01 | UAE amends e-invoicing rules, giving businesses more time to adjust system plans

As of 2026-10-21, businesses in the UAE should reassess which transactions fall within their e-invoicing projects, where data will be stored and how system failures will be handled. The Ministry of Finance amendments reduce some implementation burdens, but businesses remain responsible for retaining e-invoice data and making it available when requested.

The UAE Ministry of Finance issued Ministerial Decision No. 197 of 2026, amending Ministerial Decision No. 243 of 2025. From 2027-01-01, business transactions between members of the same Tax Group will be treated as excluded transactions for 24 months. Businesses with several group entities can use this transition period to revise system configurations and implementation schedules for intra-group transactions.

The data-storage rules have also changed. Persons subject to the Electronic Invoicing System must still retain electronic invoices, electronic credit notes and associated data for the period prescribed under the Tax Procedures Law, and they must be able to provide those records to the Federal Tax Authority upon request. The previous requirement to store the data within the UAE has been removed. When selecting an overseas cloud provider or regional data centre, businesses should focus on retention periods, record accessibility and their ability to respond to a tax inspection.

The amendment also repeals the provisions on “System Failure”, including the requirement to notify the Federal Tax Authority within two business days of a failure. Ministerial Decision No. 197 took effect on 2026-10-01. Businesses should not simply remove the notification step from an old procedure; they should also confirm that internal incident records, data recovery and access controls continue to support retention and retrieval. Implementation remains subject to the latest publications from the UAE Ministry of Finance and Federal Tax Authority.

Source: UAE Ministry of Finance, 2026-10-19

03 | Iraq temporarily removes tariffs on selected food and pharmaceutical imports

Iraq’s General Commission of Customs has begun implementing Cabinet Decision No. 576 of 2026. From 2026-10-20 to 2026-12-31, all customs duties on imported eggs, chicken, live meat and medicines are reduced to zero. Importers of these products can update their landed-cost calculations and quotations for the rest of the year, but zero tariffs do not remove customs-clearance requirements.

The customs authority said all customs centres would put the decision into effect to support the entry and clearance of the covered goods. Existing legal, health and regulatory requirements continue to apply. For food and pharmaceutical traders, correct product classification and compliant documentation will still affect whether goods are released on schedule.

Source: Kalimaiq, 2026-10-20

04 | Brent reaches a five-month high as energy costs and interest-rate expectations rise

Brent crude reached $111.30 per barrel on 2026-10-20, its highest level in five months, while West Texas Intermediate rose to $100.80 per barrel. Businesses operating in the Middle East whose costs are exposed to fuel prices and financing conditions should no longer base near-term budgets on low-volatility assumptions.

Yemen’s Houthi movement claimed six attacks on Saudi energy, airport and military targets as regional tensions intensified. The report said Middle East crude supplies remained constrained and vessel traffic through the Strait of Hormuz was still under pressure. The International Energy Agency had agreed to release more than 20 million barrels of diesel to address rising diesel prices.

Higher oil prices are also fuelling concerns about renewed inflation and increasing expectations of further interest-rate rises by the US Federal Reserve. When reviewing transport costs, energy-intensive production and US-dollar financing, businesses should monitor spot oil prices, freight rates and interest-rate movements rather than revising budgets against a single indicator.

Source: The National, 2026-10-20

06 | Attack claims send oil prices higher, but unverified reports can amplify volatility

On 2026-10-18, Brent crude futures reached an intraday high of $110.70 per barrel before closing at $109.55. West Texas Intermediate closed at $103.66 per barrel. Prices later retreated from the session high, showing that traders were pricing both supply risk and the prospect of additional supply.

The Houthis claimed attacks on King Khalid International Airport in Riyadh, Abha International Airport, Saudi Aramco facilities in Yanbu and the Shaybah oilfield, among other targets. CNBC said it could not independently verify the claims, and Saudi authorities had not publicly confirmed them at the time. When responding to such events, procurement and risk teams should distinguish between a militant group’s claim, official confirmation and an actual supply disruption rather than treating a headline as proof that supply has stopped.

