Dubai Airshow 2021: UAE Ministry of Defence awards $1.4bn worth of contracts


Sarmad Khan
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The UAE Ministry of Defence has awarded contracts worth Dh5.23 billion ($1.42bn) on the first day of the Dubai Airshow, with the biggest deal of the day going to Progressive Technologies.

The ministry signed a Dh2.67bn deal with Progressive for supply of ammunition for the UAE Air Force and Air Defence (Afad), a ministry representative told a media briefing on Sunday.

The UAE also signed a Dh2.46bn contract with Airbus Defence and Space to procure two Airbus 330 Multi-Role Tanker Transport aircraft for the UAE Air Force, which will be in addition to the three aircraft the Air Force is already operating, said Maj Gen Staff Pilot Ishaq Al Balushi, head of the ministry's Executive Directorate of Industries and Development of Defence Capabilities.

The ministry also signed two deals with France’s Thales for communication systems and the supply of spare parts and maintenance, according to ministry spokeswoman Lt Col Sarah Al Hajri.

The Dubai Airshow taking place this week in person is the first major global aerospace exhibition in two years since the aviation industry was hit by the worst crisis in its history and is a bellwether for the sector's rebound from the Covid-19 pandemic.

This year's civil and military exhibition – a major display of products from jumbo jets to military drones – was held against the backdrop of the pandemic and is significant because it indicates a return to some degree of normality in an industry profoundly changed by the crisis.

About 1,200 companies are exhibiting at this year's air show, of which 371 are new exhibitors and 80 are start-ups.

Dubai Airshow over the years - in pictures:

  • The UAE's Air Force Aerobatic Team, Al-Fursan, performs stunts at the Dubai Airshow in 2019. Karim Sahib / AFP
    The UAE's Air Force Aerobatic Team, Al-Fursan, performs stunts at the Dubai Airshow in 2019. Karim Sahib / AFP
  • Visitors arrive at the Dubai Airshow in 2019. Karim Sahib / AFP
    Visitors arrive at the Dubai Airshow in 2019. Karim Sahib / AFP
  • The Royal Air Force, UK Trade and Investment stand at the air show in 2013. Antonie Robertson / The National
    The Royal Air Force, UK Trade and Investment stand at the air show in 2013. Antonie Robertson / The National
  • Guests walk past the flydubai B737-700 BBJ plane at the show in 2013. Sarah Dea / The National
    Guests walk past the flydubai B737-700 BBJ plane at the show in 2013. Sarah Dea / The National
  • Visitors walk past the Emirates Airbus A380-800 plane in 2013. Sarah Dea / The National
    Visitors walk past the Emirates Airbus A380-800 plane in 2013. Sarah Dea / The National
  • Sheikh Ahmed Bin Saeed Al Maktoum, President of the Department of Civil Aviation, CEO and Chairman of The Emirates Group and Chairman of Dubai World, steps out from the Legacy 650 by Embraer at the show in 2013. Sarah Dea / The National
    Sheikh Ahmed Bin Saeed Al Maktoum, President of the Department of Civil Aviation, CEO and Chairman of The Emirates Group and Chairman of Dubai World, steps out from the Legacy 650 by Embraer at the show in 2013. Sarah Dea / The National
  • A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
    A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
  • Planes form a line at the air show. Pawan Singh / The National
    Planes form a line at the air show. Pawan Singh / The National
  • The Pakistan Aeronautical Complex stand at the 2015 Dubai Airshow. Antonie Robertson / The National
    The Pakistan Aeronautical Complex stand at the 2015 Dubai Airshow. Antonie Robertson / The National
  • Sheikh Ahmed Bin Saeed examines a Bell helicopter. Pawan Singh / The National
    Sheikh Ahmed Bin Saeed examines a Bell helicopter. Pawan Singh / The National
  • An Iomax Arch Angel border security aircraft at the 2015 Dubai Airshow. Antonie Robertson / The National
    An Iomax Arch Angel border security aircraft at the 2015 Dubai Airshow. Antonie Robertson / The National
  • The 2015 Dubai Airshow. Antonie Robertson / The National
    The 2015 Dubai Airshow. Antonie Robertson / The National
  • Crowds flock to the show in 2015. Antonie Robertson / The National
    Crowds flock to the show in 2015. Antonie Robertson / The National
  • A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
    A media flight onboard the Airbus Military A400M MRTT in 2013. Christopher Pike / The National
  • Sheikh Ahmed Bin Saeed visits the show. Pawan Singh / The National
    Sheikh Ahmed Bin Saeed visits the show. Pawan Singh / The National
  • Visitors walk by a Hawk Advanced Jet Trainer model at the BAE Systems stand. Sarah Dea / The National
    Visitors walk by a Hawk Advanced Jet Trainer model at the BAE Systems stand. Sarah Dea / The National
  • Visitors attend the show in 2014. Pawan Singh / The National
    Visitors attend the show in 2014. Pawan Singh / The National
  • Back in 2005, the Airbus A380, sporting the colors of air carrier Emirates, takes off. AFP
    Back in 2005, the Airbus A380, sporting the colors of air carrier Emirates, takes off. AFP
  • A LEAP high-bypass turbofan engine on display in 2013. Sarah Dea / The National
    A LEAP high-bypass turbofan engine on display in 2013. Sarah Dea / The National
  • An Emirates Airline A380 leads the Al Fursan aerobatic display team during the opening ceremony in 2017. AP Photo / Kamran Jebreili
    An Emirates Airline A380 leads the Al Fursan aerobatic display team during the opening ceremony in 2017. AP Photo / Kamran Jebreili
  • The Al Fursan team puts on a dazzling display in 2019. Reuters / Christopher Pike
    The Al Fursan team puts on a dazzling display in 2019. Reuters / Christopher Pike
  • A Dubai Airshow press briefing gets under way, led by Sheikh Ahmed Bin Saeed. Photo: Tarasus
    A Dubai Airshow press briefing gets under way, led by Sheikh Ahmed Bin Saeed. Photo: Tarasus
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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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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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.

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Favourite quote: "The world is full of good people, if you cannot find one, be one"

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Sally Rooney, Faber & Faber
 

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Transmission: Six-speed gearbox

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Fuel economy, combined: 5.9L / 100km

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Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

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FIXTURES

UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
 

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2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2

Updated: November 14, 2021, 6:33 PM