Fighters loyal to the Libyan Government of National Accord are pictured during clashes with forces loyal to Khalifa Haftar in an area south of the Libyan capital Tripoli . AFP
Fighters loyal to the Libyan Government of National Accord are pictured during clashes with forces loyal to Khalifa Haftar in an area south of the Libyan capital Tripoli . AFP
Fighters loyal to the Libyan Government of National Accord are pictured during clashes with forces loyal to Khalifa Haftar in an area south of the Libyan capital Tripoli . AFP
Fighters loyal to the Libyan Government of National Accord are pictured during clashes with forces loyal to Khalifa Haftar in an area south of the Libyan capital Tripoli . AFP

UAE and Egypt welcome agreement for Libya talks


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The UAE and Egypt have welcomed the news that warring sides in Libya have agreed to return to UN peace talks after more than a year of fighting.

Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs and International Co-operation, and Egyptian Foreign Minister Sameh Shoukry agreed that a political solution that supports peace, security and stability in all parts of Libya was the only way to solve the situation.

"The UAE and Egypt also affirmed that they stand with the Libyan people and all parties calling for calm to save lives of innocent civilians and to achieve stability in Libya, especially with the continuation of humanitarian efforts to combat Covid-19 pandemic," a statement said.

The Emirati and Egyptian foreign ministries “called for parties to fully commit to the political process under the auspices of the United Nations and the Berlin Conference”.

The Berlin Conference in January resulted in efforts to reach a ceasefire but that initiative stalled before this week’s announcement that parties were ready to resume discussions.

For more than a year, the Libyan National Army under Field Marshal Khalifa Haftar has been trying to capture the capital from the Government of National Accord headed by Fayez Al Sarraj.

Both leaders are reportedly on their way to talks abroad even as fighting continues.

Mr Al Sarraj was expected in Ankara late last night, Turkish broadcasters reported. His deputy, Ahmed Maiteeq and GNA Foreign Minister Mohamed Siyala earlier arrived in Moscow.

Russian Foreign Minister Sergey Lavrov said that the presence of Russian prisoners in the Libyan capital of Tripoli was the main obstacle to co-operation between the countries.

Meanwhile, Field Marshal Haftar travelled to Egypt to meet defence officials, a source told Reuters

The latest flurry of meetings came after US Secretary of State Mike Pompeo spoke with his French counterpart Jean-Yves Le Drian to discuss the situation in Libya.

A State Department readout of the conversation said the pair discussed “steps to reduce violence and advance a negotiated political solution to end the conflict in Libya.”

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

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

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McIlroy's struggles in 2016/17

European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th

PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st

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