• Dr Sultan Al Jaber, Cop28 President-designate and Minister of Industry and Advanced Technology speaking in March at the Road to Cop28 launch event held at Al Wasl plaza at the Expo City in Dubai. Pawan Singh / The National
    Dr Sultan Al Jaber, Cop28 President-designate and Minister of Industry and Advanced Technology speaking in March at the Road to Cop28 launch event held at Al Wasl plaza at the Expo City in Dubai. Pawan Singh / The National
  • Dr Al Jaber said the UAE presidency had received more than 600 submissions on the two-week agenda in an “innovative and inclusive” consultation with delegates. Pawan Singh / The National
    Dr Al Jaber said the UAE presidency had received more than 600 submissions on the two-week agenda in an “innovative and inclusive” consultation with delegates. Pawan Singh / The National
  • A picture shows empty tourist facilities by the Habbaniyah lake affected by severe drought in Iraq's Anbar province, August 11. The sustainability of nature, land use, and oceans are integral to achieving all the Paris Agreement’s goals. AFP
    A picture shows empty tourist facilities by the Habbaniyah lake affected by severe drought in Iraq's Anbar province, August 11. The sustainability of nature, land use, and oceans are integral to achieving all the Paris Agreement’s goals. AFP
  • Climate change is creating severe pressure and risks for the food, agricultural and water systems that ensure human wellbeing. AFP
    Climate change is creating severe pressure and risks for the food, agricultural and water systems that ensure human wellbeing. AFP
  • In a first for Cop, a day will be dedicated to discussing health and its relationship between climate change. Dr Tedros Adhanom Ghebreyesus, the World Health Organisation's director general, thanked Dr Al Jaber during a recent meeting.
    In a first for Cop, a day will be dedicated to discussing health and its relationship between climate change. Dr Tedros Adhanom Ghebreyesus, the World Health Organisation's director general, thanked Dr Al Jaber during a recent meeting.
  • December 10 will focus on how to fix this, from scaling up regenerative agriculture and water-food systems that support habitat restoration and conservation and increase food security, to implementing stronger, fairer integrated governance between states and corporations, farmers and producers. AFP
    December 10 will focus on how to fix this, from scaling up regenerative agriculture and water-food systems that support habitat restoration and conservation and increase food security, to implementing stronger, fairer integrated governance between states and corporations, farmers and producers. AFP
  • Mariam Al Mheiri, Minister of Climate Change and Environment, Minister of State for Food Security in July launched Cop28's Food Systems and Agriculture Agenda. Ms Al Mheiri called on governments to demonstrate leadership by signing the first-ever Leaders Declaration on Food Systems, Agriculture and Climate Action during the Food Systems Summit in Rome.
    Mariam Al Mheiri, Minister of Climate Change and Environment, Minister of State for Food Security in July launched Cop28's Food Systems and Agriculture Agenda. Ms Al Mheiri called on governments to demonstrate leadership by signing the first-ever Leaders Declaration on Food Systems, Agriculture and Climate Action during the Food Systems Summit in Rome.

Crucial pre-Cop28 talks to begin as Dr Sultan Al Jaber calls for all voices to be heard


John Dennehy
  • English
  • Arabic

About 60 ministers from around the world are expected in the UAE over the next two days for crucial pre-Cop28 talks.

The negotiations will take place on Monday and Tuesday in Abu Dhabi and aim to drive momentum for the crucial UN summit that is now just four weeks away.

Pre-Cop is seen as a crucial stage to outline differences in climate issues such as emissions, keeping the 1.5ºC threshold within reach, scaling up finance and other vital areas such as loss and damage.

The “global stocktake”, an assessment of where countries stand in meeting the goals of the 2015 Paris Agreement, is also expected to be front and centre during the two-day event.

The preparatory talks are the last formal ministerial engagement before Cop28, the presidency said and aims to ensure talks can hit the ground running on November 30.

