Many Emiratis visited registration centres across the emirates this week to apply for candidacy. Pawan Singh / The National
Many Emiratis visited registration centres across the emirates this week to apply for candidacy. Pawan Singh / The National
Many Emiratis visited registration centres across the emirates this week to apply for candidacy. Pawan Singh / The National
Many Emiratis visited registration centres across the emirates this week to apply for candidacy. Pawan Singh / The National

A unified vision will carry the country forward


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  • Arabic

This has been a big week for the UAE. Registration for candidates wishing to run for Federal National Council (FNC) seats started on Sunday and will close tomorrow. Many Emiratis have already visited registration centres to file for candidacy.

These potential candidates have different motives for standing. Some see it as a national duty – including 40-year-old Ali Al Soudeen, who told The National that his motive was to give back to the UAE by serving on the FNC. Others consider it a social responsibility – including Maitha Al Rumaithi, who said she hopes to serve society by focusing on the family unit.

While these are good motives, there are also those who may see the FNC as a way to promote themselves within society. There are those who look for the prestige that comes with being an FNC member, without having a clear road map about what they want to accomplish should they be elected.

Being a member of the FNC comes with a huge responsibility. It’s true that it is an advisory body, not a legislative one. And while this might make it less powerful than other arms of government, it still places an obligation on members to help the FNC evolve in a positive direction.

It’s important to keep in mind that the FNC is a work in progress. Members – elected or appointed – have to believe in the body’s potential more than anyone in this society.

To be a member, one should not just fulfil the basic criteria set by the Ministry of State for Federal National Council, which relate to residency, age, good conduct, basic Arabic literacy and employment. Members have to be well-educated, well-informed, have basic critical-thinking skills and be full of relevant ideas. They need to understand the needs and concerns of people at all levels of society, not only those in their social circle.

The role of FNC members goes well beyond attending public sessions. It extends to committee work that looks at issues and laws in greater depth than is possible in the meeting chamber. There is a full timetable of work and a large group of people are involved in the process.

FNC members have a duty to spend time reaching out to people in their constituency and listen to what they have to say. Candidates must aim to make a difference in both the council itself and the community at large.

For their part, voters have the obligation to cast their ballot for the most qualified person, not for the one who is closest to them. They must look beyond their relatives and people they already know.

In any election it is easier to choose someone familiar than to make the effort to look for someone more qualified and capable. We have to strive towards a meritocracy.

However, there are still some questions regarding the mechanism of the election. The current system provides for a limited list of eligible voters. I’ve done a quick survey of people around me and on social media and found that there is some disappointment among those who do not have the right to vote in the election.

One active member of the community expressed a lack of enthusiasm about the elections after finding out – for the second time in a row – that her name isn’t on the list. In 2011, she was positive about the situation and even volunteered to take part in organising the elections. This year, she finds it harder to hide her disappointment.

There is also a problem with turnout among those who are eligible to vote. In the 2011 elections, only 28 per cent of the 135,308 eligible voters cast a ballot. This year, the number of Emiratis eligible to vote and stand as candidates has increased to almost 225,000, and more people seem to be aware of the FNC and the job it does. Hopefully, this will increase the turnout on election day, October 3.

Dr Anwar Gargash, the Minister of State for Federal National Council Affairs, stressed during his recent talk with a group of military officers and policemen that the gradual development of the council had been carefully planned to achieve "a politically empowering and unifying experience" and to avoid the shortfalls of the political process in other regional countries.

While we may not all agree exactly what the next step should be, all of us would agree that having a unified vision is critical. Visionary thinking is what has made this country a beacon for stability and economic prosperity in a war-torn region.

aalmazrouei@thenational.ae

On Twitter: @AyeshaAlmazroui

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. 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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