The UAE is committed to implementing its strategy of supporting priority industrial sectors such as heavy industry and boosting their role in the country’s economic development, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
Innovation, sustainability and foresight are pillars of the industrial sector’s growth, he said on Sunday while visiting the Jebel Ali headquarters of Gulf Extrusions.
The ministry would continue to support industrial companies in attracting foreign capital and consolidate the Emirates’ position as an attractive global destination for new investment and industries.
“The UAE gives great importance to all national industrial projects,” Dr Al Jaber said.
“It is part of our desire to develop an environment that contributes to enhancing their success in line with the UAE’s efforts to raise the participation rate of the industrial and advanced technology sectors in the national economy, as well as enhance the UAE’s attractiveness to global investors.”
The UAE, the Arab world’s second-largest economy, plans to increase the contribution of the industrial sector to the country’s economy in the next 10 years to create jobs and attract international investment.
Last year, the country announced Operation 300bn, which aims to more than double the contribution of the industrial sector to the country’s economic output to Dh300 billion ($81.68bn) by 2031, from Dh133bn in March 2021.
FDI is key plank of the strategy along with dedicated financing and in-country value programme that will direct spending towards local products and suppliers. Overall, Operation 300bn aims to support 13,500 small and medium-size enterprises in the next decade.
“The UAE has become a major destination for global industrial companies and for investments in industrial and advanced technology, and the ministry plans to further develop the industrial sector by delivering advanced infrastructure, flexible and accessible finance, an enabling legislative environment for companies and businesses,” Dr Al Jaber said on Sunday.
“Today, we are helping national companies and factories attract global industrial projects by providing the appropriate environment and solutions to support their growth, development and progress towards promising new horizons in the future.”
Dr Al Jaber’s visit to Gulf Extrusions – one of the world’s leading manufacturers of aluminium extrusion products – is part of the ministry’s strategy of direct communication with companies in the industrial sector.
This outreach programme includes discussions on ways to provide additional facilities for projects that support strategic plans and strengthen industry in the UAE.
Gulf Extrusions is the largest aluminium extrusion plant in the Middle East, with an annual production capacity of 70,000 tonnes, and also the largest aluminium-smelting site in the world. The company has not only acquired the largest share of the local market, but also exports its products to the rest of the GCC, wider Middle East, India, South-East Asian markets, Australia, Africa, Europe, Canada and the US.
The UAE has become a major destination for global industrial companies and for investments in industrial and advanced technology, and the ministry plans to further develop the industrial sector by delivering advanced infrastructure, flexible and accessible finance, an enabling legislative environment for companies and businesses
Dr Sultan Al Jaber,
Minister of Industry and Advanced Technology
It has undertaken projects including Burj Khalifa and Emirates Palace in the UAE, Kaust Research & Technology Park in Saudi Arabia and the Strata SE1 building in London, as well as the expansion of King Abdulaziz International Airport.
During the tour, Dr Al Jaber was briefed on the company’s expansion plans by Majid Al Ghurair, its managing director, and chief executive Christian Witsch.
“We highly appreciated the focused dialogue on how to increase the export shares of the UAE in the aluminium downstream industry and even more the very active ministerial engagement in making it happen in a very fast time,” Mr Al Ghurair said.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Our Time Has Come
Alyssa Ayres, Oxford University Press
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
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
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Results
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
Winner: Ziyadd, Richard Mullen (jockey), Jean de Roualle (trainer).
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
Winner: Barney Roy, William Buick, Charlie Appleby.
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
Winner: Secret Advisor, Tadhg O’Shea, Charlie Appleby.
8.15pm: Handicap (TB) $175,000 (D) 1,600m
Winner: Plata O Plomo, Carlos Lopez, Susanne Berneklint.
8.50pm: Handicap (TB) $135,000 (T) 1,600m
Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
Winner: Gladiator King, Mickael Barzalona, Satish Seemar.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
