Syria's President Ahmad Al Shara visited Kuwait on Sunday and discussed ways to stabilise his country with Emir Sheikh Meshal, official media reported, amid a push by Damascus to secure Gulf investments.
The official Kuwaiti news agency said the two men, who met at the Emir's palace, discussed expanding ties and "strengthening efforts by the international community to guarantee the security and stability of Syria".
It was the fourth visit by Mr Al Shara to a Gulf country since his rebel allies appointed him as leader of Syria in late January. Mr Al Shara's Hayat Tahrir Al Sham (HTS), formerly affiliated with Al Qaeda, took over the state after leading an offensive that toppled former president Bashar Al Assad.
On Saturday, Mr Al Shara told a cabinet meeting that the authorities aim to lift restrictions imposed by the former regime on repatriation of profits, so as to attract foreign investment. He mentioned the potential for neighbouring countries taking on infrastructure projects, as local companies do not have the capital, he said.
Mr Al Shara said there was a "big appetite" to invest in airports, energy, tourism, oil, minerals, free zones, ports, railways, real estate and transport.
Two weeks ago, Mr Al Shara met a Kuwaiti business delegation led by Bader Al Kharafi, chief of one of the largest Arab conglomerates, Zain Group. However, no specific investments were announced.
Business deals
The government has signed three major concessions since the removal of the former regime. Two have been for the Latakia and Tartus ports, which French shipping company CMA CGM, and with DP World of the UAE. The third was with Qatar's UCC to add electricity generation capacity.
Syria needs an estimated $500 billion in new infrastructure after its 14-year civil war, although violence and sectarian killings have continued across the country. Turkey’s Deniz Bank, which is fully owned by Emirates NBD, expects more financing opportunities to support Syria’s reconstruction.
Saudi Arabia and Qatar said at the weekend that they will finance government salaries for the next three months. The move was made possible by removal of US sanctions this month.
The EU followed suit and decided to remove its own sanctions on Syria's economy. Meanwhile, Dubai airline flydubai resumed flights to Damascus on Sunday after a 12-year hiatus due to the civil war.
Saudi Arabia, as well as Turkey, played a main role in the lifting of US sanctions on Syria this month, in a major development that heralded normalisation between Washington and Damascus. US President Donald Trump shortly afterwards met Mr Al Shara in Riyadh. American officials have said one of the main reasons for the decision to lift the sanctions was the desire to improve living conditions quickly enough to prevent another civil war.
A senior American diplomat said in Damascus on Thursday that the US will remove Syria's designation as a state sponsor of terrorism, clearing another major hurdle to the country's international rehabilitation.
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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1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
