Saudi Arabia nominated Mohammad Al-Tuwaijri, a minister advising the royal court on international and local economic matters, for the director-general post of the World Trade Organisation (WTO).
Mr Al-Tuwaijri previously served as a minister of economy and planning and is a seasoned banker having worked with the Saudi British Bank, JP Morgan and HSBC. The former Saudi Air Force pilot is a strong advocate of Saudi Vision 2030, the kingdom's economic diversification programme that seeks to reduce the country's reliance on oil.
The WTO, formed in 1995, is an intergovernmental organisation that regulates international trade between nations. The Geneva-based trade body includes 164 member states and Roberto Azevêdo, its current director-general, will step down on August 31.
The new leader will take the helm of the global institution amid a world trade slump induced by Covid-19. World trade volume is estimated to shrink 11.9 per cent this year, as a result of weaker demand for goods and services, as well as tourism, according to the International Monetary Fund. Trade grew 0.9 per cent last year.
The new WTO director-general must revive stalled trade talks and mend ties with the US, which has threatened to leave the organisation and battled other multilateral institutions. President Donald Trump has accused the WTO of "unfair treatment" of the US.
The UK has nominated former international trade secretary Liam Fox as its candidate for the WTO post, while Kenya nominated Amina Mohamed, a former WTO general council chair. Ms Mohamed also served previously as Kenya’s foreign affairs and international trade minister and assistant secretary-general at the UN.
Other candidates include former Egyptian diplomat Hamid Mamdouh, Mexico’s former WTO deputy director-general Jesus Seade Kuri, Moldova’s former foreign minister Tudor Ulianovschi, Nigeria’s former foreign and finance minister Ngozi Okonjo-Iweala and South Korea Trade Minister Yoo Myung-hee.
The nomination period closed on July 8. Mr Azevêdo’s early departure has forced WTO’s member states to come up with a successor in just three months instead of the usual nine.
The selection procedure relies on finding consensus, with candidates being eliminated in several rounds. If the general council fails to take a decision by consensus, voting will be allowed as a last resort.
The process to appoint a director-general is overseen by the chair of the general council in consultation with members. The general council chair is assisted in the process by the chairs of the dispute settlement body and the trade policy review body.
The nominated candidates have three months to make themselves known to members and to engage in discussions on pertinent issues facing the WTO. Candidates should have extensive experience in international relations, encompassing economic, trade and/or political experience.
The WTO director-general is appointed for a term of office of four years, and is eligible for reappointment for a further term not exceeding four years.
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
SPECS
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
A list of the animal rescue organisations in the UAE
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
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The%C2%A0specs%20
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Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
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 story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Racecard
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MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
RESULTS
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
