Sky pods running on the latest string technology will be used commercially in Nepal after a Dubai company was chosen to develop a $35 million, 7km electrified commuter track.
Similar to a cable car but using more efficient technology to carry autonomous uBus pods travelling in excess of 100kph, the Nepalese government has signed a contract with Dubai-based uScovery.
The company is a branch of Unitsky String Transport (UST), a Belarussian development firm that has been running a 400-metre test track at Sharjah Research, Technology and Innovation Park since 2021.
Bus is currently the only mode of public transport in Biratnagar, in Nepal’s Koshi province, where traffic congestion is a problem. By connecting an Indian border checkpoint with the city’s bus station, the aerial electric-run pod system aims to cut the congestion.
With plans to open the line within three years, it is expected to be used by thousands of commuters and those travelling between Nepal and India for medical treatment. Oleg Zaretskiy, chief executive of uScovery, said the system could serve about 10 million journeys a year.
“Nepal has chosen this because it is very economical and there is no other option for any other kind of transport, like rail or a metro line, because it's very expensive,” Mr Zaretskiy told The National.
“The costs will be paid by a private company, but the government is providing the land and a guarantee for some passenger flow, and a minimum number of passengers that will travel. Biratnagar is a very crowded place, as people are coming to the railway from the Indian side, crossing the border and then they need to reach the central bus station.”
Affordable mass transport
The sky pods move independently on high-tensile steel rails, rather than on a conventional pulley system of a typical cable car, at a cost of just $200-a-metre, UST developers have said.
Development costs in Nepal are expected to be $30 million-$35 million, depending on what size of pods are chosen for the network. There is no expected cost for the end user at this stage.
The company already operates a short, commercial track in Belarus and is exploring another 400m line at Gokak Waterfalls, in Kornakata state, India.
“There is huge interest in this in Nepal, as the government included transport as a priority policy,” said Mr Zaretskiy. “It's the same design as the Sharjah track with the size of the pods and the speed, everything else we are doing the concept design for now. The project will be as economical as possible, and everything will be electric. There will be a traction power station and each machine will be equipped with backup batteries as well, so the concept is the same.”
An agreement with Nepal was signed during the recent Koshi Investment Summit to complete the project within three years and potentially extend the system to cover 45km across the region.
The company earmarked to operate the aerial system is the Kathmandu Podway Company Pvt Ltd, founded in 2020. It aims to introduce eco-friendly urban transport to Nepal, a country with notoriously poor air quality caused by traffic and kilns used in industry, waste burning, heating and cooking.
Air quality
The most recent Air Quality Life Index (AQLI) from 2024 ranks Nepal third on a list of the most polluted nations, with an extremely high density of PM2.5 particles known to cause life-limiting respiratory problems.
According to the 2024 State of Global Air Report, poor air quality in Nepal contributed to 48,500 deaths in 2021.
“Since 2020, we have worked relentlessly to advocate for changes in transport laws and policies to support modern mobility solutions,” said Nil Bhattarai, vice president of the Kathmandu Podway company. “This project’s affordability and rapid build will be a game-changer for Koshi Province, driving economic growth, tourism and infrastructure development.”
With a metro system and high-speed rail links considered too expensive to build and run in Nepal, decision-makers have turned to alternative public transport to ease congestion in some of the country’s busiest areas.
Aasish Gajurel, chief executive of the government’s Nepal Intermodal Transport Development Board, said the sky pods would bring more green transport solutions to the country.
“The government has signed this contract with the private sector to first conduct a study and then develop under Public Private Partnerships (PPP),” said Mr Gajurel. “This is a huge step towards the development of podrails in Nepal. It has also shown that the government of Nepal is seriously considering this technology.
"Nepal cannot afford metro rail, therefore the government is convinced to develop this technology to improve transportation systems in Nepal, as this technology is relatively cheap and can be constructed in less time," he added. "Every Nepali will benefit from this project as people are suffering with their commute everyday.”
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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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
More from Neighbourhood Watch:
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Results
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Company%20profile
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
How%20champions%20are%20made
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg