Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP
Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP
Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP
Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP

News

Lebanon's President Joseph Aoun to visit Saudi Arabia in first foreign trip

Mr Aoun, who was elected on Thursday, accepted an invitation from Crown Prince Mohammed bin Salman

Amr Mostafa
Amr Mostafa

January 11, 2025

  • English
  • Arabic

Lebanon's newly elected President Joseph Aoun will visit Saudi Arabia at the invitation of Crown Prince Mohammed bin Salman, the Lebanese Presidency said on Saturday.

The Saudi crown prince invited Mr Aoun to visit the kingdom during a phone call with the new president, the Lebanese Presidency said on X. No date was given for the visit.

Lebanese lawmakers elected Mr Aoun as head of state on Thursday, ending more than two years of deadlock resulting from deep political divisions. Lebanon needs foreign assistance to help it rebuild after the war between Israel and Hezbollah destroyed large parts of the country. The conflict killed about 4,000 people and inflicted significant damage on the Iran-backed armed group.

Saudi Arabia has been the biggest provider of financial assistance to Lebanon, with ties between the countries dating back to the 1980s. However, relations have been on shaky ground in recent years, primarily over Hezbollah's influence on Lebanese politics, with Riyadh calling for reforms to the political process.

Hezbollah was weakened by its conflict with Israel, with its leader Hassan Nasrallah and several commanders being killed and the group's infrastructure damaged. Riyadh stepped up as a strong backer of a process to steer Lebanon away from Hezbollah's grip.

Israel and Hezbollah agreed in November to a ceasefire under which Israel would withdraw its troops from southern Lebanon within 60 days. Sources told The National at the time that the terms of the deal included the election of a Lebanese president within the 60-day time frame, which expires on January 26.

The crucial discussions that led to Mr Aoun's election lasted for days this week and involved US envoy Amos Hochstein, French envoy Jean-Yves Le Drian and Saudi Arabia's Prince Yazid bin Mohammed.

“External forces wished for a purely Lebanese agreement but Lebanese MPs failed for two years to elect a president, which necessitated foreign intervention,” a political source told The National. “Foreign powers directly intervened through envoys. They possess various pressure tools, such as aid, sanctions and the reconstruction file. And they used them all."

The new president's first task is to appoint a prime minister. He is scheduled to begin consultations on Monday with all political groups in Parliament, as well as independent lawmakers "towards naming a head of government", his office said on Friday.

Mr Aoun has pledged to work towards naming a prime minister who would be "a partner and not an opponent" as soon as possible.

He noted the importance of choosing a prime minister who can gain the confidence of the international community and carry out urgently needed reforms to relaunch the economy.

The process of selecting a prime minister and forming a government is often drawn out, as the president must receive approval from a majority of lawmakers before he can name the head of government.

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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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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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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.”

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Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
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  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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800 tonnes of RDF replaces 500 tonnes of coal

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Updated: January 11, 2025, 12:27 PM
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