Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
November 23, 2022
This month, prominent world leaders, representatives and delegates from 190 countries gathered in Sharm El Sheikh, Egypt, for the UN Climate Change Conference, Cop27. It was encouraging to see high levels of engagement from countries across the globe on the ill effects of climate change and to best combat them and protect the planet.
There are various large-scale efforts being planned and implemented to reduce greenhouse gas emissions. However, I strongly believe it would help to look back on practices from decades past that were in fact sustainable and then adapt them to the modern, post-industrial world.
Arab tradition has inherently been centred around people, and while Arab nations have been investing heavily in renewable energy and making significant strides, we must also draw from the wisdom of our forefathers, whose lifestyles were not only sustainable, broadly speaking, but geared towards the benefit of the wider community.
The onus is now on us Arab citizens to adapt the community mindset to the modern context
An increase in greenhouse gas emissions is a direct result of the industrial revolution, which, undoubtedly, transformed the world but also brought forth a series of drawbacks that have long been overlooked.
As the world continues to move towards the digital era, we must reconcile our long-standing values with the present and future, and in the true spirit of Arab tradition, lead by example while we engage global communities in practices that support sustainability goals.
Families at a park in Dubai, on October 25. EPA
Across Arab nations and throughout the course of history, people have existed as valued parts of a larger puzzle – a tribe or fraternity that engages every member to the best of their capacity. Familial values have not been limited to kin, and are extended to friends, neighbours and business networks.
We cannot doubt the importance of large-scale projects, individual and government efforts to reduce carbon emissions. But a community-centred lifestyle that has long been part of Arab culture can make an enormous difference if it is adopted by countries around the world.
The idea that one makes choices based on the wider impact and repercussions of their actions is key and will vary with each scenario.
Valuing, reusing, gifting, sharing and lending possessions are all part of Arab tradition. With the rise of consumerism and external influences on lifestyles, however, these practices have faded to a large extent. Experts on sustainability are now all advising consumers to make conscious decisions about purchasing and find ways to reuse or repurpose items rather than discarding them, which is in line with the lifestyles led by our forefathers.
The onus is now on Arab citizens to adapt the community mindset to the modern context, honouring our rich heritage, while looking forward and safeguarding the interests of our global allies and future generations.
Sustainable practices at home such as reducing energy consumption, growing vegetables, being water-wise, investing in renewable energy sources such as solar lights and panels are a great place to start. Waste reduction can take many forms – food waste can be reduced by sharing leftovers in communal spaces – like some communities in the GCC have successfully operated neighbourhood pantries and refrigerators so everyone has access to meals.
In 2016, Sumayyah Sayed set up 20 sharing fridges across Dubai that gave anyone access to food during ramadan. Anna Nielsen / The National
The digital frameworks we now have access to present a plethora of opportunities. Geolocation apps, or community-centric apps can be developed to support lowering wastage and encouraging sharing, giving and lending within the community.
This concept can be carried over to the business sphere, where services and resources can be posted online and communal possession of assets becomes the norm. For example, businesses operating in the same industry can look into options for joint ownership of equipment they use part-time, or consider leasing their equipment so resources are used for maximum mileage.
There are opportunities for business growth as well, perhaps a renewed approach to infrastructure that supports the concept of shared assets across industries. Governments can incentivise shared use of resources in the private sector as well in order to help organisations reduce their carbon footprint.
There is also plenty of room for innovation where materials that typically find their way to landfills can be given a new life and used to develop products. Various companies across the world have ventured in this area and achieved excellent results – from using the plastic of water bottles to manufacture footwear, to food scraps repurposed to make household items.
Entrepreneurs with a vision that supports sustainability can be given incentives and support from governments, financial institutions and established players in the private sector.
There is no shortage of creativity among Arab youth and even older citizens; I am always in awe of the brilliant ideas members of our society have to share.
There truly is no better time than now to renew our commitment not only to our community but to our planet, and lead our friends and allies from various cultures across the world by example and adopt a community-centred mindset towards sustainability.
We know now that all of humanity is at serious threat, and the only path to security is to be united and always prioritise the greater good over individual benefit. This is an important part of Arab tradition that we can and must adapt to our current context to offset the damage the planet has endured. In these ways we can work towards a healthier and secure future.
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
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 DETAILS
Director: Milan Jhaveri Producer: Emmay Entertainment and T-Series Cast: John Abraham, Manoj Bajpayee Rating: 2/5
German intelligence warnings
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine