• This handout photo released on August 6, 2023 by the US Defence Visual Information Distribution Service (DVIDS) shows A US Navy sailor from USS Bataan (LHD 5) monitoring as the amphibious assault ship transits the Suez Canal with the 26th Marine Expeditionary Unit (MEU). More than 3,000 United States military personnel have arrived in the Red Sea aboard two warships, part of a beefed up response from Washington after tanker seizures by Iran, the US Navy said. (Photo by DVIDS / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "DVIDS" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
    This handout photo released on August 6, 2023 by the US Defence Visual Information Distribution Service (DVIDS) shows A US Navy sailor from USS Bataan (LHD 5) monitoring as the amphibious assault ship transits the Suez Canal with the 26th Marine Expeditionary Unit (MEU). More than 3,000 United States military personnel have arrived in the Red Sea aboard two warships, part of a beefed up response from Washington after tanker seizures by Iran, the US Navy said. (Photo by DVIDS / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "DVIDS" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
  • The US military is increasing its presence in the region following aggression by Tehran toward civilian commercial ships in the Strait of Hormuz. AFP
    The US military is increasing its presence in the region following aggression by Tehran toward civilian commercial ships in the Strait of Hormuz. AFP
  • US Marines on board the Bataan, a Wasp-class amphibious vessel, which left American shores on July 10. @US5thFleet / Twitter
    US Marines on board the Bataan, a Wasp-class amphibious vessel, which left American shores on July 10. @US5thFleet / Twitter
  • Tehran has criticised the deployment of the Bataan and the the landing ship USS Carter Hall, saying the region does not need 'foreigners' to provide security. US Navy
    Tehran has criticised the deployment of the Bataan and the the landing ship USS Carter Hall, saying the region does not need 'foreigners' to provide security. US Navy

Thousands of US forces reach Red Sea to protect regional shipping


Ellie Sennett
  • English
  • Arabic

More than 3,000 American sailors and marines arrived in the Middle East on Monday, the US Navy announced, as Washington beefs up its presence in the region amid rising tension with Iran.

The navy said the increased presence “brings to the region additional aviation and naval assets, as well as more US marines and sailors, providing greater flexibility and maritime capability to US 5th Fleet”.

The deployment comes days after the Associated Press reported that Washington was considering putting armed personnel on commercial ships travelling through the Strait of Hormuz – an unprecedented action aimed at stopping Iran from seizing and harassing civilian vessels.

Meanwhile, the spokesman for the US Fifth Fleet Tim Hawkins, told Al-Sharq news on Monday that “the security of navigation in the Strait of Hormuz is a priority for the United States” and accused Tehran of “repeatedly threatening the security of navigation over the past two years”.

Among the ships reaching the Red Sea on Monday were the USS Bataan and USS Carter Hall, which left American shores on July 10 on a mission the Pentagon described as being “in response to recent attempts by Iran to threaten the free flow of commerce in the Strait of Hormuz and its surrounding waters”.

The deployment has captured Iran's attention, with its chief diplomat telling neighbouring nations that the region does not need “foreigners” providing security.

Last week, Iran’s Islamic Revolutionary Guard Corps launched a surprise military drill on disputed islands in Gulf waters.

This spring, Iran commandeered two oil tankers in the Gulf and seized the Marshall Islands-flagged Advantage Sweet, which was carrying Kuwaiti crude oil bound for US energy firm Chevron Corp.

US President Joe Biden's administration announced in May that it was working to bolster Washington's defensive posture in the Gulf, including increased “co-ordination and interoperability of the International Maritime Security construct and European Maritime awareness in the Strait of Hormuz”, National Security Council spokesman John Kirby said.

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

WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

UAE currency: the story behind the money in your pockets
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Robinhood

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Short squeeze

Traders forced to buy a stock they are shorting 

Naked short

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Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

Quick%20facts
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Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars

Updated: August 08, 2023, 5:38 AM