Majid Al Suwaidi, director general of the UAE-hosted Cop28, speaks at Abu Dhabi Sustainability Week in October. Victor Besa / The National
Majid Al Suwaidi, director general of the UAE-hosted Cop28, speaks at Abu Dhabi Sustainability Week in October. Victor Besa / The National
Majid Al Suwaidi, director general of the UAE-hosted Cop28, speaks at Abu Dhabi Sustainability Week in October. Victor Besa / The National
Majid Al Suwaidi, director general of the UAE-hosted Cop28, speaks at Abu Dhabi Sustainability Week in October. Victor Besa / The National

World leaders 'must deliver' at Cop27, says lead UAE official


John Dennehy
  • English
  • Arabic

A top UAE official said it was crucial the Cop27 summit in Egypt had a successful outcome, with the world's public demanding action on climate change.

Majid Al Suwaidi, director general of Cop28, said the UAE was in “listening mode” at this year’s climate summit in Sharm El Sheikh.

Speaking to The National in the Egyptian resort town on Sunday, he said it was the UAE’s job to hear where the countries stood and what they want to achieve.

The public and society are really calling for action. This process has to step up and deliver
Majid Al Suwaidi,
director general, Cop28

“We really are in listening mode,” he said. “It is important to have a positive outcome as we are host country for Cop28. Our job as president is to steer this process towards a successful outcome in the UAE.”

The UN’s annual climate summit, Cop27, has opened in Egypt, with more than 120 world leaders expected to attend the crucial event in Sharm El Sheikh.

But a tough two weeks of talks lies ahead amid a challenging global landscape.

When asked about some opinions that prospects for major breakthroughs at Cop27 were gloomy, Mr Al Suwaidi said he had attended a lot of Cops and all of them had gloomy predictions at the start.

“For me that is not a barometer of whether Cop27 will be a success or not,” he said. “Our Egyptian colleagues and friends are strong, know the issues and understand well how to run the process. We followed them through the year.

“They have done a phenomenal job [and] I’m really confident they will come out with some positive outcomes.”

  • British Prime Minister Rishi Sunak arriving in Sharm El Sheikh, Egypt, to attend the Cop27 summit. Getty Images
    British Prime Minister Rishi Sunak arriving in Sharm El Sheikh, Egypt, to attend the Cop27 summit. Getty Images
  • A dancer performs the 'Tanoura' during a street performance in Sharm El Sheikh. EPA
    A dancer performs the 'Tanoura' during a street performance in Sharm El Sheikh. EPA
  • Cop27 President Sameh Shoukry speaks at the climate change conference in Sharm El Sheikh on Sunday. EPA
    Cop27 President Sameh Shoukry speaks at the climate change conference in Sharm El Sheikh on Sunday. EPA
  • Participants and delegates meet in the Pacific Island pavilion at the Sharm El Sheikh International Convention Centre, on the first day of Cop27. AFP
    Participants and delegates meet in the Pacific Island pavilion at the Sharm El Sheikh International Convention Centre, on the first day of Cop27. AFP
  • Participants meet at the Sharm El Sheikh International Convention Centre on the first day of Cop27. AFP
    Participants meet at the Sharm El Sheikh International Convention Centre on the first day of Cop27. AFP
  • Simon Stiell, the executive secretary of the UN's Framework Convention on Climate Change speaks at the climate summit in Sharm El Sheikh. EPA
    Simon Stiell, the executive secretary of the UN's Framework Convention on Climate Change speaks at the climate summit in Sharm El Sheikh. EPA
  • Chairman of the Intergovernmental Panel on Climate Change Hoesung Lee attends the Cop27 opening ceremony. AFP
    Chairman of the Intergovernmental Panel on Climate Change Hoesung Lee attends the Cop27 opening ceremony. AFP
  • From left to right, the UN's climate change communications officer, Alexander Saier; Simon Stiell, the executive secretary of the UN's Framework Convention on Climate Change; and Cop27 President Sameh Shoukry listen to questions following the opening ceremony. AFP
    From left to right, the UN's climate change communications officer, Alexander Saier; Simon Stiell, the executive secretary of the UN's Framework Convention on Climate Change; and Cop27 President Sameh Shoukry listen to questions following the opening ceremony. AFP
  • Alok Sharma, president of the Cop26 climate summit, speaks at Cop27 in Sharm El Sheikh, Egypt. AP
    Alok Sharma, president of the Cop26 climate summit, speaks at Cop27 in Sharm El Sheikh, Egypt. AP
  • Delegates arrive at Cop27 in Sharm El Sheikh, Egypt. Mahmoud Nasr / The National
    Delegates arrive at Cop27 in Sharm El Sheikh, Egypt. Mahmoud Nasr / The National
  • Delegates arrive at Cop27 in Sharm El Sheikh, Egypt. Mahmoud Nasr / The National
    Delegates arrive at Cop27 in Sharm El Sheikh, Egypt. Mahmoud Nasr / The National
  • Delegates arrive at Cop27 in Sharm El Sheikh, Egypt. Mahmoud Nasr / The National
    Delegates arrive at Cop27 in Sharm El Sheikh, Egypt. Mahmoud Nasr / The National
  • Activists demonstrate at the entrance of the Sharm El Sheikh International Convention Centre. Reuters
    Activists demonstrate at the entrance of the Sharm El Sheikh International Convention Centre. Reuters
  • Delegates arrive at the Sharm El Sheikh International Convention Centre for Cop27. AFP
    Delegates arrive at the Sharm El Sheikh International Convention Centre for Cop27. AFP
  • More than 120 world leaders plan to attend the crucial event in Sharm El Sheikh. Reuters
    More than 120 world leaders plan to attend the crucial event in Sharm El Sheikh. Reuters
  • The summit comes at a critical moment with the world regularly experiencing extreme weather events that many – including the UN – have linked to climate change. Reuters
    The summit comes at a critical moment with the world regularly experiencing extreme weather events that many – including the UN – have linked to climate change. Reuters
  • Two key areas on the agenda are trying to keep the Paris goal of 1.5ºC warming on pre-industrial levels alive and the issue of finance. AP
    Two key areas on the agenda are trying to keep the Paris goal of 1.5ºC warming on pre-industrial levels alive and the issue of finance. AP
  • The summit begins in earnest on Monday when world leaders arrive at the summit for two days of intense talks. They will also deliver addresses to the event. Reuters
    The summit begins in earnest on Monday when world leaders arrive at the summit for two days of intense talks. They will also deliver addresses to the event. Reuters
  • A delegate from the Cook Islands. AP
    A delegate from the Cook Islands. AP
  • The main entrance of the Sharm El Sheikh International Convention Centre in Egypt where the Cop27 climate summit is opening today. Reuters
    The main entrance of the Sharm El Sheikh International Convention Centre in Egypt where the Cop27 climate summit is opening today. Reuters
  • Participants visit the Sharm El Sheikh International Convention Centre. AFP
    Participants visit the Sharm El Sheikh International Convention Centre. AFP
  • Participants at the Sharm El Sheikh International Convention Centre. Reuters
    Participants at the Sharm El Sheikh International Convention Centre. Reuters
  • The climate summit will run from Sunday to Friday, November 18 at the Red Sea resort of Sharm El Sheikh. AFP
    The climate summit will run from Sunday to Friday, November 18 at the Red Sea resort of Sharm El Sheikh. AFP
  • Participants at the Sharm El Sheikh International Convention Centre before Cop27 opens. AFP
    Participants at the Sharm El Sheikh International Convention Centre before Cop27 opens. AFP
  • Finance and compensation are expected to dominate two weeks of tough talks in Sharm El Sheikh. Reuters
    Finance and compensation are expected to dominate two weeks of tough talks in Sharm El Sheikh. Reuters
  • It is also expected Cop27 will hear calls for the historically controversial issue of 'loss and damage' funds to be placed on the agenda for the first time. AFP
    It is also expected Cop27 will hear calls for the historically controversial issue of 'loss and damage' funds to be placed on the agenda for the first time. AFP
  • Pledges on forests and methane made at last year’s Cop26 that are signed by more countries would be welcome. Reuters
    Pledges on forests and methane made at last year’s Cop26 that are signed by more countries would be welcome. Reuters
  • An illumination of Khafre Pyramid, one of the three ancient pyramids of Giza. AFP
    An illumination of Khafre Pyramid, one of the three ancient pyramids of Giza. AFP

