• Hegra After Dark. Photo: RCU Commission
    Hegra After Dark. Photo: RCU Commission
  • Hegra After Dark launched in November as a new way to experience AlUla. Photo: RCU Commission
    Hegra After Dark launched in November as a new way to experience AlUla. Photo: RCU Commission
  • Saudi Arabian airline flynas launched direct flights from Dubai to AlUla in 2021. Photo: Wikimedia Commons
    Saudi Arabian airline flynas launched direct flights from Dubai to AlUla in 2021. Photo: Wikimedia Commons
  • The new Habitas Al Ula. Photo: Habitas Al Ula
    The new Habitas Al Ula. Photo: Habitas Al Ula
  • Habitas adds 96 much-needed rooms to AlUla's inventory. Photo: Habitas Al Ula
    Habitas adds 96 much-needed rooms to AlUla's inventory. Photo: Habitas Al Ula
  • Luxury eco resort Habitas sits in an ancient oasis in the desert canyons of the Ashar Valley. Photo: Habitas Al Ula
    Luxury eco resort Habitas sits in an ancient oasis in the desert canyons of the Ashar Valley. Photo: Habitas Al Ula
  • Habitas Al Ula. Photo: Habitas Al Ula
    Habitas Al Ula. Photo: Habitas Al Ula
  • A rendering of The St Regis Riyadh, which is due to open in 2022. Photo: Marriott International
    A rendering of The St Regis Riyadh, which is due to open in 2022. Photo: Marriott International
  • Jason Atherton opened a restaurant in the Maraya Hall. Photo: Maraya Social
    Jason Atherton opened a restaurant in the Maraya Hall. Photo: Maraya Social
  • Maraya Social by Jason Atherton. Photo: Maraya Social
    Maraya Social by Jason Atherton. Photo: Maraya Social
  • Jeddah Central Project will involve the development of 5.7 million square metres of land overlooking the Red Sea. Photos: Jeddah Central Project
    Jeddah Central Project will involve the development of 5.7 million square metres of land overlooking the Red Sea. Photos: Jeddah Central Project
  • A sports stadium will act as one of Jeddah Central Project's anchors. Photo: Jeddah Central Project
    A sports stadium will act as one of Jeddah Central Project's anchors. Photo: Jeddah Central Project
  • The development's beach and promenade. Photo: Jeddah Central Project
    The development's beach and promenade. Photo: Jeddah Central Project
  • Saudi actress Fay Fouad walks the red carpet for the closing ceremony of the first Red Sea Film Festival. AFP
    Saudi actress Fay Fouad walks the red carpet for the closing ceremony of the first Red Sea Film Festival. AFP
  • Red Sea Film Festival chairman Mohamed Turki poses with British model Naomi Campbell at the event's closing ceremony. AFP
    Red Sea Film Festival chairman Mohamed Turki poses with British model Naomi Campbell at the event's closing ceremony. AFP
  • Zahrah Al Ghamdi, 'Birth of a Place', 2021. This was one of dozens of works by 63 artists on show in Riyadh as part of the Diriyah Contemporary Art Biennale. Photo: Diriyah Foundation
    Zahrah Al Ghamdi, 'Birth of a Place', 2021. This was one of dozens of works by 63 artists on show in Riyadh as part of the Diriyah Contemporary Art Biennale. Photo: Diriyah Foundation
  • The first Diriyah Contemporary Art Biennale is on until March 2022. Photo: Diriyah Foundation
    The first Diriyah Contemporary Art Biennale is on until March 2022. Photo: Diriyah Foundation

Saudi Arabia achieves second highest jump in travel and tourism rankings


  • English
  • Arabic

Saudi Arabia has achieved the second biggest improvement in ranking among 117 countries featured in the World Economic Forum’s index on travel and tourism.

The forum’s Travel and Tourism Development Index 2021 benchmarks and measures factors and policies that enable sustainable and resilient development in the sector.

These include everything from business and safety and health conditions, to infrastructure and natural resources, environmental, socioeconomic and demand pressures.

The 117 countries accounted for about 96 per cent of the world’s direct travel and tourism gross domestic product in 2020.

Between 2019 and 2021, Saudi Arabia moved up to 33rd from 43rd, as its score rose by 2.3 per cent.

This move up the rankings was only bettered by Indonesia — which increased its score by 3.4 per cent to climb from 44th to 32nd.

Among Middle East and North Africa countries, the UAE ranked highest at 25th. Qatar was placed at 43, Egypt at 51, Bahrain at 57, Jordan at 64, Morocco at 71 and Tunisia in 80th place.

Japan topped the index rankings, with the US in second, followed by Spain, France and Germany.

“The need for travel and tourism development has never been greater,” the report said.

This sector is a major driver of economic development and global connectivity, said the report authors.

It is also vital to the livelihood of some of the populations and businesses most vulnerable to — and hardest hit by — the pandemic in the past two-and-a-half years.

Ah

Tourists in AlUla Saudi Arabia
Tourists in AlUla Saudi Arabia

On the outlook for 2022, the report said that despite increasing vaccination rates and the easing of travel restrictions and economic growth have helped kick start a recovery. However, the rebound remains slow, uneven and fragile.

The war in Ukraine will also affect a recovery.

Though international tourist arrivals increased by 18 million in January 2022 compared to January 2021, which equals the total increase in 2021, but they were still 67 per cent below 2019 levels, before the coronavirus.

Brief scoreline:

Manchester United 2

Rashford 28', Martial 72'

Watford 1

Doucoure 90'

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

MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

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
How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

BRAZIL%20SQUAD
%3Cp%3EGoalkeepers%3A%20Alisson%2C%20Ederson%2C%20Weverton%3Cbr%3E%3Cbr%3EDefenders%3A%20Dani%20Alves%2C%20Marquinhos%2C%20Thiago%20Silva%2C%20Eder%20Militao%20%2C%20Danilo%2C%20Alex%20Sandro%2C%20Alex%20Telles%2C%20Bremer.%3Cbr%3E%3Cbr%3EMidfielders%3A%20Casemiro%2C%20Fred%2C%20Fabinho%2C%20Bruno%20Guimaraes%2C%20Lucas%20Paqueta%2C%20Everton%20Ribeiro.%3Cbr%3E%3Cbr%3EForwards%3A%20Neymar%2C%20Vinicius%20Junior%2C%20Richarlison%2C%20Raphinha%2C%20Antony%2C%20Gabriel%20Jesus%2C%20Gabriel%20Martinelli%2C%20Pedro%2C%20Rodrygo%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20Znap%3C%2Fp%3E%0A%3Cp%3EStarted%3A%202017%3C%2Fp%3E%0A%3Cp%3EFounder%3A%20Uday%20Rathod%3C%2Fp%3E%0A%3Cp%3EBased%3A%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3EIndustry%3A%20FinTech%3C%2Fp%3E%0A%3Cp%3EFunding%20size%3A%20%241m%2B%3C%2Fp%3E%0A%3Cp%3EInvestors%3A%20Family%2C%20friends%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A

Director: Jon Favreau

Starring: Donald Glover, Seth Rogen, John Oliver

Rating: 2 out of 5 stars

India team for Sri Lanka series

Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.

T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Updated: May 26, 2022, 2:45 PM