The UAE on Tuesday announced a partnership with a leading European space company to develop a key component for Nasa's planned Moon-orbiting station, which is set to pave the way for future Emirati astronaut missions.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, hailed the agreement between the Mohammed bin Rashid Space Centre (MBRSC) and Italian-French firm Thales Alenia Space to construct an airlock for the Gateway lunar station as a “major step forward” for the country.
Sheikh Hamdan was joined at a signing ceremony by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
The National revealed on December 10 that MBRSC had been evaluating bids from leading international companies for the contract. The financial details of the agreement have not been disclosed.
The airlock module, which is expected to be launched in 2030, would be a critical part of the station, creating entry and exit points for astronauts and cargo.
“This partnership is a major step towards realising the UAE’s space exploration goals, with Thales Alenia Space becoming a strategic partner in the country’s role in the Lunar Gateway Space Station,” Sheikh Hamdan posted on X. “This trailblazing project will usher in a new era of human space exploration, paving the way for the first Emirati Arab astronaut to enter lunar orbit.”
The UAE announced early last year that it had signed an agreement with Nasa to develop the airlock. In exchange, an Emirati astronaut would secure a future mission to the Gateway. Several international organisations had submitted bids for the contract, including a publicly listed US aerospace manufacturing company.
Nasa is leading the development of the Gateway with contributions from the UAE, Japan, and the European and Canadian space agencies. The US space agency aims to start construction of the station within this decade.
Four Emiratis make up the country’s astronaut corps, including Hazza Al Mansouri, who became the first Emirati in space in 2019. Dr Sultan Al Neyadi, also the Minister for Youth Affairs, became the first Arab astronaut to go on an extended mission when he spent six months on the International Space Station in 2023. He performed a seven-hour spacewalk.
The corps also includes Nora Al Matrooshi, the first Arab woman to be selected as an astronaut, and Mohammed Al Mulla, a former Dubai Police helicopter pilot. Both completed Nasa's astronaut training programme and are now eligible for space missions.
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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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
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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