Britain has condemned a Houthi missile attack on an Aramco oil plant in Saudi Arabia and urged the Iran-backed rebel group to focus on peace in the region.
With Yemen on the brink of a brutal famine, UK Foreign Secretary Dominic Raab said Monday's assault was at odds with Houthi claims that they wanted a ceasefire.
The rebels said they fired a missile at the distribution plant in Jeddah on Monday, although Saudi Aramco said domestic fuel supplies were unaffected and operations recommenced three hours after the attack.
No one was hurt in the attack, which struck a storage tank and led to a 40-minute fire.
“I condemn the Houthi attack on Aramco facilities in Saudi Arabia,” Mr Raab wrote on Twitter.
“This attack on civilian infrastructure contradicts the Houthis’ claims to want to end the conflict.
“With Yemen at risk of famine, the Houthis must cease their aggression and work with the UN to achieve peace,” he added.
A spokesman at Saudi Arabia's Ministry of Energy said "an explosion took place as a result of a terrorist attack by a projectile, causing a fire in a fuel tank at the petroleum products distribution terminal, in the north of Jeddah," at 3.50am local time on Monday.
One of 13 tanks at the product storage facility was damaged, a Saudi Aramco spokesman confirmed to The National. The unit distributes 120,000 barrels per day of products domestically.
Oil prices moved following the attack. Brent, the international benchmark for crude, rose 0.91 per cent to $46.48 per barrel at 9.42am UAE time. West Texas Intermediate, the key gauge for US oil, jumped 1 per cent to $43.5 per barrel.
Last week, UN Secretary General Antonio Guterres warned that Yemen was in “imminent danger” of the worst famine the world has seen in decades.
Unicef director Henrietta Fore said 12 million children were in need of humanitarian assistance, with the crisis deepened by the Covid-19 pandemic.
“Yemen is a country beset by violence, pain and suffering. The economy is in a shambles,” she warned on Monday.
“The health system has been on the verge of collapse for years. Countless schools, hospitals, water stations and other crucial public infrastructure have been damaged and destroyed in the fighting.”
* With additional reporting by Jennifer Gnana
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England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
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Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
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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
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Glossary of a stock market revolution
Reddit
A discussion website
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The users of Reddit
Robinhood
A smartphone app for buying and selling shares
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Selling a stock today in the belief its price will fall in the future
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THE SPECS
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