Since its founding 50 years ago, the UAE has worked to establish enduring political ties, trade exchange and people-to-people connections throughout Africa. Now, with major investments in economic projects and human capital throughout Africa, the UAE is eager to work hand-in-hand in the spirit of mutual co-operation to boost the continent’s welfare and security through additional infrastructure, humanitarian and political initiatives.
Over the past year, much of our attention has been focused on the fight against Covid-19. The UAE has not hesitated in extending a hand of assistance to numerous African countries by providing medical and food aid to combat the pandemic. It has sent a total of 144.4 metric tons of medical aid to African countries through 28 flights, benefiting over 144,000 healthcare workers. It has also sent nearly eight metric tons of medical aid by sea.
Africa has thus far been spared the worst of the coronavirus pandemic, with both cases and deaths attributed to the virus far below the numbers seen elsewhere. For that, we can all be thankful, particularly given the limited resources available in Africa to fight pandemics. But we must not be complacent. Africa now faces twin challenges: procuring and distributing enough vaccines for a continent home to more than a billion people, and rebuilding economies in some cases shattered by border closures and lockdowns.
It is estimated Africa will need 1.5 billion vaccine doses to immunise 60 per cent of its population, costing between $7bn and $10bn. The WHO has committed to vaccinating at least 20 per cent of the continent by the end of the year. Yet there is considerable disparity between nations over vaccination progress. The UAE, the US, the UK and Israel are leading the world, with vaccination rates ranging from 25 per cent to nearly 100 per cent; yet so far, just a handful of African nations have been able to begin vaccination programs, including Morocco, Egypt, Seychelles and South Africa.
It is estimated Africa will need 1.5 billion vaccine doses to immunise 60 per cent of its population
The UAE is firmly committed to equitable access of the vaccine and supports Covax, an organisation born out of the G20 Leadership Summit last November, of which the UAE was a part. Covax is a framework for global collaboration in procuring and distributing Covid-19 vaccines, no matter the ability of a nation to pay for it. Yet while Covax is doing excellent work, there is still a real danger that developed western nations will gallop ahead in the race to inoculate their populations by relying on what the World Economic Forum has termed “vaccine nationalism”.
For the sake of not only Africa but the entire world, we cannot allow this to happen. Viruses do not respect borders, nationalities or governments. We live in a globalised, interconnected world, and we can only manage this virus and its impact by working together. We remain concerned that many in sub-Saharan Africa will not receive vaccines until 2023, and are committed to assisting the continent in addressing this issue.
South Africa has had the most Covid-19 cases out of any African nation. Reuters
Getting the people of Africa the same access to vaccines that much of the rest of the world enjoys is just half the battle, however. There is still the matter of the continent’s economic recovery. We must ensure that Africa does not suffer an economic version of “long Covid”. The danger is that this virus will further increase unemployment, poverty and inequality. The International Monetary Fund estimates that the economy of sub-Saharan Africa shrunk three per cent last year, while incomes fell 5.3 per cent, back to 2013 levels.
While diversified nations have fared better, those dependent on tourism have been hit hard. According to the World Bank, between 26 million and 40 million Africans could fall into extreme poverty amid the pandemic. Nearly half of African students lack access to remote learning, even as the region still lags behind in global enrolment and completion rates. Ghana’s Finance minister and chairman of the G24, Ken Ofori-Atta, has warned of a “lost decade of development” for Africa after the pandemic.
It is pleasing to see G20 member states place a moratorium on interest payments for 47 developing countries, most of them in Africa. The G20 has also said its members are ready to re-negotiate some of the debt, but as around 40 percent of it is private, not public, debt, there are limits to the extent of this relief.
A recent report from the UN Department of Economic and Social Affairs highlights the need for African countries to prioritise the diffusion of digital technologies, supported by the expansion of affordable and universal digital infrastructure. The UAE agrees, which is why we last year launched the Consortium for Africa to focus on digitisation and youth as part of an optimistic vision for Africa’s future. By leveraging public and private sector investment in Africa, we will devote significant resources to boost development throughout the continent. This support is, of course, in addition to a wide variety of aid programs, as Africa remains the UAE’s largest recipient of funding, receiving $16.4bn between 2015 and 2019.
Africa would benefit from strong policy actions and further support from the international community to avert a debt crisis and ensure sustained revival of growth. Once the immediate crisis is over, African countries must lay the groundwork for a strong and inclusive development path in the medium term, which entails the creation of decent jobs at a large scale. Representation of African voices in international fora such as the UN and the WHO is also essential, and if the UAE is successful in its bid to join the UN Security Council for the 2022-23 term, we will support African nations to garner wide support where necessary.
The UAE has a rich history of cultural exchange with the African continent. This interconnectedness remains today, with large diasporas from African countries living and working in the UAE and contributing significantly to our own development. While we have faced challenges recently, I am confident we will both come out of this even stronger. The more we can also unite other nations beneath African skies, the faster this great continent will rise renewed from the Covid-19 pandemic.
Sheikh Shakhbout Al Nahyan is a UAE Minister of State at the Ministry of Foreign Affairs and International Co-operation
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister. "We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know. “All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.” It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins. Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement. The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Date of Birth: April 25, 1993 Place of Birth: Dubai, UAE Marital Status: Single School: Al Sufouh in Jumeirah, Dubai University: Emirates Airline National Cadet Programme and Hamdan University Job Title: Pilot, First Officer Number of hours flying in a Boeing 777: 1,200 Number of flights: Approximately 300 Hobbies: Exercising Nicest destination: Milan, New Zealand, Seattle for shopping Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been Favourite place to visit: Dubai, there’s no place like home
Man of the Match: Breel Embolo (Borussia Monchengladbach)
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
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples. Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts. Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
UAE currency: the story behind the money in your pockets
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
UK’s AI plan
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
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Red flags
Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
