UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, visits Sheikh Zayed City in Ismailia, Egypt on October 27, 1976. Photo: Ministry of Presidential Affairs
President Sheikh Mohamed is received by Egyptian President Abdel Fattah El Sisi at El Alamein Presidential Palace in August. Photo: UAE Presidential Court
Sheikh Mohamed at the inauguration of the Regal Heights Hotel in El Alamein. Photo: UAE Presidential Court
Sheikh Mohamed meets with Mr El Sisi and Naftali Bennett, then-prime minister of Israel, in Sharm El Sheikh. Photo: Ministry of Presidential Affairs
Mr El Sisi offers condolences to Sheikh Mohamed on the death of Sheikh Khalifa at the Presidential Airport. Photo: Ministry of Presidential Affairs
UAE, Egypt and Jordan agree industrial partnership for sustainable economic growth. Photo: Ministry of Presidential Affairs
Sheikh Mohamed, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai and Bahrain's King Hamad are received by Mr El Sisi at Qasr Al Watan. Photo: Ministry of Presidential Affairs
Sheikh Mohammed visits the Egypt pavilion at Expo 2020 Dubai. Wam
Visitors outside the Egypt pavilion at Expo 2020 Dubai. Photo: Expo 2020 Dubai
Sheikh Mohamed at the inauguration of the July 3 Naval Base. Photo: Ministry of Presidential Affairs
Emirati and Egyptian navies take part in the Zayed 3 military exercise, launched in 2021. Wam
The UAE and Egyptian navies stand to attention at the Zayed 3 joint military exercise. Wam
Sharjah Ruler Sheikh Dr Sultan bin Muhammad Al Qasimi opens a national archives building in Fustat, Egypt. Wam
Sheikh Mohamed and Mr El Sisi inspect projects at Al Alamein city. Photo: Ministry of Presidential Affairs
Sheikh Mohamed receives Mr El Sisi in Abu Dhabi. Wam
Sheikh Mohamed with Mr El Sisi at the inauguration of the Mohamed Naguib Military Base. Photo: Crown Prince Court
Sheikh Mohamed and Mr El Sisi tour Sharm El Sheikh Hertiage Festival. Photo: Sheikh Mohamed Twitter
Sheikh Mohamed and Sheikh Mohammed with Mr El Sisi at the Zayed 1 joint military exercise. Photo: Crown Prince Court
Sheikh Mohamed visits the Unknown Soldier Memorial and the tomb of former Egypt president Muhammad El Sadat in Nasr City, Cairo in 2014. Photo: Crown Prince Court
Sheikh Mohamed receives Adly Mansour, former interim Egypt president, at the Presidential Airport in 2013. Photo: Crown Prince Court
The UAE has delivered more than 50,000 social housing units to Egypt. Wam
Late President Sheikh Khalifa welcomes former Egyptian leader Hosni Mubarak in Al Ain. Wam
Former Egyptian prime minister Kamal Ganzouri welcomes Sheikh Khalifa in Cairo. AFP
Mr Mubarak meets UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan in Abu Dhabi. Wam
Anwar Sadat, former president of Egypt, is welcomed at Abu Dhabi International Airport by Sheikh Zayed, Sheikh Rashid bin Saeed, former Ruler of Dubai, and Sheikh Khalifa. Photo: Al Ittihad
Insight and opinion from The National’s editorial leadership
October 27, 2022
Few relationships in the Middle East are as strong as that between Egypt and the UAE. This week, the two countries are celebrating 50 years of ties, and a three-day festival is being held in Cairo to mark the occasion.
“The relationship is unique and builds not only on brotherly ties, but the understanding of the current situation of the Mena region and the world,” said Egypt’s President, Abdel Fattah El Sisi, in an address to officials from both countries gathered in Cairo on Tuesday.
A shared understanding of regional issues has been at the core of bilateral relations. Egypt and the UAE have worked together strongly in the interests of regional security, including by deepening their defence relationship. They run regular military exercises together, such as last year’s “Zayed 3” exercise and another this year that also included special forces from Saudi Arabia, Greece and Cyprus. In a region fraught with long-standing political and security issues, such exercises have reinforced the role that powerful allies such as the UAE and Egypt play in ensuring stability and laying the groundwork for greater prosperity.
One way in which such prosperity grows is through more intimate links at the societal level. On this front, the UAE and Egypt’s relationship goes back generations, even before the UAE’s formation 50 years ago. In his address, Mr El Sisi noted that the foundations for Egyptian-Emirati ties were laid by the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.
A shared understanding of regional issues has been at the core of bilateral relations
It is a bond of which Egyptians living in the UAE are well aware. The country, one Egyptian professor at Zayed University told The National, “is a large part of my soul”. Thousands of Egyptians who call the Emirates home undoubtedly feel similarly, taking advantage of a shared language and culture to put down roots and build new lives for their families.
The sentiments also go the other way. “The economic and trade relations between Egypt and the UAE are a model for Arab and regional relations,” said Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade. That model, moreover, has borne fruits that benefit wider Egyptian society. The UAE is the number-one foreign direct investor in the Egyptian economy, and last year bilateral trade reached $7.5 billion.
Now, as Egypt gears up to host the Cop27 climate summit, the two countries will face challenges together that go beyond security and the economy. As neighbours in one of the world’s most arid regions, the UAE and Egypt will be at the forefront of efforts to safeguard the Middle East’s environment in the coming decades, sharing the expertise and technology required to ensure a sustainable future for the region. The conversation on the Middle East’s environmental future will receive a boost at Cop27 in Sharm El Sheikh, and it will continue as the summit moves to the UAE next year. The two together are working to ensure global implementation of climate pledges.
Next week, on November 1, the region will also see the commencement of the Arab League summit in Algeria. Mohammed Al Gergawi, the UAE’s Minister of Cabinet Affairs, remarked on Tuesday that the world’s present geopolitical situation will call for greater co-operation between Arab countries and spur a “unity of positions”. In this respect, Egyptians and Emiratis can be assured, their countries are already in lock-step.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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
Uefa Champions League semi-finals, first leg
Liverpool v Roma When: April 24, 10.45pm kick-off (UAE) Where: Anfield, Liverpool Live: BeIN Sports HD Second leg: May 2, Stadio Olimpico, Rome
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book:I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
If you go: The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67) Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
