Millions of tonnes of grain have been exported from Ukraine through the Black Sea since the start of the war. Reuters.
Millions of tonnes of grain have been exported from Ukraine through the Black Sea since the start of the war. Reuters.
Millions of tonnes of grain have been exported from Ukraine through the Black Sea since the start of the war. Reuters.
Millions of tonnes of grain have been exported from Ukraine through the Black Sea since the start of the war. Reuters.

UN names Kuwaiti co-ordinator for Black Sea grain initiative


Neil Murphy
  • English
  • Arabic

UN Secretary General Antonio Guterres on Wednesday named a retired Kuwaiti vice admiral as co-ordinator for the Black Sea Grain Initiative to manage shipments from war-torn Ukraine.

Abdullah Dashti will help to co-ordinate the five-month-old operation by Turkey, Ukraine, Russia and the UN to ensure shipments of grains, oilseeds, fertilisers and other farm products move safely to markets from the Black Sea.

Exports from Ukraine, a critical supplier of grains, oilseeds and vegetable oils to global markets, were cut off by a Russian naval embargo after Moscow's forces invaded the country in February.

That sent prices for agricultural products soaring around the world, hitting wheat importers in the Middle East and Africa especially hard.

In July, the UN, Turkey, Russia and Ukraine agreed to permit shipments to resume from Ukrainian ports.

The initiative also allowed Russia to export food and fertilisers, which are also crucial to global agriculture, through the Black Sea without fear of sanctions.

Mr Dashti succeeds Sudan's Amir Abdulla, who was the UN co-ordinator since August.

Mr Dashti retired in 2021 from the Kuwaiti armed forces and has 40 years of experience in "naval operations, leadership and management, both within Kuwait and multinational deployments", Mr Guterres's office said.

From 2019 to 2020, he was Kuwait's military defence attache in Belgium and Kuwait's representative to Nato.

More than 14 million tonnes of grain have been exported from Ukraine under the Black Sea Initiative, Rebeca Grynspan, head of the UN's trade and development agency, said on December 15.

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

SPECS
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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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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Updated: December 28, 2022, 8:11 PM