DP World, one of the world biggest ports operators, has made senior management changes and appointed Abdulla Bin Damithan as chief executive and managing director of its UAE business and Jebel Ali Free Zone (Jafza).
Mr Damithan, who has been with the company for more than two decades, takes over from Mohammed Al Muallem, who has been promoted to executive vice president of DP World, the company said in a statement on Saturday.
In his new role, Mr Damithan, will expand the company's UAE business and increase its contribution to Dubai and the UAE economy.
"I am taking responsibility for a business in robust health", and looking forward to support "sustainable socio-economic growth and to cement DP World’s position as a leading smart trade enabler", Mr Damithan said.
DP World profit profit attributable to owners at group level after separately disclosed items, dropped 28.8 per cent to $846 million for the 2020 financial year, it said in March.
Mr Damithan, who was chief commercial officer for DP World UAE region, has previously led different parts of the business including ports and terminals, parks and zones and trade enablement solutions, according to the statement.
Jebel Ali Port and Jafza account for nearly a quarter of all foreign direct investment into Dubai, and support 135,000 jobs, according to Sultan Ahmed Bin Sulayem, DP World group chairman.
Mr Al Muallem, who has been with DP World for more than 38 years, will work closely with Mr bin Sulayem, overseeing the company's global operations.
He will also be responsible for DP World’s marine-based assets in the UAE, including Dubai Drydocks World, Dubai Maritime City and P&O Marinas, according to the statement.
"The new position will bring with it numerous challenges," Mr Al Muallem said.
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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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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
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