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The Palestinian Authority is ready to assume control of Gaza as soon as a "permanent ceasefire" is in place, Prime Minister Mohammad Mustafa said on Wednesday as he urged countries to support its post-war return to power.
Mr Mustafa warned against the Gaza Strip being "left to a vacuum" as he addressed a meeting in Oslo of dozens of countries pursuing a two-state Middle East settlement. Host country Norway said a ceasefire alone was "not a solution" to the conflict as negotiators for Israel and Hamas edge towards a truce.
The US has called for an interim administration to run Gaza that would later hand over power to a "fully reformed" Palestinian Authority, which runs the West Bank but lost power in Gaza to Hamas in 2007. Mr Mustafa told the meeting of the Saudi-founded Global Alliance for the Implementation of the Two-State Solution that any attempt to create transitional bodies "will be rejected".
"While we’re waiting for the ceasefire, it’s important to stress that it will not be acceptable for any entity to govern the Gaza Strip but the legitimate Palestinian leadership and the government of the State of Palestine," Mr Mustafa said. He said Palestinian ministries would "resume full responsibility" for providing public services.
"Gaza, after all this pain, needs a responsible and capable government to heal the wounds of the Palestinian people, and to reintegrate Gaza with the rest of Palestine under one state, one government, one law and one system," he said.
"We should move quickly towards relief, recovery, reconstruction and peace. We are the government of Palestine, ready to hold our responsibilities in the Gaza Strip as we did before."
Mr Mustafa urged countries to help pay for Gaza's reconstruction as he promised the Palestinian Authority would undertake reforms demanded by key countries. Its aims would include stabilising its finances, providing "quality services" such as water and education, and pursuing economic development, he said.
"These reforms aim to modernise our institutions, improve service delivery and create an environment conducive to growth and stability," he said. "We therefore call on members of this global alliance to actively support the Palestinian government."
Departing US Secretary of State Antony Blinken said in a speech on Tuesday that the authority needs "swift and far-reaching" reforms. He said nobody should expect Israel to accept a Palestinian state if it stays unreformed and becomes a "failed state".
More than 80 countries and organisations were represented at the talks in Norway, which brokered the Oslo Accords in 1993 as a first step towards Palestinian self-government. Norway recognised the State of Palestine last May along with Ireland and Spain.
The alliance for a two-state solution held its first meeting in Riyadh last October, with guests including the US, which says recognition of Palestine is premature. Israeli Prime Minister Benjamin Netanyahu has repeatedly opposed Palestinian statehood.
Norway's Foreign Minister Espen Barth Eide warned the Middle East's divisions "will not be over" once a ceasefire kicks in. "There is no way to turn the clock back to October 6, 2023," the day before Hamas militants stormed into Israel, he said. "That was not a stable solution either.
"We need to recognise that it’s really the moment to deep-dive into what will happen next. Just a ceasefire can easily create a sense of vacuum, of unfulfilled hope, and the problems in Gaza will not be over."
Philippe Lazzarini, head of the UN agency for Palestinian refugees, said its aid workers will "stay and deliver" in Gaza despite an Israeli law seeking to block its work, which is due to take effect at the end of January. He said the aim is for UNRWA's workforce of teachers, doctors and nurses to eventually "form the backbone" of Palestinian-run public services.
Mr Mustafa said international recognition of Palestine was as "equally crucial" as ending the fighting in Gaza and lifting what he called the siege of the strip. "Such recognition is not only an affirmation of Palestinian sovereignty, it’s also an immediate investment in lasting peace," he said.
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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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
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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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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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