The Olympic spirit: how the UAE is bridging nations through public diplomacy


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July 28, 2024

As the Olympic Games began last Friday, the doors to the UAE’s Olympic House in Paris opened to the world for the first time. This moment marks a significant milestone for the country, celebrating our enduring commitment to the Olympic movement and its values of excellence, friendship and respect.

Paris is welcoming the world, and the UAE is offering its home. Visitors to the UAE’s Olympic House will have the opportunity to experience our nation’s rich culture and heritage, innovative spirit and renowned hospitality. The inauguration of the House illustrates our dedication to fostering unity, building bridges between nations and peoples, and nurturing meaningful dialogue.

The UAE House reflects our national sporting ambition and dedication to the Olympic spirit. The House offers an interactive journey featuring sections such as “The Majlis”, “Liwan”, “Al Maydan” and “Hiwy”, each providing unique immersive experiences using augmented reality gaming and digital interactions. “Erth”, the place of socialising, extends the experience by offering a cafe where visitors can discover the flavours of the UAE. This initiative exemplifies the importance of international co-operation and cultural exchange, and an invitation to nations to connect with us and learn about our culture.

The UAE House reflects our national sporting ambition and dedication to the Olympic spirit

The spirit of co-existence in the House reflects the vision for the country of the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, and the late Sheikh Khalifa. President Sheikh Mohamed continues to support this path by promoting the values of peace and co-existence. Much like the Olympic Village, where athletes congregate, the UAE is one of the world’s most diverse places, where more than 200 nationalities live in peace and prosperity. Inclusivity is the bedrock of our country’s story, and we are proud to celebrate that as we participate in the Olympics. Our relationship with all civilisations and cultures is part of our country’s DNA.

We also pay tribute to our hosts in France, with whom we have a deep and strong bilateral relationship and in whom we have full confidence to organise and manage a safe and successful Olympic Games that celebrate sports and unity. We commend their thorough procedures, meticulous preparation, robust protocols and collaborative approach. In fact, the UAE Ministry of Interior has sent a number of police officers to Paris, who are participating alongside French police to ensure the safety and security of the athletes and the Games.

Over the past 50 years, our two countries have built a valuable strategic partnership between our governments and deep ties between our people. These people-to-people ties are equally vital in deepening our relationship because diplomacy takes many forms, from cultural exchanges and trade to education and global events. These activities play a crucial role in promoting authentic mutual co-understanding and encouraging cultural and economic collaboration. As we reflect on the past and prepare for the next 50 years, we are committed to building together and aligning our efforts in key areas such as culture, economy, technology, industry and energy to secure a brighter future for all.

For us, the Olympics is not only about competing in sports but also about sharing our values and culture – values we share with many countries around the world. We first applied to be an Olympic nation in 1979 – less than a decade after our federation – and have proudly participated in every Games since 1984.

This year, we are sending a team of 14 outstanding athletes to Paris, who will represent the UAE on the global stage. Our team is not just composed of great sportspeople pursuing their Olympic dreams; they are ambassadors for our country.

Our team in Paris includes rising stars such as Omar Al Marzooqi and Safiya Al Sayegh – both in their early 20s – who represent the best of our next generation. Their stories have been inspired by those who came before them, and they represent the dynamic nature of our nation, driving us forward. In turn, they will inspire the next generation.

A nation is but the stories of its people, so having people like Olympians, scientists, artists or entrepreneurs, who go out into the world and share our story, is vitally important and is the foundation of public diplomacy.

As we cheer on our athletes in the coming weeks, we celebrate not only their achievements but also the spirit of unity that our nation and the Olympics represent. At a time when the world needs more understanding, dialogue and peaceful co-existence, the values embodied by the Olympics and our public diplomacy efforts are more crucial than ever.

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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

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Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

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  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Updated: July 28, 2024, 10:20 AM