Picture this: a region engulfed in a seemingly endless cycle of violence, where the dreams of Palestinians for statehood and Israelis for peace remain entangled in a bloody web of violence, incitement and geopolitics. Hamas’s massacre of 1,200 Israelis and the taking of 250 hostages on October 7 followed by a brutal Israeli military operation in Gaza is not just another sad chapter in the long, tumultuous history of the Israeli-Palestinian conflict. As the international community scrambles to find a way out, the situation makes one thing clear – the current diplomatic playbook is in desperate need of a rewrite.
Once upon a time, the Middle East Quartet – a grand grouping of the US, Russia, the EU and the UN established in 2002 after the Second Intifada to help mediate Middle East peace and support the Palestinian quest for statehood – stood at the centre of diplomatic efforts. In 2003, it published a three-phase roadmap, based on then US president George W Bush’s call for an independent Palestinian state living side by side with Israel. In what was effectively its last act in 2016, the Quartet published a report calling for urgent steps to “prevent entrenching a one-state reality of perpetual occupation and conflict”. It highlighted the barriers to achieving a peaceful resolution: violence, terror, incitement, Israel's settlement construction and expansion, and Hamas’s control of Gaza.
Alas, the geopolitical winds have shifted, and the Quartet's carefully orchestrated diplomatic symphony has devolved into a cacophony of discordant voices. As a result, today the stage for diplomatic discussions has been relegated to the polarised halls of the UN Security Council, where the prospects of a breakthrough are as slim as a thread. To add to the plot twist, public spats between the US and Israel have eroded Washington's once-formidable influence over its steadfast ally. The EU, a former key player in the region, has retreated to the safety of making statements, unable to define a mediating role for itself.
Enter the Arab states, the unlikely protagonists in this diplomatic drama. Egypt, Jordan, the UAE and Bahrain have relations with Israel. Qatar has played a key role in negotiating hostage release and temporary ceasefires. Saudi Arabia holds out the enticing prospect of formally establishing a relationship with Israel as an instrument of inducing policy change. All have strategic relations with the US. Thanks to these various relationships with Israel and Washington, these countries now find themselves uniquely positioned to take on a more proactive role in untangling the Gordian knot of the conflict. The UAE, for instance, because of the Abraham Accords, has been able to lead a gigantic humanitarian effort to help Palestinians, evacuate children in need of treatment, operate a field hospital and desalination facilities in Gaza, mediate an agreement on creating a Gaza aid corridor and broker two Security Council resolutions.
The Arab states' ability to wave their diplomatic wands, however, is hampered by two formidable challenges: the absence of a clear post-conflict governance roadmap for Gaza that brings it under the control of the legitimate Palestinian Authority, and the need for a competent, non-factional Palestinian government that undertakes much-needed reforms. Arab leaders have made it abundantly clear that their full-throated support for the peace process hinges on a well-defined path to Palestinian statehood. Absent a holistic approach that tackles both the immediate humanitarian crisis and Palestinians' long-term political aspirations, any diplomatic endeavour risks being reduced to a plaster on a gaping wound. Moreover, the Palestinian Authority's governance woes and the yawning chasm between the West Bank and Gaza serve as stark reminders of the uphill battle that lies ahead in presenting a united front at the negotiating table.
The path to peace in the Israeli-Palestinian conflict is a long, winding road fraught with obstacles and setbacks. But the current diplomatic gridlock is a dead-end that serves no one
Still, Arab states today have a golden opportunity to put forward a diplomatic blueprint. Here are some ideas:
They must advocate relentlessly for an ironclad commitment from the international community, Israel and the US to rally behind a two-state solution firmly rooted in existing agreements, international law and the Arab Peace Initiative. This political North Star should be underpinned by a reformed and united Palestinian Authority, capable of governing both Gaza and the West Bank.
Arab states should wield their financial might strategically, making their support for Gaza's reconstruction contingent upon measurable progress towards these goals. While continuing to extend a helping hand through vital humanitarian aid, they should make it unequivocally clear that the tap of long-term development assistance will only flow if there's a credible roadmap to Palestinian statehood.
By crafting a step-by-step plan that ties incremental advances in further regional normalisation with Israel to tangible progress on the two-state solution, Arab states can create a powerful incentive structure that compels all parties to put their best foot forward in the peace process.
The US should waste no time in joining forces with Arab leaders to refine and define joint principles and conditions for the way forward. The US Secretary of State’s elements outlined in Tokyo are a good starting point as any. A joint US-Arab proposal can lay the solid groundwork for post-conflict negotiations that also brings in more stakeholders – the EU, China, Russia and others.
Finally, to infuse the process with a much-needed sense of urgency, Arab states and the US should take the lead on an international peace conference to be held before the end of 2024. It would serve as a clarion call, reaffirming the international community's unwavering commitment to the two-state solution, unveiling the jointly crafted principles and driving home the inextricable link between Gaza's reconstruction and the establishment of a workable political framework.
Let's face it – the path to peace in the Israeli-Palestinian conflict is a long, winding road fraught with obstacles and setbacks. But the current diplomatic gridlock is a dead-end that serves no one. By championing a comprehensive, even-handed approach that tackles both immediate needs and long-term dreams, the US and the Arab states have a once-in-a-lifetime chance to breathe new life into the peace process. While the suggested steps are no magic bullet, they represent initial ideas for a pragmatic way forward.
At the end of the day, it is Israeli and Palestinian leaders who must find the courage to make painful compromises. But, by laying out a clear roadmap and putting forward the right incentives, Arab states can play a game-changing role in steering the conflict towards a resolution and a just and enduring peace that has long eluded this troubled region.
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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