As 2022 comes to a close, the Eastern Mediterranean and connecting seas have heaved with traffic in recent days, underscoring the aggressive jockeying by regional states looking to play a key role in shaping Europe’s post-Russia energy system.
Early this month, Turkey said the new US-led price cap on Russian oil necessitated stronger insurance oversight, which left nearly two dozen coal and oil tankers sitting near the Bosphorus awaiting approval to pass through the Turkish straits until the issue was resolved.
Around that same time, Turkey’s Abdulhamid Han ship started drilling between the Turkish coast and north Cyprus, while Libyan Foreign Minister Najla Mangoush complained about Greece’s “irresponsible” drilling in areas claimed by Libya south and south-west of Crete. Greece and Bulgaria, meanwhile, began discussing a possible joint pipeline that would evade increased Bosphorus transit fees and deliver non-Russian gas to Bulgaria, Romania and Ukraine.
Days after President Abdel Fattah El Sisi issued a decree defining the country’s maritime borders, Egypt made a new energy discovery that could contain nearly 100 billion cubic metres of gas. Cairo has been exporting $600 million worth of monthly gas to Europe this year and hopes to increase that to $1 billion by next year.
A resolution to the dispute would put Cyprus on the fast-track to becoming an EU energy hub
On a visit to Cyprus, I witnessed the increased maritime activity first-hand, as the oil tanker bobbing more than a kilometre out to sea from my Larnaca window increased to two, and then three a few days later, just as word came that the world’s fourth-largest oil tanker company, Frontline, had begun relocating to the divided island.
The timing is good. When Eastern Mediterranean gas emerged as the next great energy chase a dozen years ago, many expected the quest for hydrocarbon riches to spur a resolution for Cyprus, finally securing peace after nearly 50 years of division and enabling an equitable distribution of profits.
That has not come to pass, but the latest news could provide a boost. Last week, a consortium led by Italy’s Eni and France’s Total announced a major discovery off Cyprus’s southern coast. On the same day, Cyprus said it had started talks with Israel on a pipeline to bring Israeli gas to the island for processing and transport to the EU – a project that would surely strengthen its energy infrastructure.
With the new gas discovery, in addition to a large August find and a 2018 discovery at Calypso 1, the Republic of Cyprus is now thought to have almost 400 billion cubic metres of gas reserves. This is a fraction of the gas held by Russia or Iran, but it’s surely enough – about the equivalent of Brunei or Peru – to give Nicosia some real leverage.
This may explain why Turkey and the Turkish Republic of Northern Cyprus, recognised only by Ankara, pushed back hard on the news. Turkey’s Foreign Ministry said hydrocarbon exploration within its continental shelf should never be done without its consent. The TRNC said that Cyprus had drilled “unilaterally”, which meant the find was illegitimate and breached the rights of Turkish Cypriots.
On an almost summery December afternoon, I sat down for an al fresco lunch at Canteen, a hip cafe and burger joint on the Turkish side of Europe’s last divided capital, and spoke with a few Turkish Cypriots. My waitress Deren, a 22-year-old cosmetology student who has lived in Nicosia all her life, is no fan of the government of Turkey-friendly TRNC President Ersin Tatar. She is convinced he only won in late 2020 because recent Turkish immigrants to TRNC swung the election in his favour and says most Turkish Cypriots view the two-state solution advocated by Ankara and Mr Tatar as unrealistic.
“Turkey doesn’t want us to be independent. They just want us to need Turkey,” Deren said as a tourist trolley chugged past playing Turkish Arabesques.
Ankara’s agenda-setting in northern Cyprus seemed to get a boost early this month when the Kibris media group was sold to a Turkish company seen as close to the governing AKP, potentially giving the Turkish government a sizeable media platform – two major newspapers and a radio and television station – to shape Turkish Cypriot views.
That effort began some time ago, with soft power projects such as Once Upon a Time in Cyprus, a series launched last year by Turkish broadcaster TRT. The show paints a dark picture of the Greek side, focusing on deadly 1960s attacks on Turkish Cypriots by a far-right Greek Cypriot nationalist group.
Former Greek Cypriot journalist Stefanos Evripidou works to counter such narratives as senior researcher for the Cyprus Dialogue Forum. The non-profit is based at the Home for Co-operation, an office building, cafe and event space inside Nicosia’s UN-controlled Buffer Zone. Its location is fitting, given the forum’s goal of bridging gaps between the two perspectives to enhance understanding.
“When are you going to finally start talking in a way that’s conducive to finding solutions?” Evripidou rhetorically asks the key leaders. “Because it has been going on for 50 years.”
The Republic of Cyprus is gearing up for a February presidential election, the results of which are widely expected to leave Nicosia’s policies towards Turkey and the dispute largely the same. That might be less than ideal.
Most younger Turkish Cypriots hope to leave for Europe and build a stable life, according to Deren, who blames politicians’ manipulations for making reconciliation a distant dream. “We are one island,” she said, adding that she regularly visits the Greek side and gets along with people there. “We speak different languages, but we are the same. We can live together – but every year it gets more and more difficult.”
Armed with greater energy reserves and more robust backing from Washington, which ended a 35-year arms embargo back in September, the Republic of Cyprus’s new position of strength, if played right, could draw Turkey to the negotiating table in 2023. A resolution to the dispute, which as usual remains a long way off, would put Cyprus on the fast-track to becoming an EU energy hub. But the clock is ticking.
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
RESULTS
6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Emirates Skywards Handicap (TB) Dh 82,500 (D) 1,200m
Winner: Rich And Famous, Royston Ffrench, Salem bin Ghadayer.
8.15pm: Emirates Airline Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Rio Angie, Sam Hitchcock, Doug Watson.
8.50pm: Emirates Sky Cargo (TB) Dh 92,500 (D) 1,400m
Winner: Kinver Edge, Richard Mullen, Satish Seemar.
9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
SPEC%20SHEET%3A%20APPLE%20TV%204K%20(THIRD%20GENERATION)
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Results
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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
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
