Tourists stand next to museum exhibits displayed at the Grand Egyptian Museum, which will officially open in November 2025. Reuters
Tourists stand next to museum exhibits displayed at the Grand Egyptian Museum, which will officially open in November 2025. Reuters
Tourists stand next to museum exhibits displayed at the Grand Egyptian Museum, which will officially open in November 2025. Reuters
Tourists stand next to museum exhibits displayed at the Grand Egyptian Museum, which will officially open in November 2025. Reuters

Egyptian Grand Museum official opening rescheduled for November 1


Hamza Hendawi
  • English
  • Arabic

Egypt on Wednesday set November 1 as the date for the much-heralded, official opening of the Grand Egyptian Museum, the world's largest museum about a single civilisation.

The announcement was made by Prime Minister Mostafa Madbouly during a Cabinet meeting. The opening of the $1 billion museum had been scheduled for July 3.

The government blamed "current regional developments" when it announced the latest delay on June 14. That was a veiled reference to the Iran-Israel conflict at the time.

A government statement said Mr Madbouly has directed the authorities to finish preparations for the opening, which he said would be an "exceptional event" attended by foreign dignitaries.

Visitors of the Grand Egyptian Museum with the Giza pyramids in the background. Reuters
Visitors of the Grand Egyptian Museum with the Giza pyramids in the background. Reuters

The museum, which sits in view of the Giza pyramids west of Cairo, staged a soft opening last year. It is expected to continue to receive visitors until shortly before the formal opening in November.

The museum was first announced in 2002, when a foundation stone was laid at the site. However, the idea of building a museum of its size was first mooted in the 1990s.

The museum, or the GEM as it is known, is attracting thousands of foreign and local visitors daily. Still, Egypt believes the official opening ceremony, which is likely to be broadcast live across much of the world, will help to boost tourism, a vital foreign currency earner for the North African country.

The facade of the Grand Egyptian Museum. AFP
The facade of the Grand Egyptian Museum. AFP

The museum is forecast to attract as many as five million visitors after its official opening.

Egypt is anticipating a 6 per cent annual increase in international visitors this year to reach 16.8 million travellers, despite the shadow of wars around it in Gaza, its eastern neighbour, and Sudan to the south.

It aims to further diversify its offerings and expand into adventure travel and conference meetings, among other avenues, according to Sherif Fathy, Egypt's Minister of Tourism and Antiquities.

Egypt may revise its annual forecast upwards later in the year, as the first three months of 2025 showed a 25 per cent annual increase, he said.

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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

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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Updated: August 07, 2025, 3:42 AM