May is a significant month not only for the history of the UAE but for the Gulf region.
On May 25, 1981, the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Qatar officially formed the Gulf Co-operation Council. Fifteen years later, on May 20, 1996, at a meeting of the Federal Supreme Council of the UAE, the provisional Constitution was made permanent and Abu Dhabi was officially named the capital.
In each instance, this week’s Arabic word of the week, etihad, meaning union, was an important theme nationally and regionally.
Etihad is a noun whose official and perhaps more conceptual meaning is to combine or mix different elements, so they become one. A more general and common meaning for Etihad is an agreement or the concept of coming together. Both of these meanings include the ideas of physically coming together but also uniting socially or spiritually.
The origin of the word etihad is the verb etihada, which means to unite or to agree or to form a union of some sort. It's derived from the four Arabic letters Alif, Tah, Ha’a and Dal.
There are various ways etihad is used in formal language through phrases and expressions that denote positive connotations of unity.
There is the idea of al etihad al watani, which translates to the union of a country, meaning one nation coming together for a common goal or vision. Another example is ramiz al etihad, which refers to the visual representation of a nation through a symbol of some sort, such as a flag or logo.
Etihad is also used to mean a union of any sort within various sectors, clubs or hobbies.
It specifically can refer to a gathering of people, united through shared goals and visions or who are protesting against or advocating the same issues. This can refer to a writer’s union, a student union or a larger corporation or even a group of countries, such as the European Union.
From a philosophical or spiritual perspective, etihad can refer to a combination of two things or more in a moment of enlightenment or elevation. This can combine the soul, spirit, or emotions with the body.
Whether from an intimate and individual perspective to a smaller group of people and then to large entities and even political, social and nationalistic purposes, etihad is the idea of becoming one, uniting, for a greater goal.
There are several words that also share the same four Arabic letters that are connected to the concepts and values to the definition of etihad.
There is wahid, which simply means number one.
Then there is wahada, often used in the phrase wahada Allah, which is to proclaim your belief in, alignment and surrender to God. The same word is used in the concept of wahada al qoum, which is one person bringing a group, tribe or an army of people together physically, and to work towards one goal.
Then there is waheda, which can be seen as having slightly more negative connotations, referring to the idea of something that becomes alone, separate or even lonely.
It’s interesting to note that the word etihad and the other words connected to it, while referring to the idea of unity, inadvertently also refer to the concept of separating from a group or from one’s former self, to evolve into something better.
The word etihad has become prevalent in common vernacular, particularly in the UAE.
Etihad Airways is the national airline of the country, the Etihad Arena on Yas Island is one of the Middle East’s largest indoor entertainment venues. Al-Ittihad newspaper was the first Arabic language daily publication in the country, launched in 1969.
Even the Arabic name of the UAE includes the word moutahida, which is a variation of the word etihad.
The concept of etihad is not one of the UAE's core values but it is deeply embedded in its history and identity. Unity is a thread in the multicultural citizens that make up the population of the UAE, but also between the seven emirates and across the Gulf.
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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MATCH RESULT
Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')
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
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5