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.
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
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
Ferrari 12Cilindri specs
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The President's Cake
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The specs
Engine: 2.0-litre 4cyl turbo
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Indika
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
