The UAE on Tuesday announced it is withdrawing all remaining counter-terrorism teams from Yemen hours after a Saudi strike hit armoured vehicles belonging to its forces in the southern port of Mukalla.
The UAE ended its military presence within the Saudi-led coalition in Yemen in 2019 but kept a limited number of specialised teams there as part of counter-terrorism efforts. Saudi Arabia has led the anti-Houthi alliance since 2015, with the UAE playing a key role in halting the advance of the Iran-backed rebels, expelling them from the south, and combatting extremist groups such as Al Qaeda and ISIS.
"In light of recent developments and their potential implications for the safety and effectiveness of counter-terrorism missions, the Ministry of Defence announces the termination of the remaining counter-terrorism personnel in Yemen of its own volition, in a manner that ensures the safety of its personnel and in co-ordination with the concerned partners," an official statement said.
"The Ministry of Defence affirms that this measure comes within the context of a comprehensive assessment of the requirements of the current phase, and in line with the commitments of the United Arab Emirates and its role in supporting security and stability in the region.
"The Ministry of Defence affirms that the United Arab Emirates has participated as part of the Arab Coalition since 2015 in support of legitimacy in Yemen, in backing international efforts to combat terrorist organisations, and in pursuit of security and stability for the brotherly Yemeni people. The UAE has made great sacrifices in achieving these objectives."
The statement came after the Saudi-led coalition announced a “limited military operation” against weapons and combat vehicles in southern Yemen.
“Coalition air forces carried out a limited military operation this morning. The operation targeted weapons and combat vehicles,” Coalition Forces spokesman Maj Gen Turki Al Malki claimed. He added that the equipment had been unloaded from two vessels at the port of Mukalla on Saturday and Sunday after they were shipped from Fujairah.
However, the UAE Ministry of Foreign Affairs rejected Saudi claims "alleging the fuelling of the Yemeni conflict", and dismissed attempts to draw it into the internal Yemeni dispute.
"The ministry confirms that the shipment concerned did not include any weapons, and that the vehicles unloaded were not intended for any Yemeni party, but were shipped for use by UAE forces operating in Yemen.
"The ministry stresses that the allegations circulating in this regard do not reflect the nature or purpose of the shipment, and underscores that there was high-level co-ordination regarding these vehicles between the UAE and Saudi Arabia, along with an agreement that the vehicles would not leave the port. Nevertheless, the UAE was surprised by the targeting of the vehicles at the port of Mukalla."
It added: “The UAE categorically rejects any attempt to implicate the country in tensions among Yemeni parties and strongly denounces allegations that it exerted pressure on, or issued directives to, any Yemeni party to undertake military operations that would undermine the security of the kingdom of Saudi Arabia or target its borders.”
The Southern Transitional Council, which seeks the restoration of an independent southern state, recently took control of Hadhramaut and Mahra from other pro-government forces, effectively consolidating its grip over all southern governorates. The group said the move followed what it described as the failure of other pro-government factions to launch a serious campaign against the Houthis in their northern strongholds, including the capital Sanaa.
Saudi Arabia, which hosts senior Yemeni government and PLC figures, condemned the STC’s takeover, saying it was carried out without co-ordination with the coalition and, on Tuesday, accused the UAE of having a role in it.
In its statement, Saudi Arabia’s Ministry of Foreign Affairs said the STC’s actions posed “a threat to the kingdom’s national security, as well as the security and stability of Yemen and the region”, stressing that any threat to Saudi security was “a red line” that would be met with “all necessary measures”.
But the UAE expressed concern regarding the Saudi statement and "the fundamental inaccuracies it contains regarding the UAE’s role in the ongoing developments in the Republic of Yemen".
It said it was committed to Saudi Arabia's security and stability. It affirmed "its full respect for the kingdom’s sovereignty and national security, and its rejection of any actions that could threaten the security of the kingdom or the wider region. The UAE firmly believes that the fraternal and historical relations between the two countries constitute a cornerstone of regional stability, and reaffirms its full co-ordination with the Kingdom".
It also stressed that since the outset of the developments in the governorates of Hadhramaut and Mahra, its position has focused on containing the situation, supporting de-escalation efforts, and promoting understandings to contribute to preserving security and stability and protecting civilians, in full co-ordination with Saudi Arabia.
Marco Rubio calls the UAE and Saudi Arabia
The White House and US State Department did not provide direct comment on the unfolding situation in Yemen but Secretary of State Marco Rubio spoke to the foreign ministers from the UAE and Saudi Arabia.
During the call with Sheikh Abdullah bin Zayed, the UAE's Deputy Prime Minister and Minister of Foreign Affairs, the country's top diplomat underscored the UAE's unwavering commitment to working closely with the US, "as well as with all its partners, to establish sustainable peace in the region and to strengthen security and stability in the interests of its peoples", according to Wam.
The State Department said Mr Rubio and Saudi Foreign Minister Prince Faisal bin Farhan spoke about the "ongoing tensions in Yemen" and issues affecting regional security and stability.
The UAE Ministry of Foreign Affairs underscored that the Emirati presence in Yemen “was at the request of the legitimate Yemeni government and within the framework of the Saudi-led Arab coalition, with the aim of supporting the restoration of legitimacy and combatting terrorism, while fully respecting the sovereignty of the Republic of Yemen."
It noted that the UAE has made “significant sacrifices since the launch of coalition operations and has stood in solidarity with the brotherly Yemeni people at various stages".
The ministry also pointed out that these developments raise "legitimate questions regarding how this issue and its potential repercussions have been addressed, at a time that demands the highest levels of co-ordination, restraint and wisdom, particularly given the prevailing security challenges and threats posed by terrorist groups, including Al Qaeda, the Houthis and the Muslim Brotherhood, within the framework of international efforts aimed at combatting terrorism and extremism and fostering opportunities for de-escalation and stability".
It affirmed that dealing with the recent developments must be done responsibly, in a manner that prevents escalation, "based on verified facts and existing co-ordination among the concerned parties, in a way that preserves security and stability, safeguards shared interests, and contributes to supporting the political process and bringing an end to the crisis in Yemen".
The latest crisis underscores the fragility of Yemen’s already fractured political landscape, with infighting among anti-Houthi forces threatening to further complicate efforts to stabilise the war-torn country and defeat the Iran-backed rebels who have controlled the capital Sanaa and northern regions for a decade.
Ahmed Aboul Gheit, Secretary General of the League of Arab States, expressed "deep concern" over the serious and rapidly unfolding developments. He called on all member states to "support legitimacy to uphold the spirit of Arab solidarity during this critical juncture, exercise restraint, and adhere to the unified Arab position in support of Yemeni legitimacy".
Meanwhile, the Muslim Brotherhood said in a statement that it supports Saudi Arabia’s position. The terrorist-designated group affirmed its "firm commitment to the unity and sovereignty of Arab states".
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Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
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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Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
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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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
