Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, visits the headquarters of Al Dahra Group in Khalifa Industrial City (Kizad), Abu Dhabi. Ministry of Industry and Advanced Technology
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, visits the headquarters of Al Dahra Group in Khalifa Industrial City (Kizad), Abu Dhabi. Ministry of Industry and Advanced Technology
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, visits the headquarters of Al Dahra Group in Khalifa Industrial City (Kizad), Abu Dhabi. Ministry of Industry and Advanced Technology
Falah Mohammed Al Ahbabi is a member of Abu Dhabi Executive Council
July 01, 2022
As Abu Dhabi pursues enhanced economic development, Industry 4.0 technologies will provide businesses from all verticals newfound efficiency, effectiveness and empowerment. Their adoption will transform the emirate’s industrial sector and re-affirm its sustainability, vibrancy and success through smart manufacturing integration. In doing so, invaluable economic contributions will follow.
A key economic diversification enabler, Abu Dhabi’s industrial sector has long been nurtured as a catalyst for realising the potential of digital transformation. Over a 15-year period, $13.8 billion has been invested towards establishing robust industrial infrastructure and innovative business facilities, whilst the industrial sector alone contributed 10.7 per cent to Abu Dhabi’s non-oil GDP as recently as 2020.
From our perspective, AD Ports Group has been a witness to the transformative power of smart manufacturing. As one of Abu Dhabi’s key industrial facilitators, offering purpose-built economic hubs in the heart of the capital, AD Ports Group’s Economic Cities & Free Zones have welcomed a wave of new investors looking to deploy Industry 4.0 technologies and reap benefits such as maximised plant efficiency, seamless data exchange and on-time delivery.
Abu Dhabi Industrial Strategy (ADIS) has integrated a smart manufacturing vision that aims to double the size of the Emirate’s manufacturing sector to Dh172bn ($45.5bn) by 2031 and establish it as the region’s most competitive industrial hub.
Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, has launched the Abu Dhabi Industrial Strategy to strengthen the emirate’s position as the region’s most competitive industrial centre. All photos: Abu Dhabi Government Media Office
Abu Dhabi government will invest Dh10 billion to more than double the size of the emirate’s manufacturing sector to Dh172bn by 2031.
Non-oil exports will grow by 148 per cent to Dh178.8bn and 13,600 jobs will be created under the strategy.
Sheikh Khaled was joined at the launch by officials and dignitaries such as Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
The strategy will increase access to financing, improve the ease of doing business and attract foreign direct investment.
Under the initiative, the home-grown supply chain programme will build industrial sector resilience by increasing self-sufficiency and promoting domestic products.
Alongside the launch of the strategy, several new industry partnerships were signed.
Six programmes will drive growth and innovation, boost skills and advance the transition to a circular economy.
Sheikh Khaled at the launch event. The Industry 4.0 programme will accelerate business growth through the widespread adoption of new technology and processes.
Initiatives included in the strategy will continue Abu Dhabi’s transition towards a smart, circular economy.
The plan will include job placement programmes that offer rewarding career pathways in high-demand areas.
Through ADIS, Abu Dhabi’s industrial sector will continue to play a leading role in driving sustainable development across the economy and wider emirate. It’s a role that requires increased production, manufacturing and tech-based advancement. Crucially, this outcome is realistic and achievable with support from smart manufacturing, which is today as much about ensuring sustainable growth for future generations as it is about using new technologies.
From investors to industrial sector incumbents, citizens to government entities, everyone interested and invested in Abu Dhabi’s future has reason to be optimistic when smart manufacturing’s industrial sector presence expands. Smart manufacturing can streamline processes, bolster productivity, raise competitiveness, enable supply chain management, elevate safety and quality control, build future preparedness and improve business output and profits.
For smart manufacturing policies to move forward, leadership and investment is needed, which ADIS will deliver, thereby enabling new partnerships and ensuring continued industrial sector development. Under the strategy, government-backed funding will come through a smart manufacturing funding programme; Industry 4.0 technology regulations will be adopted through a smart manufacturing assessment index; and competency centres will ensure existing and future talent are equipped with essential skillsets.
At AD Ports Group, we continue to invest in the infrastructure and facilities required by next-generation businesses. Existing and planned development at the port-connected industrial zones of KIZAD is enabling the creation of whole ecosystems for specific sectors, from engineered metals to 3D printing, supported by advanced digital services and world-class customer service.
Smart manufacturing will be key to supply chain success. As manufacturers streamline processes by adopting smart manufacturing processes, the incentive to increase self-sufficiency and promote domestic home-grown products will increase.
Moreover, the strategy will provide influential support, introducing a home-grown supply chain programme to enhance industrial sector resilience. The already extensive Abu Dhabi Golden List, which encourages government procurement of high-demand, locally manufactured products, will also expand; while access to foreign markets will be eased through a comprehensive economic partnership agreement (CEPA), as well as a bilateral trade agreement programme.
With smart manufacturing integration comes new possibilities for Abu Dhabi’s industrial sector and the emirate. As the influence and impact of ADIS unfolds, widespread smart manufacturing adoption will follow, presenting a raft of new economic and business benefits. These are exciting times, and we are proud to be playing our part in achieving our national ambitions.
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The biog
DOB: March 13, 1987 Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon School: ACS in Lebanon University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City Nationality: Lebanese Status: Single Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
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
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
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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.”
