The Syrian opposition is looking to the UAE to help to kick-start a modern day Marshall Plan to rebuild the country's shattered economy.
Hundreds of business people from across the Emirates gathered in Dubai yesterday to hear the leader of the Syrian National Council (SNC) call on business leaders to fund a relief effort aimed initially at supplying opposition-held territory.
"The transition phase in Syria has indeed begun," George Sabra, the chairman of the SNC told business chiefs. "What we can describe as an economic Marshall Plan for Syria cannot be delayed until the current regime fully collapses."
The long-standing regime critic, who was elected to lead the SNC earlier this month, urged an audience of top industrialists, property developers and financiers to back the economic road map of the revolution.
More than 36,000 people are estimated to have been killed during the 20-month uprising against the regime of Bashar Al Assad, the Syrian president.
As many as two million homes have been destroyed across the country, which is expected to demand billions of dollars in future investment.
That is expected to involve companies from the Emirates. Economic ties between the two countries were strong even before the outbreak of war with companies such as the property developer Emaar operating in Syria.
There is also a large Syrian business community based in the Emirates that the Syrian opposition is keen to mobilise.
Osama Kadi, the general coordinator of the Syrian Economic Task Force, estimates that the country would need more than US$1 billion (Dh3.67bn) a month just to pay its vast public sector payroll, which is made up of some 1.3 million employees.
There are about 5 million Syrians displaced inside and outside the country, according to task force estimates.
"This is a historical opportunity for the business community to invest in our beloved Syria and build modern homes for Syrians while benefiting and profiting from safe, rewarding and creative investment schemes," said Mr Kadi.
Abu Faisal, a businessman involved in the construction sector, said he wishes to start up construction projects that are sustainable and will lead to job opportunities.
"We need a labour-intensive construction process that could be easily taught and repeatable. People need to work. Donor money will eventually run out. Where do you go from there?" he said.
Abu Faisal has sent cash payments for blankets for Syrians as the winter moves into full force. "But we made sure that the blankets were locally produced, to help boost jobs.
"People would much rather work, than take money handouts."
Mohamed Ayman Bashi, a board member of Syria Gulf Bank, said "oil revenues, worth billions of dollars, for years on end has not found its way back to the economy. It is not seen in the public budget. The country needs a change of guard, where accountability and transparency are the main pillars of the economy".
scronin@thenational.ae
halsayegh@thenational.ae
Turkish Ladies
Various artists, Sony Music Turkey
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
More on Quran memorisation:
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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
Superpower%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESean%20Penn%2C%20Aaron%20Kaufman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The%C2%A0specs%20
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
