Singapore companies are collaborating with Abu Dhabi entities including Adnoc, the Department of Municipalities and Transport and Masdar City to develop smart city pilot projects in Abu Dhabi.
The six companies, including MDesign Solutions, Daily Life Renewable Energy, Biodsg and Graymatics, among others, will work on pilot projects such as transforming street lighting as well as increasing the energy efficiency of Al Dannah City buildings, according to a statement from Abu Dhabi Investment Office (Adio) on Wednesday.
Other projects focus on improving security, citizen productivity and municipal operational efficiency by leveraging video AI with the many installed CCTVs in Al Dannah City.
Daily Life Renewable Energy will work with DMT to implement renewable and sustainable energy sources for units that require an electric power supply in public recreation areas.
The development came after the Abu Dhabi-Singapore Smart Cities Open Innovation Challenge, jointly organised by Adio, Enterprise Singapore (EnterpriseSG) and IPI Singapore.
The innovation challenge was launched in May 2021 to accelerate smart city development and foster wider collaboration between Abu Dhabi and Singapore.
Based on their potential to solve smart city challenges in Abu Dhabi, six companies have been selected by the Abu Dhabi entities to co-innovate and develop targeted solutions.
“The success of the innovation will pave the way for future innovation-related collaborations between Abu Dhabi and Singapore, as we strengthen links that enable companies in both cities to tap into wider regional markets,” said Abdulla AlShamsi, acting director general of Adio.
The selected companies will receive support from Adio and EnterpriseSG as they collaborate with Abu Dhabi entities to bring their smart city solutions to life in Abu Dhabi.
Eligible companies will be able to access an EnterpriseSG grant to pilot their solutions while Adio will offer end-to-end support during the business set-up phase of their investor journeys and help to facilitate connections to organisations across the Abu Dhabi ecosystem to access investment opportunities.
The pilot projects are expected to be completed in 2024 with the potential for city-wide implementation in Abu Dhabi, Adio said.
Abu Dhabi has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil.
The emirate announced measures such as rent rebates, discounts on utility bills and loan guarantee packages to support businesses and stimulate economic growth during the pandemic.
In June, it launched an industrial strategy to boost the contribution of the sector to the overall economy. As part of the strategy, it is investing Dh10 billion ($2.72 billion) in six industrial programmes to more than double the size of the emirate’s manufacturing sector to Dh172 billion by 2031.
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
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
