Emirates Global Aluminium, the UAE's largest industrial company outside oil and gas, joined the Ministry of Industry and Advanced Technology’s National In-Country Value programme as the industrial major moves towards its goal of doubling its economic impact by 2040.
The signing of the preliminary agreement represents a “big boost” to the ICV programme given EGA's scale, which generates around Dh20 billion ($5.44bn) in economic activity yearly and supports more than 60,000 jobs in the UAE.
“The National In-Country Value programme will enhance the capabilities of local suppliers holding a National In-Country Value Certificate through increased demand for local goods and services and the redirection of more than 42 per cent of government and participating private-sector procurement by 2025,” Omar Suwaina Al Suwaidi, undersecretary of the ministry, said on Sunday.
“This will create new business opportunities, stimulate industrial growth and incentivise advanced technology adoption. By joining the programme, EGA is making an important contribution to the UAE’s industrial strategy and we look forward to more national champions following suit.”
The main objective of an ICV Certificate is to boost the private sector's participation in the economy, enable the diversification of GDP and localise critical parts of the supply chain. Simply put, a supplier's spend that remains within the UAE or contributes to the UAE is calculated and considered as ICV.
EGA's ICV participation is the latest in a string of partnerships that are boosting the programme.
Last week, the Industry Ministry teamed up with Abu Dhabi's Department of Economic Development and Abu Dhabi National Oil Company to enhance support for the UAE's Make it in the Emirates campaign, which promotes locally made products and services.
This month, Etihad Rail, the developer and operator of the UAE’s national railway network, the Emirates’ defence conglomerate Edge and the Sharjah Investment and Development Authority also signed up.
In September, telecoms operator Etisalat, Emirates Steel and Abu Dhabi National Energy Company (Taqa) joined the programme.
Mr Al Suwaidi and Abdulnasser bin Kalban, chief executive of EGA, signed the preliminary agreement in the presence of Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Khaldoon Al Mubarak, chairman of EGA's board.
The ministry's agreements are designed to enhance co-operation between the ministry and major national companies to achieve the goals of the ICV programme, which is in line with the national strategy for industry and advanced technology, Operation 300bn, launched this year with the aim of doubling industry's contribution to national GDP to Dh300bn by 2031.
One of the most significant opportunities is local procurement. Our demand for goods and services can help UAE companies grow and can spur the development of new industrial activities to supply us
Abdulnasser bin Kalban,
chief executive of Emirates Global Aluminium
EGA’s aluminium is the biggest made-in-the-UAE export after oil and gas and is shipped to more than 50 countries.
“One of the most significant opportunities is local procurement. Our demand for goods and services can help UAE companies grow and can spur the development of new industrial activities to supply us. We are looking forward to working with the ministry on this important project,” Mr bin Kalban said.
In 2020, EGA spent more than Dh6bn on goods and services procured locally, representing 45 per cent of the company’s total procurement spend.
In early November, the company completed the expansion of its Al Taweelah smelter in Abu Dhabi to boost output capacity at the plant by 78,000 tonnes per year.
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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
The%20team
%3Cp%3E%0DFashion%20director%3A%20Sarah%20Maisey%0D%3Cbr%3EPhotographer%3A%20Greg%20Adamski%0D%3Cbr%3EHair%20and%20make-up%3A%20Ania%20Poniatowska%0D%3Cbr%3EModels%3A%20Nyajouk%20and%20Kristine%20at%20MMG%2C%20and%20Mitchell%0D%3Cbr%3EStylist%E2%80%99s%20assistants%3A%20Nihala%20Naval%20and%20Sneha%20Maria%20Siby%0D%3Cbr%3EVideographer%3A%20Nilanjana%20Gupta%3C%2Fp%3E%0A
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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