The new Cyber Eye initiative will be built on a system that will enable government decision-makers to step up their defence of digital services. Reuters
The new Cyber Eye initiative will be built on a system that will enable government decision-makers to step up their defence of digital services. Reuters
The new Cyber Eye initiative will be built on a system that will enable government decision-makers to step up their defence of digital services. Reuters
The new Cyber Eye initiative will be built on a system that will enable government decision-makers to step up their defence of digital services. Reuters

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Technology

Abu Dhabi regulator teams up with Etisalat and Trend Micro to boost cyber security

Cyber Eye programme to identify threats in real time and take effective actions to mitigate risks and increase protection

Alvin R Cabral
Alvin R Cabral

January 04, 2022

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  • Arabic

Abu Dhabi Digital Authority has teamed up with the UAE's biggest telecom operator Etisalat and security software company Trend Micro to launch a programme aimed at strengthening the cyber security capabilities of government entities in the emirate.

The Cyber Eye project is a central part of the UAE capital's cyber security strategy, which will employ advanced technologies and systems to identify cyber threats in real time, the companies said on Tuesday.

The platform will take effective and proactive actions to mitigate risks and increase protection, further strengthening the security of the government's digital assets.

“Today, we embark on a new, safer digital journey, one where cyber security takes a central position in our digital transformation strategy. As we move forward, we are incorporating best-in-class solutions to protect government infrastructure and ensure the integrity and safety of all its digital assets," said Mohamed Al Askar, director general of the digital authority.

Governments and enterprises across the world are continuously on guard against the threat of cyber attacks, which have become more sophisticated and are able to cause serious operational and reputational damage.

A recent KPMG survey of UAE business stakeholders showed that 61 per cent were concerned about phishing scams, 54 per cent were worried about email spamming and 42 per cent dreaded a ransomware incident.

The global cyber security market was valued at $156.24 billion in 2020 and is projected to hit $352.25bn by 2026 at a compound annual growth rate of 14.5 per cent from 2021 to 2026, according to Mordor Intelligence data.

As we move forward, we are incorporating best-in-class solutions to protect government infrastructure and ensure the integrity and safety of all its digital assets
Mohamed Abdelhameed Al Askar,
director general of the Abu Dhabi Digital Authority

Regional government authorities have often been prime targets of cyber criminals, prompting the collaboration between ADDA, Etisalat and Trend Micro on Cyber Eye, which will take advantage of intelligence-driven methods to enhance the maturity and effectiveness of the government in cyber security, the partners said.

Cyber Eye will be built on a "proactive" integrated system that will enable government decision-makers to step up their defence of digital services, said Moataz BinAli, vice president and managing director for Mena at Tokyo-based Trend Micro.

The initiative will also address the issue of infrastructure visibility and will promote methods to enhance controls and capabilities for the purposes of optimising resilience across government entities.

Such methods will also allow technology teams to detect threats more quickly, including the most advanced attacks, the statement added.

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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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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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  • Premier League-standard football pitch
  • 400m Olympic running track
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Tomorrow 2021
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Updated: February 24, 2022, 7:50 AM
Abu Dhabi