Mr Al Suwaidi said if leaders make enough progress over the next two weeks, that sets up the UAE well for next year’s summit.

“We often look at Cops as the singular event but there is a process that builds up. If Egypt can deliver wins on some of the issues I think that would be a real success and helpful to us.”

Mr Al Suwaidi said there was an urgency at Cop27 to make progress and he had seen it year after year.

“People [are] much more interested in practical solutions,” he said. “The public and society are really calling for action. This process has to step up and deliver.”

When asked about the difficulty of trying to make progress amid the tough geopolitical outlook and soaring inflation, he said many of the challenges are a result of climate instability.

“Look at the energy issues we face globally,” Mr Al Suwadi said.

“There is a danger this detracts from [the] pathway we set up for addressing climate change.

“If [people] are struggling and don’t have the right means to take on new technology you need and renewable energy technology that can be more expensive than conventional fossil fuels — that’s a real issue. That’s why this process is important.

“But among all the challenges, one issue we all agree is around climate change. That bodes well for this process.”

Mr Al Suwaidi said hosting Cop28 next year was a really important moment for the UAE. He said the country had a track record in protecting the environment.

“I think of anybody, I have to be looking forward to it the most. [It is] one of most important events of our new President [Sheikh Mohamed's] term.”

Dubai World Cup draw

1. Gunnevera

2. Capezzano

3. North America

4. Audible

5. Seeking The Soul

6. Pavel

7. Gronkowski

8. Axelrod

9. New Trails

10. Yoshida

11. K T Brave

12. Thunder Snow

13. Dolkong 

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'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

Info

What: 11th edition of the Mubadala World Tennis Championship

When: December 27-29, 2018

Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams

Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Overview

What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.

When: From Sunday, February 2, to Wednesday, February 12.

Where: At 13 different centres across Sharjah.

Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.

Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
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Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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

UAE currency: the story behind the money in your pockets
Contracted list

Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.

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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

Essentials

The flights

Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes. 
 

The stay

A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.

First Person
Richard Flanagan
Chatto & Windus 

Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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England XI for second Test

Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Empire of Enchantment: The Story of Indian Magic

John Zubrzycki, Hurst Publishers

Updated: November 07, 2022, 11:01 AM