Here’s what you need to know in UAE business and globally on this Monday morning:
• Debt crunch looming for the Gulf
Sovereign, financial and corporate borrowers in the GCC must repay or refinance US$94 billion in bonds and loans this year and next, HSBC said, and their ability to do so is challenged by falling oil revenues, downgrades of regional creditworthiness and a squeeze on dollar liquidity in the region. Read the full story here.
• Oil makes a positive start to the week
Brent was up 1.7 per cent to $35.68 a barrel on the London-based ICE Futures Europe exchange this morning as the US rig count fell by 13 to 400, the lowest since December 2009, according to Baker Hughes.
“Oil has been quite stable above $30,” Angus Nicholson, an analyst at IG in Melbourne, told Bloomberg. “There isn’t a strong case for prices to rally too much further, but perhaps the worst of the selloff is done.”
• Big names at NBAD Global Financial Markets Forum
Stay with us on Wednesday and Thursday as we bring you all of the breaking news and in-depth coverage of this event, which will feature the likes of Yanis Varoufakis, former minister of finance in Greece, Tony Blair, the former British prime minister, Daniel Yergin, vice chairman of IHS and a respected authority on energy, as well as many others.
• Petrol prices still on the slide
Good news for those filling up their car this morning - the cost of petrol has fallen for the seventh straight month, though diesel for March is up 2 per cent.
• Brexit possibility
The UK pound has wobbled in the past week as it emerged that prime minister David Cameron has a huge challenge on his hands to keep the country in the European Union, with a referendum called for June 23. A Brexit, as it has become known, could have far reaching financial consequences - for the UK, Europe and beyond. HSBC said the British currency could lose up to 20 per cent of its value if Britons vote to leave. Read the column of Tim Fox, chief economist and head of research at Emirates NBD, here.
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Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
