Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Monday reviewed a programme aimed at enhancing the economic, financial and entrepreneurial capabilities of Emiratis.
He visited the New Economy Academy in Dubai, where he was briefed on the variety of academic programmes offered by the institution.
“Our goal is to see every Emirati household enjoying family cohesion, financial stability, and greater awareness of the future and its tools,” Sheikh Mohammed said.
He listened to a presentation by Dr Laila Faridoon, chief executive of the New Economy Academy, about its key programmes to support citizens and enhance their capabilities across economic and financial domains.
Programmes offered by the academy include financial awareness, entrepreneurship, capital markets, real estate pathway, and homebuilding pathway.
Family planning
Sheikh Mohammed was also briefed on the Family Financial Literacy Programme.
It supports the Sheikha Hind bint Maktoum Family Programme, which promotes the well-being of Emirati families in Dubai, by offering insights to boost family stability and cohesion, reinforce societal values and enhance quality of life.
Since its launch, 175 people have graduated from the programme with more scheduled in future.
Hessa bint Essa Buhumaid, director general of the Community Development Authority in Dubai, said the aim is to roll out more programmes aimed at supporting families through every situation and stage of life.
The training programme is also aimed at participants in the Dubai Weddings Programme, which was launched in 2024.
This programme provides financial support for Emiratis preparing for marriage, covering the costs of the main wedding ceremony and offering wedding halls and neighbourhood majlis venues free of charge.
The training programme includes a series of lectures and workshops supervised by experts and specialists.
The aim of these is to enable couples preparing for marriage, as well as newlyweds, to practice sound financial planning and manage resources effectively to ensure long-term stability.
It also promotes awareness of the importance of savings, managing household budgets and avoiding debt.
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
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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.
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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
