Egyptian president resident Abdel Fattah El Sisi asks the public to be patient and to grasp the extent of the challenges facing the country following Thursday's power outage. AP Photo / Egypt's State Television
Egyptian president resident Abdel Fattah El Sisi asks the public to be patient and to grasp the extent of the challenges facing the country following Thursday's power outage. AP Photo / Egypt's State Television
Egyptian president resident Abdel Fattah El Sisi asks the public to be patient and to grasp the extent of the challenges facing the country following Thursday's power outage. AP Photo / Egypt's State Television
Egyptian president resident Abdel Fattah El Sisi asks the public to be patient and to grasp the extent of the challenges facing the country following Thursday's power outage. AP Photo / Egypt's State

Egyptian president asks for patience over power cuts


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CAIRO //In a nationally televised speech on Saturday, Egypt’s President Abdel Fattah El Sisi asked the public to be patient and grasp the extent of the challenges facing the country following a massive power outage that struck the capital and other cities.

The hours-long power outage on Thursday, which halted the Cairo subway and knocked TV stations off the air, was a huge embarrassment for the government, and officials struggled to offer a coherent explanation to an angry public.

The failure of Mr Sisi’s predecessor, Islamist president Mohammed Morsi, to address regular small-scale power outages contributed to the public anger that built up during his year in power and culminated in massive protests demanding his ouster. Mr El Sisi, who was military chief at the time, removed Mr Morsi from office in July 2013.

Less than a year later, Mr El Sisi ran for office, winning by a landslide and promising to restore law and order and improve daily life after three years of turmoil following the 2011 uprising that toppled longtime autocrat Hosni Mubarak.

Authorities have meanwhile cracked down hard on Mr Morsi’s supporters since his ouster and imprisonment, detaining and sending thousands of people to trial, killing hundreds in street clashes and effectively banning most public demonstrations through a draconian protest law.

In the latest case against Mr Morsi, Egypt’s top prosecutor, said on Saturday that the Islamist president, with help from two of his assistants, leaked classified state security documents to Qatar as popular opposition to him rose.

The prosecutor said in a statement that Mr Morsi and 10 others will be tried before a criminal court in what it described as “the biggest treason and espionage case in the country’s history”.

The leaked documents included intelligence on military deployments and armaments, as well as domestic and foreign policies. The statement said Mr Morsi’s assistants leaked the documents with the help of journalists from the Qatar-based Al Jazeera channel to a Qatari intelligence official in exchange for $1 million.

Mr Morsi is already facing three trials, including on charges of cooperating with foreign militant groups. He faces a possible death penalty.

Egypt has accused Doha of backing Morsi and his Muslim Brotherhood group, which Cairo declared a terrorist organization late last year.

The Brotherhood denies it is behind a rising wave of violence since Mr Morsi’s ouster that has mainly targeted police and military. Radical groups have claimed the attacks, saying they are avenging the death and jailing of protesters.

Egypt’s security woes are compounded by an economy that is reeling from three years of unrest and decades of mismanagement. Mr El Sisi ran on a ticket focusing on economic improvement.

In his half-hour speech on Saturday, El Sisi said his government is working to eradicate the threat of terrorism, but he focused his “heart-to-heart” on Thursday’s power outage, which he said was the most severe blackout in the country since the 1990s.

The Thursday outage halted the capital’s subway, disrupted airport operations, took TV stations off the air and left entire cities without electricity for hours. Mr El Sisi said it was largely due to crumbling infrastructure that needs billions of dollars and time to fix.

He estimated the country needs about $12 billion over five years to upgrade and build new power plants to meet increasing demand, adding that he is already reaching out to investors.

“Why am I telling you this?” Mr El Sisi said, speaking off the cuff from his office in colloquial Arabic. “We must know this is not going to happen overnight.”

Mr El Sisi said he understood the public’s frustration but begged for patience. He said he wants to engage the public so as not to be taken to task in a year’s time for lack of results.

“I am talking now to remind myself and to remind each other that we said we had many problems, and we said we will treat them together,” he said. “Please be patient. You must be sure that we will overcome all this but not in a month or two or three.”

Mr El Sisi said saboteurs were partially to blame for some of the recurrent power cuts, saying they aim to “stir the public’s anger”. Government officials have accused Mr Morsi supporters of aggravating the power crisis through loyalists in the electricity sector.

Mr El Sisi said an investigation into Thursday’s mass outage is under way and the results will be made public.

“We will hide nothing from you,” he said. “We are confronting many things. We are fighting an existential battle.”

The power cut prompted calls for electricity minister Mohammed Shaker to resign, while some media reports accused him of being a member of the Brotherhood.

Shaker denied the allegations.

* Associated Press

MEYDAN RESULTS

6.30pm Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m

Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).          

7.05pm Maiden (TB) Dh165,000 (D) 1,200m

Winner  Galaxy Road, Antonio Fresu, Musabah Al Muhairi.

7.40pm Maiden (TB) Dh165,000 (D) 1,400m

Winner  Al Modayar, Fernando Jara, Ali Rashid Al Raihe.

8.15pm Handicap (TB) Dh170,000 (D) 1,900m

Winner  Gundogdu, Xavier Ziani, Salem bin Ghadayer.

8.50pm Rated Conditions (TB) Dh240,000 (D) 1,600m

Winner George Villiers, Tadhg O’Shea, Satish Seemar.

9.25pm Handicap (TB) Dh175,000 (D)1,200m

Winner  Lady Parma, Connor Beasley, Satish Seemar

10pm Handicap (TB) Dh165,000 (D) 1,400m

Winner Zaajer, Fernando Jara, Ali Rashid Al Raihe

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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. 

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“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.

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1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m

2pm: Handicap (TB) Dh 84,000 (D) 1,400m

2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m

3pm: Conditions (TB) Dh 100,000 (D) 1.950m

3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m

4pm: Maiden (TB) Dh 60,000 (D) 1,600m

4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m

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Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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