Abu Dhabi's renewable energy company Masdar has inaugurated Uzbekistan's 100-megawatt Nur Navoi solar plant, the country's first project to be developed on the basis of an independent power producer model.
The plant will be able to power 31,000 households and offset 150,000 tonnes of carbon dioxide on an annual basis, once operational, Masdar said.
The development is in line with the Central Asian country's plans to kickstart its renewable energy programme by investing $6.5 billion to add 11,500MW of new capacity over the next five years.
"In the next five years, we plan to increase our economy’s growth rate by 1.5 times and bring GDP [gross domestic product] to at least $100bn," Shavkat Mirziyoyev, the President of Uzbekistan, said.
"Thousands of new industrial enterprises, both medium and large, will be launched and electricity demand is set to reach 100 billion kilowatt-hours – 30 billion more than now."
Uzbekistan has become a hotspot for renewable energy investment from key Middle East players. The country aims to deploy 5 gigawatts of solar and 3 gigawatts of wind power capacity by 2030, as it aims to meet 25 per cent of electricity needs from renewable sources by that year.
Masdar, which is owned by Mubadala Investment Company, currently operates in more than 30 countries with a total investment of about $19.9bn. It has won several tenders to provide clean energy in Uzbekistan, including one for another solar project – a 457MW photovoltaic power plant – in the Sherabad district of the Surkhandarya province in Uzbekistan.
Last year, Masdar announced the financial close on the 100MW Nur Navoi Solar Project. The Abu Dhabi company also struck a deal to develop, build and operate a 500MW wind farm in Zarafshan. In April, the company signed an agreement with Uzbekistan's government to extend the capacity of the project to up to 1.5 gigawatts, making it the largest in Central Asia.
"Renewable energy will deliver a cleaner and more sustainable future for Uzbekistan, and enable it to contribute to global action on climate change," said Dr Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and chairman of Masdar.
"This project, and the other solar and wind projects Masdar is building across Uzbekistan, will also power a new phase of industrial growth and provide rewarding careers for thousands of Uzbek people," said Dr Al Jaber, Special Envoy for Climate Change and Minister of Industry and Advanced Technology.
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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
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
Ponti
Sharlene Teo, Pan Macmillan
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
GAC GS8 Specs
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
