The Covid-19 pandemic has made people reassess their priorities, with 90 per cent saying the health crisis has made them want to align their investments with their values, according to UBS.
The pandemic has also made 79 per cent of people reassess their life goals, according to UBS's latest Investor Watch survey.
Some 68 per cent of those surveyed around the world said they wanted to make a difference and the same number said they wanted to find a purpose. In the UAE, these figures were even higher – at 80 per cent and 78 per cent, respectively.
"The pandemic has prompted many investors to re-evaluate what matters most to them and now have a renewed desire to contribute more to benefit society," Tom Naratil, co-president of UBS Global Wealth Management and president of the bank's Americas division, said.
"This is a unique moment where wealth managers have the opportunity to help their clients create immense change and better outcomes for future generations.”
Investments into assets considered to be responsible from an environmental, social or governance (ESG) perspective continue to grow in popularity. Inflows into sustainable investment funds grew 17 per cent in the first quarter of this year to a record $185 billion, according to data provider Morningstar. The total amount of assets in sustainable funds rose 19 per cent to almost $2 trillion.
UBS's Investor Watch survey, which gained responses from 3,800 investors in 15 countries, found that 59 per cent said they were more interested in sustainable investment than they were before the pandemic.
There was a marked difference in appetite for sustainable investing by age, with 79 per cent of younger investors (aged below 50) saying the pandemic made them want to make more of a difference, compared to 51 per cent of those over 50. Women (84 per cent) were also more likely to have reassessed their goals as a result of the pandemic than men (76 per cent). They were also more likely (51 per cent, versus 42 per cent) to increase charitable giving.
"Globally, investors are motivated to play their part in making the world a better, more sustainable place," Iqbal Khan, co-president of UBS Global Wealth Management, said.
"The heightened interest in charitable giving and desire to obtain sustainable investing advice from younger generations is a sign, too, that this mindset may be here to stay."
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
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
