• Gen Rashad Al Alimi, pictured at Sanaa airport on June 13, 2012. AFP
    Gen Rashad Al Alimi, pictured at Sanaa airport on June 13, 2012. AFP
  • Marib Governor Sultan Al Aradah, pictured on June 7, 2016. Reuters
    Marib Governor Sultan Al Aradah, pictured on June 7, 2016. Reuters
  • Maj Gen Tariq Saleh, a nephew of former Yemeni president Ali Abdullah Saleh, pictured in Sanaa on January 10, 2011. Reuters
    Maj Gen Tariq Saleh, a nephew of former Yemeni president Ali Abdullah Saleh, pictured in Sanaa on January 10, 2011. Reuters
  • Othman Mujali, a Yemeni MP and former minister. Reuters
    Othman Mujali, a Yemeni MP and former minister. Reuters
  • President of the Southern Transitional Council, Brig Aidrous Al Zubaidi, pictured in February 16, 2019. AFP
    President of the Southern Transitional Council, Brig Aidrous Al Zubaidi, pictured in February 16, 2019. AFP
  • Gen Faraj Salmain Al Bahsani, governor of Hadramawt province, pictured in August 2018 at his office in Mukalla. AFP
    Gen Faraj Salmain Al Bahsani, governor of Hadramawt province, pictured in August 2018 at his office in Mukalla. AFP
  • Abdullah Al Alimi Bawazeer, a senior aide to President Abdrabu Mansur Hadi. Photo: Marib Governorate
    Abdullah Al Alimi Bawazeer, a senior aide to President Abdrabu Mansur Hadi. Photo: Marib Governorate

Gulf

Yemen: US and UAE pledge full support for new presidential council

Washington and Abu Dhabi push for peace in war-torn country

Mina Aldroubi
Mina Aldroubi

April 22, 2022

  • English
  • Arabic

The UAE and the US welcomed Yemen’s new leadership and on Thursday called for a concerted effort to end the seven-year war.

Yemen’s new presidential council was sworn in this week. Its eight members include officials from across the country’s political and military sectors.

The council has been given the task of running the country after President Abdrabu Mansur Hadi stepped down this month.

Mr Hadi’s internationally recognised government has for seven years been locked in conflict with the Iran-backed Houthis rebels, who control the capital Sanaa and most of the north despite the Saudi-led coalition’s military intervention, launched in 2015.

A UN-brokered two-month truce between the warring sides began on April 2 and is so far holding, despite a number of breaches.

US Secretary of State Antony Blinken on Thursday spoke to Rashas Al Alimi, who heads the council, and urged Yemen’s new leaders to work towards a lasting peace.

Mr Blinken "underscored the need to seize the momentum from these positive developments to secure a lasting ceasefire and a comprehensive peace process", State Department spokesman Ned Price said.

He also called for progress on reopening roads to areas including Taez, Yemen's third-largest city, another key part of the truce brokered under UN special envoy Hans Grundberg.

The UAE congratulated Mr Al Alimi and members of the council for taking the constitutional oath in the city of Aden and pledged its full support.

“The Ministry of Foreign Affairs and International Co-operation affirmed the UAE's full support for the council to enable it to carry out its tasks, foremost of which are peace, stability and development in Yemen,” a statement by state news agency Wam said.

The UAE said it will stand by Yemen and its people by “supporting their legitimate aspirations for development and prosperity as part of its support to achieve the interests of the region”.

Mr Hadi’s former chief of staff and current presidential council member Abdullah Al Alimi said this week that he and other members would pursue peace in Yemen while remaining ready for war.

Mr Hadi's April 7 announcement in which he handed power to the council came at the end of talks in the Saudi capital Riyadh that brought together anti-Houthi factions but were boycotted by the Houthis themselves.

UAE currency: the story behind the money in your pockets
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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

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