Emirates Global Aluminium, the largest industrial company in the UAE outside oil and gas, signed an agreement with NEO Aluminio Colombia, which could lead to the export of EGA’s UAE-developed technology for the first aluminium production facility in Colombia.
The agreement paves the way for EGA licensing its aluminium smelting technology to NEO Aluminio Colombia, as well as providing technical services to the Colombian company during the construction and ramp-up of the project.
“We look forward to growing this project with NEO Aluminio Colombia and ultimately to the successful application of EGA’s UAE-developed industrial technology in their project,” Abdulnasser Bin Kalban, chief executive of EGA, said.
NEO Aluminio Colombia is currently assessing the feasibility of building a low carbon aluminium production facility, the Green Aluminium Transformation Complex for Colombia, in the northwest of the country.
The project, with a production capacity of 540,000 tonnes of aluminium per year, is expected to create new jobs and boost the country's economy.
“After a global search, we have selected EGA based on the performance of their technology, the depth of their technological expertise, and their track record in some of the world’s most significant recent greenfield and brownfield production developments,” Carlos Santiago, chief executive of NEO Aluminio Colombia, said.
NEO Aluminio Colombia is part of the NEO Group, which manufactures aluminium vehicle wheels and electrical cables in Argentina, Brazil and Venezuela that are sold within and beyond South America.
EGA is jointly owned by Abu Dhabi’s strategic investment arm, Mubadala Investment Company, and the Investment Corporation of Dubai. It has more than 400 customers in over 50 countries. In 2019, EGA sold 2.6 million tonnes of cast metal.
In 2016, EGA became the first UAE industrial company to license its core process technology internationally. Aluminium Bahrain’s Line 6 expansion project, built with EGA’s DX+ Ultra technology, began production in December 2018, according to the company.
“One of our strategic priorities is to make EGA the technology partner of choice for new smelter projects, building on our success in Bahrain and strengthening technology sales as a revenue stream for our company.”
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
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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The view from The National
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
