Hilal Bibi, age 90, makes clay pots at a workshop ahead of International Women's Day on the outskirts of Karachi, Pakistan, this week. EPA
Hilal Bibi, age 90, makes clay pots at a workshop ahead of International Women's Day on the outskirts of Karachi, Pakistan, this week. EPA
Hilal Bibi, age 90, makes clay pots at a workshop ahead of International Women's Day on the outskirts of Karachi, Pakistan, this week. EPA
Hilal Bibi, age 90, makes clay pots at a workshop ahead of International Women's Day on the outskirts of Karachi, Pakistan, this week. EPA


Women are at the centre of Abu Dhabi’s overseas development agenda


Mohammed Saif Al Suwaidi
Mohammed Saif Al Suwaidi
  • English
  • Arabic

March 08, 2022

The UAE's golden jubilee last year was an opportunity to reflect on the country's achievements. Yet, those who did so probably would have realised how hard it is to count them numerically, just because there are too many of them. It might be comparatively easy to imagine what makes the UAE what it is today. Although there are still plenty to tax the brain, one critical element that has catalysed our progress is the cultural interconnectivity between generations, as well as between the leadership and citizenry.

The commonality of heritage is often reflected in our beliefs in the natural endorsement and appreciation of each other's actions and ideas, including gender perceptions. If we have achieved plenty in a relatively short time, it's largely because of our ability to uniformly accept and apply in every sphere of life the principles and ideas of our forefathers.

Rewind 50 years, and one wonders how a person from a rather unlikely region could have set women's education and empowerment as a prerequisite to achieving prosperity as a community and nation. The UAE's Founding Father, Sheikh Zayed, believed that to attain a holistic development, we must treat men and women as equal. The fascinating aspect about such ideas is that they were never forced upon people but infused in their psyche, just as a man would do to his child. As a result, these values and ideas are carried over from one generation to another.

A person from a rather unlikely region set women's empowerment as a prerequisite to achieving prosperity

When I look at Abu Dhabi Fund for Development, where women make up for more than 34 per cent of the workforce, I feel proud to have been able to maintain our distinctive legacy and implemented a shared vision and idea. Yet, our organisation is not unique in a country where women have been leading many public and private institutions and scientific research; actively debating issues of public concern, reviewing draft laws and representing their constituents at the Federal National Council; and representing the UAE abroad. In fact, women 50 per cent of the FNC is comprised of women.

However, we never intended to confine ourselves and our ideas within specific geographical boundaries, because our culture prompts us to share with the rest of the world all that we have, whether knowledge or material wealth. Thus, when we launched the renewable energy projects under the $50 million UAE-Caribbean Renewable Energy Fund (UAE-CREF), one of the main goals was to achieve gender equality and ensure women's welfare in the beneficiary countries. Today, the Fund has empowered a significant percentage of female populations through the creation of jobs in different Caribbean nations. It's a work in progress.

Meanwhile, in countries such as Bangladesh and Pakistan, we have financed many small and medium enterprises, creating opportunities for women to work and contribute to their family incomes. Not to mention the many schools we have financed there to educate girls as part of our global socioeconomic development strategy. The value of these initiatives could not have been more conspicuous than it is in current times, when supplementary income is no longer a matter of choice, especially for low- and middle-income families.

Faces of UAE Women Exhibition on Al Ghayath Trail, Expo 2020 Dubai. Karim Bou Gebrayel for Expo 2020 Dubai
Faces of UAE Women Exhibition on Al Ghayath Trail, Expo 2020 Dubai. Karim Bou Gebrayel for Expo 2020 Dubai

As proud as we are of our past, we do not want to rest on our laurels, but take lessons from them to create an even greater future for our country and the rest of the world. This was clear even when we were celebrating 50 years of our achievements with an eye on the future, setting our goals for the next 50 years.

Nevertheless, the path is complex, as opportunities and challenges for women continue to change in tandem with evolving requirements and necessities. Thus, on the one hand, growing areas such as green economies, climate change mitigation and technological advancements provide unprecedented opportunities for decent work for women. On the other hand, women still account for only 20 to 25 per cent of the workforce in the modern renewable energy sector, according to UN data. The existing gaps women face in accessing digital training, economic resources and decision-making, along with other barriers, mean that they are being left out of the fastest-growing industries.

The report further points out that globally there is a 12 per cent gender gap in internet use; in the world’s least developed countries, the gap widens to 31 per cent. But when women can leverage equal opportunities to thrive, they can make substantial contributions to societies and economies. For example, if the pace of women’s digital fluency is doubled, we could reach gender equality in the workplace much faster than the current prediction.

I believe the UAE is a perfect testbed to assess how one’s values and principles can help one to achieve one’s objectives, however lofty they are. I also trust that our ideals and principles will help us to help many countries to overcome barriers to attaining prosperity.

What we need are a clear objective and motivation. As an Emirati representing a national entity, I believe that a clear and honest intent and a positive and open perspective are all that make a difference between success and failure.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

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

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

Spider-Man%202
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

Honeymoonish
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Updated: March 08, 2022, 4:00 AM