Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
November 03, 2021
A little over a fortnight form now, on November 18, Omanis will mark their 51st National Day, an event that commemorates the birthday of the late Sultan Qaboos, Oman's much-loved former leader who commenced a new beginning for the country. His tenure brought about the change and continuous growth that has given us the nation we know and love today. National Day sparks intense emotion in the hearts of Omanis, as we reflect on the past decades and how far our nation has come.
Sultan Qaboos’s outlook and action plan to modernise the nation was undoubtedly astute – his inclusive approach involved not only developing the country’s infrastructure and services but also engaging its citizens in translating his long-term vision into reality.
In 1970, Oman was lagging far behind the world – and even the region – in terms of development. The country had only 10 kilometres of paved roads, three schools (which exclusively enrolled boys) and only one hospital to serve its entire population. Then the government channelled newfound national oil revenues towards boosting the economy, diversifying it away from fishing and farming, and building modern infrastructure to support continued growth. A key driver of change in the Sultanate was the empowerment of young people through education, health care and a safe and nurturing environment. All of this enabled them to unlock their full potential and make invaluable contributions to the country’s progress.
Furthermore, our nation’s foreign affairs were advanced by the government forging strong ties with many countries worldwide, promoting the values of peace and harmony that have always been the hallmarks of Omani culture. The Sultanate we know and love today, a country that boasts a reliable and growing infrastructure, an education system that is accessible to all citizens, world-class hospitals and targeted strategies with long-term goals, is the outcome of excellent leadership, first by Sultan Qaboos and now his successor Sultan Haitham. It is also a testament to the resilience and hard work of Omanis.
Oman’s National Day will celebrate our nation’s extraordinary journey from an underdeveloped country to a modern, rapidly developing nation that is dedicated to empowering all of its citizens.
Most recently, Oman has done a remarkable job charging through unexpectedly challenging times, particularly since the start of the Covid-19 outbreak. Nationwide efforts to keep the country running as efficiently as possible and keep the community's spirits high through trying times have yielded impressive results, garnering praise from experts around the world.
As we now emerge from the pandemic that has caused notable shifts across the globe, it is helpful to think back to Oman’s history as a reminder for our citizens that great progress can come from adversity.
There is truly no better way to pay homage to Oman’s inspiring and complex journey than by the country committing to involving its youth in building roadmaps for the next phases of their country’s development in the coming decades – whether through formal programs or informal engagement. The most crucial aspect to focus on is clear, open communication between young people, government and private sector organisations that have the means to include them in fulfilling the nation’s long-term goals to achieve optimal results.
Oman's story is a reminder for its citizens that great progress can come from adversity
A truly inclusive approach would involve more experienced members of society, who have seen Oman being built into the nation that it is today, sharing their wisdom and life lessons with the youth. And, of course, young people must be invited to express their hopes and aspirations for our country while being given the opportunity to discuss the obstacles they face, brainstorm solutions and access relevant resources.
The world has seen Oman develop in many respects and cement its position as a peacekeeper among its allies. Omanis are proud to be part of its remarkable story, but there is a lot more to come.
We now enjoy a host of privileges that we must honour by being responsible and committed citizens that our leaders and future generations can be proud of.
The path to success is never easy. However, Oman has a multitude of strengths on its side, including its inspiring history as well as significant talent and resources across myriad fields that can be put to great use.
Individuals across various generations in Oman have always collaborated productively, and despite the setbacks we have faced due to Covid-19, the community will come together and dedicate the country's next chapter to recovery and returning to its long-term goals.
National Day will once again mark the birth of a modern and empowered Oman, and will always serve as a driving force for the nation. But our story has only just begun, and I cannot wait for its future chapters, which I am confident will be just as inspiring as those of the past.
The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
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 Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
Some Kids I Taught and What They Taught Me by Kate Clanchy
Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
