It has been over four years since I took office as the Chinese Ambassador to the UAE. When I first arrived in this country, I was amazed by the towering skyscrapers, dazzling shopping malls, dancing musical fountains and dashing rollercoasters. I knew the UAE is never short of such wonders, but it was not until one day that I had an epiphany.
After attending a majlis hosted by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on the “Year of Zayed”, I headed to Dubai on a business trip. My car was sweeping along the straight desert highway, when I suddenly saw the city’s skyline, casting a mirage-like silhouette against the twilight horizon. For an instant, a story told at the majlis emerged right in front of my eyes: the Founding Father of the country, Sheikh Zayed, took a wooden stick, drawing the blueprints for the UAE in the sand, stroke by stroke. At that moment, it was as if I had a dialogue with Sheikh Zayed that transcended time and space, allowing me to connect with the spiritual core of this young nation.
Rome wasn’t built in a day. But it only took the UAE 50 years to transform desert fishing villages and Bedouin tribal settlements into a modern country that has come to be known as the “Pearl of the Middle East”. Over 50 years, the UAE’s GDP has grown 230 times from Dh6.5 billion to Dh1.5 trillion. It is now among the top 30 in the world. Per capita GDP, adjusted for purchasing power, it has increased from less than $1,500 to nearly $70,000 (Dh5,500-Dh257,000).
Some say the UAE is as it is because it is "oil rich". I beg to differ. Many countries in the world are rich in oil and gas resources. Many of them are mired in wars, conflicts and social instability. Only a handful develop well. And the UAE is undoubtedly the most successful. The young country seized the opportunity, made good use of the "first pot of gold" from oil, capitalised on its business acumen and pioneering entrepreneurship and took a gorgeous turn for the post-oil era.
Conveniently located by the Strait of Hormuz and with easy access to the vast markets of Asia, Africa and Europe, the UAE has been actively developing ports, free zones and transit trade. Jebel Ali has been ranked as world’s top 10 busiest ports for many consecutive years. Khalifa Port has also ascended to world’s top 100 in recent years. The UAE is the shipping and trading hub of the Middle East.
The UAE’s geocentric location places it within a four-hour flight of one-third of the world’s population and within eight hours of two-thirds. Aviation industry has thus been a priority on the country’s development agenda. Emirates and Etihad have earned a global reputation. Dubai International Airport is the world’s busiest for international travel, while Abu Dhabi Airport is also rising rapidly.
Dubai International Financial Centre and Abu Dhabi Global Market came into being to fill in the trading void between London and Hong Kong, with the UAE’s time zone situated perfectly between them. With a full-fledged legal system and preferential tax policies in place, the UAE is now the financial centre of the Middle East.
The UAE is also keen on improving its infrastructure and business environment. The UAE ranks 16th globally in the World Bank’s Ease of Doing Business Report 2020, leading the Arab world for seven years. Fortune 500 companies all have a presence here. The UAE is a prime location for multinationals to set up their regional headquarters.
Fifty years down the road, the UAE today is again firmly grasping opportunities for future development. A diversified innovation and knowledge-based economy is burgeoning, with sectors such as tourism, retail, property, manufacturing, health care, internet and high-tech flourishing simultaneously. The share of oil revenues in the UAE’s GDP is now below 30 per cent. Just as Sheikh Mohamed once said: “Fifty years after we have loaded this last barrel of oil, are we going to feel sad? If our investment today is right, we will celebrate that moment.”
China and the UAE are an integral part of each other's development blueprints
As the Chinese Ambassador, I am particularly thrilled and amazed about the UAE's remarkable achievements over the last half-century. China and the UAE share similar development paths, philosophies and objectives. We have been good friends, brothers and partners who complement each other's strengths through co-operation. China continues to be the UAE's largest trading partner, while the UAE has been China's second-largest trading partner and the largest export market in Mena for many consecutive years. In jointly building the Belt and Road Initiative, China and the UAE are smoothly advancing flagship projects such as Khalifa Port and China-UAE Industrial Capacity Co-operation Demonstration Zone. Despite the serious impact of Covid-19 pandemic in 2020, China-UAE bilateral trade volume increased by 1.13 per cent to $49.3bn, which demonstrates the strong resilience and great potential of our economic and trade co-operation. China and the UAE are an integral part of each other's development blueprints. Our future co-operation has bright prospects and a lot to be accomplished.
On March 16, President Sheikh Khalifa declared the start of "Year of the 50th", as the nation celebrates its milestone Golden Jubilee. I looked up to Sheikh Zayed's photo projected on the Adnoc Headquarters facade that night, and could not help saying: "What a great country, just as you wished for."
Ni Jian is the Chinese Ambassador to 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
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
COMPANY%20PROFILE
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The view from The National
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
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
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
