Live updates: Follow the latest news on Israel-Gaza
A senior US official has confirmed that the offshore gas reserves near Gaza are to be utilised by the Palestinian people.
Speaking to The National in Manama, Amos Hochstein, US Special Presidential Co-ordinator, stated that the off shore gas reserves in Gaza can be a source of revenue and energy independence for Palestinians in a future set up.
Mr Hochstein said “As we march towards a solution, into a future of Gaza that is not controlled by a terrorist organisation, but by the Palestinian people for themselves, we have to look at the economic activity."
While the US has refused to call for a ceasefire in Gaza and is focusing its efforts on the release of Israeli hostages taken by Hamas on October 7, Mr Hochstein is among officials assessing what “the day after” of the war will look like.
“There is an opportunity here to develop the gas fields in offshore Gaza, on behalf of the Palestinians," he said, in reference to marine gas reserves already discovered in Gaza.
Mr Hochstein said he has worked on the issue with the Palestinian Authority in Ramallah for the past year and a half and said "it is entirely possible”.
He stressed that “as soon as we get to the day after and this horrible war ends, there are companies willing to develop those fields”.
However, he warned “we shouldn’t exaggerate its potential, but it can absolutely be a revenue stream for a Palestinian government, and to ensure there is an independent energy system for Palestine”.
Asked if Israel would allow for such a set up, Mr Hochstein confirmed “yes, 100 per cent”. He said: “I am very confident, there is no reason for them not to, it is not theirs [the Israelis], the gas belongs to the Palestinian people”.
Mr Hochstein says there is a “clear mechanism that we have developed, that would pose no threat and would maximise the effectiveness for the Palestinian people”.
Mr Hochstein dismissed suggestions that the current war in Gaza is being driven in part due to Israel’s ambitions to control the gas. “Israel has enormous resources of its own, the maritime agreement for Lebanon was to allow it to develop it”.
The Lebanese-Israeli agreement on the maritime border still stands and Mr Hochstein, who visited Lebanon last week, is confident it will not be affected by the war.
“I have spent over a decade on efforts of integration and connection, I firmly believe that economic ties, and physical integration leads to more prosperity, more connectivity and less conflict," he said.
Mr Hochstein acknowledged that at this extreme time of the war in Gaza “it is hard to see the positives, but I look at what can be done”.
His concern about the Israel-Gaza war was clear, saying “there are no winners in these wars. There is just death and destruction”.
During two days of meetings in Manama, Mr Hochstein was speaking to officials and participants about the potential of energy being a conduit for future peace in the region.
Speaking during a panel discussion, he touted the possibility of energy projects providing “military and diplomatic connectivity“.
In his interview with The National, Mr Hochstein said the maritime border agreement between Lebanon and Israel still stands. He added that the deal was important as it was important a deal to set the borders.
As for his message to officials in Lebanon during his visit last week, Mr Hochstein said it was "very simple: keeping Lebanon out of this war should be an issue of utmost importance for Lebanon, Israel, as it is for the United States”.
He added that officials have to make sure “Lebanon is not dragged into this war, that it does not escalate to another front”, describing that if it did happen that it would be "devastating for the Lebanese people and the Israeli people”.
When the maritime border deal was completed between Lebanon and Israel in October 2022, which Mr Hochstein played a major role in orchestrating, there were high hopes for gas discoveries to help relieve the crisis-struck Lebanese economy.
However, no gas has been discovered in Lebanon yet.
Mr Hochstein said that "Lebanon cannot wait for a magic wand to save all its problems”. Without a president or confirmed government, Lebanon continues to struggle.
Mr Hochstein stressed, “no gas is going to change that”. However, he sounded optimistic that off shore gas could be found, as exploration takes time.
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
