First Abu Dhabi Bank, the UAE’s largest lender by assets, has signed an agreement to sell a 60 per cent stake in its payments business Magnati to New York-listed Brookfield Business Partners, valuing the company at up to $1.15 billion.
The transaction comes after Magnati was carved out into a fully-owned subsidiary in April last year. FAB will retain a 40 per cent stake in Magnati and continue its partnership with the company through a long-term relationship agreement, the lender said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“FAB’s expertise and relationships, coupled with Brookfield’s regional and global presence, will provide a platform for Magnati to attract new regional and global partners while setting a new standard for innovation and delivery in the payments industry,” the bank said.
Demand for digital payments has soared after the coronavirus pandemic as more people use online banking services to transfer money and pay for e-commerce transactions.
Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4tn in 2020, according to Statista.
Listed on the New York and Toronto stock exchanges, Brookfield Business Partners is a subsidiary of Brookfield Asset Management which has $690bn of assets under management globally.
“This announcement marks an important milestone and is the result of long-term planning to seek strategic partnerships to drive growth within the payments sector,” Hana Al Rostamani, group chief executive of FAB said. “Our partnership agreement with Brookfield will accelerate Magnati’s journey in a fast-paced and dynamic industry, creating broader value for all stakeholders.”
The transaction is subject to final regulatory clearance from the Central Bank of the UAE. Proceeds from the sale will be used to support FAB’s growth and transformation plans, the lender said.
“The payments industry is experiencing unprecedented growth, creating new opportunities for agile, pioneering payment platforms,” said Jad Ellawn, managing director at Brookfield. “Magnati is well placed to benefit from this shift.”
Magnati will tap into the largest payment trends in the region, including the rise of e-commerce and digital transformation, the bank said.
FAB reported a 19 per cent jump in its 2021 profit on the back of higher net fee and commission income and gains on investments.
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Label: Parlophone/Atlantic
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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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
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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
