Traders monitor the stock market at the Abu Dhabi Securities Exchange.
Traders monitor the stock market at the Abu Dhabi Securities Exchange.
Traders monitor the stock market at the Abu Dhabi Securities Exchange.
Traders monitor the stock market at the Abu Dhabi Securities Exchange.

Markets

Aldar slips as wait for state funding goes on

Property stocks, which make up the bulk of trading on the bourse, continue to fall.

Hadeel al Sayegh

December 17, 2010

  • English
  • Arabic

Aldar Properties finished the week down almost 10 per cent yesterday as government funding failed to materialise.

Shares of Aldar closed flat at Dh2.26, but again were the most heavily traded on the Abu Dhabi Securities Exchange.

Investors are losing patience with Aldar as they wait to learn how much support the Abu Dhabi Government will provide and when it will be delivered, said Ameed Kanaan, the general manager of Al Jazira Financial Services in Dubai.

The Abu Dhabi Securities Exchange General Index remained unchanged at 2,715.55.

Property stocks, which make up the bulk of trading on the bourse, continued to fall as they did throughout most of the week. Sorouh Real Estate declined 1.8 per cent to Dh1.63 and RAK Properties fell 2.1 per cent to 45 fils.

On the Dubai Financial Market General Index, Emaar Properties moved up 0.8 per cent to Dh3.55. The Dubai developer said it identified "better and viable options" than converting debt into equity in Amlak Finance. A committee restructuring Amlak is considering the options, Emaar said in a filing to the Dubai bourse.

Arabtec Holding moved up 1.5 per cent to Dh1.95. Dubai Financial Market Company added 1.3 per cent to Dh1.51.

Elsewhere in the region Kuwait's measure added 0.3 per cent to 6,853.20 and Bahrain's index gained 0.2 per cent to 1,427.14. Oman's bourse declined 0.1 per cent to 6,635.11 and Qatar's index lost 0.4 per cent to 8,733.16. The Saudi Tadawul was closed for the day.

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
The biog

Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.

Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.

Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.

Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill

Favourite food: Dim sum

Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.

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