Middle East countries “can play, and some of them are playing, a critical role at this point” in the effort to mitigate global warming and accelerate the path to net-zero carbon emissions, the US envoy for climate change said in Davos.
Countries in the region are engaged in the effort to develop renewable energy capacity around the world, John Kerry, special presidential envoy for climate, said at a press conference on the sidelines of the World Economic Forum annual meeting on Tuesday.
“The UAE, for instance, has a very large solar deployment. They are exploring rapidly green hydrogen … and they are investing in other countries and helping with their transitions,” said Mr Kerry.
“India is a prime example where you have a [2030 renewable energy] commitment by Prime Minister [Narendra] Modi, which is 500 gigawatts … which is very significant.”
The Regional Dialogue for Climate Action was also held in Abu Dhabi in April 2021, and was critical for building momentum before Cop26 in Glasgow late last year. Cop27 will be held in Egypt this year and the UAE will host Cop28 in 2023.
“The UAE stepped up and hosted the first-ever Middle East climate conference, which had 11 countries come together, a group of them oil and gas producers. And they all signed on to an extremely forward-leaning communique, which they are now pursuing,” said Mr Kerry.
“So, I think that any oil-producing country that begins to step up and indicate their acceptance of the reality of the need to build up for a transition is a critical message to the rest of the world. And the UAE and other countries in the region have done that, and are doing that,” said Mr Kerry.
The UAE, Jordan and Israel signed an agreement in November to develop a renewable energy and desalination plant in the Hashemite kingdom to mitigate climate change and add to the growth of clean energy in the country.
“So, we just announced the project 'Prosperity', which is a combination of Jordan, the UAE and Israel building solar power output that will feed into Israel, while Israel is going to help produce a major desalinisation plant capacity for Jordan,” Mr Kerry said.
“And there is a synergy in that, not to mention that it helps build a foundation for countries to begin to think about each other and work with each other very differently from past history.”
The flaring of natural gas continues to be a problem in the region and results in the release of methane, a significant contributor to global warming, he said.
“Ending flaring, in Iraq, for instance, other countries, flare still and vent. That is a real challenge because methane is so much more destructive than [carbon dioxide], we must stop those practices. And, obviously, plug the leaks of methane that are occurring into many parts of the world. Russia has a particularly heavy leakage challenge,” Mr Kerry said.
However, in the short-term, oil producers in the Middle East could help alleviate the impact of the energy crisis being felt worldwide, he said.
“Obviously, it would help to have some greater [oil and gas] production at this point in time in order to deal with some of the challenges of inflation and rise of price, particularly on gas for a lot of citizens around the world,” Mr Kerry said.
International Energy Agency executive director Fatih Birol said Russia's invasion of Ukraine had led to “a major energy crisis”.
“This is the first global energy crisis. We had the oil price crises of 1970s. But now, we have major problems in terms of oil, in terms of natural gas, in terms of coal,” Mr Birol said at the conference on Tuesday.
“Russia … was only a few weeks ago, number one oil exporter of the world, number one natural gas exporter of the world and the major player in the coal markets.”
Turmoil in markets, high prices and inflation are all giving “signals of recession” in some countries. Some countries have responded to meet the fall in supply “understandably”, he said.
Mr Birol said these temporary measures risk going beyond what is currently needed and could undermine efforts to control global warming.
Mr Kerry also stressed that the issue of energy supplies lost in Europe because of the Ukraine conflict should not be a distraction from the climate emergency and what is required to meet global goals.
“We should not allow a false narrative to be created, that what has happened in Ukraine, somehow, obviates the need to continue forward, and to accelerate even what we are trying to do to address the crisis of climate,” said Mr Kerry.
He pointed out that carbon dioxide emissions have gone up by 6 per cent while coal use has increased by 9 per cent in the last year.
“We can meet the crisis of Ukraine and the energy crisis of Europe, and still deal, as we must, with the climate crisis," he said.
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
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
More on animal trafficking
More from Neighbourhood Watch:
More from Neighbourhood Watch:
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
More from Neighbourhood Watch:
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
UAE currency: the story behind the money in your pockets
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
More on Quran memorisation: