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The UAE, Saudi Arabia, Jordan, Egypt and Qatar called for the opening of all Gaza border crossings for aid on Friday, as US Secretary of State Antony Blinken finished his trip to Israel to try to secure a deal to pause the fighting in the ravaged Palestinian enclave.
Mr Blinken met Israeli Prime Minister Benjamin Netanyahu on Friday during his sixth visit to Israel since the war in Gaza began in October.
The Secretary of State said he emphasised “the need to protect civilians in Gaza and increase and sustain humanitarian assistance, including through both land and sea routes.”
His trip has aimed to urge Mr Netanyahu to halt plans for a ground operation in Rafah, southern Gaza, where about 1.5 million people are sheltering from Israeli bombardments.
Speaking at the airport as he left Israel, Blinken told reporters he had “candid conversations” with Mr Netanyahu and that a military operation in Rafah “risks killing more civilians”.
“It risks wreaking greater havoc with the humanitarian assistance. It risks further isolating Israel around the world and jeopardising its long-term security and standing,” he said.
However, Mr Netanyahu said he had told Mr Blinken that while he appreciated US support for Israel's war against Hamas, it was necessary to go into Rafah to destroy the group, with or without American backing.
“I told him that I hope we would do this with US support but if necessary, we will do it alone,” Mr Netanyahu said on X.
Mr Blinken's visit comes after a joint statement published on Friday said the foreign ministers of the UAE, Saudi Arabia, Jordan, Egypt and Qatar stressed the “urgent need to achieve a comprehensive and immediate ceasefire” at a meeting with Mr Blinken in Cairo.
They called “for the opening of all border crossings between Israel and the Gaza Strip to allow for the delivery of humanitarian assistance”, and the removal of “all barriers imposed by Israel that obstruct the flow of aid to more than two million Palestinians facing famine in Gaza”.
Nearly 32,000 Palestinians have been killed in the Gaza war, with more than double that number injured.
The US and regional allies continue to push for a deal to release Israeli hostages held in Gaza, most of them abducted in the Hamas attack on southern Israel on October 7.
Hamas has called for the release of Palestinian detainees in Israeli jails and the withdrawal of Israeli forces from Gaza.
Following initial hopes for a six-week ceasefire deal before the beginning of Ramadan, reports suggested that talks had stalled amid intense diplomatic pressure on both sides to reach an agreement.
Mr Netanyahu approved an Israeli delegation to travel to Qatar on Friday for ceasefire talks, his office said on Thursday evening.
The delegation, led by Mossad chief David Barnea, will meet CIA chief William Burns, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman and Egyptian Intelligence Minister Abbas Kamel “to promote the release of the hostages” in Gaza, it said.
“The meeting of senior officials will take place as part of the negotiations in Doha and its purpose is to advance the efforts to return the abductees,” Mr Netanyahu's office said.
An Israeli delegation left Qatar this week amid continued negotiations to secure a pause in almost six months of fighting.
The Qatari Foreign Ministry later said technical talks were continuing and Doha remained “cautiously optimistic”. But the ministry said it was too early to talk of a breakthrough.
US President Joe Biden is reportedly becoming increasingly frustrated with Mr Netanyahu, who faces criticism at home for not prioritising the freeing of hostages, which much of Israel’s far-right government say will hurt the country’s war effort.
Mr Blinken said on Thursday in Cairo that he believes talks in Doha could still bring about a ceasefire.
“Negotiators continue to work. The gaps are narrowing and we are continuing to push for an agreement in Doha. There is still difficult work to get there. But I continue to believe it is possible,” Mr Blinken said.
“We have closed the gaps but there are still gaps. So I can’t put a timeline on it. I can just say that we are committed to doing everything possible to reaching an agreement.”
As Mr Blinken met Mr Netanyahu, the UN Security Council voted to reject a US-drafted resolution that had noted the need for an “immediate” ceasefire that would allow in more aid into Gaza.
Russia, China and Algeria voted against the draft resolution, which received 11 votes in favour and one abstention.
China's UN ambassador, Zhang Jun, told council members the US draft was “very unbalanced”, particularly on Israel's plans for a military offensive on Rafah.
He noted the draft did not “clearly and equivocally state its opposition, which would send the wrong signal and lead to severe consequences”.
“Any action taken by the Security Council should stand the test of history, under scrutiny of morality and conscience,” the Chinese envoy added.
Russia's deputy UN ambassador Dmitry Polyanskiy previously told reporters in New York “anything that doesn't call for a ceasefire” would not suffice.
Arab nations, led by Algeria, put a draft resolution to a vote last month with little expectation it would pass after the US said it would present a rival draft.
US and other western officials have been increasingly critical in public statements of Israel’s conduct during the war, a noticeable contrast to their overwhelming support in the early months of the fighting.
Canada this week said it would honour a non-binding motion to halt all future military exports to Israel.
The move was criticised across the political spectrum in Israel where it raised fears that other western countries, including the US, which is by far Israel’s largest supplier of weapons, could follow suit.
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
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
