Ben Bernanke, the former chairman of Federal Reserve who helped the United States to navigate through the worst financial crisis since the Great Depression will give his outlook for the world economy at a financial forum in Abu Dhabi next week.
The two-day Global Financial Markets Forum (GFMF) on March 4 and 5, organised by the National Bank of Abu Dhabi, will also feature Jean-Claude Trichet, the former president of the European Central Bank; the former US treasury secretary Lawrence Summers; and James Baker, the former US secretary of state.
Local dignitaries will include Nasser Ahmed Alsowaidi, the chairman of the Abu Dhabi Department of Economic Development, Sheikh Nahyan bin Mubarak Al Nahyan, the UAE’s Culture Minister, and the Central Bank Governor Sultan bin Nasser Al Suwaidi.
“Dr Bernanke and Mr Trichet oversaw the world’s largest economies during very turbulent times and will be able to offer insightful and valuable analysis of the state of the economy” at the forum, Alex Thursby, the National Bank of Abu Dhabi’s chief executive, said yesterday. “We are confident that 2014 GFMF speakers and panelists will offer insightful and critical analysis of political and policy impacts on global markets.” The GFMF has been hosted annually since 2009 when it began as a low key affair attracting 70 delegates to showcase Abu Dhabi companies. That evolved into a gathering around former policymakers, dropping the sales angle and focusing on debates about the global economy.
Last year, the forum was attended by more than 1,300 people who listened to the former French president Nicolas Sarkozy and the former United Kingdom foreign secretary David Miliband, among others. Past guests have included another former Fed chairman Paul Volcker
The forum will also touch on subjects close to the heart of NBAD, the UAE’s biggest lender, and the emirate of Abu Dhabi.
Some of the panels will tackle local financial and economic issues as well as the role of the emirate in trade between East and West. The commercial banking market in that niche is valued at US$137 billion and NBAD is planning to capture some of it as part of a bold plan hatched by the recently appointed Mr Thursby.
“We have chosen a select group of experts who will provide balanced and thorough analysis of the world economy with a particular emphasis on the increasing importance and influence of the West-East Corridor, which stretches from West Africa to East Asia,” said Mahmood Al Aradi, the senior managing director and head of global markets at NBAD.
Other panel titles include The State of the World Today featuring Mr Trichet, Alastair Newton, Nomura International’s managing director, and Did We Learn Anything from the 2008 Banking Crisis that will have Bob Diamond, the former chief executive of Barclays Bank, on board.
Mr Bernanke left his post at the Fed on February 2 and was replaced by Janet Yellen, who has continued his monetary stimulus paring that began late last year amid signs of improving economic indicators in the US, the world’s largest economy.
mkassem@thenational.ae
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
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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
