First crude oil shipment under Saudi grant reaches Syria

A Saudi tanker carrying 90,000 tonnes of crude oil has arrived at a Syrian port, the first shipment following the announcement of a grant aimed at boosting Syrian refineries.

The state-run Saudi Fund for Development provided a grant in September to supply Syria with 1.65 million barrels of crude oil as part of efforts to support the country as it rebuilds its economy.

Syrian state news agency Sana said the first batch arrived at Baniyas port on Monday.

Syria's economy showing signs of recovery, IMF says

The Saudi grant aims to support Syria's development, address its economic challenges, foster the growth of vital sectors and contribute to reaching sustainable development goals, according to a statement from the fund.

It will “enhance the operations of Syrian refineries and achieve both operational and financial sustainability”.

Syria's economy has been left devastated by nearly 14 years of civil war. Since the fall of long-time leader Bashar Al Assad last year in a rebel offensive, Syria's new leaders have sought international finance for reconstruction.

Saudi Arabia has taken a central role in Syria’s economic redevelopment, with 47 agreements worth $6.4 billion signed in July at an investment forum in Damascus. The deals covered key sectors, including energy, industry, infrastructure, property, communications and information technology.

Saudi Finance Minister Mohammed Al Jadaan has said the world must support Syria's redevelopment. Reuters

“We stand with Syria,” Saudi Finance Minister Mohammed Al Jadaan said during International Monetary Fund and World Bank meetings last month in Washington.

Mr Al Jadaan chairs the International Monetary and Financial Committee, which advises the IMF's board of governors. He said it is the international community's duty to assist Syria.

The World Bank estimates Syria’s reconstruction will cost $216 billion. In May, Saudi Arabia and Qatar paid off Syria’s $15.5 million debt to the bank, opening the door to reconstruction grants for the government in Damascus.

Syrian President Ahmad Al Shara has said his country will “rebuild every stone that has been destroyed”. In a speech last month at the Future Investment Initiative summit in Riyadh, he hailed Saudi Arabia as “a supporter of stability, prosperity and development in Syria”.

Mr Al Shara held talks with Saudi Arabia's Crown Prince Mohammed bin Salman on the sidelines of the Riyadh event.

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Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

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

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

First crude oil shipment under Saudi grant reaches Syria

Kingdom is playing central role in Syria's economic redevelopment

THE&nbsp;SPECS

Short-term let permits explained

Ten tax points to be aware of in 2026

The five pillars of Islam

Key figures in the life of the fort

THE SPECS