• President Recep Tayyip Erdogan takes part in a video conference with Turkish drilling vessel 'Fatih' before announcing the biggest natural gas discovery in history, in Istanbul, Turkey. EPA
    President Recep Tayyip Erdogan takes part in a video conference with Turkish drilling vessel 'Fatih' before announcing the biggest natural gas discovery in history, in Istanbul, Turkey. EPA
  • President Recep Tayyip Erdogan takes part in a video conference with Turkish drilling vessel 'Fatih' before announcing the biggest natural gas discovery in history, in Istanbul, Turkey. EPA
    President Recep Tayyip Erdogan takes part in a video conference with Turkish drilling vessel 'Fatih' before announcing the biggest natural gas discovery in history, in Istanbul, Turkey. EPA
  • Turkish Finance Minister Berat Albayrak and Energy Minister Fatih Donmez pose with members of Turkish Petroleum (TPAO) on the deck of drilling vessel Fatih in the western Black Sea, off Turkey. REUTERS
    Turkish Finance Minister Berat Albayrak and Energy Minister Fatih Donmez pose with members of Turkish Petroleum (TPAO) on the deck of drilling vessel Fatih in the western Black Sea, off Turkey. REUTERS
  • Turkish Finance Minister Berat Albayrak and Energy Minister Fatih Donmez pose on the deck of drilling vessel 'Fatih' in the western Black Sea, off Turkey. Reuters
    Turkish Finance Minister Berat Albayrak and Energy Minister Fatih Donmez pose on the deck of drilling vessel 'Fatih' in the western Black Sea, off Turkey. Reuters
  • The Turkish drilling ship, 'Fatih', had been carrying out exploration operations in the Tuna-1 sector in the western Black Sea for the past month. Reuters
    The Turkish drilling ship, 'Fatih', had been carrying out exploration operations in the Tuna-1 sector in the western Black Sea for the past month. Reuters
  • President Recep Tayyip Erdogan said the natural gas reserve, at 320 billion cubic metres, is the biggest in Turkish history. EPA
    President Recep Tayyip Erdogan said the natural gas reserve, at 320 billion cubic metres, is the biggest in Turkish history. EPA
  • Turkey's President Tayyip Erdogan addresses the nation. Reuters
    Turkey's President Tayyip Erdogan addresses the nation. Reuters
  • Turkey aims to bring the find to use in 2023 and to become a net energy exporter, Mr Erdogan said. EPA
    Turkey aims to bring the find to use in 2023 and to become a net energy exporter, Mr Erdogan said. EPA
  • The announcement comes as tensions between Turkey and Greece, and EU nations, are running high over oil and gas exploration in disputed waters in the eastern Mediterranean. Reuters
    The announcement comes as tensions between Turkey and Greece, and EU nations, are running high over oil and gas exploration in disputed waters in the eastern Mediterranean. Reuters
  • Mr Erdogan listens to Finance Minister Berat Albayrak and Energy Minister Fatih Donmez on a live video feed about the find. Reuters
    Mr Erdogan listens to Finance Minister Berat Albayrak and Energy Minister Fatih Donmez on a live video feed about the find. Reuters
  • People watch the TV at a coffee house while Turkish President Recep Tayyip Erdogan announces the biggest natural gas discovery in history in Istanbul, Turkey. EPA
    People watch the TV at a coffee house while Turkish President Recep Tayyip Erdogan announces the biggest natural gas discovery in history in Istanbul, Turkey. EPA
  • People watch the at a cafe TV while Turkish President Recep Tayyip Erdogan announces the biggest natural gas discovery in history in Istanbul, Turkey. EPA
    People watch the at a cafe TV while Turkish President Recep Tayyip Erdogan announces the biggest natural gas discovery in history in Istanbul, Turkey. EPA

Mike Pompeo 'deeply concerned' over Turkey's actions in Eastern Mediterranean


  • English
  • Arabic

US Secretary of State Mike Pompeo has expressed consternation at Turkey’s actions in the Eastern Mediterranean in a meeting with Cypriot President Nicos Anastasiades.

"We remain deeply concerned about Turkey’s ongoing operations searching for natural resources in areas over which Greece and Cyprus assert jurisdiction in the Eastern Mediterranean,” Mr Pompeo said after the meeting.

The brief meeting in Cyprus's capital city Nicosia comes hours after Mr Pompeo was in Qatar for Afghan-Taliban peace talks so he is well accustomed to mediating internecine conflicts.

Tensions flared in August after Turkey resumed gas exploration in an area where its claims are contested by Cyprus, and began naval exercises and energy surveys in waters where Turkey and Greece both assert exclusive economic rights. The resumption has prompted the EU to sanction Turkey.

Turkey and Greece, both NATO members, have since deployed their navies to the area, and France has started expanding its military presence there in reaction to Turkey’s steps.

Map shows competing maritime borders according to agreements made by Athens and Cairo, Tripoli and Ankara
Map shows competing maritime borders according to agreements made by Athens and Cairo, Tripoli and Ankara

The French intervention prompted Turkish President Tayyip Erdogan on Saturday to warn France "not to mess" with his country.

“Any disputes in the Eastern Mediterranean should be resolved through dialogue and not by gunboat diplomacy,” Mr Anastasiades said.

He also called on Turkey to stop its aggressive provocative actions in order to restart Cyprus’s reunification talks.

“Unlawful activities, despite repeated calls on Ankara to refrain from provocative actions, should be immediately terminated,” he added.

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett

“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox

“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite

 “I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy

“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Movie: Saheb, Biwi aur Gangster 3

Producer: JAR Films

Director: Tigmanshu Dhulia

Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi

Rating: 3 star

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Bawaal%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nitesh%20Tiwari%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Varun%20Dhawan%2C%20Janhvi%20Kapoor%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Crime%20Wave
%3Cp%3EHeavyweight%20boxer%20Fury%20revealed%20on%20Sunday%20his%20cousin%20had%20been%20%E2%80%9Cstabbed%20in%20the%20neck%E2%80%9D%20and%20called%20on%20the%20courts%20to%20address%20the%20wave%20of%20more%20sentencing%20of%20offenders.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ERico%20Burton%2C%2031%2C%20was%20found%20with%20stab%20wounds%20at%20around%203am%20on%20Sunday%20in%20Goose%20Green%2C%20Altrincham%20and%20subsequently%20died%20of%20his%20injuries.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%E2%80%9CMy%20cousin%20was%20murdered%20last%20night%2C%20stabbed%20in%20the%20neck%20this%20is%20becoming%20ridiculous%20%E2%80%A6%20idiots%20carry%20knives.%20This%20needs%20to%20stop%2C%E2%80%9D%0D%20Fury%20said.%20%E2%80%9CAsap%2C%20UK%20government%20needs%20to%20bring%20higher%20sentencing%20for%20knife%20crime%2C%20it%E2%80%99s%20a%20pandemic%20%26amp%3B%20you%20don%E2%80%99t%20know%20how%20bad%20it%20is%20until%20%5Bit%E2%80%99s%5D%201%20of%20your%20own!%3C%2Fp%3E%0A

The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

The specs

Engine: 4.0-litre, twin-turbocharged V8

Transmission: nine-speed automatic

Power: 630bhp

Torque: 900Nm

Price: Dh810,000