Israeli strikes hit Yemen's Hodeidah port after 'repeated Houthi attacks'

Israel launched strikes on Yemen's Hodeidah port on Tuesday, the latest wave of attacks on the country, saying it was targeting military infrastructure belonging to the Iran-backed Houthi rebels.

Houthi-linked Al Masirah TV reported that 12 strikes hit the port. The Israeli military later confirmed the attack, claiming Hodeidah is used by the Houthis "for the transfer of weapons supplied by the Iranian regime in order to execute attacks against the state of Israel and its allies".

It added that the strikes were "in response to the repeated attacks" by the Houthis against Israel, including the launching of drones and surface-to-surface missiles.

Shortly after the attack on the port, the Israeli military said it intercepted another ballistic missile launched from Yemen.

The military issued a warning for ships and people to leave Hodeidah port hours before the attack. "In the coming hours, a strike will be carried out ... in response to military activity by the Houthi terrorist regime," Israeli military spokesman Lt Col Avichay Adraee said on X. "For your safety, we urge everyone in Hodeidah port and the vessels anchored there to evacuate the area immediately."

The Houthis said defence systems were launched against the Israeli attacks. "Our air defences are currently confronting Israeli aircraft that are launching an aggression against our country," spokesman Brig Gen Yahya Saree said in a statement.

He added that the air defences “caused great confusion” for Israeli aircraft and forced some to leave Yemeni airspace.

Israeli Defence Minister Israel Katz posted a warning to the Houthis on X, saying the group would "continue to suffer blows and pay painful prices for any attempt to attack the state of Israel".

The latest strikes came as hundreds attended funerals for 31 Yemeni journalists killed last week in Israeli strikes on Sanaa. Israel launched attacks on the capital and Al Jawf governorate, killing at least 46 people and injuring 165.

The Israeli military said at the time that Houthi targets were hit, including the group's military public relations headquarters and a fuel storage site. The Houthis have increased their attacks on Israel in recent months, using warheads with cluster munitions that scatter over a large area and can evade Israeli air defences.

The group has said its attacks are in support of the Palestinians. The Houthis began firing missiles and drones towards Israel after the start of the devastating war on Gaza, where more than 64,900 Palestinians have been killed in Israeli attacks.

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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If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.

In post-Saddam Hussein Iraq, hope turned into despair – but wheels are beginning to turn again

Bristol statue provides UK with a 'Saddam Hussein moment' in Black Lives Matter protests

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

How to wear a kandura

Dos

Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts

Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

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