The value of Abu Dhabi government tenders awarded to companies holding in-country value certificates surged to Dh44.17 billion ($12 billion), an increase reflecting the strength of the emirate's industrial economy.
The figure is nearly 17 times the Dh2.5 billion recorded a year earlier and was distributed through more than 3,500 tenders, also a substantial rise from the 707 awarded in 2022, the Abu Dhabi Department of Economic Development said on Saturday.
Tenders with local content value comprised nearly 52 per cent of total those awarded by the Abu Dhabi Local Content Programme to ICV certificate-holding companies last year, compared to 41.2 per cent a year earlier, the department said.
Those were able to channel more than Dh22.8 billion back into the local economy, boosting support for locally manufactured goods, advancing Emiratisation and promoting economic diversification, it said.
The department said the tender figures mirror the success of the Abu Dhabi Industrial Strategy – the government's plan to more than double the size of the manufacturing sector to Dh172 billion, create 13,600 skilled jobs and increase non-oil exports by 143 per cent to Dh178.8 billion by 2031.
“The industrial sector plays a pivotal role in driving forward our next phase of development, aiming to accelerate growth while placing skills development and sustainability at the top of our strategic priorities,” Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said.
The number of new industrial licences in Abu Dhabi jumped more than 51 per cent to 363 in 2023, from 240 a year earlier, representing a total investment of nearly Dh10.8 billion, the department said.
The number of active factories in the emirate rose by nearly 12 per cent to 1,103, from 987 in 2022, with total capital investment hitting almost Dh374 billion, it said.
Meanwhile, the Industrial Development Bureau, the Abu Dhabi Department of Economic Development's arm developing and regulating the industrial sector, reported that the number of highly-skilled jobs in the emirate reached 16,810 in 2023, up 13.6 per cent from the end of 2022.
“The transformational programmes of the [ADIS] provide ample opportunities for talent, businesses, and investors who share our ambition to employ innovative methods and techniques associated with Industry 4.0, the circular economy and sustainability to shape Abu Dhabi’s manufacturing sector,” Mr Al Zaabi said.
The UAE's ICV programme, headed by the UAE Ministry of Industry and Advanced Technology, is part of the UAE's Projects of the 50 that aims to boost the growth of domestic industries by redirecting half of government spending on procurements and tender contracts into the national economy by 2031.
The programme has expanded significantly since its launch and has supported the goals of the Make in the Emirates campaign, which was launched by the MoIAT to attract investments and promote sustainable industrial development in the UAE.
The unified platform aims to consolidate the ICV certification process in a single ICV certificate that can be used by a supplier who intends to be part of the procurement process of participating entities, whether as a primary or secondary supplier.
The ICV programme is also part of Operation 300bn, the UAE's strategy to position it as an industrial centre, focusing on increasing the industrial sector’s contribution to GDP to Dh300 billion by 2031.
The UAE industrial sector’s contribution to gross domestic product reached about Dh197 billion in 2023, with the country achieving 30 per cent of Operation 300bn’s target since its 2021 launch, officials said in January.
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ENGLAND SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
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Engine: 2.0-litre 4cyl turbo
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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
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Dunki
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The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
