Egyptian President Abdel Fattah El Sisi inaugurated on Saturday a sprawling naval base on the Mediterranean near the Libyan border, formally commissioning into service nearly 50 naval vessels to mark the occasion.
The Egyptian leader was accompanied during the ceremony by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, as well as Mohamed Al Menfi, head the Libyan Presidential Council.
Sheikh Mohamed congratulated Mr El Sisi, the government and the people of Egypt on the inauguration of the military base, wishing the country further progress and prosperity, a statement released shortly after the event said.
In a post on Twitter, Sheikh Mohamed said the base "reflects the progress in vital sectors in the country" under Mr El Sisi's leadership.
"I was pleased to witness this milestone and I'm confident in Egypt's continued development," Sheikh Mohamed wrote.
The opening of the July 3 base, in the Gargoub region near the coastal city of Marsa Matrouh, is the latest in a series of new military sites that have been upgraded or established since Mr El Sisi took office in 2014.
These include a naval base on the Red Sea in southern Egypt and another near the Mediterranean coast in Al Alamein, north-west of Cairo.
A promotional film produced by the military says the July 3 base covers 10 million square metres, has a 1,000-metre-long dock, a landing pad for helicopters, a joint command centre and training facilities.
The ceremony's military announcer offered a stern warning to foreign foes he did not name.
"The winds of Egypt's army are wise, they don't erupt or rise unless the Egyptian and Arab national security is at stake, then they turn into a hurricane," he said.
"The men of the Egyptian armed forces are aware of the nature of their duties to protect the prestige and dignity of this nation."
Mr El Sisi left the ceremony without making any public comments. He and his guests were due to later attend war drills involving naval units, warplanes and commandos. The war games are codenamed "Qader", Arabic for capable.
“It is a strategic addition to Egypt,” said Admiral Ahmed Khaled Hassan, Egypt’s naval commander.
“It [the base] clearly reflects Egypt’s commitment to the protection of the Suez Canal and the realisation of naval security … and the protection of Egypt’s economic interests at sea."
Egypt has purchased troop carriers from France, fighter jets from Russia, German submarines and Italian frigates, along with tanks and helicopter gunships that Egypt receives under a US military aid programme that dates back to the late 1970s.
Marking the inauguration of the base, 47 naval craft were commissioned into service on Saturday, including two Italian frigates, an Egyptian-made frigate, a submarine, 14 speed boats, 28 armoured vessels for carrying commandos and a towing vessel.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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 National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
