A top UAE official said the global stocktake to take place at Cop28 should be seen as a “moment of hope”.
Speaking at the Middle East and North Africa climate week on Sunday, Majid Al Suwaidi called for a focus on the “transformative” story that is taking place around climate issues since the 1.5°C goal was agreed in Paris in 2015.
Mr Al Suwaidi, director general and special representative of the UAE for the Cop28 presidency, said the world can talk about what it hasn’t done to keep the goal alive but that doesn't mean nothing has been accomplished.
“The global stocktake has to have that moment of hope,” said Mr Al Suwaidi, who was the UAE's lead negotiator at Paris in 2015.
“There is a really great transformative story there for all of us that we can be part of a really exciting future that is dynamic [and] that our development needs can be matched with climate action," he said.
"That’s the key thing the global stocktake has to tell the world. We have a challenge but it can be a really exciting opportunity.”
The stocktake, created at Cop21 in Paris and taking place at Cop28 for the first time, assesses where the world stands in trying to limit global warming to 1.5°C on pre industrial levels. The UN has repeatedly warned the world is off-track.
Reflecting on the role of the Cop28 presidency, Mr Al Suwaidi said it was not its job to say “this is the answer, take it or leave it” but instead to bring parties together to figure it out.
“I feel very excited because over the last months I can very confidently say we’ve seen that enthusiasm in the meetings and conversations we have had,” he said. “We see that step forward.”
Aside from the stocktake, leaders at Cop28 must also agree on further progress on the the loss and damage fund agreed at Cop27; scale up climate finance; and raise global ambition on adaptation. Mr Al Suwaidi said this Cop was different because of that.
“I think that makes it really powerful because since Paris we haven’t had a moment like that where we address all the issues simultaneously in one negotiation and I think that gives us a really, really powerful moment," he said.
His comments came during a high-level panel discussion at Mena Climate Week dedicated to the global stocktake.
Visitors heard keynote speeches from Prince Abdulaziz bin Salman, Saudi Arabia's Minister of Energy; Shri Raj Kumar Singh, India’s Minister for Power and New and Renewable Energy; and the World Economic Forum president Borge Brende. This was followed by a discussion involving Mr Al Suwaidi and Simon Stiell, executive secretary of UN Climate Change, among others.
Message must be strong
“The global stocktake needs to send a very strong message as a global community that we are not on track. So one is that political message. [And] second is then the call to action [and] how do we close those gaps,” said Mr Stiell.
He said the synthesis report, published by the UN last week and designed to help governments reach a decision on the global stocktake, showed “some convergence” among the submissions from countries in terms of targets.
“This is presenting parties with an opportunity as we approach the Cop to agree on what some of those targets should be whether tripling of renewable or doubling or energy efficiency or phasing out of fossil fuels,” said Mr Stiell.
Also speaking on the first day of Mena Climate Week was Mariam Almheiri, UAE Minister of Climate Change and Environment, who was taking part in a dedicated panel on adaptation.
'Complex but interesting' Cop
She said everyone had a different idea of what they wanted to accomplish at Cop28 and this made it "complex" but "very interesting".
Ms Almheiri said she wanted to see the $100 billion climate finance annual target achieved "hopefully before" Cop28; as well as 100 heads of state signing the food systems transformation declaration.
She also hoped to see a lot more finance on nature and adaptation.
At the same panel, Aminath Shauna, Maldives' Minister of Environment, Climate Change and Technology, said one of the main concerns of the most vulnerable and developing countries has consistently been the lack of flow of finance on adaptation and urged parties to do more on this at Cop28.
Adel Al Jubeir, Saudi Arabia's Minister of State for Foreign Affairs and Climate Envoy, reflected on the lack of climate action in the past.
"I hope we can leave the emotions in the past and hypocrisy behind us and focus more on problem solving," he said.
"We can get there if we stop looking at it as us versus them and look at it as all of us together.”
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
Persuasion
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Our Time Has Come
Alyssa Ayres, Oxford University Press
Types of bank fraud
1) 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.
2) 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.
3) 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.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) 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.
6) 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.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
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
