Emaar Development n Sunday named Adnan Kazim as its new chairman following a rule change by the markets regulator stating boards should not be chaired by directors with executive responsibility. Former chairman Mohamed Alabbar remains an executive board member. Chris Ratcliffe/Bloomberg
Emaar Development n Sunday named Adnan Kazim as its new chairman following a rule change by the markets regulator stating boards should not be chaired by directors with executive responsibility. Former chairman Mohamed Alabbar remains an executive board member. Chris Ratcliffe/Bloomberg
Emaar Development n Sunday named Adnan Kazim as its new chairman following a rule change by the markets regulator stating boards should not be chaired by directors with executive responsibility. Former chairman Mohamed Alabbar remains an executive board member. Chris Ratcliffe/Bloomberg
Emaar Development n Sunday named Adnan Kazim as its new chairman following a rule change by the markets regulator stating boards should not be chaired by directors with executive responsibility. Forme

Property

Emaar names new chairman and Mohamed Alabbar as managing director

Jamal Bin Theniyah was appointed chairman and Ahmed Jawa as vice-chairman

Fareed Rahman
Fareed Rahman

December 13, 2020

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  • Arabic

Emaar Properties, Dubai’s largest listed developer by market capitalisaiton, named founder and previous chairman Mohamed Alabbar as its new managing director.

The company appointed Jamal Bin Theniyah as chairman.

The decision was taken to comply with regulations that prohibit combining the chairmanship with another executive position in the company, Emaar said in a statement to the Dubai Financial Market, where its shares trade. Ahmed Jawa was also appointed as vice-chairman.

Last week, Mr Alabbar said Emaar was holding back on launching new projects to help improve market conditions in Dubai in the wake of an oversupply and the Covid-19 pandemic.

“The government entities decided to stop new developments almost a year back but Covid definitely put the brakes on," Mr Alabbar told a UAE-Israel Future Digital Economy Summit held as part of the Gitex technology exhibition.

Dubai's real estate market has slowed after a drop in oil prices that began in 2014, in tandem with an oversupply in the market as projects are completed. JLL's third-quarter UAE Real Estate Market report said about 26,000 new homes were scheduled for completion in the final quarter of this year.

The total stock at the end of the third quarter was 585,000 homes, the consultancy said.

A higher committee for real estate led by Dubai Deputy Ruler Sheikh Maktoum bin Mohammed was established in September last year to rebalance a market where concerns of oversupply have pushed prices lower in recent years.

The committee was formed to ensure that semi-government property companies did not compete with the private sector and to develop a strategic plan across the emirate for the next 10 years.

Our commentary on Brexit
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

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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