Cop 28 in the UAE will be critical as we act against climate change. We fully support the efforts of the UAE presidency to make these international negotiations a success. Urgent action is needed – global warming is already having dramatic effects on societies, the environment, agriculture, water and health.
To tackle climate change, the international community is committed to drastically reducing its gas emissions. This implies the need for a very large-scale energy transition by reducing consumption and massively deploying green energies.
Funding this transition is crucial.
In this regard, the world’s postwar international financial architecture is no longer sufficient. The international community’s responses are fragmented and resources provided by development institutions are not delivering everything that they could. The tightening of finance conditions and a rise in debt are slowing investment in developing countries where needs are greatest.
We must together drive change in our global financial system to make it more responsive, just and inclusive. We must also fight inequalities, finance climate transition and biodiversity protection, and move closer to achieving the UN Sustainable Development Goals on the road to Cop 28 in the UAE. This is the objective of the Summit for a New Global Financing Pact, which will be held on Thursday and Friday in Paris.
This event, which intends to be inclusive, with it being possible for every opinion and every proposal to be expressed, is part of some positive momentum. This includes the launch of World Bank reform, India’s G20 presidency and that of Brazil right after, the SDG mid-term review, as well as commitments made at previous Cops. These are all reasons for hope. Tangible solutions have already been initiated: the Paris Club and the G20 have launched an initiative for debt treatment, and France plays a pivotal role in implementing co-ordinated solutions under the Common Framework.
We have proposed and obtained the issuance of $100 billion in International Monetary Fund Special Drawing Rights for the most vulnerable countries. This is an important step forward and all countries in a position to do so must take part in this effort.
But we must now go even further, following the example of the Bridgetown Initiative – a set of innovative solutions spearheaded by Barbados to address the climate vulnerability affecting many middle-income developing countries.
Funding this transition is crucial and, in this regard, the world’s postwar international financial architecture is no longer sufficient
We will promote a reform agenda for development banks and the IMF to provide more finance to those countries most in need as well as to meet global challenges. It is also necessary to mobilise private finance to redirect financial flows towards these nations.
To be more inclusive, we must finally give a greater voice to the most vulnerable countries in international forums.
The Paris Summit for a New Global Financing Pact highlights global finance challenges, and the many leaders taking part will give the impetus needed to carry out the transformations our system requires.
International solidarity has never been more critical to help the most exposed countries exit the Covid-19 crisis, deal with the consequences of Russian invasion of Ukraine on food and energy security, and cover the very high cost of climate transition. It is necessary to make a major change.
A number of G7 and G20 countries share this observation with France and wish to promote the same conviction: we have to act fast and join efforts to correct the imbalances and injustices generated by these divides.
We do not have to choose between fighting poverty, tackling climate change and its impact, and protecting biodiversity. A just transition is the only answer.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
Florence and the Machine – High as Hope
Three stars
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
First Person
Richard Flanagan
Chatto & Windus