Cop28 head outlines support for developing countries

Dr Sultan Al Jaber, Cop28 President-designate, called for the voices of developing nations to be heard in the climate debate in a meeting held on the eve of the Pre-Cop gathering.

"To guarantee an inclusive and equitable transition to low-carbon and resilient growth, the voices of emerging and developing countries must not go unheard," said Dr Al Jaber at the third Climate and Development Ministerial, which was co-hosted by the United Kingdom, Vanuatu and Malawi.

"Cop28 must leverage an adequate response to the Global Stocktake and set out a pathway to fill the financing gaps and address shortcomings in the global climate finance architecture."

Dr Al Jaber said the Cop28 Presidency was working on improving conditions for the world's most vulnerable nations by reallocating and channelling Special Drawing Rights, a financial instrument allocated by the International Monetary Fund , to address debt sustainability and support resilience investment.

He also highlighted the efforts made by the UAE, including the recent pledge of $4.5 billion to support clean energy initiatives at the Africa Climate Summit, with the aim of promoting green growth on the continent.

“We are working on all fronts. But we do not have all the answers and there is much to be done,” he said.

Shaping the climate agenda

Dr Al Jaber has pinpointed the Pre-Cop28 event as a key stop on the road to the climate conference.

“Pre-Cop will be a critical platform for ministers to engage and narrow the gaps on issues across all mandated outcomes,” said Dr Al Jaber, also Minister of Industry and Advanced Technology, last month.

“I will be looking to unlock progress and press ministers on all challenging issues that are key to a high-ambition outcome. I call on ministers to come prepared to engage in the spirit of flexibility and unity that the world is expecting of us less than a month out from Cop28.”

Dr Al Jaber said talks on the Cop28 agenda would also take place so work could start immediately on November 30. “Given the urgency and heavy workload in Dubai, it is essential that we start work immediately and have a smooth adoption of the agenda on day one,” he said.

Cop28 runs at Expo City Dubai from November 30 to December 12. Pawan Singh / The National
Cop28 runs at Expo City Dubai from November 30 to December 12. Pawan Singh / The National

Cop28 runs at Expo City Dubai from November 30 to December 12 where leaders will tackle the climate emergency.

Countries and negotiating blocs are expected to set out their position in the talks. Loss and damage deliberations are proving contentious with a fresh set to try to resolve differences over the fund to happen next week.

“The purpose of pre-Cop is to try to bring together parties and emphasise the spirit of collective ambition,” said Bob Ward, policy director at the Grantham Institute for Climate Change at the London School of Economics. “And it is particularly useful when you have a number of issues that are proving to be divisive.”

Mr Ward said the current challenge is that pledges by countries to tackle warming emissions are “not in line” with the Paris Agreement and there didn’t seem to be any “substantial movement” to improve.

“Too often at Cop there is a retreat by some countries to these kinds of narrow positions that prove quite difficult to move because it is consensus-based,” he said. “Everyone must agree so a few can hold it up. The pre-Cop is designed to highlight the issues that need resolving and to get countries to recognise the need for a collective determination to make progress.”

Dr Al Al Jaber, speaking at a meeting of G77 ministers and heads of delegation on Sunday in advance of the talks urged all sides to come together.

“We must ensure the developing world doesn’t have to choose between climate action and development,” he said.

BABYLON
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Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
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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

Company%C2%A0profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The National photo project

Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).

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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

RESULTS

Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

3.5/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Company profile

Name: Fruitful Day

Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie

Based: Dubai, UAE

Founded: 2015

Number of employees: 30

Sector: F&B

Funding so far: Dh3 million

Future funding plans: None at present

Future markets: Saudi Arabia, potentially Kuwait and other GCC countries

UAE currency: the story behind the money in your pockets
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Reputation

Taylor Swift

(Big Machine Records)

Who is Tim-Berners Lee?

Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.

Updated: October 29, 2023, 3:49 PM