Greece and Egypt, bound by historical ties, upgraded their relations to a “strategic partnership” on Wednesday and are aiming for stability in the Eastern Mediterranean.
Egyptian President Abdel Fattah El Sisi met Greek Prime Minister Kyriakos Mitsotakis in Athens. In a joint statement, they said their ties were “deeply rooted in history” and “defined by our strong commitment to the values of peace and the full respect of international law”.
They also declared a joint stance on the need to respect international law to promote peace in Gaza, which borders Egypt and is viewed in Cairo as part of the Arab nation's security sphere.
“The first priority is for hostilities to stop and restore the flow of humanitarian aid to civilians,” Mr Mitsotakis said. He said Greece supported an Arab-backed plan laid out by Egypt for the reconstruction of postwar Gaza.
Migration was also high up agenda of talks. European governments have long been worried about the risk of instability in Egypt, a country of 106 million people where economic adversity has pushed increasing numbers to migrate.
Egypt has since 2016 largely shut off illegal migration from its northern coast, but the Greek islands of Crete and Gavdos have experienced a steep rise in migrant arrivals, mostly from Afghanistan and Egypt.
The European Union last year announced a €7.4 billion ($8.4 billion) funding package and an upgraded relationship with Egypt, as part of a push to cut down migrant flows.
Egypt has under Mr El Sisi – in office since 2014 – sought closer relations with both Greece and its ally Cyprus. The alliance between the three was rooted in their common desire to develop the natural gas-rich Eastern Mediterranean into a regional energy centre.
Politically, the alliance had an anti-Turkish slant rooted in Greece's historical rivalry with Turkey and latter's occupation since 1974 of a third of Cyprus.
However, Egypt's recent rapprochement with Turkey after a decade of tension appears to have eased the anti-Turkish undertone of the alliance, with Cairo and Ankara co-operating on regional issues, like the Gaza war, and easing its anti-Greek rhetoric.
Energy ambitions
The Egyptian and Greek leaders on Wednesday also reaffirmed their commitment to a proposed undersea electricity interconnector designed to transport renewable energy from North Africa to Europe.
The planned 3,000-megawatt capacity cable will stretch nearly 1,000km across the Eastern Mediterranean and has secured backing from the EU, making it eligible for significant bloc funding.
“This will allow both Greece and Europe to import low-cost energy – primarily wind energy, which you are able to produce very competitively – and export it to Europe,” Mr Mitsotakis said on Wednesday.
The project, estimated to cost around €4 billion ($4.5 billion), is expected to become operational within five years, a timeline set by both governments.
It aims to transmit solar and wind-generated power developed specifically for the project in Egypt, with private sector involvement led by Greece’s Copelouzos Group.
“It’s not just a bilateral matter – it’s a strategic regional project, as it creates a direct link that will extend to Europe via Greece,” Mr El Sisi said. “We count on the European Union’s support for this major initiative.”
The EU has expressed strong interest in expanding energy partnerships with non-member countries to diversify its energy sources and reduce its dependence on Russian energy following Russia’s invasion of Ukraine in 2022.
“Greece is a steadfast ally of Egypt, including on matters concerning your country’s relationship with the European Union,” Mr Mitsotakis said, underlining Athens’ role in fostering closer EU-Egypt ties.
The talks in Athens concluded with agreements to explore additional energy co-operation, facilitate expanded seasonal employment of Egyptian workers in Greece, and enhance collaboration across financial, defence, and cultural sectors.
With additional reporting by Reuters and the Associated Press
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
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
if you go
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
RIDE%20ON
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.