Government and industry officials from Scotland, Norway and the UAE gathered in Aberdeen this week to announce a breakthrough in renewable energy. Three countries and a city synonymous with the oil and gas industry. Thanks to their expertise in fossil fuels, the world’s first commercial-scale floating wind park is now operational.
Hywind Scotland applies know-how from the development of deep offshore oil and gas rigs to offshore wind power technology. Far from the Scottish coastline, five wind turbines, each with a capacity of six megawatts, are now supplying electricity to an estimated 20,000 households.
To put the scale of these massive machines into perspective, the rotor blade of one turbine is more than twice the wingspan of an Airbus A380.
Viable in water depths of up to 800 metres, floating wind technology has the potential to unlock a number of new markets around the world for offshore wind energy development, especially in places where the coastal shelf is too deep to support traditional “fixed-bottom” offshore wind turbines standing on the seabed.
Crucially, the investment of Masdar in Hywind Scotland, positions the UAE at the forefront of this technology. Masdar is wholly owned by Mubadala Investment Company.
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Read more
Masdar plays part in launch of world's first floating wind farm off Scottish coast
Masdar takes 25% stake in North Sea wind farm
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The inauguration of Hywind Scotland wasn’t the only news event in Aberdeen recently. Masdar and its partners at Statoil will connect the wind park to an advanced lithium battery, “Batwind”, with a storage capacity of 1 megawatt-hour. That’s more charge than two million smartphones.
By helping to mitigate the intermittency of renewable energy, a persistent obstacle for developers, the wider industry impact of Batwind could be as dramatic as its name. Once again, through the investment of Masdar, the UAE is placed at the cutting-edge of electricity storage technology.
Hywind Scotland is Masdar’s second project with Statoil after the Dudgeon Offshore Wind Farm, a fixed-bottom wind park sited off the coast of eastern England. Comprising 67 wind turbines, each one as big as those now floating off the coast of Aberdeenshire, Dudgeon will be officially unveiled next month.
Combined with Masdar’s investment in London Array, still the world’s largest offshore wind farm in operation, Hywind Scotland and Dudgeon will bring the total installed capacity of the UK-based wind energy projects in which Masdar is an investor to more than 1GW.
That is an impressive landmark for the UAE. It is also further evidence of the sound business strategy behind the UAE’s wider commitment to renewables: to commercialise advanced clean technologies by deploying them at scale.
Hywind Scotland, the world’s first commercial-scale floating wind park, and Batwind also illustrate the importance of bold policymaking. Scotland is the first country to offer a specific scheme to support the development of floating wind technology.
Mutually rewarding partnerships between government and the private sector have been a feature of the oil and gas sector for decades. The unveiling of Hywind Scotland, to be followed by Batwind next year, show how they are increasingly bearing fruit for the renewable energy sector too.
Khaled Abdulla Al Qubaisi is Chief Executive Officer of the Aerospace, Renewables and Information Communications Technology platform at Mubadala Investment Company
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
