German Vice Chancellor Robert Habeck signed an agreement with Qatar's Energy Minister Saad Sherida Al Kaabi in Berlin. EPA
German Vice Chancellor Robert Habeck signed an agreement with Qatar's Energy Minister Saad Sherida Al Kaabi in Berlin. EPA
German Vice Chancellor Robert Habeck signed an agreement with Qatar's Energy Minister Saad Sherida Al Kaabi in Berlin. EPA
German Vice Chancellor Robert Habeck signed an agreement with Qatar's Energy Minister Saad Sherida Al Kaabi in Berlin. EPA

Germany signs energy pact with Qatar in race to ditch Russian gas


Tim Stickings
  • English
  • Arabic

Germany on Friday announced an energy pact with Qatar to import liquid gas and work together on developing hydrogen fuel as Europe's biggest economy races to free itself from Russian supplies.

The partnership was signed while Qatar's Emir Sheikh Tamim Al Thani was visiting Berlin to meet Chancellor Olaf Scholz and other officials.

The four-page declaration envisages gas exports from Qatar to Germany and collaboration between scientists from the two countries on hydrogen, energy efficiency and renewables.

No date was given for the first shipments of liquefied natural gas, but Sheikh Tamim told a press conference that "whatever we can provide for energy security in Europe, even during this period, we’ll make sure that we can provide".

"We understand that the energy crisis has been there for a while. It’s got even deeper after the war in Europe but it was also [there] before the war," he said. "We are very happy, very proud that we can also contribute to the stability of the energy market.”

The two countries said they had a shared objective to transform their energy systems to meet the "ambitious efforts" expected of every nation to meet global climate targets.

Gas shipments can begin once Germany, which previously received most of its gas through Russian pipelines, has opened LNG import terminals being built hurriedly on its northern cost.

"It's a big step and Qatar plays an important role in our strategy," Mr Scholz said at the press conference in Berlin.

Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani was quoted by German newspaper Handelsblatt as saying a Qatari-owned plant in the US could start delivering to Germany by 2024.

The two governments also discussed Afghanistan and Iran, with Sheikh Tamim saying he was hopeful that a nuclear deal could be reached between Tehran and world powers and that Qatar was willing to mediate if necessary.

He said Qatar hoped to increase investments in Germany after the two countries said their energy partnership would improve bilateral relations.

Germany has said it can live without Russian oil and coal by the end of this year but will need until 2024 to be independent from Russian gas. Contingency plans have been drawn up in case Moscow cuts off deliveries as it did to Poland and Bulgaria.

Vice Chancellor Robert Habeck visited Qatar in March on a quest for alternative energy sources after Russia invaded Ukraine. He also travelled to the UAE.

Qatar's Emir Sheikh Tamim Al Thani meets German President Frank-Walter Steinmeier in Berlin. EPA
Qatar's Emir Sheikh Tamim Al Thani meets German President Frank-Walter Steinmeier in Berlin. EPA

Mr Habeck's Economy Ministry said the LNG deal with Qatar was a transitional measure until zero-carbon energy sources can meet Germany's needs. The country is aiming for carbon neutrality by 2045.

"Both countries, having just overcome the worst of the Covid pandemic, are now facing Putin's war of aggression against Ukraine with all its dreadful consequences," said Germany's ambassador in Qatar Claudius Fischbach, in comments carried by the Qatar News Agency.

The European Union has high hopes for hydrogen and Germany hopes eventually to convert its LNG terminals into infrastructure to handle that fuel source.

Officials in Mr Habeck's department have said Germany cannot allow itself to become as reliant on any country as it was on Russia before the invasion. The EU also plans to import LNG from America.

MATCH INFO

Northern Warriors 92-1 (10 ovs)

Russell 37 no, Billings 35 no

Team Abu Dhabi 93-4 (8.3 ovs)

Wright 48, Moeen 30, Green 2-22

Team Abu Dhabi win by six wickets

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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ESSENTIALS

The flights 
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. 
Where to stay 
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.

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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

US households add $601bn of debt in 2019

American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.

Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.

Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.

In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.

The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.

"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

88 Video's most popular rentals

Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.  

Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.

Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

FA Cup fifth round draw

Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal 

Engine: 5.6-litre V8

Transmission: seven-speed automatic

Power: 400hp

Torque: 560Nm

Price: Dh234,000 - Dh329,000

On sale: now

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

Day 3 stumps

New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)

Pakistan require another 139 runs with 10 wickets remaining

Updated: May 20, 2022, 2:17 PM