If anything reflects the incredible momentum currently behind Syria’s political transition it is the fact that just over a month ago the country was labouring under the weight of international sanctions. Most of those restrictions remain in place for now but Sunday's meeting of western and Arab powers hosted by Saudi Arabia revealed high-profile support for scrapping them.
Speaking at the conference, Saudi Foreign Minister Prince Faisal bin Farhan addressed the “importance of lifting unilateral and UN sanctions imposed on Syria” adding that “their continuation will hinder the ambitions of the Syrian people in achieving development and reconstruction”. French Foreign Minister Jean-Noel Barrot suggested last week that EU sanctions that impeded the country’s economic recovery could be lifted quickly and the US has already issued a sanctions exemption for transactions with some Syrian governing institutions for six months.
This is all recognition of the deleterious effect that sanctions have had on Syria’s economy and long-suffering people. However, there remains some hesitancy among western powers about immediately lifting economic restrictions from Syria’s interim administration, a body that has so far promoted foreign fighters to high-profile state security positions but has yet to produce a clear roadmap for governance or state exactly what kind of Syria it wants to build. An example of this caution was seen in Riyadh on Sunday, when Kaja Kallas, the EU’s foreign policy chief, said the bloc was considering how to ease sanctions but added that the new government must include women and “different groups” and avoid radicalisation.
However, the focus right now should not be on Syrians’ meeting others’ expectations to unlock sanctions. The process should be the other way around – carefully lifting sanctions that hinder recovery will help the new government to build the kind of country that the EU, the US and others will want to engage with. Although the impetus behind moves towards a functioning, stable and just Syria is strong now, allowing the nation’s economic crisis to drag on by moving too slowly threatens to slow or even halt it. Having endured years of hardship, Syria’s people are rightly impatient to see improvements in their lives.
The reality is that Syria’s new authority has inherited sanctions that were aimed at criminalising trade with a different government. That government is gone and Syria’s ailing economy cannot afford an impasse where sanctions relief is delayed as western countries wait to see what kind of state emerges.
The focus right now should not be on Syrians meeting others’ expectations to unlock sanctions - the process should be the other way around
Yes, there are many caveats against hurriedly lifting sanctions, as they present important leverage over the new authorities in Syria. Furthermore, the rule of Hayat Tahrir Al Sham, the de facto governing power in Syria, does not extend to all parts of the country owing to the Israeli occupation in the south-west and the Kurdish-led administration in the north-east. A national dialogue conference scheduled for earlier this month and was intended to bring together all parts of Syrian society has been postponed.
The EU is to discuss the possibility of lifting sanctions on Syria in a meeting in Brussels at the end of January. Ministers should consider the dire straits Syria finds itself in; last May, the World Bank published data that showed Syria’s real gross domestic product was projected to contract by 1.5 per cent last year. As of 2022, poverty affected almost 70 per cent and extreme poverty reached 27 per cent, up from a negligible level in 2009. Given these sobering statistics, it is difficult to argue against a controlled, cautious but determined move towards freeing up Syria’s economy, giving its nascent government – and more importantly its people – a fighting chance.
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
UAE currency: the story behind the money in your pockets
SPECS
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MATCH INFO
West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
TEAMS
EUROPE:
Justin Rose, Francesco Molinari, Tyrrell Hatton, Tommy Fleetwood, Jon Rahm, Rory McIlroy, Alex Noren, Thorbjorn Olesen, Paul Casey, Sergio Garcia, Ian Poulter, Henrik Stenson
USA:
Brooks Koepka, Justin Thomas, Dustin Johnson, Patrick Reed, Bubba Watson, Jordan Spieth, Rickie Fowler, Webb Simpson, Tiger Woods, Phil Mickelson, Bryson DeChambeau ( 1 TBC)
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
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 Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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