Live updates: Follow the latest on Israel-Gaza
Egypt has told Israel of its strong opposition to its plans for postwar Gaza, including the creation of a buffer zone in northern Gaza and forcing hundreds of thousands of Palestinians to move to areas close to its border, sources have told The National.
Cairo's opposition, the sources said, was relayed to representatives of Israel's Mossad spy agency and its security agency Shin Bet during talks held with Egyptian intelligence officials in Cairo on Sunday.
“It was long and tense,” said one of the sources of the meeting, which was attended by Hassan Mahmoud Rashad, who was appointed as Egypt's new intelligence chief last week.
Sharing some details of intelligence reports on Israel's plans for postwar Gaza, the sources told The National on Monday that Israel intended to carve up the northern part of the coastal enclave into five “security zones” in which infrastructure will be devastated to a degree that they will no longer be able to sustain communities.
They said the Israeli military will only allow displaced women and men over the age of 60 to return to their homes in northern Gaza, where local militiamen known to be opposed to Hamas will take charge of distributing humanitarian assistance. No reconstruction will be allowed in the area, they added.
“There will be direct Israeli military rule in northern Gaza backed by local militias drawn from clans known to be enemies of Hamas,” said another source. “The Benjamin Netanyahu government is determined to change all facets of life in Gaza with a combination of methodical evictions and genocide-level killings.”
There has been no official announcement from Egypt or Israel about Sunday's meeting, the first known face-to-face encounter between Israeli and Egyptian intelligence officials in weeks. Several meetings took place during nearly a year of fruitless negotiations led by Egypt and fellow mediators Qatar and the US to reach a Gaza ceasefire and secure the release of Israeli and other hostages held by Hamas since October 2023.
There was no immediate comment from Israel on the sources' claims but Israeli officials have said evacuation orders to residents in northern Gaza were aimed at separating Hamas fighters from civilians and denied there was a systematic plan to clear civilians out of Jabalia or other northern areas.
Israeli officials said forces operating in northern Gaza had killed scores of Hamas fighters and dismantled infrastructure belonging to the militant group. Hamas, however, said Israel was carrying out acts of “genocide and ethnic cleansing” against the people of northern Gaza to force them to leave.
The issue of Israel's military presence in the Salah Al Din (Philadelphi) corridor, a narrow strip that runs the length of Egypt's border with Gaza and includes the Palestinian side of the Rafah border crossing, was also raised in Sunday's meeting, with the Egyptians renewing demands that Israeli troops leave the area.
Egypt contends that Israel's military presence there breaches the two countries' 1979 peace treaty and subsequent accords. For its part, Israel says it needs to remain there to prevent the use of tunnels between Egypt and Gaza to smuggle weapons and other hardware to Hamas, an accusation Egypt has repeatedly denied.
News of Israel's intention to create a buffer zone in northern Gaza came as the Israeli military deepened its operations in the area on Monday. It has burnt the Indonesian Hospital as well as buildings where thousands of people had been taking shelter.
They also rounded up men and ordered women to leave the Jabalia camp, the largest of the enclave's eight historical refugee camps. These actions validate the sources' assertions on Israel's intentions in the area.
The UN Human Rights Office said this week it was “increasingly concerned that the manner in which the Israeli military is conducting hostilities in northern Gaza, along with unlawful interference with humanitarian assistance and orders that are leading to forced displacement, may be causing the destruction of the Palestinian population in Gaza's northernmost governorate through death and displacement”.
Meanwhile, Washington announced on Monday that Secretary of State Antony Blinken is making his 11th trip to the Middle East this week, visiting Israel and several Arab nations, including Egypt, in the course of a week-long tour.
The trip had been expected after the US President Joe Biden said last week that he would send Mr Blinken to the region following Israel's killing of Hamas military chief Yahya Sinwar, a development some believe could open a window for new talks on a ceasefire proposal.
“Throughout the region, Secretary Blinken will discuss the importance of bringing the war in Gaza to an end, securing the release of all hostages, and alleviating the suffering of the Palestinian people,” State Department spokesman Matthew Miller said in a statement. “He will continue discussions on post-conflict period planning and emphasise the need to chart a new path forward that enables Palestinians to rebuild their lives and realise their aspirations free from Hamas’s tyranny.”
According to Mr Miller, Mr Blinken will underscore the need for a dramatic increase in the amount of humanitarian aid reaching Gaza, a priority he and Defence Secretary Lloyd Austin mapped out in a letter to Israeli officials last week. That letter reminded Israel that the Biden administration could be forced by US law to curtail some forms of military aid should the delivery of humanitarian assistance continue to be hindered.
Israel has vowed to continue its war on Gaza until it eradicates Hamas following the group's attack on southern Israeli communities in October last year, which left around 1,200 dead. Its military response to that attack has killed more than 42,600 Palestinians, according to Hamas's health ministry, and laid waste to much of the territory. Most of Gaza's 2.3 million residents have been displaced.
Sarfira
Director: Sudha Kongara Prasad
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Rating: 2/5
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
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
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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.”
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
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The specs
Engine: 3.9-litre twin-turbo V8
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Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
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Price: From Dh1.05 million ($286,000)
KILLING OF QASSEM SULEIMANI
KILLING OF QASSEM SULEIMANI
