Dubai has launched a coral reef project for marine restoration that will increase sea life eight-fold, improve the sustainability of fishermen’s livelihoods and attract eco-tourism.
The Dubai Reef project, which was announced at Cop28 on Friday, will span 600 square kilometres of the emirate’s waters, with the design of the coral reefs exceeding 400,000 cubic metres in total volume, Helal Al Marri, director-general of the Dubai Department of Economy and Tourism, said during a session at the Business an Philanthropy Climate Forum.
The project will operate on a public-private partnership model where the government has contributed 10 per cent of the investment and has secured commitments for more than 50 per cent of the funding, Mr Al Marri said.
“We worked with the best minds to look at coral reef restoration and how to rebuild the coral environment and ensure it makes a difference,” he said.
“What we would hope is that this successful model makes it very bankable for other communities around the world.”
The project is part of Dubai’s efforts to increase fish stocks, support sustainable fishing and help boost food security, according to a statement by the Dubai Media Office on Friday.
Dubai Reef will also help to reduce carbon emissions and increase marine biodiversity. The reefs have an estimated capacity to capture more than seven million tonnes of carbon annually.
The project is also aligned with the UAE’s goals to achieve climate neutrality by 2050.
The Dubai Reef project will be led by the Department of Economy and Tourism and founding partner the Regulatory Committee on Fishing of Living Aquatic Resources in Dubai, in co-operation with Dubai Chambers, the Ports, Customs and Free Zone Corporation and Nakheel.
“The project will contribute to achieving food security and supporting the sustainability of the fishing industry in Dubai,” Major General Ahmed Mohammed bin Thani, chairman of the Regulatory Committee on Fishing of Living Aquatic Resources in Dubai, said.
“It will also contribute to facilitating fishing operations by providing an environment that attracts fish and marine life, thus reducing the operational costs associated with commercial fishing. The project will also contribute to increasing the quantities and abundance of commercial fish.”
The project is set to unfold in four phases starting in 2024, according to the Dubai Media Office statement.
It will begin in the first quarter and is scheduled for completion within four years, it said.
The project will help create jobs, increase the appeal of recreational water activities and foster sustainable food sources, it 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
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
