Live updates: Follow the latest on Israel-Gaza
Steve Witkoff, US special envoy for the Middle East, said on Wednesday that the US is finalising a written agreement that may form the basis for a Gaza ceasefire deal.
Standing beside President Donald Trump at the White House, Mr Witkoff said he was optimistic that the terms of a deal would lead to a resolution.
“We are on the precipice of sending out a new term sheet that hopefully will be delivered later on today,” Mr Witkoff said.
“The President is going to review it. And I have some very good feelings about getting to a long-term resolution, temporary ceasefire and a long-term resolution, a peaceful resolution of that conflict.”
Hamas said it has reached an agreement with Mr Witkoff on a “general framework” for a permanent ceasefire in Gaza, and that they were now awaiting a response from Israel.
In the statement, the group said the agreement includes the release of 10 Israeli hostages and several bodies, in exchange for a group of Palestinian prisoners.
The development comes amid renewed pressure on Israel to end its military campaign on Gaza, and allow food and humanitarian aid into the strip.
Mr Trump said the US is working to get more food to Palestinians in the Gaza Strip, where a US-backed non-governmental group called the Gaza Humanitarian Foundation started to deliver food this week.
“We're dealing with the whole situation in Gaza. We're getting food to the people of Gaza. It's been a very nasty situation, very nasty fight,” Mr Trump told reporters in the Oval office.
Israel blocked the entry of all deliveries of food and assistance after a fragile ceasefire collapsed in March, leading to widespread hunger and concerns of a looming famine.
On Tuesday, gunfire rang out as a crowd after Palestinians who had been queuing for food aid overran a distribution centre.
It was not clear if Israeli forces, private contractors or others had opened fire. Gaza's Health Ministry said at least one Palestinian was killed and 48 were wounded.
The UN and other aid groups who have been operating in Gaza have denounced the Gaza Humanitarian Foundation and refused to collaborate with it.
They say the use of armed contractors contravenes norms surrounding the delivery of humanitarian assistance to civilians during conflict.
The war began on October 7, 2023, after a Hamas attack killed about 1,200 people.
More than 54,000 Palestinians have been killed in Israeli strikes on the territory since, and much of the coastal enclave has been reduced to rubble.
KILLING OF QASSEM SULEIMANI
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Vaccine Progress in the Middle East
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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
