Libyan oil facilities reopened as rivals agree on revenue-sharing

Libyan forces allied to the country's eastern-based government will allow production and exports of oil to resume under a framework for sharing of revenues with the rival government in Tripoli.

The announcement by Field Marshal Khalifa Haftar lifts an eight-month blockade of Libyan oil facilities and comes amid peace talks between the House of Representatives administration based in the eastern city of Tobruk and the UN-recognised Government of National Accord in Tripoli.

"It was decided to resume production and export of oil with all the necessary conditions and procedural measures that ensure a fair distribution of its financial revenues," Field Marshal Haftar said in a televised broadcast.

The GNA's deputy prime minister, Ahmed Maiteeq, issued a statement immediately afterwards saying it "had been decided" to resume oil production and adding this would involve a new committee to oversee revenue distribution.

The committee would co-ordinate between the two sides to prepare a budget and transfer funds to cover payments and deal with the public debt, Mr Maiteeq said.

However, the National Oil Corporation (NOC), which operates Libya's energy sector, said issued a statement overnight that said it would not lift force majeure on exports until oil facilities were demilitarised. Neither Field Marshal Haftar or Mr Maiteeq addressed the withdrawal of military forces in their statements.

The blockade by eastern forces has cost Libya $9 billion (Dh33bn) in lost revenue so far this year, the Tripoli-based Central Bank of Libya said this week. The stoppage has become a big obstacle to new efforts to seek a path forward in the peace talks, which began in Morocco this month.

GNA Prime Minister Fayez Al Sarraj said on Wednesday that he planned to step down by the end of October to make way for a new administration to be decided at the talks.

Libya has been divided between rival administrations since 2014 and has suffered nearly a decade of chaos and conflict following the overthrow and death of longtime dictator Muammar Qaddafi in a popular uprising in 2011.

Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)

Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)

RACE CARD

5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA); Dh 200,000 (Turf) 1,600m
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA); Dh 200,000 (T) 1,600m
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB); Dh 380,000 (T) 1,600m
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA); Dh 500,000 (T) 1,600m
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA); Dh 5,000,000 (T) 2,200m
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA); Dh 150,000 (T) 1,400m
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T); 1,400m

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Five hymns the crowds can join in

Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday

Some 17 hymns will be sung by a 120-strong UAE choir

Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium

‘Christ be our Light’ as the entrance song

‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar

‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion

‘Tell out my Soul’ as the final hymn after the blessings from the Pope

The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’

There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia

The choir will be accompanied by a brass ensemble and an organ

They will practice for the first time at the stadium on the eve of the public mass on Monday evening

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RESULTS

5pm: Maiden (PA) Dh80,000 1,400m, Winner SS Lamea, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer).

5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,400m, Winner AF Makerah, Sean Kirrane, Ernst Oertel

6pm: Handicap (PA) Dh80,000 1,600m, Winner Maaly Al Reef, Brett Doyle, Abdallah Al Hammadi

6.30pm: Handicap (PA) Dh90,000 1,600m, Winner AF Momtaz, Antonio Fresu, Musabah Al Muhairi

7pm: Handicap (PA) Dh80,000 2,200m, Winner Morjanah Al Reef, Brett Doyle, Abdallah Al Hammadi

7.30pm: Handicap (TB) Dh100,000 2,200m, Winner Mudarrab, Jim Crowley, Erwan Charpy

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

Tewellah by Nawal Zoghbi is out now.

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

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

Walls

Louis Tomlinson

3 out of 5 stars

(Syco Music/Arista Records)

Long read

Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Most match wins on clay

Guillermo Vilas - 659

Manuel Orantes - 501

Thomas Muster - 422

Rafael Nadal - 399 *

Jose Higueras - 378

Eddie Dibbs - 370

Ilie Nastase - 338

Carlos Moya - 337

Ivan Lendl - 329

Andres Gomez - 322

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

QUALIFYING RESULTS

1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.

Eliminated after second session

11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.

Eliminated after first session

15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.

Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars

Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).