Mubadala Health signed a preliminary agreement with G42 Healthcare to boost collaboration in the healthcare sector and find innovative solutions to treat chronic diseases.
The two entities will collaborate on various clinical and screening programmes, as well as on new scientific projects that “will have a lasting impact on the population’s health”, as part of the agreement, the companies said on Monday.
“The collaboration with G42 Healthcare will help us to further uncover genetic links to chronic diseases,” said Hasan Al Nowais, chief executive of Mubadala Health.
“The partnership will enable us to offer our patients deep, targeted insights into specific areas of the genome to assess their risk of developing certain diseases or to diagnose genetic conditions.”
Mubadala Health is the healthcare unit of Abu Dhabi’s sovereign investment fund Mubadala Investment Company,
The sovereign fund, which has an asset base of Dh894 billion ($243.4bn), invests on behalf of Abu Dhabi's government.
Mubadala, which is driving the emirate’s efforts to diversify its revenue base, is pivoting towards investments in health care, life sciences, consumer-focused businesses, renewable energy and the mobility sectors.
In July, it invested $250 million in US biosimulation software company Certara as part of its international healthcare and investment portfolio.
In March, the fund agreed to plough £800m into Britain's life sciences industry over the next five years as part of £1bn deal between the UK and the UAE. The UK's Life Sciences Investment Programme, which was unveiled last year, will contribute £200m to the deal.
Mubadala is also expanding its healthcare portfolio at home with Mubadala Health, having acquired a majority stake in United Eastern Medical Services, which operates a number of hospitals and clinics in the UAE and Saudi Arabia in June.
Mubadala Health operates, manages and develops a portfolio of healthcare assets that includes Cleveland Clinic Abu Dhabi, Healthpoint, Imperial College London Diabetes Centre, Amana Healthcare, National Reference Laboratory and Capital Health Screening Centre.
G42 Healthcare, a subsidiary of Abu Dhabi's artificial intelligence and cloud computing company Group 42, established Biogenix Labs, the UAE’s first accredited large-scale throughput Covid-19 laboratory.
It also arranged the 4Humanity clinical trials, the world’s first Phase 3 trial for a vaccine to fight against the coronavirus, with more than 43,000 volunteers taking part.
Investments in pharmaceutical and diagnostics have picked up in the recent months as companies increase their holdings within the healthcare sector.
Earlier this year, state holding company ADQ bought a minority stake in India's Biocon Biologics and acquired Pharmax Pharmaceuticals, a UAE-based generic drugs manufacturer.
The state-owned company also merged its healthcare entities Rafed and Union71 this year with Dubai-based Pure Health – a company that provides Covid-19 screening services – to create a major healthcare support services provider.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
