Egyptians should not worry over the economic woes gripping the country, as the government is doing everything it can to deal with the crisis, President Abdel Fattah El Sisi said on Friday.
The Egyptian leader was speaking at the Coptic Orthodox Christmas Mass held at the Cathedral of the Nativity of Christ in the New Administrative Capital in the desert east of Cairo.
Egypt's Coptic Christians celebrate Christmas on January 7.
Mr El Sisi's attempt to reassure Egyptians about the country's economic situation came after the local currency plunged by about 7 per cent over Wednesday and Thursday in what is effectively the third devaluation of the pound since March 2021.
The rapid slide in the pound's value is one of the main features of Egypt's economic crisis, caused in large part by the Russia-Ukraine war and the coronavirus pandemic before it.
Other symptoms of the ailing economy include a crushing foreign currency shortage, import restrictions and skyrocketing food prices. Inflation is close to 20 per cent, its highest in five years.
“I see that people in Egypt are worried, anxious and scared. I will not say that this is unjustified, but if my assurances have any effect on you, then rest assured: We don't hide anything from you,” said the Egyptian leader, a former army general who took office in 2014.
“God is here. Do you think he will abandon us? He is bigger and dearer than anyone and is trying to do everything that is good [for Egypt],” said Mr El Sisi.
The government is also doing everything it can to shield Egyptians from the impact of the Russia-Ukraine war, he added.
“We are doing well, thanks be to God, although we are suffering. We are suffering, yes, but we should not be scared or worried.”
Mr El Sisi also warned Egyptians against being swayed by what he described as hearsay and rumours, pointing to speculation that his government was planning to partially privatise the Suez Canal as well as other vital state assets to ease the crisis.
“I will be sure to tell you if there's something to be done,” he said.
Egypt last month secured a $3 billion loan from the International Monetary Fund. Key conditions attached to the loan include a flexible foreign exchange regime and giving the private sector a bigger role in the economy.
Since taking office, Mr El Sisi has made a point of attending Christmas Mass as part of his outreach to Egypt's estimated 10 million Christians, who have historically suffered discrimination at the hands of the country's Muslim majority.
The Egyptian leader has endeared himself to his nation's Christian community when, as defence minister, he led the 2013 removal of president Mohammed Morsi, part of the now-banned Muslim Brotherhood, amid mass protests against the Islamist's divisive, one-year rule.
He has since eased restrictions of the construction of churches and legalised illegally built ones. He also named a Christian as the chief judge of the Supreme Constitutional Court.
However, many Christians in rural areas, particularly in middle and southern Egypt where Christians are a sizeable minority, complain of subtle discrimination tolerated or aided by local officials.
“We need to emphasise on every occasion that we are one — we are one. There is not any form of discrimination among us. I am talking about all of us, not just you,” he said as Pope Tawadros II, the Coptic Orthodox pontiff, stood at his side.
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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
Jawan
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Zayed Sustainability Prize
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Sholto Byrnes on Myanmar politics
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
