Private-sector organisations are working together to boost the number of Emiratis employed in their companies.
Some have launched programmes together and some of the opportunities they are creating will be presented at Careers UAE 2015, the 15th edition of the recruitment, training and education exhibition for Emiratis, today in Dubai.
The event is expected to attract more than 160 exhibitors including multinational companies, academic institutions and UAE-based organisations. This year’s edition is expected to attract more than 18,000 visitors and prospective job applicants.
Only a tiny number of the millions of jobs in the private sector in this country are filled by Emiratis, with the banking sector showing the highest levels of penetration at about 32 per cent, or just under 12,000 people. A concern for Emiratis looking at working in the private sector has been career development.
One initiative aimed at addressing that is the HSBC Leadership Programme, which has been developed in association with Cambridge Judge Business School, University of Cambridge, for high potential Emirati mid-level managers from both the private and public sectors.
Nineteen individuals from companies across the UAE participated in the first batch of the programme that took place this month.
Graduates from the inaugural HSBC Leadership Programme came from several organisations including, DP World, Etisalat, National Bank of Abu Dhabi, Dubai Civil Aviation Authority, Department of Finance – Government of Dubai, Dubai Electricity and Water Authority, flydubai, Etihad Airways, Aldar Properties, Abu Dhabi Securities Exchange, Emirates Global Aluminium and Dubai Duty Free.
HSBC also sent some of its own employees.
They were taught everything from leadership skills to innovation, with particular emphasis on case studies, theoretical learning and discussions with a UAE input to give it relevance to the region.
In the last fiscal year the education sector topped the list of social projects with allocations for public and higher education programmes allocated Dh9.8 billion or 21 per cent of the total federal budget.
Recruitment in the UAE is also picking up pace despite the lower oil prices and projected slowdown in the economy.
The UAE’s online recruitment activity in March was up 17 per cent compared to the level a year ago, after remaining unchanged in February and declining 10 per cent in January, according to the Monster Employment Index released this month.
The banking, financial services and insurance industry was the top growth industry in March with 38 per cent year-on-year growth, followed by IT and telecoms in second place, and health care in third place. Production/manufacturing, automotive and ancillary industry had the steepest annual decline of 25 per cent, followed by consumer goods with an 11 per cent drop, and oil and gas with 1 per cent decline.
dalsaadi@thenational.ae
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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 Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
