The UAE and Angola signed a Comprehensive Economic Partnership Agreement (Cepa) and other deals on Monday to boost trade between the two countries as part of President Sheikh Mohamed's state visit to the African country.
Sheikh Mohamed said the Cepa will enhance economic co-operation between the countries while also expanding trade and investment ties, state agency Wam reported.
The agreement marks a critical step in strengthening the UAE's strategic partnerships with African countries, he added.
The Cepa is expected to strengthen ties between the UAE and Angola by reducing or eliminating customs duties, removing “unnecessary” barriers to trade, allowing greater market access for service exports and creating new investment and co-operation opportunities across several sectors.
Dr Thani Al Zeyoudi, Minister of Foreign Trade, said the Cepa would increase bilateral trade between the countries to $10 billion a year by 2033. He also expects the Cepa to add about $1 billion to both countries' gross domestic product, create nearly 30,000 new jobs and reinforce the UAE's role as a key link between the Arab world, Europe, Asia and Africa.
The countries also signed an initial agreement in the field of artificial intelligence, one between the UAE Central Bank and the National Bank of Angola, and one between Al Dahra and the Angolan Ministry of Agriculture and Forestry.
Other agreements focused on tourism, investment, renewable energy, culture, education, climate action and technology, Wam reported. The agreements came as Sheikh Mohamed and Angolan President Joao Manuel Lourenco discussed progress in ties between their countries. Talks also focused on efforts to boost ties in sectors including energy, technology, agriculture, food security and logistics.
During his visit, Sheikh Mohamed noted the UAE's “keenness to further build upon its ties with Angola with the aim of supporting both countries’ aspirations for development”, Wam reported.
Non-oil trade between the UAE and Angola climbed to about $2.2 billion in 2024, and also increased in the first half of 2025 by 29.7 per cent to $14 billion. Economic ties between the two countries have strengthened since a 2021 agreement between Masdar and Angola's Energy Ministry on the potential implementation of a solar energy and energy storage programme.
Abu Dhabi Ports Company and Angola’s Ministry of Transport also struck an agreement in 2023 to develop maritime services and infrastructure across the African country.
Dr Al Zeyoudi said the Cepa was a key pillar in advancing the UAE's economic goals. The agreement allows for additional imports from Angola worth up to $993.6 million in products including glass, fish, fruits and optical goods. It also allows the UAE to increase exports by up to $235 million for products such as machinery, electrical equipment, plastics, rubber, ferrous metals and chemicals, as well as mineral products, Wam reported.
The Cepa programme is a key element of the UAE's economic growth plan. The Arab world's second largest economy aims to boost its gross domestic product to $800 billion by 2030, with a target of more than $1.1 trillion in total non-oil trade by 2031.
The UAE's non-oil foreign trade hit a record Dh3 trillion last year − up 14.6 per cent year-on-year − with Cepas contributing Dh135 billion ($36.8 billion), an increase of 42 per cent compared with the previous year.
The country's non-oil foreign trade also rose by 24 per cent annually in the first six months of 2025.
The Emirates has already signed 28 Cepas, with countries including Azerbaijan, Serbia, Malaysia, New Zealand, Kenya, Ukraine, the Central African Republic, Costa Rica and Mauritius. Ten of these deals – with India, Indonesia, Israel, Turkey, Cambodia, Georgia, Costa Rica, Mauritius, Serbia and Jordan – have been implemented and are operational, data from the Ministry of Foreign Trade shows.
Agreements with other trading partners, including Australia, South Korea, Malaysia, New Zealand, Chile, Kenya, Ukraine, Vietnam, the Republic of Congo, Belarus and Azerbaijan, are still to be implemented. Talks have also concluded with the Philippines, Morocco and Armenia.
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
More coverage from the Future Forum
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Company%C2%A0profile
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Specs
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Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.