Mirror Line: Saudi Arabia's Neom to build the world's longest skyscraper

Saudi Arabia's $500 billion Neom project is set to be home to a record-setting 120km-long skyscraper called the Mirror Line.

According to documents seen by The Wall Street Journal, the world’s largest structure will comprise two buildings up to 490 metres tall, running parallel for 120 kilometres.

The structures will be connected by walkways and a high-speed train will run beneath.

Following on the heels of the WSJ report, Saudi Crown Prince Mohammed bin Salman on Monday said The Line, in the kingdom’s $500 billion giga-project Neom, will “embody how urban communities will be in the future”.

Prince Mohammed announced the designs of The Line, which “puts human first, providing an unprecedented urban” living experience while preserving nature.

“The idea of layering city functions vertically, giving people possibility of moving seamlessly in three dimensions to access them, is a concept referred to as Zero Gravity Urbanism,” Prince Mohammed said.

The Mirror Line is designed by the US-based Morphosis Architects and the project involves at least nine other design and engineering consultancies.

They proposed building it in stages by creating 790-metre-long structures of varying heights up to 490 metres that will connect in a line.

The project builds on Crown Prince Mohammed bin Salman's announcement in January of plans to create a linear community that is expected to cost up to a trillion dollars and house about five million people when complete.

Prince Mohammed said the entire 170-kilometre coastal strip in the north-west of Saudi Arabia would be free of cars and streets, with zero carbon emissions.

The Mirror Line is one of a series of projects that make up Neom.

Four other developments, Neom Bay, Aqaba Region, Neom Mountain and Neom Industrial City, are intended to surround it.

There is also the planned project named the Vault which is a resort built into a mountainside.

Unveiled by Prince Mohammed in 2017, Neom is Saudi Arabia's flagship business and tourism development on the Red Sea coast and a central project in the 2030 Vision outlining the kingdom's plans to diversify the economy.

The development will include smart towns and cities, ports and enterprise areas, research centres, sports and entertainment venues and tourist centres.

It will be spread across 26,500 square kilometres and will comprise several zones, including industrial and logistics areas, all planned for completion in 2025.

People are expected to begin arriving in 2024, Neom's head of tourism said. The area is predicted to be home to millions by 2030.

On Women's Day

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Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

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.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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