Majda Al Riyani, 29, teaches Arabic calligraphy to young girls at a training centre in Benghazi, Libya on March 15, 2022. Young people need a wide variety of skills to thrive in work and life. Reuters
Majda Al Riyani, 29, teaches Arabic calligraphy to young girls at a training centre in Benghazi, Libya on March 15, 2022. Young people need a wide variety of skills to thrive in work and life. Reuters
Majda Al Riyani, 29, teaches Arabic calligraphy to young girls at a training centre in Benghazi, Libya on March 15, 2022. Young people need a wide variety of skills to thrive in work and life. Reuters
Mohammed Saif Al Suwaidi is the director general of Abu Dhabi Fund for Development
August 14, 2023
Around the world, young people are known as catalysts for transformation and progress. Filled with boundless potential, optimism and energy, the youth represent a country’s aspirations and possess the power to inspire positive changes in governance and social mechanisms. When properly channeled, youth energy becomes a driving force for a nation’s advancement and prosperity.
However, without proper care and guidance, the potential of young people may remain unfulfilled, especially at a time when they face extraordinary economic, social and cultural challenges, and need a wide variety of skills to thrive in work and life, including basic literacy and numeracy, digital and interpersonal expertise.
According to a report by the Education Commission and Unicef, three quarters of young people aged between 15 and 24 are off track when it comes to gaining the skills they need for employment. Further, one in three young women is not learning, training or working. This could prove disastrous for all our development work and strides towards prosperity unless nations and organisations invest considerable effort in guiding their youth population on to the right path.
It’s not all doom and gloom. There are many countries that have been doing exceedingly well in this regard. And the benefits of it are there for everyone to see. A stellar example of this approach can be found in our own country, which has extensively invested in young people as change agents. Recognising that a vision for the future relies on the skills, energy, enthusiasm and commitment of young Emiratis, the UAE ensures their voices are heard and their views are shared, paving a clear path to progress and prosperity.
Investing in young people is about securing a future they rightfully deserve. It is about creating a world where everyone can pursue their dreams. Silvia Razgova / The National
As a national organisation dedicated to promoting economic and social development in the developing world, the Abu Dhabi Fund for Development follows a visionary model, placing youth welfare at the heart of all its development efforts. One way we address the issue is by actively engaging in collaborations and forming partnerships with likeminded global organisations. Together, we strive to foster positive change by addressing the pressing need for increased education, training and employment opportunities for young people on an unprecedented level.
Our projects span Africa, Asia, Europe and Latin America. Last year, we reached significant milestones, including the establishment of five colleges in Jordan, covering commerce, engineering, nursing and pharmacy programmes. We also funded the construction and equipping of an energy research and studies centre at Al Hussein bin Talal University in Maan.
In Morocco, we carried out a project to establish and equip 13 training and vocational institutes. We also constructed and expanded three on-campus residences for female university students across various Moroccan cities.
In Sudan, we made a substantial impact by funding educational materials for 400,000 students, contributing to the development of the country’s education system and preparing students for success in modern classrooms.
Our goal is to equip young people with the tools they need to build a better world
During the Covid-19 pandemic, we remained responsive to domestic requirements, offering financial support of Dh53 million ($14.4 million) to Bloom Education as part of our Dh1 billion initiative. This support helped the organisation maintain its financial stability and contribute to the national economy.
Our focus on youth empowerment extended to various sectors, including renewable energy, tourism, transport, agriculture and industry. Wherever we implemented projects, we ensured they generated employment opportunities, empowered young people and bridged gender gaps.
We understand that to usher in real socioeconomic transformation, we need to empower young people. We have consistently done so either by directly undertaking youth-oriented projects or by implementing projects that would generate large-scale opportunities for them to contribute to their national economies.
Since its establishment in 1971, ADFD has funded projects in 103 developing countries, making significant contributions to their economies and driving important societal changes. Our total finance and investment to date has exceed Dh150 billion.
Our success has inspired us to do more for youth empowerment. Embracing new technologies and global energy transformation, we are expanding our efforts to forge partnerships with various organisations. These collaborations aim to impart new-age skills to young people, fostering environmentally sustainable decision making.
Our goal is to equip young people with the tools they need to build a better world. Green skills hold particular importance for younger generations, as they can contribute to the green transition. The successful shift towards a more sustainable world hinges on equipping the population with essential green qualifications.
The impact of all our efforts will truly matter only if we can come together to work towards a shared objective of empowering young people. It’s an endeavour that calls for unity. Apart from the consequences of our initiatives at both the international and national levels, our goal is to ignite a passion that inspires more individuals and organisations to give priority to this cause.
By investing in young people, we are essentially securing a future they rightfully deserve. It is about creating a world where everyone can pursue their dreams and achieve any aspiration they dare to imagine.
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
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
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Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma When: April 24, 10.45pm kick-off (UAE) Where: Anfield, Liverpool Live: BeIN Sports HD Second leg: May 2, Stadio Olimpico, Rome