A new economic collaboration committee made up of senior public and private sector figures in Abu Dhabi has been created to focus on the development of seven key sectors of the economy.
The body, which contains four representatives from government departments and 22 private sector organisations, was approved by the chairman of Abu Dhabi's executive office, Sheikh Khalid bin Mohamed bin Zayed, on Sunday after reviewing the Department of Economic Development's latest five-year plan.
Sheikh Khalid gave directions to create "a comprehensive micro, small and medium-sized enterprises (MSMEs) ecosystem to provide all services required to support these enterprises, including financial solutions", according to a tweet by Abu Dhabi Media Office on Sunday. Sheikh Khaled also asked officials to "submit proposals for regulatory reforms" to improve Abu Dhabi's competitiveness before the end of the year.
The four representatives from the public sector include the Department of Economic Development's chairman Mohammed Al Hammadi, Department of Municipalities and Transport chairman Falah Al Ahbabi, Department of Culture and Tourism chairman Mohammed Al Mubarak and the director-general and chief executive of Abu Dhabi Investment Office, Tariq Bin Hendi. The 22 private sector bodies represented include senior figures from ADCB, Aldar, Adnoc, Careem, Etisalat, First Abu Dhabi Bank and heads of major family businesses including Al Fahim Group and Al Nowais Investments.
These will form working groups focused on seven key sectors of the economy –construction and real estate; banking and financial services; retail, hospitality and tourism; education and technology; healthcare; industry and manufacturing and a specialist SME working group, the media office said.
Abu Dhabi, which accounts for about 6 per cent of the world’s proven oil reserves, introduced a number of measures to support its private sector following the outbreak of Covid-19 in March.
Relief measures included rent rebates, discounts on utility bills and loan guarantee packages to support SMEs in the emirate.
The pandemic has hit the global economy, which is set to contract 4.9 per cent this year and is projected to slide into the deepest recession since the Great Depression of the 1930s. The outbreak has hindered international trade and global movement restrictions have hurt the aviation and hospitality industries.
In June, the government said it paid 220 businesses a total of Dh8 million as part of an initiative that allows restaurants, entertainment and tourism outlets in the emirate to recover 20 per cent of their annual rent to ease the impact of the loss of business on the private sector.
Earlier this year, Abu Dhabi’s property developers also asked the government to direct banks to grant them more loans to “alleviate their financial burden” as many customers faced difficulties in making rental payments.
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
