Abu Dhabi's Edge appoints Faisal Al Bannai as executive chairman of board

UAE defence conglomerate Edge appointed Faisal Al Bannai as executive chairman of the group's board of directors in a reorganisation of its leadership team as the company prepares for its next phase of growth.

Mansour AlMulla will join Edge and succeed Mr Al Bannai as the new group managing director and chief executive, Edge said on Monday.

"The addition of Mansour to the new board of directors will create a fertile environment for further growth as Edge moves to grow its footprint in the region and in key markets around the world," Mr Al Bannai said.

"His proven track record in sound leadership and his depth of experience will be instrumental in achieving the objectives of Edge for developing and promoting our sovereign capabilities and for creating a global centre of excellence here in the UAE."

The Abu Dhabi-based group with 25 companies under its umbrella, specialises in building advanced technology for weapons systems, cyber protection and electronic warfare. This includes developing drones, unmanned aerial vehicles and smart defence equipment.

Mr AlMulla, whose professional career has spanned 22 years with several senior positions at large UAE companies, was most recently the group chief investment officer at ADQ. He has also held various senior management positions at Mubadala Investment Company, including chief financial officer at Mubadala Petroleum.

He is a board member of Abu Dhabi National Energy Company (Taqa), Abu Dhabi Ports Company, Abu Dhabi Global Market and Etihad Aviation Group.

Other members of Edge's new board of directors include Kamal Al Maazmi, Khalifa Al Suwaidi, Mohamed Al Ariyani, Saeed Al Mazrouei and Samer Abdulhaq.

In November 2021, Edge said it had won contracts to export a range of its products to the US, Western Europe and Africa as part of its ambitions to expand into international markets with locally-made wares.

Edge signed 20 export sales contracts worth more than Dh1 billion ($272.2m) for electronic warfare, drones and ammunition last year, Mr Al Bannai told The National during the Dubai Airshow 2021.

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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.

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