They say the future belongs to those who see possibilities before others. And there’s no better way to own the future than by harnessing the greatest of all possibilities: technology and youth.
With nearly 50 per cent of the UAE’s population between the ages of 15 and 35, the youth represents the largest demographic in the nation. This is also the largest number of young people to grow to adulthood in the country’s history.
In lieu of extraordinary technological advances, 9.7 per cent of the UAE’s gross domestic product (GDP) is already generated by the digital economy, currently estimated at $27 billion.
We also know that millennials and Generation Z are instrumental in driving the country’s growth.
We witnessed an acceleration of this trend during the coronavirus pandemic, when young people started to discover the potential of digital finance as a means of building a relationship with wealth.
But even though that is exciting, the same advances in technology that have enabled younger people to invest and trade easily also demonstrate that trading is no child’s game.
For example, the average financial literacy rate in the region is 30.7 per cent.
To reduce this knowledge gap, it is crucial that we focus on building financial literacy to ensure that people make informed decisions when participating in the world of money.
The growing need to share knowledge and expertise
We must work towards a holistic solution that prioritises new approaches to financial literacy within existing digital trading platforms to address the needs of the largely untapped pools of investors.
Such an approach would also help to address the shared responsibility with governments, education providers and stakeholders in the digital finance industry.
Getting started early on the investing journey can build real long-term wealth over time as returns compound.
When young people want to get started with investing, they look for apps that provide the functionality and resources they want without making them feel overwhelmed.
An integrated platform rich with powerful tools can build financial literacy among new traders and investors by enhancing their trading insights and abilities.
Next-generation platforms designed to fill the knowledge gap must have four main features:
- They should enable easy research and tracking and provide resources to improve users’ market understanding and empower them to make better investment decisions.
- They must use market data and financial news to keep users up-to-date and create an inclusive environment where more young people have opportunities to participate.
- Digital trading can seem intimidating at first. Hence, it is important to offer users an easy-to-manage interface with functionality and real-time data. This helps users to understand the investment experience before committing any of their money.
- They should aim to offer a personalised experience in terms of alerts, watch lists and updates.
____________
Watch: meet the teenager and his sister launching a new cryptocurrency
Digital finance platforms can play a crucial role in providing the resources needed to take the first steps towards building a culture of lifelong learning among a new generation of traders and investors.
Organisations that are successful in closing the knowledge gap in digital finance will be able to harness new and emerging user demographies to reach higher levels of efficiency, expand into new markets and offer personalised trading and investment solutions for a global consumer base composed increasingly of digital natives.
This is crucial in the UAE, where more than 99 per cent of the population are internet users and where people spend an average of three hours and four minutes each day on social media.
Muhammad Rasoul is the chief executive of neo-broker amana.
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
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
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Letswork%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EOmar%20Almheiri%2C%20Hamza%20Khan%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20co-working%20spaces%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%242.1%20million%20in%20a%20seed%20round%20with%20investors%20including%20500%20Global%2C%20The%20Space%2C%20DTEC%20Ventures%20and%20other%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20about%2020%3C%2Fp%3E%0A
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
more from Janine di Giovanni
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
