The UAE and Japan have signed various preliminary agreements to boost bilateral business ties and strategic partnerships during a visit by the UAE delegation led by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, to Tokyo.
Abu Dhabi-based energy giant Adnoc joined forces with the Japan Bank for International Cooperation for green financing worth $3 billion. This agreement will support Adnoc’s efforts towards reducing emissions and adopting low-carbon solutions in its operations.
Another memorandum of co-operation was signed regarding strategic reserves between Adnoc and the Japanese agency for Natural Resources and Energy. It aims to improve collaboration in the field of energy and ensure its security and sustainability.
It will support the growth of the Japanese economy by providing a strategic reserve that helps mitigate energy price shocks amid market and supply chain fluctuations, an official statement said.
The countries also discussed potential opportunities in various strategic sectors, including energy, technology, digital transformation, advanced industries and finance.
During the visit, Dr Al Jaber met Japanese Prime Minister Fumio Kishida and the leaders reaffirmed the deep ties between the two countries and their commitment to taking the relationship to new heights, the statement said.
He also highlighted the importance of securing energy supplies and leveraging artificial intelligence tools and solutions to improve the performance and efficiency of the energy sector.
UAE-Japan bilateral trade has boomed in the past few years.
The total trade exchange between the two countries amounted to about $47.4 billion (including petroleum products) in 2023. The non-oil trade exchange stood at nearly $15.6 billion last year, achieving a growth of 6.1 per cent compared to 2022, according to official figures.
The UAE is the top trading partner of Japan in the GCC countries, as the country receives 47 per cent of Japan’s total exports to the region.
The UAE contributed about 60 per cent of foreign direct investment flows to Japan from the Middle East last year. It attracted nearly 82 per cent of the total Japanese investments in the Middle East during the 12-month period, an annual increase of almost 71 per cent, covering diverse sectors such as technology, renewable energy and transportation.
Dr Thani Al Zeyoudi, UAE’s Minister of State for Foreign Trade, said that Japan is one of the most important trading partners of the UAE around the world. The island country is the ninth largest trading partner of the UAE globally, while the Emirates is the largest trading partner of Japan among the GCC countries.
Dr Al Zeyoudi pointed out that the UAE delegation visit aimed to strengthen bilateral relations, accelerate growth in sectors of common interest, enhance trade exchange and explore new investment opportunities.
The UAE is also the largest supplier of oil to Japan. Its oil exports amounted to about 35.8 million barrels in April, more than 45 per cent of Japan’s imports during the same month. Last year’s oil exports represented 44.7 per cent of Japan's total oil imports.
The UAE also exported the world's first certified shipment of low-carbon ammonia to Japan, which was produced using carbon capture and storage technology through co-operation between Vertiglobe and Japan's Mitsui. This shipment was part of Adnoc's efforts to expedite the development of global value chains for low-carbon hydrogen and ammonia.
In July last year, Mr Kishida visited Abu Dhabi and the UAE and Japan signed 23 agreements and memorandums of understanding during the UAE-Japan Business Forum.
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Mohammed bin Zayed Majlis
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
Mobile phone packages comparison
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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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Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
