• British Foreign Secretary Liz Truss is one of the candidates in the race to replace Boris Johnson as British Prime Minister. Bloomberg
    British Foreign Secretary Liz Truss is one of the candidates in the race to replace Boris Johnson as British Prime Minister. Bloomberg
  • Boris Johnson and Liz Truss arrive for an extraordinary summit at Nato Headquarters in Brussels, in March this year. AFP
    Boris Johnson and Liz Truss arrive for an extraordinary summit at Nato Headquarters in Brussels, in March this year. AFP
  • Russian Foreign Minister Sergey Lavrov and Liz Truss arrive for talks in Moscow in February. AP
    Russian Foreign Minister Sergey Lavrov and Liz Truss arrive for talks in Moscow in February. AP
  • Liz Truss in Red Square during a visit to Moscow in February. Simon Dawson / No10 Downing Street
    Liz Truss in Red Square during a visit to Moscow in February. Simon Dawson / No10 Downing Street
  • Liz Truss with Marise Payne, the Australian Minister of Foreign Affairs, at Government House in Sydney, Australia, in January. Simon Dawson / No10 Downing Street
    Liz Truss with Marise Payne, the Australian Minister of Foreign Affairs, at Government House in Sydney, Australia, in January. Simon Dawson / No10 Downing Street
  • Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January to discuss the Northern Ireland protocol. Simon Dawson / No10 Downing Street
    Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January to discuss the Northern Ireland protocol. Simon Dawson / No10 Downing Street
  • Liz Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Simon Dawson / No10 Downing Street
    Liz Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Simon Dawson / No10 Downing Street
  • Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Simon Dawson / No10 Downing Street
    Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Simon Dawson / No10 Downing Street
  • Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Simon Dawson / No10 Downing Street
    Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Simon Dawson / No10 Downing Street
  • The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Simon Dawson / No10 Downing Street
    The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Simon Dawson / No10 Downing Street
  • Liz Truss with Antony Blinken, the United States secretary of state, in New York, September 2021. Simon Dawson / No10 Downing Street
    Liz Truss with Antony Blinken, the United States secretary of state, in New York, September 2021. Simon Dawson / No10 Downing Street
  • Liz Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Simon Dawson / No10 Downing Street
    Liz Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Simon Dawson / No10 Downing Street
  • When she was environmental minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
    When she was environmental minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
  • Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
    Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images

Liz Truss cites Iran diplomacy as qualification for UK PM job


Damien McElroy
  • English
  • Arabic

UK Foreign Secretary Liz Truss pointed on Thursday to the release of Nazanin Zaghari-Ratcliffe and another British hostage from prison in Iran as a demonstration of her leadership skills, as she launched her bid for prime minister.

Speaking to The Spectator magazine, she responded to a jibe about her “hand grenade” style with a point about her effectiveness in high office.

“What they say about the 'human hand grenade', which I think was first aired in The Spectator in a particularly appalling cartoon of me, I take it as a backhanded compliment in that I do get stuff done,” she said.

“Since I’ve been at the Foreign Office, we have secured the release of Nazanin [Zaghari-Ratcliffe] and Anoosheh [Ashoori] from Iran. We’ve refocused on foreign policy, on the network of liberty, and are taking a much tougher stand on both Russia and China.”

At a launch event on Thursday, she is expected to stress her economic agenda and her experience serving in the government since 2010.

“I am ready to be prime minister on day one,” she will say. “I can lead, make tough decisions and rise to the moment.

“My mission in politics is to give every child, every person, the best opportunity to succeed and for their success in life to depend solely on their hard work and talents, not their background or where they are from.”

The mantle of economic reformist is one she has sought to burnish with comparisons to Margaret Thatcher, the idol of the conservative right and prime minister from 1979-1990.

“I have a plan to make Britain a high-growth economy through bold supply-side reform.”

Liz%20Truss
%3Cp%3EMinisterial%20experience%3A%20Current%20Foreign%20Secretary.%0D%3Cbr%3E%0DWhat%20did%20she%20do%20before%20politics%3F%20Worked%20as%20an%20economist%20for%20Shell%20and%20Cable%20and%20Wireless%20and%20was%20then%20a%20deputy%20director%20for%20right-of-centre%20think%20tank%20Reform.%0D%3Cbr%3E%0DWhat%20does%20she%20say%20on%20tax%3F%20She%20has%20pledged%20to%20%22start%20cutting%20taxes%20from%20day%20one%22%2C%20reversing%20April's%20rise%20in%20National%20Insurance%20and%20promising%20to%20keep%20%22corporation%20tax%20competitive%22.%3C%2Fp%3E%0A

Allies of departing leader Boris Johnson, including Nadine Dorries, the culture secretary, and Jacob Rees-Mogg, came out in support of Ms Truss moments after leaving a Cabinet meeting on Tuesday.

Mr Rees-Mogg went on to argue that the foreign secretary is “fiscally on the right side of the argument” and that she “opposed the endless tax rises of [rival Rishi Sunak], which I think have been economically damaging; I also was opposed to in cabinet”.

“I think that's important that you have somebody who's fiscally on the right side of the argument, who doesn't believe that higher taxation is the right answer to every question.”

He also said Ms Truss — who voted Remain in the 2016 European Union referendum — is more willing to take advantage of Brexit than Leave-voting Mr Sunak.

Mr Rees-Mogg claimed she is more “supportive about getting rid of the supremacy of EU law, and having a sunset on EU law” than Mr Sunak's Treasury.

Liz Truss
Liz Truss

“I think you have to judge people by what they do currently,” he said.

Ms Truss said her 2016 vote was dictated by her instincts of personal loyalty and pointed to her role as foreign secretary in which she has stated her readiness to defy the EU by scrapping the Northern Ireland Protocol as well as her support for trade deals around the world post-Brexit.

“If I could vote now, I would vote to leave the European Union,” she told The Spectator.

“I was a reluctant Remainer. I was loyal to the prime minister at the time, David Cameron, but since the referendum, I’ve put my shoulder to the wheel in terms of delivering the opportunities of Brexit.

“As trade secretary, I negotiated a lot of trade deals, and we went much further than the European Union was ever prepared to in our deal with Australia.”

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
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

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: 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

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Rashid & Rajab

Director: Mohammed Saeed Harib

Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five 

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20synchronous%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E660hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C100Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E488km-560km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh850%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EOctober%3C%2Fp%3E%0A
Need to know

Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.

Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Liz%20Truss
%3Cp%3EMinisterial%20experience%3A%20Current%20Foreign%20Secretary.%0D%3Cbr%3E%0DWhat%20did%20she%20do%20before%20politics%3F%20Worked%20as%20an%20economist%20for%20Shell%20and%20Cable%20and%20Wireless%20and%20was%20then%20a%20deputy%20director%20for%20right-of-centre%20think%20tank%20Reform.%0D%3Cbr%3E%0DWhat%20does%20she%20say%20on%20tax%3F%20She%20has%20pledged%20to%20%22start%20cutting%20taxes%20from%20day%20one%22%2C%20reversing%20April's%20rise%20in%20National%20Insurance%20and%20promising%20to%20keep%20%22corporation%20tax%20competitive%22.%3C%2Fp%3E%0A
Updated: July 13, 2022, 11:34 PM