The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post

UAE issues commemorative stamp to celebrate Gulf Co-operation Council


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The UAE has issued a commemorative stamp to celebrate the formation of the Gulf Co-operation Council more than 40 years ago.

Emirates Post launched the memento in partnership with postal groups across the Gulf to recognise the achievements of the body in bolstering ties in the region.

The striking souvenir features the rulers of the six founding members of the Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman who held the historic first summit at the InterContinental hotel in Abu Dhabi on May 25, 1981.

The flags of the countries and the GCC logo are also displayed.

The inaugural GCC meeting 41 years ago began with a Quran recitation, following which the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, gave an opening address.

  • Russian Foreign Minister Sergey Lavrov attends the fifth Gulf Co-operation Council-Russia Joint Ministerial Meeting for Strategic Dialogue in Riyadh, Saudi Arabia. Reuters
    Russian Foreign Minister Sergey Lavrov attends the fifth Gulf Co-operation Council-Russia Joint Ministerial Meeting for Strategic Dialogue in Riyadh, Saudi Arabia. Reuters
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, attends the GCC-Russia dialogue in Riyadh. Wam
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, attends the GCC-Russia dialogue in Riyadh. Wam
  • Mr Lavrov, right, and his Saudi counterpart Prince Faisal bin Farhan Al Saud during the meeting. AFP
    Mr Lavrov, right, and his Saudi counterpart Prince Faisal bin Farhan Al Saud during the meeting. AFP
  • Mr Lavrov began a tour of the region in Bahrain on Monday, where he met King Hamad and Foreign Minister Abdullatif Al Zayani. Reuters
    Mr Lavrov began a tour of the region in Bahrain on Monday, where he met King Hamad and Foreign Minister Abdullatif Al Zayani. Reuters
  • After the Russian minister arrived in Riyadh, Prince Faisal spoke about Saudi Arabia's willingness to make the necessary efforts to contribute to a political solution in Ukraine. AFP
    After the Russian minister arrived in Riyadh, Prince Faisal spoke about Saudi Arabia's willingness to make the necessary efforts to contribute to a political solution in Ukraine. AFP
  • Right to left: Mr Lavrov and his Gulf counterparts, Sheikh Abdullah, Bahrain's Abdullatif Al Zayani, Saudi Arabia's Prince Faisal, Oman's Sayyid Badr Al Busaidi, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Kuwait's Sheikh Ahmed Nasser Al Mohammed Al Sabah, and Secretary General of the GCC Nayef Al Hajraf, pose for a picture during the GCC meeting. AFP
    Right to left: Mr Lavrov and his Gulf counterparts, Sheikh Abdullah, Bahrain's Abdullatif Al Zayani, Saudi Arabia's Prince Faisal, Oman's Sayyid Badr Al Busaidi, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Kuwait's Sheikh Ahmed Nasser Al Mohammed Al Sabah, and Secretary General of the GCC Nayef Al Hajraf, pose for a picture during the GCC meeting. AFP

The rulers then signed a document establishing the GCC. After all six had signed, the room filled with applause.

The historic gathering ushered in a crucial era of collaboration.

The bloc continues to work as one to champion development in the Gulf across a wide variety of fields and address key issues in the region.

“It is an honour for us to work with the postal administrations within the Gulf Co-operation Council to issue the commemorative postal stamp celebrating the GCC's 40th anniversary,” said Abdulla Alashram, group chief executive of Emirates Post Group.

“The stamp highlights the long-standing alliances and brotherhood that bind the people of the Gulf states together.

“We further hope to accomplish a qualitative shift in the collaboration and integration for achieving the strategic interests of the GCC states and highlight the council’s remarkable efforts in enhancing co-operation and co-ordination in all the areas."

RESULTS
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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

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November 2025

180 Petrofac employees laid off in the UAE

UAE currency: the story behind the money in your pockets
The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

Teams

India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami

South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

RESULTS
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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

UAE currency: the story behind the money in your pockets
JOKE'S%20ON%20YOU
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What is 'Soft Power'?

Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye. 
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength. 
Soft power is, at its root, the ability to convince other states to do what you want without force. 
This is traditionally achieved by proving that you share morals and values.

Updated: December 21, 2022, 2:04 PM