Egyptian President Abdel Fattah El Sisi delivers a speech during the Cairo Summit for Peace on Saturday. Abdulla Al Neyadi / UAE Presidential Court
Egyptian President Abdel Fattah El Sisi delivers a speech during the Cairo Summit for Peace on Saturday. Abdulla Al Neyadi / UAE Presidential Court
Egyptian President Abdel Fattah El Sisi delivers a speech during the Cairo Summit for Peace on Saturday. Abdulla Al Neyadi / UAE Presidential Court
Egyptian President Abdel Fattah El Sisi delivers a speech during the Cairo Summit for Peace on Saturday. Abdulla Al Neyadi / UAE Presidential Court

Gaza summit: Cairo conference seeks path to regional de-escalation


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Live updates: Follow the latest news on Israel-Gaza

Foes, former adversaries, and allies in the Middle East convened at the large table in the blue-lit conference room in Cairo to discuss the Gaza war on Saturday.

It was a rare moment of alignment in the conflict-prone region but a mandatory one to head off a wider war and prevent escalation that could embroil countries and borders already bristling with tensions.

Leaders and officials from Turkey, Egypt, Qatar, Greece, Iraq, Saudi Arabia and other nations addressed the gathering with a unified voice, setting the tone for de-escalation.

The current war began on October 7 when Hamas militants stormed across the Gaza border into Israel, launching the deadliest attack against the country since its establishment, killing at least 1,400 people.

Israel has hit back with a bombing campaign, hammering the besieged Palestinian enclave, neighbourhood after neighbourhood and killing more than 4,100 Palestinians, mainly civilians.

The region appeared on the verge of a broader conflict as the Israeli campaign raged.

“It will take concerted diplomacy – and considerable luck – to prevent this,” the European Council on Foreign Relations wrote on Friday.

“An escalation in the conflict would upturn a fragile period of regional calm,” it added.

In recent years, diplomatic initiatives have gained momentum in a region frequently plagued by conflicts and differing world views.

While the United Arab Emirates and Bahrain established ties with Israel, several Gulf countries reopened embassies in Tehran. Since March, the relationship between Saudi Arabia and Iran has witnessed a thaw, with the hope of decreasing tensions.

Syria was returning to the Arab fold after more than a decade of isolation, while Qatar and its ally Turkey repaired their relations with Egypt.

However, the current war has the potential to disrupt these recent trends towards regional co-operation and joint projects like the Middle East Economic Corridor, announced at the last G20 summit.

Earlier this week, Iran-backed militias attacked US forces across the region. Meanwhile, in the south of Lebanon, Hezbollah fighters have been trading border fire with the Israeli military.

“It's like breaking bread at gunpoint,” an Arab diplomat said of the Gaza summit.

“But a necessary one to avoid a far-ranging bloodshed,” he told The National.

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

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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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Schedule for show courts

Centre Court - from 4pm UAE time

Johanna Konta (6) v Donna Vekic

Andy Murray (1) v Dustin Brown

Rafael Nadal (4) v Donald Young

 

Court 1 - from 4pm UAE time

Kei Nishikori (9) v Sergiy Stakhovsky

Qiang Wang v Venus Williams (10)

Beatriz Haddad Maia v Simona Halep (2)

 

Court 2 - from 2.30pm

Heather Watson v Anastasija Sevastova (18)

Jo-Wilfried Tsonga (12) v Simone Bolelli

Florian Mayer v Marin Cilic (7)

 

THE 12 BREAKAWAY CLUBS

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

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.

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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

Updated: October 22, 2023, 8:16 AM