The Made In Korea Fair, which promotes business between the UAE and South Korea, at the Abu Dhabi National Exhibition Centre. Lee Hoagland / The National
The Made In Korea Fair, which promotes business between the UAE and South Korea, at the Abu Dhabi National Exhibition Centre. Lee Hoagland / The National
The Made In Korea Fair, which promotes business between the UAE and South Korea, at the Abu Dhabi National Exhibition Centre. Lee Hoagland / The National
The Made In Korea Fair, which promotes business between the UAE and South Korea, at the Abu Dhabi National Exhibition Centre. Lee Hoagland / The National

South Korea shows Abu Dhabi its shiny, glossy side


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South Korea, which is supplying the UAE with nuclear reactors, is expanding its offerings to the country to include such diverse items as a virtual golf system, a rhinestone cabinet and even a submarine-type vessel with a glass lookout.

Such wares were on display at a trade exhibition in Abu Dhabi yesterday, sponsored by the governments of both nations.

Seoul and Abu Dhabi have woven closer political and economic ties at the highest level since 2009 when Lee Myung-bak, the South Korean president, came to seal a US$20 billion (Dh73.4bn) deal for four nuclear reactors.

In the years since, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, has flown in the other direction, most recently this year for a nuclear security conference.

Abu Dhabi has granted South Korea a range of oil concessions spanning a tenth of the emirate's land mass, promised it the rights to develop fields with a further billion barrels' worth of reserves and agreed to cooperate in strategic arenas from military training to health care.

Even the Burj Khalifa, the world's tallest building, was built with help from the Korean contractor Samsung C&T.The two-way trade between the countries totalled $22bn last year thanks to rising oil sales.

Mariam Al Shehhi, 25, a masters student from Dubai, was the fifth Emirati visitor to the exhibition in 15 minutes to stop by one unusual piece of furniture on show - a credenza covered in rose rhinestones with two golden swans perched on top.

"It's glossy, it's shiny and if you see it inside I think it represents the Korean style," said Ms Al Shehhi. She was accompanied by two girlfriends, who were also members of a group called UAE Loves Korea.

Mohammed Al Zaabi, 33, stopped by to ask the price of the rhinestone cabinet. The answer: Dh4,200 and an extra Dh2,700 for a matching mirror featuring rhinestones trimmed in gold paint.

"Everybody's looking for something unique and I think this will add to my collection," said Mr Al Zaabi

He told the Korean exhibitor he would have his interior designer look into buying the item for his villa in Abu Dhabi.

Schick Korea, which manufactured the item, has made such crystal-studded stools, cabinets and coffee tables for the past 15 years.

Dan-Shik Lee, the company's founder, operated a glass factory for 20 years before the idea struck. "I suddenly thought, 'How about if I produced furniture utilising glass or crystals?'" he said.

Now he is seeking a distributor in the UAE, Schick's second foreign market after Japan.

Travels to China and Italy inspire his designs. Asked to describe his style, he had three words: "gorgeous but unique".

"I don't know what they call that," said Mr Al Zaabi. "It looks contemporary."

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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

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

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Lightweight

Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)

Catch 74kg

Tohir Zhuraev (TJK) v Omar Hussein (JOR)

Strawweight (Female)

Weronika Zygmunt (POL) v Seo Ye-dam (KOR)

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Welterweight

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Featherweight title bout

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We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5