At least 93 people have died in wildfires on the island of Maui in Hawaii, officials said, a number expected to rise as the governor urged residents to shelter those who lost their homes.
The wildfires are the state’s deadliest natural disaster in decades, surpassing a 1960 tsunami that killed 61 people.
The updated death toll issued by Maui County on Saturday makes this the deadliest US wildfire since the 2018 Camp Fire in California, which killed 85 people.
Governor Josh Green said the catastrophic flames have levelled the historic town of Lahaina, the worst natural disaster in Hawaii's history. More than 2,000 buildings have been destroyed, leaving thousands homeless.
Bill Wyland, who owns an art gallery on Lahaina's Front Street, fled on his Harley Davidson motorcycle. “It was devastating to see all the burned-out cars. There was nothing that was standing,” he said.
Resident Anthony Garcia said the fire had gutted the apartment he was renting and destroyed all his belongings and memories.
"It took everything, everything! It's heartbreaking," the 80-year-old California native said. "It's a lot to take in."
Officials were trying to find temporary housing for more than 4,000 people as the scale of the devastation became clear.
Flyovers by the Civil Air Patrol found 1,692 structures destroyed — almost all of them residential.
Officials have said 2,719 structures were exposed to the fire — with more than 80 per cent damaged or destroyed. Nine boats sank in Lahaina Harbour, officials determined using sonar.
Gov Green said it would take "many years" to rebuild the town that was once the capital of the former kingdom of Hawaii.
"What we saw was the utter devastation of Lahaina," he said. “Lahaina, with a few rare exceptions, has been burnt down.”
The Lahaina fire is not yet contained, AP reported.
President Joe Biden on Thursday approved a federal disaster declaration, freeing up resources to assist in recovery efforts.
Mr Biden spoke with the governor in a phone call, to “let him know we're going to make sure the state has everything it needs in the federal government to recover”. He also sent “his deep condolences for the lives lost and vast destruction of land and property”.
Firefighters from Honolulu have been requested to assist, while 30 US Army personnel arrived to begin search and recovery efforts.
“Our prayers with the people of Hawaii but not just our prayers, every asset we have will be available to them,” Mr Biden said while travelling to Utah.
“And we've seen their homes, their businesses destroyed, and some have lost loved ones.”
The flames and smoke had forced people to flee into the sea off Lahaina. The US Coast Guard said 14 people were rescued from the ocean.
Lahaina resident Emerson Timmins told AP: “There were those cars abandoned on the road. I don’t think those people could get out in time.
“They probably headed to the ocean, the ones that could make it.
“And the people leaving their homes, if a young person could barely get out of there with their family, then the elderly are trapped.”
Three days after the disaster, it remained unclear whether some residents had received any warning before the fire engulfed their homes.
The island includes emergency sirens intended to warn of natural disasters and other threats, but they did not appear to have sounded during the fire, Reuters reported.
Officials have not offered a detailed picture of what notifications were sent, and whether they went by text message, email or phone calls.
Lahaina residents Kamuela Kawaakoa and Iiulia Yasso also told AP they had been lucky to escape with their six-year-old child.
“It was so hard to sit there and just watch my town burn to ashes and not be able to do anything,” Mr Kawaakoa said. “I was helpless.”
Maui Mayor Richard Bissen said the fires have tested the community's resolve.
“We are grieving with each other during this inconsolable time,” he said in a recorded statement on the county's Facebook page.
“Even though we are hurting, we are still able to move forward – especially when we do it together. And the days ahead, we will be stronger as a 'kaiaulu', or community, as we rebuild with resilience.”
About 11,000 people were flown out of Maui on Wednesday with another 1,500 scheduled on Thursday, state transport director Ed Sniffen said.
About 2,100 people were crammed into shelters in Maui on Tuesday night, county officials said.
Strong winds produced by Hurricane Dora were contributing factors to the fires and blowing power lines down.
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.”
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