Source: CNBC, 2026-10-18

Other updates

  • 07 | Egypt clears $6.1 billion in arrears to oil and gas partners and advances regional gas integration: Egypt’s Minister of Petroleum and Mineral Resources said the country had settled $6.1 billion owed to foreign oil and gas partners for more than two years. From July 2024 to June 2026, 591 new wells entered production and 113 discoveries were made. (Source: Daily News Egypt, 2026-10-20)
  • 08 | Saudi Arabia postpones a major investor conference to 2027 amid security concerns: The Future Investment Initiative, originally scheduled for 2026-10-26 to 2026-10-29 in Riyadh, has been postponed, with organisers due to announce new 2027 dates. (Source: CNBC, 2026-10-19)
  • 09 | UAE clarifies corporate tax and VAT treatment of employee expenses: UAE Federal Tax Authority Decision No. 17 of 2026 addresses the tax treatment of employee-related expenditure, including a requirement that employees must not be charged for employer-provided transport between home and the workplace. (Source: The National, 2026-10-20)
  • 10 | Türkiye’s parliament considers interim payments of up to TRY 1 million for troubled funds: The bill would provide eligible investors with interim payments of up to TRY 1 million, depending on their net investment and the fund’s available assets, with the amount deducted from their final entitlement. (Source: Hürriyet Daily News)
  • 11 | Egypt approves six companies to conduct non-banking financial activities using fintech: The Financial Regulatory Authority approved six companies to use fintech for activities including securities custody, securities trading, SME finance and outsourcing services. (Source: Daily News Egypt, 2026-10-18)
  • 12 | Türkiye expects interim payments to begin after troubled-fund legislation takes effect: The Economic Coordination Board said payments of up to TRY 1 million should begin promptly after the bill passes the parliament’s General Assembly and becomes law. (Source: Hürriyet Daily News)
  • 14 | Near-term effects of the Iraqi dinar devaluation emerge: On 2026-10-07, the Central Bank of Iraq changed the official rate from IQD 1,300 to IQD 1,500 per US dollar, a 13.3% depreciation of the dinar and a corresponding 15.4% rise in the dollar. (Source: Iraq Business News, 2026-10-20)
  • 15 | Türkiye plans an $80 billion power-grid investment by 2035: Türkiye plans to invest approximately $80 billion in transmission and distribution infrastructure and introduce high-voltage direct-current transmission lines for the first time to carry growing electricity supplies. (Source: Hürriyet Daily News)
  • 16 | Egypt signs an EGP 11 trillion agreement for four mixed-use developments: Egypt and Talaat Moustafa Group reached an EGP 11 trillion agreement covering four major mixed-use projects north of Madinaty, in central Alexandria, Abu Qir and on the North Coast. (Source: Daily News Egypt, 2026-10-20)
  • 17 | UAE-targeted CFD and forex advertisements require a licence from a designated regulator: From 2026-10-21, advertisers targeting the UAE with contracts for difference or rolling spot forex products must hold a licence from one of three designated regulators and complete Google advertiser certification. (Source: PPC Land, 2026-10-19)
  • 18 | North Asian refiners consider reducing 2027 Middle East crude purchases: At least three North Asian refiners plan to reduce Middle East crude volumes under their 2027 term contracts and make room for supplies from other regions, lowering their exposure to disruption in the Strait of Hormuz. (Source: Baird Maritime, 2026-10-20)
  • 19 | Türkiye seeks recovery of large gains from troubled investment funds: The Treasury and Finance Ministry will first seek voluntary repayment from parties that made at least TRY 10 million in inflation-adjusted gains from troubled investment funds; the Justice Ministry will take legal action if the money is not returned. (Source: Hürriyet Daily News)
  • 20 | Moody’s upgrades Egypt’s sovereign rating to B3 and maintains a positive outlook: Moody’s raised Egypt’s local- and foreign-currency sovereign ratings by one notch from Caa1 to B3, citing fiscal consolidation, changes to the exchange-rate regime and foreign-reserve movements. (Source: African Markets)
  • 21 | Turkish state enterprises set a TRY 754.2 billion investment target for 2027: A presidential decision published in Türkiye’s Official Gazette says state-owned enterprises and their subsidiaries are expected to invest TRY 754.2 billion in 2027 and improve efficiency, profitability and corporate governance. (Source: Hürriyet Daily News)
  • 22 | Mubadala Bio and Lilly advance pharmaceutical contract manufacturing in Abu Dhabi: Mubadala Bio and Eli Lilly and Company agreed to develop local packaging and logistics for Lilly’s GLP-1 medicines in Abu Dhabi. (Source: Abu Dhabi Media Office, 2026-10-20)
  • 23 | Oman’s Financial Services Authority launches a robo-advisory trial: The Rushd robo-advisory platform has entered Oman’s fintech regulatory sandbox to test technology, business models and applications for digital investment advice. (Source: TradingView, 2026-10-20)
  • 24 | Financial institutions managing more than $5 trillion plan an ADGM presence: 14 financial firms have announced plans to establish operations in Abu Dhabi Global Market, with more than $5 trillion in combined assets under management. (Source: The National, 2026-10-19)
  • 26 | Iraq’s Rafidain Bank expands loans and private-sector financing: Iraq’s finance minister directed Rafidain Bank to launch employee loans, streamline applications and expand financing for the private sector while continuing to automate banking operations and adopt electronic systems. (Source: Iraq Business News, 2026-10-19)
  • 27 | Egypt approves Banque du Caire’s $453 million initial public offering: Egypt’s Financial Regulatory Authority approved the sale of a 30% stake in Banque du Caire on the Egyptian Exchange, valued at up to EGP 24.25 billion, or approximately $453 million. (Source: Daba Finance, 2026-10-20)
  • 28 | Gulf sovereign wealth funds retain Jio stakes worth $5.6 billion: Saudi Arabia’s Public Investment Fund, Mubadala and the Abu Dhabi Investment Authority continue to hold stakes acquired during Jio Platforms’ 2020 fundraising as the company moves towards an initial public offering, with the holdings worth approximately $5.6 billion. (Source: Global SWF)
  • 30 | Gulf states will increase diesel supplies to France: The UAE, Saudi Arabia and Bahrain will supply France with diesel equivalent to 10% of its consumption over the coming weeks, with the sales channelled through TotalEnergies. (Source: The National, 2026-10-20)

Last updated: October 2026. This content is for informational purposes only and does not constitute legal or tax advice.