The UK will sign a new partnership deal on critical minerals with Saudi Arabia this week, as part of a British ministerial visit to the Future Minerals Forum in Riyadh.
UK Industry Minister Sarah Jones is leading a trade mission of 16 British critical minerals companies, including Cornish Lithium and Beowulf Mining to the Forum, where they will show their skills and expertise at the UK Pavilion.
Critical minerals, like lithium, cobalt and manganese, are essential in the manufacture of smartphones, laptops and many modern appliances. They are also necessary in industries like artificial intelligence (AI) and clean energy, which are considered to be at the forefront of the UK's future economic growth.
“Critical minerals are increasingly vital to our economy as we turbocharge AI, clean energy and new technologies,” Ms Jones said. “In the global race for economic growth, and in an increasingly uncertain world, the UK must secure supplies of these critical minerals.
“That’s why this government is developing a Critical Minerals Strategy. And it’s why we are forging new partnerships with our allies like Saudi Arabia to secure our minerals supply chains for the long term.”
Free-trade agreement
The partnership deal seeks to strengthen UK co-operation with Saudi Arabia in developing secure critical minerals supply chains, as well as attracting Saudi investment into the UK. A secure supply of critical minerals will play a key role in delivering the UK government’s Industrial Strategy, which is due to be published this year. Many of the strategy's growth areas, like advanced manufacturing and clean energy, rely on building products like electric vehicles and wind turbines, both of which require a steady supply of critical minerals.
Critical minerals are also essential for the development of the data centres needed to build AI systems. British Prime Minister Keir Starmer emphasised the importance of AI to UK economic growth when he unveiled the government's plan to make Britain an “AI superpower” on Monday.
While in Riyadh, Ms Jones will hold a bilateral meeting with Saudi Arabia’s Industry and Mineral Resources Minister Bandar Alkhorayef, and take part in a ministerial round-table with key players from across the sector, before signing the preliminary agreements.
The ministerial visit comes as the UK and the Gulf Co-operation Council (GCC) states are on the cusp of a free-trade agreement (FTA). Trade with the six countries of the GCC, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, is already worth £57 billion. It is estimated that an FTA would add an extra £8.6 billion a year to trade in the long run.
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
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Rating: 4.5/5
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Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
