Saudi Arabia plans to introduce 60 water projects worth 35 billion Saudi riyals ($9.33bn) as the kingdom accelerates efforts to become the world's largest desalination market.
Once completed, the projects will nearly triple Saudi Arabia's desalination capacity to 7.5 million cubic metres of water a day by 2027, from 2.54 cubic metres per day in 2021.
“Saudi Arabia has been increasing its investment in clean energy, power and water. In the water sector, we have integrated the water desalination and wastewater treatment and have been expanding our capacities across the industry,” Khaled Al Qureshi, chief executive of Saudi Water Partnership Company (SWPC), said on Wednesday at the Mena Desalination Projects Forum 2022 in Abu Dhabi.
Saudi Arabia’s National Water Strategy, which was published in 2018, adopted a sustainable approach to the water sector and committed to safeguarding the kingdom’s natural resources and environment.
The Arab world's largest economy has been increasing the number of water projects over the past few years. In 2020, SWPC approved 11 independent water projects (IWPs) and nine independent sewage treatment projects, Mr Al Qureshi said.
[new par] Last year, the company approved eight IWPs, 14 Independent strategic water reservoir projects and seven small sewerage treatment plant (SSTP) project clusters.
An additional 60 water and sewerage projects will increase Saudi Arabia's water desalination capacity as well as increase "strategic water reserves and the capacity to treat more wastewater in the coming years”, Mr Al Qureshi said.
Saudi Arabia will need vast quantities of water as it embarks on a major diversification plan. The government has also been investing in new technology to desalinate seawater and in its overall water infrastructure.
“We are developing strategic water reserves that should supply enough water to Saudi consumers in case of emergency. By 2029, we plan to raise the capacity to hold 45.7 million cubic metres of water — that will serve the entire country for a few days, if the water supply stops for some reason," Mr Al Qureshi said.
Meanwhile, investment in desalination projects in the Middle East and North Africa region has increased substantially in recent years, accounting for 48 per cent of global desalination projects, according to the Mena Desalination Market report by Ventures Onsite.
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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
MATCH INFO
New Zealand 176-8 (20 ovs)
England 155 (19.5 ovs)
New Zealand win by 21 runs
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Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
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Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
