An Israeli army tank drives into position near Israel's southern border with the Gaza Strip on January 14, 2025. AFP
An Israeli army tank drives into position near Israel's southern border with the Gaza Strip on January 14, 2025. AFP
An Israeli army tank drives into position near Israel's southern border with the Gaza Strip on January 14, 2025. AFP
An Israeli army tank drives into position near Israel's southern border with the Gaza Strip on January 14, 2025. AFP

Gaza ceasefire mediators make final push for deal as Hamas and Israel accept draft


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US-led mediators and Israeli and Hamas negotiators were studying a complex draft deal to pause the Gaza war and enable the release of hostages, sources told The National on Tuesday, a day after President Joe Biden declared that an agreement was “on the brink” of being finalised.

“There is progress in all components of the agreement formula. We are not quite at the final closure and details are not there yet, but we are definitely in advanced stages,” a senior Israeli official told reporters. “There is talk of an agreement in the near future, but it is impossible to say whether it is a matter of hours or days.”

A Palestinian source said he expected the deal to be finalised on Tuesday if “all goes well”, Reuters reported.

Ending the war in Gaza would be a milestone for the Middle East. The conflict has significantly altered the region's political and military landscape. It has led to a war in Lebanon, drawn Iran into an exchange of direct attacks with Israel and prompted Tehran's proxy in Yemen, the Houthis, to launch missiles and drones on Israel and attack shipping in the Red Sea, disrupting global trade through Egypt's Suez Canal.

A truce would give Gaza its first respite from war since November 2023 when a week-long ceasefire saw about 100 hostages released by Hamas in exchange for almost 250 Palestinians held in Israeli jails.

Previous attempts by the mediators to negotiate another deal have faltered at the final stages as Israel and Hamas refused to show flexibility. However, Donald Trump's victory in the November US presidential election and his repeated threat that there would be “hell to pay” if the hostages were not released before his January 20 inauguration have re-energised the negotiations.

“This is the closest point we have been to a deal over the past months,” Qatar's Foreign Ministry spokesman Majed Al Ansari said on Tuesday in Doha where, according to the sources, the mediators and negotiators are debating some of the more intricate details of the draft and mapping out a mechanism for its implementation.

The source said late on Monday that both Hamas and Israel have given their approval in principle to the draft, the first time both sides have agreed on a blueprint to end the war in over a year.

Those involved in the final push for a deal are David Barnea, director of Israel's Mossad spy agency; Ronen Bar, director of Israel's Shin Bet internal security; Steve Witkoff, Mr Trump's incoming Middle East envoy; Brett McGurk, Mr Biden's outgoing Middle East envoy; and Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman.

A notable absence from the US team is CIA director William Burns, who had often acted as his country's chief mediator in the past year. US ally Egypt is represented by top intelligence officials while Hamas is represented by Khalil Al Hayah, the most powerful official from the group's leadership in exile, the sources said.

Mohammed Sinwar, the de facto leader of Hamas in Gaza after Israel killed his older brother, Yahya Sinwar, in October, was being constantly updated on the progress of the talks, they said.

“In the war between Israel and Hamas, we're on the brink of a proposal that I laid out in detail months ago finally coming to fruition,” Mr Biden said in a farewell speech at the State Department on Monday. Earlier on Monday, US National Security Adviser Jake Sullivan said a deal could be finalised this week.

A draft of the agreement that was seen by The National but could not be independently verified, provides for a 42-day truce, a limited release of hostages in exchange for Palestinian detainees in Israel, a partial Israeli withdrawal, the return home of unarmed Palestinians displaced by the fighting and the entry of more humanitarian assistance to Gaza.

The Gaza war was started by a Hamas-led attack on southern Israel on October 7, 2023, when its fighters killed about 1,200 people and kidnapped about 250. The attack drew an Israeli response that has to date killed more than 46,600 people and injured more than twice that number, Gaza health authorities say. Most of the Palestinian territory's 2.3 million people have been displaced and large areas of built-up regions have been reduced to rubble.

