• Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, with Brazilian President Luiz Inacio Lula da Silva in Rio de Janeiro. All photos: Abu Dhabi Media Office
    Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, with Brazilian President Luiz Inacio Lula da Silva in Rio de Janeiro. All photos: Abu Dhabi Media Office
  • Discussions focused on ways to enhance bilateral relations, as agreements in investment and international co-operation fields were signed
    Discussions focused on ways to enhance bilateral relations, as agreements in investment and international co-operation fields were signed
  • Sheikh Khaled will remain in Brazil for the G20 summit this week
    Sheikh Khaled will remain in Brazil for the G20 summit this week
  • Sheikh Khaled is being accompanied by Reem Al Hashimy, Minister of State for International Co-operation; Ahmed Al Sayegh, Minister of State; Mohamed Alsuwaidi, Minister of Investment; Saif Ghobash, Secretary General of the Abu Dhabi Executive Council; Saleh Alsuwaidi, UAE Ambassador to Brazil, and Waleed Al Muhairi, deputy group chief executive at Mubadala
    Sheikh Khaled is being accompanied by Reem Al Hashimy, Minister of State for International Co-operation; Ahmed Al Sayegh, Minister of State; Mohamed Alsuwaidi, Minister of Investment; Saif Ghobash, Secretary General of the Abu Dhabi Executive Council; Saleh Alsuwaidi, UAE Ambassador to Brazil, and Waleed Al Muhairi, deputy group chief executive at Mubadala


Fifty years of UAE-Brazil ties: Few bilateral relationships have run so deep and wide so quickly


Reem Al Hashimy
Reem Al Hashimy
  • English
  • Arabic

November 19, 2024

The Brazil Pavilion at Expo 2020 Dubai proved highly popular with visitors. A vast white canopy hung like a great cloud over a cool expanse of shallow water, representing the rivers, streams, swamps and floodplains of the Amazonian basin.

Under an Arabian Sun and surrounded by the sands of Dubai, visitors could slip off their shoes and feel the entrancing coolness of the water. Watching depictions of mangroves and Amazonian waterlilies, they were transported to the heart of Brazil’s unparalleled natural inheritance: home to the green lungs of our planet and some of its most important freshwater arteries.

Waterways have always united people, spreading ideas and innovation as well as goods. Dubai itself sits at the heart of one of the world’s greatest seafaring and trading routes. During Expo 2020, for a moment, these watercourses overlapped, symbolising the many affinities between Brazil and the UAE and the rising tide in our relationship.

Those tides rose to new heights this week during a visit by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, to Brazil, to mark 50 years of our bilateral relationship, to represent the UAE at the G20 Summit, and to usher in a new chapter in our partnership.

Visitors at the Brazil Pavilion at Expo 2020 Dubai. Photo: Expo 2020 Dubai
Visitors at the Brazil Pavilion at Expo 2020 Dubai. Photo: Expo 2020 Dubai

As a dynamic trading nation and one of the most open societies in the world, we Emiratis have always believed that our nation is enriched by diversity. In diplomatic and economic relationships, partner countries benefit from all that makes us different as well as the ways in which we resemble each other.

Brazil-UAE relations are a case in point. Brazil is over 100 times larger than the Emirates, while its population is more than 20 times the size of our own. We differ vastly in climate, geography and history. Yet, like two rivers merging, we share a confluence of interests and complementary strengths. We each retain our distinct identities, but together we generate opportunity for our peoples and work towards a more stable and equitable world.

Few bilateral relationships have run so deep and wide so quickly. Brazil opened its embassy in Abu Dhabi in 1978. The first significant economic agreement between our countries was signed as recently as 1988. Yet today the UAE – with our world-leading financial, legal, transport and infrastructure systems – is the central trading hub for Brazil in Middle Eastern markets, and its second-largest Middle Eastern trading partner.

We exchanged more than $4 billion in non-oil bilateral trade in 2022. Last year, the UAE ranked as the 28th-largest destination for Brazilian products. By the first half of this year, it rocketed to 13th position, buoyed by a 74 per cent increase in Brazilian exports to the Emirati market. At least 40 Brazilian companies now operate in the UAE, and the number of Brazilian visitors to our shores is soaring.

Visitors at the Brazil Pavilion at Expo 2020 Dubai. Photo: Expo 2020 Dubai
Visitors at the Brazil Pavilion at Expo 2020 Dubai. Photo: Expo 2020 Dubai
Both our nations are situated at the crossroads of our regions, and act as gateways of investment, trade and cultural exchange as well as vibrant hubs of tourism

Other links are less easily measured but no less strong, since they live in our respective imaginations. I have a childhood memory of my father, who used to play as goalkeeper in the UAE football team, cheering our national squad to the rafters as it was led to its first World Cup in 1990 by a Brazilian coach – Carlos Alberto Parreira. More recently, Brazil’s national day at Expo was an immersive, colour-drenched celebration of the country’s music, food and dance. Overflowing the pavilion, it brightened every corner of the Expo site, reflecting the warmth of our cultural connection.

For all these reasons and more, when we look to the future, we see a partnership brimming with potential. In many of the areas of the greatest importance to the future of the world, the UAE ranks Brazil as a priority partner, from trade to space exploration and green technology and AI.

Both our nations are situated at the crossroads of our regions, and act as gateways of investment, trade and cultural exchange as well as vibrant hubs of tourism. We are ambitious for the potential of a UAE-Mercosur Free Trade Agreement, which holds the potential to eliminate or reduce customs tariffs and other trade barriers while facilitating the flow of investments and services.

At the international level, our countries are committed to multilateralism and development and prosperity for all countries and peoples. We work side by side as members of the Brics, the group of the world’s leading emerging market economies. We are allies, too, in the fight against hunger, poverty and inequality, which Brazil has put at the heart of its important G20 agenda.

A Brazilian indigenous group interacts with guests at Cop28 in Dubai last year. Pawan Singh / The National
A Brazilian indigenous group interacts with guests at Cop28 in Dubai last year. Pawan Singh / The National

Both our peoples have a strong connection to the land and to traditional knowledge and practices. Both believe in the importance of the expertise and values of indigenous peoples in achieving sustainable development and protecting biodiversity. We share a common appreciation of the need for urgent international action against climate change, which our citizens feel directly, whether in Brazil’s drying Amazon rivers or the extreme heatwaves and storms increasingly afflicting the UAE and our neighbours. Accordingly, both our countries advocate climate finance and policies that support local and indigenous communities, women and youth.

When the UAE hosted Cop28 almost exactly a year ago, we were proud that the indigenous peoples of Brazil came to share their wisdom. They were not only part of the largest presence of indigenous peoples in the entire history of the Cops but, as representatives of their peoples and communities, took part in debate and in dialogue with the negotiators. We look forward to participating fully in Cop30 in Belem next year, at the gateway to the Amazon itself.

The stream of eager visitors to the Brazil Pavilion at Expo 2020 – and the flow of travellers and traders moving between our two countries since then – are proof of the new channels that open up when contrasting perspectives, traditions and cultures combine in new ways, as they do in our relationship. As water flows, so minds meet, when there are common interests and opportunities to be seized.

The future of global security and prosperity relies on a shared commitment to achieving stability and development for all, and strong co-operation on the international level. For the UAE, Brazil is, and will remain, one such valuable – and valued – partner.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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

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
What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

South and West: From a Notebook
Joan Didion
Fourth Estate 

UAE currency: the story behind the money in your pockets
Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

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%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

Company%C2%A0profile
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Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses

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MWTC

Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.

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How to volunteer

The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.

Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh359,000

On sale: now 

Updated: November 19, 2024, 11:18 AM