Smoke rises following an Israeli air strike in eastern Rafah on Monday. AP
Smoke rises following an Israeli air strike in eastern Rafah on Monday. AP
Smoke rises following an Israeli air strike in eastern Rafah on Monday. AP
Smoke rises following an Israeli air strike in eastern Rafah on Monday. AP

What is the three-phase ceasefire deal Hamas agreed to?


Ismaeel Naar
  • English
  • Arabic

Live updates: Follow the latest on Israel-Gaza

Hamas on Monday agreed to a three-phase deal brokered by Egypt and Qatar for a ceasefire in Gaza that Israel said was not acceptable because terms had been “softened”.

The US, which alongside Qatar and Egypt has played a mediation role in the talks, said it was studying the Hamas response and would discuss it with allies in the Middle East.

Hamas said that its chief, Ismail Haniyeh, had informed Qatari and Egyptian mediators that the group accepted their proposal for a ceasefire.

Israeli Prime Minister Benjamin Netanyahu's office later said that the truce proposal fell short of Israel's demands but Israel would send a delegation to meet negotiators to try to reach an agreement.

According to the text of the Egyptian-Qatari proposal seen by The National, the deal agreed to by Hamas includes the following points:

An Israeli tank operates along the Gaza border on Monday. Reuters
An Israeli tank operates along the Gaza border on Monday. Reuters

Phase 1: 42-day ceasefire

  • Temporary cessation of mutual military operations between the two parties, and the withdrawal of Israeli forces eastward and away from densely populated areas to an area along the border in all areas of Gaza, including the Gaza Valley.
  • Cessation of aviation (military and reconnaissance) in the Gaza Strip for 10 hours a day, and 12 hours on the days of hostage releases.
  • The return of the internally displaced to their original areas of residence and withdrawal from the Gaza Valley, the Netzarim axis and the Kuwait roundabout.
  • From day one, Gaza would be given intensive and sufficient quantities of humanitarian aid, relief materials and fuel. Entry of 600 lorries per day, including 300 for the north and 50 lorries of fuel needed to operate the electricity station and the equipment needed to remove rubble, would be allowed to restore and operate hospitals, health centres and bakeries in all areas of the enclave. This will continue throughout all stages of the agreement.
  • On day three, after the release of three hostages, Israeli forces will withdraw completely from Al Rasheed Street eastward to Salah Al Din Street and dismantle military sites and installations in the area to allow those displaced to return to their areas of residence. They would also allow entry of humanitarian aid from Al Rasheed Street without any obstacles.
  • On day 22, after the release of half of the hostages, including female soldiers, Israeli forces will withdraw from the centre of the Gaza Strip east of Salah Al Din Street to a nearby area along the border.
  • During the first phase, Hamas would release 33 Israeli hostages, both alive or dead, including women (civilians and soldiers), children (under the age of 19, other than soldiers), those over the age of 50, and sick and wounded civilians, in exchange for numbers of detainees in Israeli prisons.
  • Indirect talks will begin between the two parties no later than day 16 to discuss details of the second phase of the agreement and the further exchange of detainees and hostages, including males and soldiers.
Hamas handed over some hostages to the International Red Cross during a short truce in late November. Reuters
Hamas handed over some hostages to the International Red Cross during a short truce in late November. Reuters

Phase 2: Return of 'sustainable calm'

  • An agreement to restore a “sustainable calm” (cessation of military and hostile operations) to Gaza. During this phase, both sides would agree to an exchange of detainees to include all remaining Israeli male hostages including captured soldiers.
  • Israel would agree to a complete withdrawal of its forces from the enclave.

Phase 3: End of blockade and reconstruction

  • The completion of exchanging bodies.
  • Ending the complete blockade on the Gaza Strip.
  • The introduction of a reconstruction plan for three to five years, including homes, complexes, and infrastructure. Parties would also agree on compensation for all those affected, under the supervision of several countries and organisations, including Egypt, Qatar, and the UN.
  • Qatar, Egypt, the US and the UN would be guarantors of the agreement.
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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Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

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Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Tamkeen's offering
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  • Option 2: 50% across three years
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Favourite Hobby: Writing and cooking

Favourite Book: The Prophet by Gibran Khalil Gibran

Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
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Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

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Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
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  • Field engineer: Dh6,500 to Dh7,500
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  • Field operator: Dh5,000 to Dh7,000
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Man of the Match: Kaide Gordon (Liverpool)

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Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Updated: May 07, 2024, 6:52 AM