Palestinians inspecting the ruins of a site hit by Israeli strikes east of Khan Younis in the southern Gaza Strip on January 14, 2025. AFP
Palestinians inspecting the ruins of a site hit by Israeli strikes east of Khan Younis in the southern Gaza Strip on January 14, 2025. AFP

Hamas and allied militant groups are believed to be still holding about 100 hostages, of whom the Israeli military says as many as 40 have died in captivity. At least 33 hostages, including the bodies of the dead, would be released at the rate of three a week during the initial truce, with women, minors, the elderly and ailing hostages included in the first batch.

According to the draft, the release of hostages in exchange for Palestinians held in Israeli prisons will depend on the commitment of both sides to the terms of the proposed deal, including observing the truce, Israel's withdrawal and the return home of the displaced, as well as the entry of aid.

Israel will halt all aerial activity during the truce for 10 hours every day and 12 hours on days when the exchange of hostages for detainees is taking place, according to the draft. The fate of 100 Palestinian prisoners and detainees serving long jail terms who Hamas wants freed would be discussed at a later stage, the draft says.

The sources said Palestinians convicted of murder or deadly attacks could be released by Israel but on condition they and their families go into exile outside the Palestinian territories.

They said Israel was unlikely to fully withdraw from Gaza. Instead, it intends to create buffer zones on the enclave's borders to protect communities in its southern region. It will initially withdraw from parts of the Philadelphi corridor bordering Egypt on the Gaza side but only after security arrangements are put in place, they said.

A man in a wheelchair sits by a wall of photos of hostages held in Gaza since October 7, 2023 at the so-called 'Hostages Square' in Tel Aviv, Israel. Reuters
A man in a wheelchair sits by a wall of photos of hostages held in Gaza since October 7, 2023 at the so-called 'Hostages Square' in Tel Aviv, Israel. Reuters

The draft stipulates the release of 30 to 50 Palestinians for every hostage freed by Hamas. The proposed deal also provides for the daily arrival of 600 lorries laden with humanitarian assistance, including 50 carrying fuel. Half of the convoy will head to the north of the Gaza Strip, by far the most devastated part of the coastal enclave. Hospitals, bakeries and medical centres would be repaired and brought back into operation.

Machinery to remove debris would enter Gaza during the 42-day truce and at least 60,000 caravans and 200,000 tents would be allowed in to house residents who have lost their homes.

Israel and Hamas will engage in indirect negotiations starting no later than the 16th day of the truce to iron out details of the second phase of the deal and the release of the remaining hostages, mostly Israeli soldiers and civilian men.

Smoke plumes rise from explosions in the northern Gaza Strip on January 14, 2025. AFP
Smoke plumes rise from explosions in the northern Gaza Strip on January 14, 2025. AFP

The Israeli official who briefed reporters on Tuesday said any agreement would first have to be approved by the government of Prime Minister Benjamin Netanyahu and his security cabinet. Time will also have to be allowed for a possible petition against the agreement in the High Court.

“So, even once they have negotiated the agreement, it will take a little more time. However, we will be prepared to implement things very quickly,” he said.

Far-right Israeli politicians have meanwhile doubled down on their opposition to a deal, with National Security Minister Itamar Ben-Gvir boasting on X that he had prevented the “terrible” deal on a number of occasions during the past year. He also called on far-right Finance Minister Bezalel Smotrich, a political ally, to resign from government if the deal passes.

“I call on the Prime Minister to come to his senses and take steps that will lead to the defeat of Hamas and the release of our hostages without abandoning Israel's security: completely stop the transfer of humanitarian aid and fuel, electricity, and water to Gaza, along with continuing the military crushing of Hamas until its complete defeat,” he added.

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FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

PETER%20PAN%20%26%20WENDY
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MATCH INFO

Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE

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

How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton

'C'mon C'mon'

Director:Mike Mills

Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman

Rating: 4/5

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Updated: January 15, 2025, 5:49 AM