Five months on from an 11-day bombardment of Gaza by Israeli forces, the clean-up continues.
The estimated 1,500 strikes on the enclave killed more than 260 people, including 66 children. Fire by Hamas killed 10 people in Israel.
In the wake of the conflict, Hamas – who govern the strip – said it would co-ordinate donations from states and NGOs and hand out the cash for reconstruction.
Hisham Al Sousi said he incurred costs of about $200,000 when his fashion shop, Action, was destroyed in the bombing. Located in the heart of Gaza city, the building was destroyed completely, including his family home and two floors of shop space.
He says he could not afford to wait for promised compensation to arrive.
“I was sure that I would not be compensated, people who were affected from the previous war didn’t get any compensation yet, so I didn’t wait and reopened my store again,” Mr Al Sousi told The National.
Just 100 metres from the rubble-strewn site of his old shop, Mr Al Sousi has reopened, selling accessories and bags on the first floor, and scarves and slippers on the second.
To catch the Eid trade and back-to-school crowds, he borrowed $100,000 from fellow traders and family members with a promise to repay within a year.
“I have a good name at the market so I don’t want to lose my customers, I started immediately after the war to prepare the new store," he said.
He spent 15 years building his business, and has carried on despite numerous stoppages caused by war.
“Unfortunately, there is no ambition in Gaza. We live without hope because at any time a war could happen again and we lose everything in an eye blink, but we are a strong nation and we don’t stop,” he said.
A rapid damage and needs assessment conducted by the World Bank Group, United Nations and the European Union in the month after the conflict ended, estimated the value of the physical damage caused by the conflict at between $290 million and $380 million. Recovery needs are estimated at up to $485m during the first 24 months.
The damage and rebuilding have compounded Gazans' suffering. Recurrent hostilities over the past three decades, restrictions on the movement of people and commercial goods at border crossings, limits to fishing off Gaza’s coast, and the effect of the Covid-19 pandemic were already pushing the population of two million to the brink.
Yasser Al Sadawi, 45, estimates he lost $90,000 when an air strike hit the building next door to his clothing store, destroying the building and his stock.
“I was shocked when I heard that the building would be targeted, but after a while I thanked my God that we are OK and I can re-build everything from the beginning” he said.
Mr Al Sadawi submitted a claim to Gaza's Ministry of Economy, including receipts for stock and estimated repair costs for the store, but has heard nothing of any incoming cash assistance.
“I can’t wait till I take any compensation, there are people waited for two years and didn’t get any compensation till now, so I rent new shop and started from the beginning,” Mr Al Sadawi said.
He borrowed money from other traders to restart the business, a sum he estimates will take three years to repay.
“I have been 12 years in my previous location. I feel so depressed when I pass there and see what happened to the area,” he said.
Mr Al Sadawi moved to the next block in the Al Remal neighbourhood but said his loyal customers do not know where to find him.
The Ministry of Economy said rehousing those who lost their homes has taken precedence over businesses.
“A committee was formed and gathered the ministry of economy, the UNDP, UNRWA and the Union of Industrialists and made plans for rehabilitating the industrial sector that was affected by the last war and previous wars, and offered it for the donors," said Osama Nofal, general manager of studies at the ministry.
“Until now we haven't received any answers regarding the economic sector because the donors, specially the Arab countries such as Qatar and Egypt, are focusing on housing sector," he said.
Mr Nofal said the ministry has tried to ease the pressure on the traders by exempting them from industrial and commercial licence fees. he said the 11 days of conflict could cost the sector $74m.
Taxi driver Mahmoud Al Khodari's vehicle was hit by an Israeli missile while he was transporting a group of journalists working for Turkey's Anadolu Agency. The cost of repair was $9,000, but when he submitted a claim to the Ministry of Transport and Communication, they estimated his loss was just $4,000. Even this sum he has not yet received.
“I kept going to ask for any compensation but I don’t get any answer,” he said. Like Mr Al Sousi and Mr Al Sadawi, Mr Al Khodair was forced to take matters into his own hands and fix the car himself.
“This car is the only source of living for me, how will I feed my family if I wait for compensation,” he said
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
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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 in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
