Abu Dhabi clean energy company Masdar and Indonesia's PLN Nusantara Power have signed an agreement to triple the capacity of South-East Asia's largest floating solar photovoltaic power plant.
The companies will be developing the second phase of the Cirata plant in West Java, Indonesia, which will boost its capacity by up to 500 megawatts, Masdar said in a statement on Tuesday.
The 145MW Cirata plant, built over a 250-hectare plot in the 6,200-hectare Cirata Reservoir, is Masdar’s first floating solar PV project and first renewable energy project in the South-East Asian market.
It aims to deliver renewable energy to about 50,000 homes, cut emissions and "create widespread change in communities", Masdar said.
The signing ceremony was witnessed by Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, Indonesia’s Minister of Defence Prabowo Subianto and Indonesia’s Co-ordinating Minister of Maritime and Investment Affairs Luhut Pandjaitan, at the UAE-Indonesia Business Forum in Jakarta.
“The UAE and Indonesia share a common vision of achieving sustainable development and realise that renewables are at the heart of this vision. I am pleased to see that this partnership has been taken to the next level," Mr Al Mazrouei said.
"Such partnerships feed into our priorities for Cop28, where the energy transition will be front and centre with a concerted push to triple renewable energy capacity by 2030.”
The Cop28 climate change conference is scheduled to be held in Dubai from November 30 to December 12 and is expected to be the most inclusive yet. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, is the Cop28 President-designate.
Indonesia, whose geothermal energy sector is the second largest after the US, has launched plans to boost its renewable energy mix and pledged to reach net-zero emissions by 2060 or sooner.
The South-East Asian nation has committed to a 29 per cent reduction in greenhouse gas emissions by 2030, or a 41 per cent reduction with international support.
Increasing the use of renewable energy could save Indonesia, the largest energy user in the Association of South-East Asian Nations, as much as $51.7 billion a year when the effects on air pollution and climate change are included, data from the International Renewable Energy Agency found.
The country is also a key strategic market in South-east Asia for Masdar, which has an expanding portfolio of interests. In 2021, it opened an office in the capital Jakarta to further boost its ties with key players in the region.
In February, Masdar announced its investment in Pertamina Geothermal Energy, a unit of Indonesia's state energy firm Pertamina, marking its entry into the country’s geothermal energy sector.
Last year, Masdar formed a joint venture with Jakarta-based Mitrabara to provide renewable energy solutions. In 2020, Masdar formed a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company, to develop the country’s first floating solar project, which is also one of the largest in the world.
“Masdar, the UAE and Indonesia are pushing the boundaries of innovation with the Cirata floating solar photovoltaic project," said Mohamed Al Ramahi, chief executive of Masdar.
"Within the key strategic markets of South-east Asia and Indonesia, Masdar is building on our productive partnership with PLN group to grow renewable energy capacity and support Indonesia’s ambitious net-zero objectives ahead of Cop28 and beyond.”
In July, Mubadala Energy, another major Abu Dhabi company and the oil and gas unit of the emirate's sovereign wealth fund Mubadala Investment Company, signed an agreement with Pertamina to explore carbon capture initiatives in the nation.
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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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."
