Dubai is steadily reinforcing its position as a global centre for cutting-edge technology and a major centre for digital business models and transformational initiatives, said Sheikh Hamdan bin Mohammed.
The Crown Prince of Dubai and chairman of the emirate's Executive Council was speaking during the second meeting of the Higher Committee for Future Technology and Digital Economy, the Dubai Media Office said on Sunday.
“Dubai is proactively developing plans to accelerate digital growth and adopt new technologies through collaborative partnerships among government entities, international corporations and the broader private sector,” Sheikh Hamdan, who is chairman of the committee, said.
Dubai is seeking to cement its position as a global capital of the digital economy.
The national digital economy is expected to grow to more than $140 billion in 2031, up from today’s nearly $38 billion, according to a recent report by the Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers.
The UAE Cabinet approved the formation of the Higher Committee for Government Digital Transformation last year as the country presses forward with plans to develop a digital economy and make use of future technology.
Dubai announced the formation of the Higher Committee for Future Technology and Digital Economy in July last year to focus on developing the sector. The goal of the new body is “to promote Dubai's supremacy in the digital economy globally”, Sheikh Hamdan said at the time.
The eight-member committee will supervise the carrying out of strategies relating to the digital economy and future technology in Dubai.
It will aim to help to shape the future of artificial intelligence by investing in the metaverse and establishing partnerships to boost Dubai’s digital economy.
The meeting on Sunday was also attended by Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, chairman of the Dubai Chamber of Digital Economy and vice chairman of the committee.
Other members of the committee also attended the meeting. These include Helal Al Marri, director general of Dubai’s Department of Economy and Tourism; Hamad Al Mansouri, director general of the Dubai Digital Authority; Khalfan Belhoul, chief executive of the Dubai Future Foundation; Ahmed bin Byat, vice chairman of the Dubai Chamber of Digital Economy; Malek Al Malek, director general of the Dubai Development Authority and chairman of Tecom Group; and Arif Amiri, chief executive of the Dubai International Financial Centre.
They took stock of recent advancements in the digital field and explored ways to achieve the objectives of the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy in the next five years, and the Dubai Economic Agenda D33, with a target of reaching Dh32 trillion ($8.71 trillion) by 2033 and establishing the emirate among the top three global cities.
They also discussed the development of Dubai’s digital infrastructure, digital readiness and ways to use its high internet usage rates to take advantage of new opportunities in the sector.
Further, members of the committee discussed plans and recommendations to achieve Dubai’s digital economy goals.
The committee will design policies and analyse trends for the digital economy and future technology, including the metaverse, AI, blockchain, Web3, virtual reality, augmented reality, the Internet of Things, data centres and cloud computing in Dubai.
It will also seek to attract international companies and conferences specialising in future technology and the digital economy.
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 biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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UAE squad to face Ireland
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SPECS
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Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
