to govern coherently. AFP
    A scene of overnight clashes between members of the Tunisian security forces and rioters following a protest in the working-class Ettadhamen neighbourhood on the edge of the capital Tunis. Clashes broke out for a third consecutive evening in several Tunisian cities, pitting stone-throwing youths against security forces despite a tight lockdown to curb the spread of coronavirus. A decade on from the revolution, many Tunisians are increasingly angered by poor public services and a political class that has repeatedly proved unable to govern coherently. AFP
  • Security forces gather during clashes with demonstrators, at the scene of a protest against living conditions and unemployment in the Tunisian city of Siliana, the capital of the governorate of the same name, about 130 kms southwest of the capital Tunis . Tunisian security forces arrested dozens of young people after disturbances during two consecutive nights in the capital and other cities, the interior minister said. The troubles come amid a nationwide lockdown imposed since January 14, as part of efforts to curb the spread of infections by the coronavirus. AFP
    Security forces gather during clashes with demonstrators, at the scene of a protest against living conditions and unemployment in the Tunisian city of Siliana, the capital of the governorate of the same name, about 130 kms southwest of the capital Tunis . Tunisian security forces arrested dozens of young people after disturbances during two consecutive nights in the capital and other cities, the interior minister said. The troubles come amid a nationwide lockdown imposed since January 14, as part of efforts to curb the spread of infections by the coronavirus. AFP
  • Demonstrators clash with security forces during a protest against living conditions and unemployment in the Tunisian city of Siliana, the capital of the governorate of the same name, about 130 kms southwest of the capital Tunis. Tunisian security forces arrested dozens of young people after disturbances during two consecutive nights in the capital and other cities, the interior minister said. The troubles come amid a nationwide lockdown imposed since January 14, as part of efforts to curb the spread of infections by the coronavirus. AFP
    Demonstrators clash with security forces during a protest against living conditions and unemployment in the Tunisian city of Siliana, the capital of the governorate of the same name, about 130 kms southwest of the capital Tunis. Tunisian security forces arrested dozens of young people after disturbances during two consecutive nights in the capital and other cities, the interior minister said. The troubles come amid a nationwide lockdown imposed since January 14, as part of efforts to curb the spread of infections by the coronavirus. AFP
  • Protesters stand amidst fumes as they block a street during clashes with security forces in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
    Protesters stand amidst fumes as they block a street during clashes with security forces in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
  • Protesters block a street during clashes with security forces in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
    Protesters block a street during clashes with security forces in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
  • Members of Tunisia's National Guard sit atop an armoured personnel carrier preparing for clashes with protesters in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
    Members of Tunisia's National Guard sit atop an armoured personnel carrier preparing for clashes with protesters in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
  • Tunisian security forces members wearing civilian clothing ride a motorcycle while one carries anti-riot arms ahead of clashes with protesters in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
    Tunisian security forces members wearing civilian clothing ride a motorcycle while one carries anti-riot arms ahead of clashes with protesters in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
  • A police vehicle drives along a road blocked by protesters during clashes in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
    A police vehicle drives along a road blocked by protesters during clashes in the Ettadhamen city suburb on the northwestwern outskirts of Tunisia's capital Tunis amidst a wave of nightly protests in the North African country. AFP
  • Police officers face demonstrators during clashes with security forces in the Ettadhamen city suburb of Tunis, Tunisia. A wave of nocturnal demonstrations has rocked the country since 16 January. EPA
    Police officers face demonstrators during clashes with security forces in the Ettadhamen city suburb of Tunis, Tunisia. A wave of nocturnal demonstrations has rocked the country since 16 January. EPA

World

Tunisian cabinet reshuffle escalates tensions among rivals

A rising power struggle in Tunisia comes amid economic havoc and the biggest protests in years

Reuters

February 23, 2021

  • English
  • Arabic

A standoff over a cabinet reshuffle in Tunisia has accelerated a power struggle between the president, prime minister and parliament speaker that threatens to spill over into street protests by rival blocs and bring down the government.

The dispute has been building since a 2019 election delivered a fragmented parliament and a political outsider as president, creating a constant state of political turmoil in the only country to emerge with an intact democracy from the Arab uprising a decade ago.

It has come to a head as Tunisia attempts to navigate the economic havoc wrought by Covid-19, while facing the biggest protests for years and public debt levels that have spooked capital markets needed to finance the state budget.

