Dr Sultan Al Jaber receives an award from the World Energy Council for his leadership during the crucial Cop28 climate talks. Photo: Cop28
Dr Sultan Al Jaber receives an award from the World Energy Council for his leadership during the crucial Cop28 climate talks. Photo: Cop28
Dr Sultan Al Jaber receives an award from the World Energy Council for his leadership during the crucial Cop28 climate talks. Photo: Cop28
Dr Sultan Al Jaber receives an award from the World Energy Council for his leadership during the crucial Cop28 climate talks. Photo: Cop28

Cop28 President honoured for leadership during crucial climate talks


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Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, has been honoured by the World Energy Council for his leadership during the crucial Cop28 climate talks.

The Cop28 President won the Global Energy Transition Impact Award in recognition of his role in overseeing a historic agreement at last year’s summit and in advancing the world's energy transition.

Cop28 ended with a deal known as the UAE Consensus under which many countries agreed to transition away from fossil fuels in energy systems.

The award comes at a time when the World Energy Congress is beginning in Rotterdam. The four-day event gathers energy leaders to discuss the global picture.

Accepting the award in the Dutch city on Sunday, Dr Al Jaber said the ground-breaking agreement was “a truly historic moment for climate diplomacy” and, during a time of geopolitical tension, “set a new standard for inclusivity”.

“We moved the world beyond self-interest for the common good and we set clear direction, guided by the science, for keeping our North Star of 1.5°C within reach,” said Dr Al Jaber, referring to the key climate threshold.

“We now need to show that same solidarity in turning an unprecedented agreement into unprecedented action.”

On energy transition, Dr Al Jaber said the global landscape had undergone many changes and wind and solar energy were registering an eightfold expansion, with the UAE at the forefront of this growth.

The London Array wind farm, which Masdar has invested in. Photo: Masdar
The London Array wind farm, which Masdar has invested in. Photo: Masdar

“If you sail from here into the North Sea, you will meet a white wall of windmills that the UAE, through Masdar, has invested in. Projects like the London Array, Dudgeon, Dogger Bank and Baltic Eagle are helping make Europe a world leader in wind power,” he said.

But he noted hydrocarbons still represented 80 per cent of today’s energy mix and with energy demand set to grow by about a quarter in the next two decades, the world will need to replace the daily equivalent of more than 270 million barrels of oil, gas and coal.

“This is a massive political, social, economic, technological and engineering challenges at the same time,” Dr Al Jaber said. “And every stakeholder has a critical role to play.”

Dr Al Jaber also repeated calls for countries to adopt comprehensive emission-reduction targets in their coming Nationally Determined Contributions (NDCs) – a country's national climate action plan – and for industries to collaborate on decarbonisation goals.

“Tripling renewable energy capacity is just the beginning,” Dr Al Jaber said. “We also need to expand nuclear, hydrogen, geothermal and other zero-carbon energies yet to be discovered or deployed.”

Dr Al Jaber also urged the adoption of emerging technology – especially artificial intelligence – that could “make a game-changing difference”.

“Cop28 was a turning point in history,” said Dr Al Jaber. “It was the moment that the world got serious about the energy transition and got real about what the transition will actually take.”

The energy transition will “take time, it will happen in different places at different paces” he said, “and we cannot simply unplug the current energy system before the new one is built”.

Dr Al Jaber was presented the award by Angela Wilkinson, secretary general and chief executive of the World Energy Council.

“His personal commitment and persistence have set a new direction in world energy towards accelerating decarbonisation with justice and resilience, leaving a lasting and positive impact on both society and the environment,” she said.

Dr Al Jaber's award was one of four inaugural “world energy leadership awards” presented at the council’s centennial dinner.

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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

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The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

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MATCH INFO

Uefa Champions League semi-final:

First leg: Liverpool 5 Roma 2

Second leg: Wednesday, May 2, Stadio Olimpico, Rome

TV: BeIN Sports, 10.45pm (UAE)

Results

STAGE

1 . Filippo Ganna (Ineos) - 0:13:56

2. Stefan Bissegger (Education-Nippo) - 0:00:14

3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21

4. Tadej Pogacar (UAE Team Emirates) - 0:00:24

5. Luis Leon Sanchez (Astana) - 0:00:30

GENERAL CLASSIFICATION

1. Tadej Pogacar (UAE Team Emirates) - 4:00:05

2. Joao Almeida (QuickStep) - 0:00:05

3. Mattia Cattaneo (QuickStep) - 0:00:18

4. Chris Harper (Jumbo-Visma) - 0:00:33

5. Adam Yates (Ineos) - 0:00:39

Updated: April 22, 2024, 11:34 AM