The Dubai International Financial Centre and the UK government have agreed to boost their partnership on the exchange of data, emphasising on further enhancing its reliability and trustworthiness.
The move will help business transactions, financial services and inclusion by ensuring safe and effective international data transfers, and is set to benefit around 5,000 British companies operating in the UAE, the Dubai Media Office said on Monday.
It cited a joint statement by Arif Amiri, chief executive of the DIFC Authority, and Julia Lopez, the UK's Minister of State for Media, Data and Digital Infrastructure.
The partnership underpins the DIFC's role in ensuring a business environment that is in step with the best standards, with its legal and regulatory framework its "key distinguishing factor", said Mr Amiri, citing DIFC Data Protection Law 2020 as a "prime example".
"The sound infrastructure built by our legislation is adaptable yet resilient enough to cater to essential, innovative legal principles and best practices that support key business activities in the DIFC," he said.
Both the UAE and the UK have strict laws on the use of data, which is essential in ensuring the protection of user data, especially in an era where digital activity has proliferated.
The UAE has enacted a slew of laws for data, including the Personal Data Protection Law, which ensures the confidentiality of information and protects the privacy of individuals in the UAE, providing the proper governance for data management and protection, and defining the rights and duties of all parties.
In 2020, the DIFC Data Protection Law was enforced, which holds controllers and processors of data accountable through compliance programmes, and allows for the appointment of data protection officers where necessary.
The law is a "key part of the overall policy framework on international transfers. We look forward to completing the assessment in the near future", Jacques Visser, chief legal officer and commissioner of data protection at the DIFC, said.
Abu Dhabi Global Market, the emirate's financial capital, enforced Data Protection Regulations 2021 early last year, an updated set of "business-friendly" rules to ensure the safety of personal and confidential data.
The Emirates has also forged similar agreements with major nations. In November, the UAE signed a joint statement with the US on data transmission across borders, stressing the importance of data collection and transmission.
The UK, meanwhile, has Data Protection Act 2018, which controls how personal information is used by organisations, businesses and the government. Those responsible for using personal data has to follow strict rules called "data protection principles", according to the government.
The agreement aims to ensure high data protection standards "fit for the digital age", which are underpinned by the trustworthy use of data, Ms Lopez said.
Cross-border data transfers can help streamline supply chains, which in turn would support businesses scale and trade globally. The partnership between the DIFC and the UK, in particular, will assist companies in the Middle East, Africa and South Asia with ties to the UK to grow their footprint worldwide.
Enhancing the trustworthiness of data transfers can also unlock "huge potential" for trade, investment and innovation around the world, she said.
"The UAE has always been an important destination for UK businesses, and I look forward to strengthening our partnership through the free and secure flow of data in the future."
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
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
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
