The US has called an agreement between the Ethiopian government and rebel Tigray forces to cease hostilities a "momentous step".
The agreement was announced by an African Union envoy following peace talks in South Africa.
Secretary of State Antony Blinken said he hoped it would mean an end to the two-year conflict. He said the US was open to improving relations with Ethiopia.
"We welcome the momentous step taken in Pretoria today to advance the African Union's campaign to 'silence the guns'," he said on Wednesday.
"We welcome the unimpeded delivery of humanitarian assistance and the protection of civilians that should result from implementation of this agreement."
Mr Blinken praised the "extraordinary efforts" of African Union mediators including Nigeria's former president Olusegun Obasanjo, Kenya's former president Uhuru Kenyatta and South Africa, the host of the talks that involved US envoy Mike Hammer.
UN spokesman Stephane Dujarric said the agreement was "very much a welcome first step, which we hope can start to bring some solace to the millions of Ethiopian civilians that have really suffered during this conflict".
Ethiopian Prime Minister Abiy Ahmed sent troops into Tigray in 2020 after accusing the Tigray People's Liberation Front — a group that spent decades at the centre of Ethiopian politics — of attacking federal army camps.
Since then, the fighting in Africa's second most populous country has forced more than two million people from their homes.
Researchers estimate that at least 600,000 people have died in Tigray, either as a direct result of the fighting or from related issues such as famine or the healthcare crisis caused by the Ethiopian government's blockade of the northern region.
The EU called for the launch of broader political talks and accountability for the victims of the fighting to ensure a lasting peace.
"It remains of the utmost importance that the victims see justice being brought upon the perpetrators of those crimes," EU foreign policy chief Josep Borrell said. "Accountability is a cornerstone for lasting peace and reconciliation."
The two-year conflict has severely soured relations between the US and its historic ally Ethiopia, with President Joe Biden's administration removing the East African nation from a major trade pact, citing human rights concerns.
While stopping short of promising a return of Ethiopia to the African Growth and Opportunity Act, US State Department spokesman Ned Price said of the agreement with the rebels, "It does present an opportunity, a bilateral opportunity, for the United States and Ethiopia."
Mr Blinken welcomed a statement by Mr Abiy, who promised to implement the accord.
He said the US shared "his desire for an enhanced partnership to support reconstruction and development for all communities in northern Ethiopia affected by the conflict".
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
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The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5