If the government falls, appointing a new one could take weeks, further delaying fiscal reforms needed to win financing.

“Today the revolution faces its most severe crisis and the solution is dialogue leading to change in the constitution, the political system, the electoral system,” said Zouhair Maghzaoui, head of the Chaab political party, which has backed President Kais Saied in his dispute with Prime Minister Hichem Mechichi.

Mr Saied has vowed not to swear in four ministers nominated in a reshuffle by Mr Mechichi, saying each has a possible conflict of interest.

Mr Mechichi, who took office last summer, is backed by Parliament Speaker Rached Ghannouchi, head of the moderate Islamist Ennahda, the only major political party to have weathered Tunisia’s first decade of democracy.

The 2011 revolution jettisoned autocracy, but many Tunisians have been disillusioned by a bad economy. Meanwhile, a power sharing system established in a 2014 constitution has led to constant squabbling between presidents, prime ministers and parliamentary leaders.

Both parliament and the president are required to approve a prime minister, who has most executive powers while the president oversees defence and foreign affairs.

A constitutional court, envisaged to resolve disputes between rival branches of the state, has not been formed yet because none of those in power can agree on judges they trust to be impartial.

Mr Saied wants a presidential system with only a minor role for political parties. Mr Ghannouchi and his allies want a more clearly parliamentary system.

“The president wants to be the main player … he wants a puppet prime minister,” said Sadok Jabnoun, a senior official in jailed media mogul Nabil Karoui’s Heart of Tunisia party and a supporter of Mechichi.

Rival Protests

Recent protests against inequality and police abuses have mostly directed anger at Mr Mechichi and Mr Ghannouchi.

However, Mr Ghannouchi’s Ennahda has called for its own members to demonstrate on Saturday to “protect democracy” and oppose Mr Saied’s rejection of Mr Mechichi’s reshuffle.

Other parties with opposing views have also called for demonstrations.

The spectre of rival protests recalls the extreme polarisation that gripped Tunisia in 2013 and 2014 before Ennahda and a group of secular parties averted violence by agreeing to share power.

Mr Saied, a political outsider, won the 2019 presidential election run-off vote in a landslide that, analysts say, he saw as a strong personal mandate and a rejection of the parties that dominate parliament.

Meanwhile, the parliamentary election left a chamber in which no party had more than a quarter of votes, making it all but impossible for a government to gain stable majority backing.

“I am not ready to back down from my principles,” Mr Saied said of the dispute, adding that the presidency was not a mere post office to uncritically receive decisions sent by prime ministers.

BRIEF SCORES

England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)  
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50)
South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)

Result: England won by 239 runs
England lead four-match series 2-1

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

THE SPECS

Engine: 1.5-litre, four-cylinder turbo

Transmission: seven-speed dual clutch automatic

Power: 169bhp

Torque: 250Nm

Price: Dh54,500

On sale: now

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

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

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

WHEN TO GO:

September to November or March to May; this is when visitors are most likely to see what they’ve come for.

WHERE TO STAY:

Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.

HOW TO GET THERE:

Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.

ESSENTIALS

The flights 
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
 

The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

Goalkeeper: Alisson (Liverpool)

Defender: Virgil van Dijk (Liverpool)

Midfielder: Frenkie de Jong (Ajax)

Forward: Lionel Messi (Barcelona)

Uefa President's Award: Eric Cantona

UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

Maestro
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBradley%20Cooper%2C%20Carey%20Mulligan%2C%20Maya%20Hawke%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
While you're here
Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
On Women's Day
On Women's Day

Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

While you're here

Arctic Monkeys

Tranquillity Base Hotel Casino (Domino) 

 

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

Key findings
  • Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
  • Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase. 
  • People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”. 
  • Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better. 
  • But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
While you're here
Read
The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

Bio

Age: 25

Town: Al Diqdaqah – Ras Al Khaimah

Education: Bachelors degree in mechanical engineering

Favourite colour: White

Favourite place in the UAE: Downtown Dubai

Favourite book: A Life in Administration by Ghazi Al Gosaibi.

First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.

While you're here
THE 12 BREAKAWAY CLUBS

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Company profile: buybackbazaar.com

Name: buybackbazaar.com

Started: January 2018

Founder(s): Pishu Ganglani and Ricky Husaini

Based: Dubai

Sector: FinTech, micro finance

Initial investment: $1 million