Yemen’s peace process will come under the auspices of the United Nations after a week-long consultations between the country's representatives concluded on Thursday in Saudi Arabia.
The consultations, pushed by the Gulf Cooperation Council (GCC), were held between Yemen's various political factions in Riyadh to revive UN-led talks aimed at ending the war.
They ended with the announcement of a two month nationwide ceasefire that started last Saturday. It has resulted in oil shipments reaching the port of Hodeidah on vessels that had been barred from entering for months. The deal is seen as a potential milestone towards ending the seven-year war in Yemen.
“The success of the Yemeni-Yemeni consultations is an important turning point on the road to comprehensive peace, it has expressed the consensus among the Yemeni people,” said the GCC's Secretary General, Nayef Al Hajraf.
Yemen's political parties were able to discuss ideas and solutions to the war with full transparency, Mr Al Hajraf said.
"The coalition's announcement to stopping military operations contributed to the success of the consultations," he said in his concluding remarks.
Yemen's Prime Minister Maseen Saeed said political parties have now greed to engage in a political solution and to abandon military ones, under the auspices of the UN.
"Political parties have agreed on governing the country's economic resources, government spending and develop transparency, accountability and anti-corruption mechanisms," he said.
The conclusion of the talks came as Yemen president Abdrabu Mansur Hadi handed over his powers to a new presidential council, he said in a televised statement on Thursday.
Mr Hadi also dismissed Vice President Ali Mohsen Al Ahmar and transferred his mandate to the new council.
The new Presidential Leadership Council will assume the duties of both the president and his deputy, Mr Hadi said.
Saudi Arabia welcomed the Yemeni president's decision to transfer his powers to the council.
The kingdom urged the body to start negotiations with the Houthis and said it would arrange $3 billion of support to the war-torn country's economy, state news agency SPA said.
Saudi Arabia and coalition partner UAE will each inject $1 billion into Yemen's central bank and the kingdom will grant an additional $1 billion for petroleum products and development, Saudi state media said.
Saudi Crown Prince Mohammed bin Salman expressed his support for the council, SPA said on Twitter early on Thursday.
The council will carry out political, military and security duties for the Yemeni government during what the statement refers to as a "transitional period", Reuters reported.
"The newly established body will assume the duties of the president and his deputy and will be in charge of the country's political, security and military affairs during the transitional period," the state-owned Saba news agency reported.
The presidential council will be chaired by Gen Rashad Al Alimi, a former adviser for Mr Hadi, with a presidential board comprising seven members, Saba reported.
The formation of the council followed more than a week of extensive talks between Yemen’s political factions in the Saudi capital Riyadh, sponsored by the Gulf Co-operation Council.
GCC Secretary General Nayef Al Hajraf welcomed the move and assured the Yemeni leaders of the bloc's support in bringing stability and security to the country.
Three new bodies to support council
The presidential declaration said three bodies would be established to help the presidential council.
A reconciliation and consultation body comprising 15 members from all Yemeni political factions other than the Houthi rebels will be in charge of reuniting the Yemeni factions and paving the way for a comprehensive political process to end the conflict and restore order to the country.
A legal team of nine members, including judges and prominent lawyers, and an economic team of 14 members, among them former ministers, economic experts and businessmen, will also be established.
The move, according to Mr Hadi's statement, was taken in line with a 2011 power transfer initiative devised by the six-member Gulf Cooperation Council following anti-government protests and political upheaval in the country.
A seven-year conflict has divided Yemen between an internationally recognised government led by Mr Hadi and backed by Saudi Arabia, which is based in the southern city of Aden, and the Iran-aligned Houthi group in the capital Sanaa.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
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
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
MORE ON THE US DEMOCRATIC PRIMARIES
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
