President Sheikh Mohamed will begin a state visit to Italy on Monday, during which he will hold high-level talks with the country's leadership to advance bilateral ties.
The UAE leader will meet Italy's President Sergio Matarella and Prime Minister Giorgia Meloni during the trip, state news agency Wam reported.
Discussions, taking place under a strategic partnership in place between the nations, will focus on furthering co-operation in the economy, investment, renewable energy, advanced technology, artificial intelligence, and cultural exchange.
UAE-Italy links were buoyed in March 2023 by a visit from Ms Meloni, in which she held key talks with Sheikh Mohamed.
They discussed ways to build a strategic partnership between their countries, especially in the economic, investment and trade sectors.
They also talked about renewable energy, clean technologies and sustainable development, and how to address important issues such as climate change and food security.
Last month, the UAE, Italy and Albania announced plans to team up to build a subsea interconnector for exporting renewable energy across the Adriatic.
As part of the deal, green power produced in Albania will be exported to Italy through an undersea cable, Ms Meloni said at the World Future Energy Summit in Abu Dhabi .
The total value of the deal is €1 billion ($1 billion) and the project is expected to be operational within three years, according to a report by Italy's Ansa news agency.
Growing partnership
Lorenzo Fanara, Italy's ambassador to the UAE, told The National last year that the two countries had made significant strides in bolstering relations in recent years.
Bilateral trade reached €8.7 billion ($9.4 billion) in 2023 – up 8.6 per cent on 2022, with €6.6 billion in Italian exports, statistics from the embassy show. In the first two months of 2024 alone, trade surged by as much as 34.7 per cent on the previous year.
Around 20,000 Italians call the UAE home – up from about 7,000 10 years ago – with business opportunities driving the increase. The Italian presence ranges from major energy companies such as Eni to sectors from hospitality to construction.
More than 600 Italian companies operate in the Emirates with exports including industrial machines and jewels. A joint venture to build military ships was agreed between UAE defence conglomerate Edge and Italy’s Fincantieri last year.
Italian aerospace and defence sector giant Leonardo announced a "strategic agreement" with Edge this week, coinciding with their participation in the Idex defence expo in Abu Dhabi.
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
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
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
