Supermodel-turned-businesswoman Tyra Banks will visit Abu Dhabi later this month as part of a delegation of female US technology entrepreneurs who will share their insights and explore the emirate as a gateway for global expansion of their companies.
The Women of Web3 delegation will be hosted by Access Abu Dhabi, an initiative powered by the Abu Dhabi Investment Office (Adio) and Maven Global that aims to help US companies led by women and minority entrepreneurs to expand in Abu Dhabi and serve as a gateway for the wider Middle East market, Adio said in a statement on Thursday.
Ms Banks will also headline the inaugural session of the Access Granted talk series on Thursday, May 26 in Abu Dhabi, where she will be joined by Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, the government entity overseeing Adio’s activities.
“With abundant opportunities for innovative businesses in Abu Dhabi, Adio is committed to supporting companies seeking growth in and from the emirate,” Mr Al Shorafa said.
“Access Abu Dhabi provides a gateway for entrepreneurs from all backgrounds to plug into an empowering, enabling ecosystem for business expansion to the Middle East.”
The programme is part of the emirate's strategy to convince global companies to set up their regional bases in Abu Dhabi. Its ambassador will be businessman Kevin O'Leary, the star of the business reality show Shark Tank.
Small and medium enterprises are the backbone of the UAE economy, comprising 98 per cent of the total companies operating in the country.
As of 2018, there were 54,234 SMEs in the UAE capital, of which 33,760 were micro, 18,945 were small and 1,529 were medium enterprises, according to the Statistics Centre Abu Dhabi.
The emirate’s recent steps to further enhance the economic climate and stimulate private establishments include reducing the number of requirements to start a business by 71 per cent and slashing business set-up fees by more than 90 per cent.
Abu Dhabi is focusing on using advanced technology to develop its non-oil sector and reduce its reliance on hydrocarbons. Adio is enabling private sector participation in the broader economy through public-private partnerships and by helping to attract foreign investment.
Ms Banks, a former fashion model, is now a media and business pioneer whose portfolio includes the production company, Bankable Productions, which has made shows such as The Tyra Banks Show and America’s Next Top Model.
Her latest business venture, premium ice cream brand Smize Cream, is gearing up to expand globally.
“The UAE has been really impressive when it comes to investing in innovation,” the former model said.
“I’m thrilled to be here to share my entrepreneurial journey, discuss strategy and explore how Abu Dhabi can be a part of its next big chapter.”
Ms Banks will discuss the opportunities and challenges that exist for women in business and technology, and how she plans to incorporate Web3 into her business model.
Speakers at the Access Granted event will also discuss opportunities for women in business in Abu Dhabi, the Adio statement added.
The delegation of female leaders in cryptocurrency, blockchain and other Web3 technologies will talk about the challenges, opportunities and future of this space, according to the statement. They will also meet cryptocurrency, blockchain and Web3 business leaders, and business set-up service providers to explore Abu Dhabi’s opportunities, Adio said.
As part of the Access Abu Dhabi programme, curated delegations of notable Americans will gain an insider's experience of Abu Dhabi’s advanced infrastructure, hyper connectivity, competitive talent pool, lifestyle and business opportunities.
These crucial groups will help to spread the word of the emirate’s advantages among their respective communities back home, Adio said.
The UAE and US have enjoyed strong ties for decades. The Emirates has been the top export market for US goods in the entire Mena region since 2009, with a value of $14.75 billion, according to the UAE Embassy in Washington.
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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
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
The Vines - In Miracle Land
Two stars
Abu Dhabi race card
5pm: Maiden (PA) | Dh80,000 | 1,600m
5.30pm: Maiden (PA) | Dh80,000 | 1,400m
6pm: Liwa Oasis (PA) Group 2 | Dh300,000 | 1,400m
6.30pm: Arabian Triple Crown Round-2 (PA) Group 3 | Dh300,000 | 2,200m
7pm: Wathba Stallions Cup (PA) Handicap | Dh70,000 | 1,600m
7.30pm: Maiden (TB) | Dh80,000 | 2,200m
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
