The next industrial revolution must be a green one

In an era marked by relentless technological innovation, industries around the globe are undergoing unprecedented transformations. We’re witnessing the convergence of artificial intelligence, robotics, blockchain and biotechnology, revolutionising the way we work, live and communicate. Yet, there’s one sphere where technology’s potential remains profoundly untapped – our fight against climate change. As we channel innovation to reshape industries, we have a golden opportunity to wield disruptive technology as a mighty force for global environmental restoration.

This is needed the world over, but critical to our region. According to the latest Intergovernmental Panel for Climate Change 6th Synthesis Report, the Mena region is approaching a tipping point. It is one of the world’s hardest-hit regions by climate change and is also one least equipped to cope with it. Mena is the world’s least climate-resilient and most water-stressed region. About 60 per cent of the population in the region lacks access to drinkable water and more than 70 per cent of the region’s gross domestic product is exposed to high or very high water stress. Looking ahead, climate change is expected to act as a multiplier for the pressures already manifested in the region since it triggers, accelerates and deepens existing crises such as food insecurity, conflict and inequality.

In this pivotal moment, as we witness the tech-driven revolution of industries, we must seize the opportunity to propel technology as a catalyst for a sustainable world. Indeed, entrepreneurship is booming in the region. Numbers tell a compelling story: venture and investment capital in the Mena region is on a remarkable ascent. Wamda Capital, a Mena-based VC, reports that startups in Mena raised $3.94 billion in 2022 across 795 deals, a rise of 24 per cent in investment value when compared to 2021 and a 22 per cent increase in the number of deals. Governments are strategically fostering entrepreneurship, with the UAE and Saudi Arabia leading the way through visionary initiatives. Investors are increasingly drawn to the allure of Mena’s tech sector, exemplified by SoftBank’s involvement in a $50 million funding round for a UAE-based fintech venture. It is now time to focus this creative energy and surge of investment on climate action.

An aerial shot of the Great Barrier Reef in Australia, showing parts of the reef that has been subjected to coral bleaching.
A house located on land that has been deformed by permafrost thaw at a former airfield in Churapcha, Russia. Reuters
Native vegetation has been cut down to give space for eucalyptus plantations in the Setubinha region in Brazil. AFP
A large melt pool forms in the Ilulissat ice fjord below the Jakobshavn Glacier at the fringe of the Greenland ice sheet. AP
Lake Erhai in China has become eutrophic (where an entire body of water becomes enriched with nutrients and minerals) which caused algal growth that destroyed other life. Photo: Ronan O'Connell
Deforestation in Para state, Brazil. AFP
Moai statues in Easter Island, Chile, were damaged after a wildfire. Reuters

Renewable energy is on the precipice of disruption, poised to redefine our energy landscape

The opportunities are there for the taking as technology evolves at the speed of thought.

Consider the potential of AI. AI-driven algorithms can analyse complex climate data with unprecedented speed, enabling us to model and predict weather patterns, assess the impact of policy decisions and optimise energy consumption. The marriage of big data and AI has the potential to supercharge climate modelling, aiding in informed decision-making for sustainable urban planning, disaster management and resource allocation. Imagine AI-powered models predicting weather patterns with 95 per cent accuracy, as demonstrated by IBM’s Deep Thunder. Such accuracy could save up to 100,000 lives and $30 billion annually in disaster relief costs worldwide.

Blockchain, lauded for its transparency, can revolutionise carbon trading and emissions management. Today, about 64 per cent of carbon credits face validity issues. Blockchain’s incorruptible ledger can ensure the legitimacy of credits, reducing fraud and boosting confidence. If applied universally, this could enable annual global transactions worth $3.1 trillion by 2030.

Renewable energy is on the precipice of disruption, poised to redefine our energy landscape. Advanced solar panels with 40 per cent efficiency, such as those developed by Oxford PV, can revolutionise power generation. Coupled with battery innovations like Tesla’s MegaPack, which stores up to 3 MWh of energy, we can foresee cities powered by clean energy 24/7, reducing CO2 emissions by 1.5 billion tonnes annually.

There is also biotechnology the potential of which extends beyond medicine; it holds promise for carbon capture too. Synthetic biology’s marvels could engineer carbon-absorbing organisms. If successful, this could capture 1 gigatonne of CO2 every year by 2050, equivalent to taking 216 million cars off the road annually.

Tesla Megapack batteries at the Elkhorn Battery Energy Storage System in Moss Landing, California. With such battery innovations, we can foresee cities powered by clean energy 24/7, reducing CO2 emissions by 1.5 billion tonnes annually. Bloomberg

Additionally, remote sensing and satellite technology advancements enable us to monitor deforestation, track ocean health and assess urban sprawl in real time. This treasure trove of data can inform evidence-based policymaking, trigger timely interventions and foster international co-operation for a healthier planet. Similarly, satellite technology is rewriting conservation efforts. The ability to monitor deforestation rates, like Global Forest Watch’s real-time alerts, empowers governments and NGOs to take immediate action. This could prevent up to 70 per cent of anticipated deforestation in the Amazon alone.

In a decade, we could witness AI-driven climate modelling saving more than $300 billion, while blockchain ensures the validity of $3 trillion in carbon transactions. A solar-powered world with advanced panels and energy storage could prevent 1.5 billion tonnes of CO2 emissions annually. Biotechnology might spearhead a gigaton of carbon capture, and satellite surveillance could avert colossal deforestation.

Leveraging these technologies requires united efforts. Government backing, private-sector investment and research collaboration must converge. Imagine if just 10 per cent of tech investments were directed towards climate solutions. With global tech investments reaching $5.4 trillion in 2020, we’d have $540 billion aimed at innovative climate technologies. In our Mena region, we would unleash $394 million for climate-tech investments.

As we innovate to reshape industries and economies, let’s not overlook the greatest transformation project of them all – safeguarding our planet. The next industrial revolution must not only be a technological one; it must be a green one. By embracing the same spirit of innovation that has reshaped our world, we can forge a future where our technological prowess is a beacon of hope in the battle against climate change.

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

Results

5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash

6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami

7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami

7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar

Getting%20there%20and%20where%20to%20stay

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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

Saudi National Day

Why the UAE has many reasons to celebrate its closest friend and ally

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

1. Make sure you make your payments on time;

2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;

3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.